Document:

Purchase Agreement dated August 7, 2013

 Exhibit 10.1 
 Execution Version 
 $260,000,000 

HORNBECK OFFSHORE SERVICES, INC. 

1.500% Convertible Senior Notes due 2019 
 Purchase Agreement 
 August 7, 2012 
 Barclays Capital Inc. 
 J.P. Morgan Securities LLC 
 Wells Fargo Securities, LLC 
 As Representatives of the several 

        Initial Purchasers named in Schedule I attached hereto, 
 c/o Barclays Capital Inc. 
 745 Seventh Avenue 
 New York, New York 10019 
 Ladies and Gentlemen: 

Hornbeck Offshore Services, Inc., a Delaware corporation (the “Company”), proposes to issue and sell to the several initial purchasers
listed in Schedule 1 hereto (the “Initial Purchasers”), for whom you are acting as representatives (the “Representatives”), $260,000,000 principal amount of its 1.500% Convertible Senior Notes due 2019 (the “Firm
Securities”). The Company also proposes to issue and sell to the Initial Purchasers, not more than an additional $40,000,000 of its 1.500% Convertible Senior Notes due 2019 (the “Additional Securities”) if and to the extent that the
Initial Purchasers shall have determined to exercise the right to purchase such additional 1.500% Convertible Senior Notes due 2019 granted to the Initial Purchasers in Section 1(b) hereof. The Firm Securities, the Additional Securities and the
Guarantees (defined below) are hereinafter collectively referred to as the “Securities.” The Securities will be convertible into cash, shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”) or a
combination of cash and shares of Common Stock, at the Company’s election (any such shares of Common Stock issuable upon the conversion of the Securities, collectively, the “Underlying Common Stock”), as set forth in the Offering
Memorandum. The Securities will be issued pursuant to an Indenture to be dated as of August 13, 2012 (the “Indenture”) among the Company, the guarantors listed in Schedule 2 hereto (the “Guarantors”) and Wells Fargo Bank,
National Association, as trustee (the “Trustee”), and will be guaranteed on an unsecured senior basis by each of the Guarantors (the “Guarantees”). 
 The Securities will be sold to the Initial Purchasers without being registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon an exemption therefrom. The Company and
the Guarantors have prepared a preliminary offering memorandum dated August 6, 2012 (the “Preliminary Offering Memorandum”) and will prepare an offering memorandum dated the date hereof (the “Offering

 
Memorandum”) setting forth information concerning the Company and the Securities. Copies of the Preliminary Offering Memorandum have been, and copies of the Offering Memorandum will be,
delivered by the Company to the Initial Purchasers pursuant to the terms of this Agreement. The Company hereby confirms that it has authorized the use of the Preliminary Offering Memorandum, the other Time of Sale Information (as defined below) and
the Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers in the manner contemplated by this Agreement. Capitalized terms used but not defined herein shall have the meanings given to such terms in
the Preliminary Offering Memorandum. References herein to the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum shall be deemed to refer to and include any document incorporated by reference therein.

 At or prior to the time when sales of the Securities were first made (the “Time of Sale”), the following information shall
have been prepared (collectively, the “Time of Sale Information”): the Preliminary Offering Memorandum, as supplemented and amended by the written communications listed on Annex A hereto. 

The Company hereby confirms its agreement with the several Initial Purchasers concerning the purchase and resale of the Securities, as follows:

 1. Purchase and Resale of the Securities. 
 (a) The Company agrees to issue and sell the Firm Securities to the several Initial Purchasers as provided in this Agreement, and each Initial Purchaser, on the basis of the representations, warranties and
agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company the respective principal amount of Firm Securities set forth opposite such Initial Purchaser’s name in
Schedule 1 hereto at a price equal to 97.25% of the principal amount thereof plus accrued interest, if any, from August 13, 2012 to the Closing Date. The Company will not be obligated to deliver any of the Securities except upon payment for all
the Securities to be purchased as provided herein. 
 (b) In addition, the Company hereby agrees, on the basis of the
representations and warranties, covenants and agreements of the Initial Purchasers contained herein and subject to all the terms and conditions set forth herein, in order to cover sales in excess of the Firm Securities, to issue and sell to the
Initial Purchasers the Additional Securities, and the Initial Purchasers shall have the right to purchase, severally and not jointly, up to $40,000,000 aggregate principal amount of Additional Securities at the purchase price referred to in the
preceding paragraph. The Representatives may exercise this right on behalf of the Initial Purchasers in whole or from time to time in part by giving written notice not later than 30 days after the date of this Agreement. Any exercise notice shall
specify the principal amount of Additional Securities to be purchased by the Initial Purchasers and the date on which such Additional Securities are to be 

  
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purchased. Unless otherwise agreed to by the Company, each purchase date must be at least one business day after the written notice is given and may not be earlier than the closing date for the
Firm Securities nor later than ten business days after the date of such notice. On each day, if any, that Additional Securities are to be purchased (an “Option Closing Date”), each Initial Purchaser agrees, severally and not jointly, to
purchase the principal amount of Additional Securities (subject to such adjustments to eliminate fractional Securities as you may determine) that bears the same proportion to the total principal amount of Additional Securities to be purchased on
such Option Closing Date as the principal amount of Firm Securities set forth in Schedule I opposite the name of such Initial Purchaser bears to the total principal amount of Firm Securities; provided, however, that the Initial Purchasers may not
exercise their option to purchase Additional Securities in whole or in part, unless (i) the delivery of any Additional Securities occurs within 12 calendar days or less after the delivery of the Firm Securities, and the other requirements under
Treasury Regulation Section 1.1275-1(f)(1) are met; (ii) neither the Firm Securities nor the Additional Securities are treated as having been issued with more than a de minimis amount of original issue discount for U.S. federal income tax
purposes (as defined in Section 1273 of the Code and the Treasury regulations promulgated thereunder); or (iii) the Firm Securities are publicly traded (within the meaning of Treasury Regulation Section 1.1273-2(f)) and either
(a) the Additional Securities are treated as having been issued with no more than a de minimis amount of original issue discount for U.S. federal income tax purposes (determined without the application of Treasury Regulation
Section 1.1275-2(k)) or (b) on the Pricing Date (as defined below), the yield of the Firm Securities (based on their then fair market value) is not more than 110% of the yield of such Firm Securities on their issue date as defined in
Treasury Regulation Section 1.1273-2(a)(2) (or 110% of the coupon rate, if the Firm Securities are treated as having been issued with no more than a de minimis amount of original issue discount for U.S. federal income tax purposes). The
“Pricing Date” shall mean the earlier of (i) the date on which the price of the Additional Securities is established and (ii) the later of (A) seven calendar days before the date on which the price of the Additional
Securities is established and (B) the date on which the Company’s intention to issue the Additional Securities is publicly announced through one or more media (the date of such public announcement may be the same as the Closing Date but
not earlier than the Closing Date nor later than ten business days after the date of the exercise notice discussed above). 

(c) The Company understands that the Initial Purchasers intend to offer the Securities for resale on the terms set forth in the Time
of Sale Information. Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: 
 (i) it is
a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”) and an accredited investor within the meaning of Rule 501(a) under the Securities Act; 

  
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 (ii) it has not solicited offers for, or offered or sold, and will not solicit offers
for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D under the Securities Act (“Regulation D”) or in any manner involving a public
offering within the meaning of Section 4(2) of the Securities Act; and 
 (iii) it has not solicited offers for, or
offered or sold, and will not solicit offers for, or offer or sell, the Securities as part of their initial offering except within the United States to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A under the
Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable steps to ensure that the purchaser of the Securities is aware that (1) such sale is being made in reliance on Rule 144A,
(2) the Securities have not been and, except as described in the Time of Sale Information, will not be registered under the Securities Act and (3) the Securities may not be offered, sold or otherwise transferred except as described in the
Time of Sale Information. 
 (d) Each Initial Purchaser acknowledges and agrees that the Company and, for purposes of the
opinions to be delivered to the Initial Purchasers pursuant to Sections 6(f) and 6(g), counsel for the Company and counsel for the Initial Purchasers, respectively, may rely upon the accuracy of the representations and warranties of the Initial
Purchasers, and compliance by the Initial Purchasers with their agreements, contained in paragraph (c) above, and each Initial Purchaser hereby consents to such reliance. 

(e) The Company acknowledges and agrees that the Initial Purchasers may offer and sell Securities to or through any affiliate of an
Initial Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser so long as (i) such offers and sales are consistent with Section 1(c) and (ii) the Initial Purchasers
remain liable for the actions or omission of any such authorized affiliate to the same extent as if such actions or omissions were performed by the Initial Purchaser. 

(f) The Company and the Guarantors acknowledge and agree that the Initial Purchasers are acting solely in the capacity of an
arm’s length contractual counterparty to the Company and the Guarantors with respect to the offering of Securities contemplated hereby (including in connection with determining the terms of the offering) and not as financial advisors or
fiduciaries to, or agents of, the Company, the Guarantors or any other person. Additionally, neither the Representatives nor any other Initial Purchaser is advising the Company, the Guarantors or any other person as to any legal, tax, investment,
accounting or regulatory matters in any jurisdiction. The Company and the Guarantors shall consult with their own advisors concerning such matters and shall be responsible for making their own independent investigation and appraisal of the
transactions contemplated hereby, and neither the Representatives nor any other Initial 

  
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Purchaser shall have any responsibility or liability to the Company or the Guarantors with respect thereto. Any review by the Representatives or any Initial Purchaser of the Company, the
Guarantors, and the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Representatives or such Initial Purchaser, as the case may be, and shall not be on behalf of the
Company, the Guarantors or any other person. 
 2. Payment and Delivery. 

(a) Payment for and delivery of the Securities will be made at the offices of Vinson & Elkins LLP, First City Tower, 1001
Fannin, Suite 2500, Houston, Texas 77002-6760, at 10:00 A.M., New York City time, on August 13, 2012, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representatives and
the Company may agree upon in writing. The time and date of such payment and delivery is referred to herein as the “Closing Date”. 
 Payment for any Additional Securities shall be made to the Company against delivery of such Additional Securities for the respective accounts of the several Initial Purchasers at 10:00 A.M., New York City time, on
the Option Closing Date. 
 (b) Payment for the Securities shall be made by wire transfer in immediately available funds to
the account(s) specified by the Company to the Representatives against delivery to the Trustee as custodian for The Depository Trust Company, for the account of the Initial Purchasers, of one or more global notes representing the Securities
(collectively, the “Global Note”), with any transfer taxes payable in connection with the sale of the Securities to the Initial Purchasers duly paid by the Company. The Global Note will be made available for inspection by the
Representatives not later than 1:00 P.M., New York City time, on the business day prior to the Closing Date or the Option Closing Date, as the case may be. 
 3. Representations and Warranties of the Company and the Guarantors. The Company and the Guarantors jointly and severally represent and warrant to each Initial Purchaser that: 

(a) Preliminary Offering Memorandum, Time of Sale Information and Offering Memorandum. The Preliminary Offering Memorandum, as of
its date, did not, the Time of Sale Information, at the Time of Sale, did not, and at the Closing Date, will not, and the Offering Memorandum, in the form first used by the Initial Purchasers to confirm sales of the Securities and as of the Closing
Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the
Company and the Guarantors make no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with 

  
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information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for use in the Preliminary Offering Memorandum,
the Time of Sale Information or the Offering Memorandum. 
 (b) Additional Written Communications. The Company (including
its agents and representatives, other than the Initial Purchasers in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any written communication
that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such communication by the Company or its agents and representatives (other than a communication referred to in clauses (i), (ii) and (iii) below) an
“Issuer Written Communication”) other than (i) the Preliminary Offering Memorandum, (ii) the Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term sheet substantially in the form of Annex B
hereto, which constitute part of the Time of Sale Information, and (iv) any electronic road show or other written communications, in each case used in accordance with Section 4(c). Each such Issuer Written Communication, when taken
together with the Time of Sale Information, did not, and at the Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that the Company makes no representation and warranty with respect to any statements or omissions made in each such Issuer Written Communication in reliance upon and in conformity
with information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for use in any Issuer Written Communication. 

(c) Incorporated Documents. The documents incorporated by reference in each of the Time of Sale Information and the Offering
Memorandum, when filed with the Securities and Exchange Commission (the “Commission”), conformed or will conform, as the case may be, in all material respects to the requirements of the Exchange Act and the rules and regulations of the
Commission thereunder, and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. 
 (d) Financial Statements. The financial statements, and the related notes
thereto, of the Company included or incorporated by reference in the Time of Sale Information and the Offering Memorandum present fairly, in all material respects, the consolidated financial position of the Company and its consolidated subsidiaries
as of the dates indicated and the results of their operations and the changes in their consolidated cash flows for the periods specified; and said financial statements have been prepared in conformity with United States generally accepted accounting
principles and practices applied on a consistent basis, except as described in the notes to such financial statements; and the 

  
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other financial and statistical information and any other financial data included or incorporated by reference in the Time of Sale Information and the Offering Memorandum present fairly, in all
material respects, the information purported to be shown thereby at the respective dates or for the respective periods to which they apply and, to the extent that such information is set forth in or has been derived from the financial statements and
accounting books and records of the Company, have been prepared on a basis consistent with such financial statements and the books and records of the Company. The interactive data in eXtensbile Business Reporting Language included or incorporated by
reference in the Offering Memorandum and the Time of Sale Information fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

 (e) No Material Adverse Change. None of the Company, the Guarantors, or any of their subsidiaries has sustained since
the date of the latest audited financial statements included or incorporated by reference in the Time of Sale Information any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by
insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Time of Sale Information and the Offering Memorandum; and, since the respective dates as of which information
is given in the Time of Sale Information and the Offering Memorandum, there has not been any material change in the capital stock, material increase in long-term debt or any material decreases in consolidated net current assets or stockholders’
equity of the Company, the Guarantors, or any of their subsidiaries or any material adverse change, or any development involving a prospective material adverse change, in or affecting the general affairs, management, current or future consolidated
financial position, stockholders’ equity or results of operations of the Company and its subsidiaries taken as a whole (a “Material Adverse Effect”); 

(f) Organization and Good Standing. Each of the Company and the Guarantors has been duly incorporated as a corporation or formed as
a limited liability company and is validly existing as a corporation or limited liability company in good standing under the laws of the State of Delaware, with the corporate or limited liability company power and authority to own its properties and
conduct its business as described in the Time of Sale Information and the Offering Memorandum, and has been duly qualified as a foreign corporation or limited liability company for the transaction of business and is in good standing under the laws
of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except where the failure to be so qualified or in good standing in any such jurisdiction would not have a material adverse
effect on the ability of the Company and its subsidiaries taken as a whole to own or lease their properties or conduct their businesses as described in the Time of Sale Information and the Offering Memorandum; 

  
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 (g) Capitalization. The Company had, at the date indicated in the Time of Sale
Information and the Offering Memorandum, a duly authorized, issued and outstanding capitalization as set forth in the Time of Sale Information and the Offering Memorandum under the caption “Capitalization”; all of the issued shares of
capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable; such authorized capital stock of the Company conforms as to legal matters in all material respects to the description thereof
contained in the Time of Sale Information and the Offering Memorandum; all of the equity interests in each subsidiary of the Company, have been duly and validly authorized and issued and are fully paid and non-assessable and are owned directly or
indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of any third party; 

(h) The Indenture. The Indenture has been duly authorized by the Company and the Guarantors and, when duly executed and delivered by
the Company and the Guarantors (assuming the authorization, execution and delivery by the Trustee), will constitute a valid and legally binding instrument of the Company and the Guarantors, enforceable against the Company and the Guarantors in
accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, fraudulent transfer, fraudulent conveyance, moratorium, reorganization and laws of general applicability relating to or affecting creditors’ rights and general
equity principles (regardless of whether enforceability is considered in a proceeding in equity or at law); the Indenture conforms, in all material respects to the requirements of the Trust Indenture Act of 1939, as amended (the “Trust
Indenture Act”), and the rules and regulations of the Commission applicable to an indenture that is qualified thereunder; and the Indenture conforms, in all material respects, to the description thereof in the Time of Sale Information and the
Offering Memorandum; 
 (i) The Securities. The Securities (except the Guarantees) have been duly authorized by the Company
and, when issued and delivered as provided in this Agreement and duly authenticated pursuant to the Indenture, will be duly executed, authenticated, issued and delivered and will constitute valid and legally binding obligations of the Company
entitled to the benefits provided by the Indenture, enforceable against the Company in accordance with their terms, subject as to enforcement, to bankruptcy, insolvency, fraudulent transfer, fraudulent conveyance, moratorium, reorganization and laws
of general applicability relating to or affecting creditors’ rights and general equity principles (regardless of whether enforceability is considered in a proceeding in equity or at law); and the Securities (except the Guarantees) will conform,
in all material respects, to the descriptions thereof in the Time of Sale Information and the Offering Memorandum; 
 (j)
The Guarantees. The Guarantees have been duly authorized by the Guarantors, and, when issued and delivered as provided in this Agreement and duly authenticated pursuant to the Indenture will be duly executed, authenticated, issued and delivered and
will constitute valid and legally binding obligations of the Guarantors entitled to the benefits provided by the Indenture 

  
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enforceable against the Guarantors in accordance with their terms, subject as to enforcement, to bankruptcy, insolvency, fraudulent transfer, fraudulent conveyance, moratorium, reorganization and
laws of general applicability relating to or affecting creditors’ rights and general equity principles (regardless of whether enforceability is considered in a proceeding in equity or at law); and the Guarantees will conform, in all material
respects, to the descriptions thereof in the Time of Sale Information and the Offering Memorandum; 
 (k) Underlying Common
Stock. Upon issuance and delivery of the Securities in accordance with the Agreement and the Indenture, the Securities (except the Guarantees) will be convertible at the option of the holder thereof into cash, the Underlying Common Stock, or a
combination of cash and the Underlying Common Stock, at the Company’s election, in accordance with the terms of the Securities (except the Guarantees); the Underlying Common Stock reserved for issuance upon conversion of the Securities (except
the Guarantees) has been duly and validly authorized and reserved by the Company and, when issued upon conversion of the Securities (except the Guarantees) in accordance with the terms of the Securities (except the Guarantees), will be validly
issued, fully paid and nonassessable, and the issuance of the Underlying Common Stock will not be subject to any preemptive or similar rights. The Underlying Common Stock will conform to the description thereof in each of the Time of Sale
Information and the Offering Memorandum; 
 (l) Purchase Agreement. This Agreement has been duly authorized, executed and
delivered by the Company and the Guarantors; 
 (m) Legal Summaries. The statements set forth in the Time of Sale
Information and the Offering Memorandum under the captions “Description of Notes” and “Description of Capital Stock” and “United States federal income and estate tax considerations,” insofar as they constitute summaries
of the legal matters, documents or proceedings referred to therein, fairly present, in all material respects, the information called for with respect to such legal matters, documents or proceedings; 

(n) No Violation. None of the Company, the Guarantors, or any of their subsidiaries is in violation of its certificate of
incorporation or certificate of formation, or its bylaws or limited liability company agreement (or other organizational documents), or in default in the performance or observance of any obligation, covenant or condition contained in any indenture,
mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, other than such defaults that individually or in the aggregate would not have a Material
Adverse Effect; 
 (o) No Conflicts. The issue and sale of the Securities (including the Guarantees), the issuance of the
Underlying Common Stock upon conversion of the Securities and the compliance by the Company and the Guarantors with all of 

  
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the provisions of the Securities, the Guarantees, the Indenture and this Agreement and the consummation of the transactions herein and therein contemplated (A) will not conflict with or
result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party
or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, except such conflict, breach or violation as would not have a Material Adverse Effect,
(B) will not result in any violation of the provisions of the Certificate of Incorporation or bylaws of the Company or the certificate of formation or limited liability company agreement of any significant subsidiary, and (C) will not
result in the violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, except such violations as would not have
a Material Adverse Effect; 
 (p) No Consents Required. Except as disclosed in the Time of Sale Information and the
Offering Memorandum, no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale of the Securities (including the Guarantees), the issuance of
the Underlying Common Stock upon the conversion of the Securities or the consummation by the Company of the transactions contemplated by this Agreement or the Indenture, except for such consents, approvals, authorizations, registrations or
qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Securities by the Initial Purchasers in the manner contemplated by this Agreement, the Time of Sale Information and the
Offering Memorandum, the listing of the Underlying Common Stock on the New York Stock Exchange and except for such consents the failure to obtain would not have a Material Adverse Effect; 

(q) Legal Proceedings. Except as set forth in the Time of Sale Information and the Offering Memorandum, there are no legal or
governmental proceedings pending to which the Company, the Guarantors, or any of their subsidiaries is a party or of which any property of the Company or any of its subsidiaries is the subject which, if determined adversely to the Company or any of
its subsidiaries, would individually or in the aggregate have a Material Adverse Effect; and, to the best of the Company’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened by others;

 (r) Independent Accountants. Ernst & Young LLP, who have certified the audited consolidated financial
statements of the Company and its subsidiaries, are independent public accountants as required under the Securities Act and the rules and regulations of the Commission thereunder and the rules and regulations of the Public Company Accounting
Oversight Board; 

  
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 (s) Title to Personal Property. The Company and its subsidiaries own no material real
property (other than leasehold interests); the Company and its subsidiaries have good title to (i) all barges, tugs, tankers, offshore supply vessels, multi-purpose supply vessels, anchor-handling towing supply vessels and other vessels
(collectively, “Vessels”) owned by them and (ii) all other personal property owned by them, in each case free and clear of all liens, encumbrances and defects except such as are described in the Time of Sale Information and the
Offering Memorandum or such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company and its subsidiaries; and except for the leases at HOS Port, LLC, none
of the real property and building space held under lease by the Company and its subsidiaries are material to the Company and its subsidiaries taken as a whole and, should their existing leases (except for such HOS Port LLC leases) expire or
terminate, the cost to secure new facilities would not result in a Material Adverse Effect; 
 (t) Intellectual Property.
The Company and its subsidiaries own or possess adequate licenses or other rights to use all trademarks, service marks, trade names and know-how necessary to conduct the businesses now or proposed to be operated by them as described in the Time of
Sale Information and the Offering Memorandum, and neither the Company nor any of its subsidiaries has received any notice of conflict with (or knows of any such conflict with) asserted rights of others with respect to any trademarks, service marks,
trade names or know-how which, if such assertion of conflict were sustained, would individually or in the aggregate have a Material Adverse Effect; 
 (u) No Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers, stockholders or other affiliates
of the Company or any of its subsidiaries, on the other, that would be required by the Securities Act to be described in a registration statement to be filed with the Commission and that is not so described in each of the Time of Sale Information
and the Offering Memorandum. 
 (v) Investment Company Act. The Company and the Guarantors are not and, after giving effect
to the offering and sale of the Securities and the application of the proceeds thereof as described in the Time of Sale Information and the Offering Memorandum, will not be required to register as an “investment company” as such term is
defined in the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Investment Company Act”); 

(w) Taxes. The Company and its subsidiaries have filed all necessary federal, state, local and foreign income and franchise tax
returns or have timely requested extensions thereof and, other than taxes that are currently being contested in good faith and for which adequate reserves have been provided, have paid all taxes shown as due thereon or made adequate accruals or

  
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provision therefor, except to the extent such failures to pay or to file as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and other than
tax deficiencies which the Company or any subsidiary is contesting in good faith and for which the Company or such subsidiary has provided adequate accruals, there is no tax deficiency that has been asserted against the Company or any subsidiary
that would individually or in the aggregate have a Material Adverse Effect; 
 (x) Licenses and Permits. The Company and
its significant subsidiaries possess all licenses, permits, certificates, consents, orders, approvals and other authorizations from, and have made all declarations and filings with, all federal, state, local or foreign and other governmental
authorities, the American Bureau of Shipping and all courts and other tribunals, including without limitation under any applicable Environmental Laws (as defined below), currently required or necessary to own or lease, as the case may be, and to
operate their properties and to carry on their business as now and proposed to be conducted as set forth in the Time of Sale Information and the Offering Memorandum (“Permits”), except where the failure to obtain such Permits would not
individually or in the aggregate have a Material Adverse Effect; the Company and its subsidiaries have fulfilled and performed all of their obligations with respect to such Permits and no event has occurred which allows, or after notice or lapse of
time would allow, revocation or termination thereof or results in any other material impairment of the rights of the holder of any such Permit, except where the failure to perform such obligations or the occurrence of such event would not have a
Material Adverse Effect; and neither the Company nor any of its subsidiaries has received any notice of any proceeding relating to revocation or modification of any such Permit, except as described in the Time of Sale Information and the Offering
Memorandum and except where such revocation or modification would not individually or in the aggregate have a Material Adverse Effect; 
 (y) No Labor Disputes. There is no strike, labor dispute, slowdown or work stoppage with the employees of the Company or any of its subsidiaries which is pending or, to the best of the Company’s knowledge,
threatened; neither the Company nor any of its subsidiaries is a party to or has any obligation under any collective bargaining agreement or other labor union contract, white paper or side agreement with any labor union or organization; except as
described in the Time of Sale Information and the Offering Memorandum, to the best of the Company’s knowledge, no collective bargaining organizing activities are taking place with respect to the Company or any of its subsidiaries; and the
Company has a policy on drug and alcohol abuse applicable to each of the Vessels that meets or exceeds the standards contained in the current edition of the Oil Companies International Marine Forum Guidelines for the Control of Drugs and Alcohol
Onboard Ship; 

  
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 (z) Compliance With Environmental Laws. Except as described in the Time of Sale
Information and the Offering Memorandum (or any amendment or supplement thereto) or as would not individually or in the aggregate have a Material Adverse Effect (A) the Company and its subsidiaries are in compliance with and not subject to any
known liability under applicable Environmental Laws (as defined below), (B) the Company and its subsidiaries have made all filings and provided all notices required under any applicable Environmental Laws, and have, and are in compliance with,
all Permits required under any applicable Environmental Laws and each of them is in full force and effect, (C) there is no civil, criminal or administrative action, suit, demand, claim, hearing, notice of violation, investigation, proceeding,
notice or demand letter or request for information pending or, to the best of the Company’s knowledge, threatened against the Company or its subsidiaries under any Environmental Law, (D) no lien, charge, encumbrance or restriction has been
recorded under any Environmental Law with respect to any assets, facility or property owned, operated, leased or controlled by the Company or any of its subsidiaries, (E) neither the Company nor any of its subsidiaries has received written
notice that it has been identified as a potentially responsible party under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (“CERCLA”), or any comparable state law, (F) no property or
facility of the Company or any of its subsidiaries is (i) listed or, to the best of the Company’s knowledge, proposed for listing on the National Priorities List under CERCLA or (ii) listed in the Comprehensive Environmental Response,
Compensation, Liability Information System List promulgated pursuant to CERCLA, or on any comparable list maintained by any state or local governmental authority having jurisdiction and (G) each Vessel complies with the Federal Water Pollution
Control Act, as amended, and has secured and carries on board a current U.S. Coast Guard Certificate of Financial Responsibility (Water Pollution); 
 For
purposes of this Agreement, “Environmental Laws” means all applicable federal treaties and all applicable federal, state and local laws or regulations, codes, orders, decrees, judgments or injunctions issued, promulgated, approved or
entered thereunder, relating to pollution or protection of public health and safety or the environment, including, without limitation, laws relating to (i) emissions, discharges, releases or threatened releases of Hazardous Materials (as
defined below) into the environment (including, without limitation, ambient air, surface water, ground water, land surface or subsurface strata), (ii) the manufacture, processing, distribution, use, generation, treatment, storage, disposal,
transport or handling of Hazardous Materials, and (iii) underground and above ground storage tanks and related piping, and emissions, discharges, releases or threatened releases therefrom. For purposes of this Agreement, “Hazardous
Materials” means any pollutant, contaminant, substance, chemical or material that is listed, classified or regulated as a hazardous substance, hazardous waste or hazardous material, as defined in any applicable Environmental Law, to the extent
any of the foregoing are present in a quantity or concentration regulated pursuant to an applicable Environmental Law; 

(aa) Compliance With ERISA. Neither the Company nor any of its subsidiaries has any liability for any prohibited transaction or
funding deficiency or any complete or partial withdrawal liability with respect to any pension, profit 

  
 13 

 
sharing, 401(k) plan or other plan which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), to which the Company or any of its subsidiaries makes
or ever has made a contribution and in which any employee of the Company or any of its subsidiaries is or has ever been a participant, except for such liabilities which would not individually or in the aggregate have a Material Adverse Effect; and
with respect to such plans, the Company and each of its subsidiaries are in compliance in all material respects with all applicable provisions of ERISA; 
 (bb) Disclosure Controls. The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) of the Exchange Act) that comply with the requirements of the Exchange Act; such
disclosure controls and procedures have been designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company’s principal executive officer and principal financial executive officer by
others within those entities; and such disclosure controls and procedures are effective; 
 (cc) Accounting Controls.
Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and has been designed by the Company’s principal
executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles; the Company’s internal control over financial reporting is effective, and the Company is not aware of any material weaknesses in its internal control over financial reporting. 

(dd) Internal Controls. Since the date of the latest audited financial statements included or incorporated by reference in the
Offering Memorandum and the Time of Sale Information, there has been no change in the Company’s internal control over financial reporting that has materially and adversely affected, or is reasonably likely to materially and adversely affect,
the Company’s internal control over financial reporting. 
 (ee) Insurance. The Company and its subsidiaries carry
insurance in such amounts and covering such risks as in their determination is adequate for the conduct of their business or the value of their properties. 
 (ff) No Unlawful Payments. Neither the Company nor any of its subsidiaries nor, to the best knowledge of the Company and each of the Guarantors, any director, officer, agent, employee or other person associated
with or acting on behalf of the Company or any of its subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or
indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the Foreign 

  
 14 

 
Corrupt Practices Act of 1977; or (iv) made any other unlawful payment from corporate funds, whether as a bribe, rebate, payoff, influence payment, kickback or otherwise. 

(gg) Compliance with Money Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all
times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened. 

(hh) Compliance with OFAC. None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); and the Company will
not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing
the activities of any person currently subject to any U.S. sanctions administered by OFAC. 
 (ii) No Broker’s Fees.
Neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against any of them or any Initial Purchaser for a brokerage
commission, finder’s fee or like payment in connection with the offering and sale of the Securities. 
 (jj) Rule 144A
Eligibility. When the Securities are issued and delivered pursuant to this Agreement, no Securities will be of the same class (within the meaning of Rule 144A under the Securities Act) as securities which are listed on a national securities exchange
registered under Section 6 of the Exchange Act, or quoted in a U.S. automated inter-dealer quotation system; the Securities satisfy the requirements set forth in Rule 144A(d)(3) under the Securities Act. 

(kk) No Integration. Neither the Company, the Guarantors, nor any affiliate (as defined in Rule 501(b) of Regulation D) of the
Company or the Guarantors has directly, or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act) which is or will be integrated with the sale of the
Securities or the Underlying Common Stock in a manner that would require the registration under the Securities Act of the offering contemplated by the Time of Sale Information and the Offering Memorandum. 

  
 15 

 (ll) No General Solicitation or Directed Selling Efforts. None of the Company, the
Guarantors, any affiliate of the Company or any person acting on its or their behalf (other than the Initial Purchasers for whom we make no representation) has offered or sold the Securities or the Underlying Common Stock by means of any general
solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act. 
 (mm) Securities Law
Exemptions. Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 1(b) and their compliance with their agreements set forth therein, it is not necessary, in connection with the issuance and
sale of the Securities to the Initial Purchasers and the offer, resale and delivery of the Securities by the Initial Purchasers in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum, to register the
Securities under the Securities Act or to qualify the Indenture under the Trust Indenture Act. 
 (nn) No Stabilization.
Prior to the date hereof, neither the Company nor any of its affiliates has taken any action which is designed to or which has constituted or which might have been expected to cause or result in stabilization or manipulation of the price of any
security of the Company in connection with the offering of the Securities. 
 (oo) Margin Rules. None of the transactions
contemplated by this Agreement (including, without limitation, the use of the proceeds from the sale of the Securities) will violate or result in a violation of Section 7 of the Exchange Act, or any regulation promulgated thereunder, including,
without limitation, Regulations T, U, and X of the Board of Governors of the Federal Reserve System. 
 (pp)
Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in any of the Time of Sale Information or the Offering Memorandum has been
made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. 
 (qq) Statistical and
Market Data. To the best of the Company’s and the Guarantors’ knowledge, the statistical and market related data included in the Time of Sale Information and the Offering Memorandum are based on or derived from sources which are reliable
and accurate in all material respects. 
 (rr) Sarbanes-Oxley Act. There is and has been no failure on the part of the
Company or any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley
Act”), including Section 402 related to loans and Sections 302 and 906 related to certifications. 

  
 16 

 4. Further Agreements of the Company and the Guarantors. The Company and each of the Guarantors
jointly and severally covenant and agree with each Initial Purchaser that: 
 (a) Delivery of Copies. The Company will
deliver, without charge, to the Initial Purchasers as many copies of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including all amendments and supplements
thereto) as the Representatives may reasonably request. 
 (b) Offering Memorandum, Amendments or Supplements. Before
finalizing the Offering Memorandum or making or distributing any amendment or supplement to any of the Time of Sale Information or the Offering Memorandum or, except as otherwise required by law with respect to any filing on Form 10-K, Form 10-Q or
Form 8-K that is not related to the Securities, filing with the Commission any document that will be incorporated by reference therein, the Company will furnish to the Representatives and counsel for the Initial Purchasers a copy of the proposed
Offering Memorandum or such amendment or supplement or document to be incorporated by reference therein for review, and will not distribute any such proposed Offering Memorandum, amendment or supplement or file, except as required by law with
respect to any filing on Form 10-K, Form 10-Q or Form 8-K that is not related to the Securities, any such document with the Commission to which the Representatives reasonably object. 

(c) Additional Written Communications. Before making, preparing, using, authorizing, approving or referring to any Issuer Written
Communication, the Company will furnish to the Representatives and counsel for the Initial Purchasers a copy of such written communication for review and will not make, prepare, use, authorize, approve or refer to any such written communication to
which the Representatives reasonably objects. 
 (d) Notice to the Representatives. The Company will advise the
Representatives promptly, and, if requested by the Representatives, confirm such advice in writing (including, without limitation, via email or similar means of electronic communication), (i) of the issuance by any governmental or regulatory
authority of any order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or the initiation or threatening of any proceeding for that purpose; (ii) of the
occurrence of any event at any time prior to the completion of the initial offering of the Securities as a result of which any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum as then amended or
supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances existing when such Time of Sale Information, Issuer

  
 17 

 
Written Communication or the Offering Memorandum is delivered to a purchaser, not misleading; and (iii) of the receipt by the Company of any notice with respect to any suspension of the
qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the issuance of any such order preventing or
suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or suspending any such qualification of the Securities and, if any such order is issued, will use its reasonable best efforts to
obtain as soon as possible the withdrawal thereof. 
 (e) Time of Sale Information. If at any time prior to the Closing
Date (i) any event shall occur or condition shall exist as a result of which any of the Time of Sale Information as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (ii) it is necessary to amend or supplement any of the Time of Sale Information to comply with law, the Company will
immediately notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to any of the Time of Sale Information (or any document to be filed
with the Commission and incorporated by reference therein) as may be necessary so that the statements in any of the Time of Sale Information as so amended or supplemented will not, in light of the circumstances under which they were made, be
misleading or so that any of the Time of Sale Information will comply with law. 
 (f) Ongoing Compliance of the Offering
Memorandum. If at any time prior to the completion of the initial offering of the Securities (i) any event shall occur or condition shall exist as a result of which the Offering Memorandum as then amended or supplemented would include any
untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Offering Memorandum is delivered to a purchaser, not misleading or
(ii) it is necessary to amend or supplement the Offering Memorandum to comply with law, the Company will immediately notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial
Purchasers such amendments or supplements to the Offering Memorandum (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements in the Offering Memorandum as so amended or
supplemented (including such document to be incorporated by reference therein) will not, in the light of the circumstances existing when the Offering Memorandum is delivered to a purchaser, be misleading or so that the Offering Memorandum will
comply with law. 

  
 18 

 (g) Blue Sky Compliance. The Company will use its reasonable best efforts to qualify
the Securities and the Underlying Common Stock for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request and will use its reasonable best efforts to continue such qualifications in
effect so long as required for the offering and resale of the Securities; provided that neither the Company nor any of the Guarantors shall be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any
such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so
subject. 
 (h) Lock-up Period. For a period commencing on the date hereof and ending on the 90th day after the date of the
Offering Memorandum (the “Lock-Up Period”), the Company agrees not to, directly or indirectly (1) offer for sale, sell, pledge or otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected
to, result in the disposition by any person at any time in the future of) any shares of Common Stock or securities convertible into or exchangeable for Common Stock (other than the shares of Common Stock issued pursuant to an employee stock purchase
plan, or any employee benefit plans, qualified stock option plans or other director or employee compensation plans existing on the date hereof or pursuant to currently outstanding options, warrants or rights not issued under one of those plans), or
sell or grant options, rights or warrants with respect to any shares of Common Stock or securities convertible into or exchangeable for Common Stock (other than the grant of options pursuant to option plans existing on the date hereof),
(2) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of such shares of Common Stock, whether any such transaction described in
clause (1) or (2) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise, (3) file or cause to be filed a registration statement, including any amendments, with respect to the registration of any
shares of Common Stock or securities convertible, exercisable or exchangeable into Common Stock or any other securities of the Company (other than any registration statement on Form S-8) or (4) publicly disclose the intention to do any of the
foregoing, in each case without the prior written consent of Barclays Capital Inc. and J.P. Morgan Securities LLC, on behalf of the Initial Purchasers, and to cause each officer, director and stockholder of the Company set forth on Schedule 3 hereto
to furnish to the Representatives, on or before August 13, 2012, a letter or letters, substantially in the form of Annex E hereto (the “Lock-Up Agreements”); provided, however, that the foregoing shall not apply to (A) the sale
of the Securities under this Agreement or the issuance of the Underlying Common Stock and (B)(i) Common Stock call option transactions with Barclays Bank PLC and/or other Initial Purchasers or their respective affiliates pursuant to the confirmation
letters dated August 7, 2012 and (ii) warrant transactions with Barclays Bank PLC and/or other Initial Purchasers or their respective affiliates pursuant to the confirmation letters dated August 7, 2012. 

  
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 (i) Conversion Price. Between the date hereof and the Closing Date (both dates
included), the Company will not do any act or thing which, had the Firm Securities then been in issue, would result in an adjustment to the conversion price of the Firm Securities. 

(j) Use of Proceeds. The Company will apply the net proceeds from the sale of the Securities as described in each of the Time of
Sale Information and the Offering Memorandum under the heading “Use of proceeds”. 
 (k) Supplying Information.
So long as any of the Securities or the Underlying Common Stock are outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Company will, furnish at its expense to the Initial
Purchasers, and, upon request, to the holders of the Securities or the Underlying Common Stock and prospective purchasers of the Securities or the Underlying Common Stock the information required by Rule 144A(d)(4) under the Securities Act (if any).

 (l) DTC. The Company will assist the Initial Purchasers in arranging for the Securities to be eligible for clearance and
settlement through The Depository Trust Company (“DTC”). 
 (m) No Resales by the Company. The Company will not,
and will not permit any of its affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased by the Company or any of its affiliates and
resold in a transaction registered under the Securities Act. 
 (n) No Integration. Neither the Company nor any of its
affiliates (as defined in Rule 501(b) of Regulation D) will, directly or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined in the Securities Act), that is or will be
integrated with the sale of the Securities or the Underlying Common Stock in a manner that would require registration of the Securities or the Underlying Common Stock under the Securities Act. 

(o) No General Solicitation or Directed Selling Efforts. None of the Company or any of its affiliates or any other person acting on
its or their behalf (other than the Initial Purchasers, as to which no covenant is given) will solicit offers for, or offer or sell, the Securities or the Underlying Common Stock by means of any form of general solicitation or general advertising
within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act. 
 (p) No Stabilization. Neither the Company nor any of the Guarantors will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or
manipulation of the price of the Securities. 

  
 20 

 (q) Reserve. The Company agrees to reserve and keep available at all times, free of
preemptive rights, a sufficient amount of Underlying Common Stock to enable the Company to satisfy any obligations to issue Underlying Common Stock upon conversion of the Securities (other than the Guarantees). 

(r) Common Stock Listing. The Company agrees to use its reasonable best efforts to list, subject to notice of issuance, the
Underlying Common Stock issuable upon conversion of the Securities (other than the Guarantees) on the New York Stock Exchange, and to maintain a transfer agent and, if necessary under the jurisdiction of incorporation of the Company, a register for
the Underlying Common Stock. 
 5. Certain Agreements of the Initial Purchasers. Each Initial Purchaser hereby represents and agrees that
it has not and will not use, authorize use of, refer to, or participate in the planning for use of, any written communication that constitutes an offer to sell or the solicitation of an offer to buy the Securities other than (i) the Time of
Sale Information and the Offering Memorandum, (ii) a written communication that contains no “issuer information” (as defined in Rule 433(h)(2) under the Securities Act) that was not included (including through incorporation by
reference) in the Time of Sale Information or the Offering Memorandum, (iii) any written communication listed on Annex A or prepared pursuant to Section 4(c) above (including any electronic road show), (iv) any written communication
prepared by such Initial Purchaser and approved by the Company in advance in writing or (v) any written communication relating to or that contains the terms of the Securities and/or other information that was included (including through
incorporation by reference) in the Time of Sale Information or the Offering Memorandum. 
 6. Conditions of Initial Purchasers’
Obligations. The obligation of each Initial Purchaser to purchase Securities on the Closing Date as provided herein is subject to the performance by the Company and each of the Guarantors of their respective covenants and other obligations hereunder
and to the following additional conditions: 
 (a) Representations and Warranties. The representations and warranties of
the Company and the Guarantors contained herein shall be true and correct on the date hereof and on and as of the Closing Date and any Option Closing Date; and the statements of the Company, the Guarantors and their respective officers made in any
certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date and any Option Closing Date. 
 (b) No Downgrade. Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities
or any other debt securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries by any “nationally recognized statistical rating organization”, as such term is defined under Section 3(a)(62) of the
Exchange Act; and (ii) no such organization shall have publicly announced that it has under surveillance or 

  
 21 

 
review, or has changed its outlook with respect to, its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries
(other than an announcement with positive implications of a possible upgrading). 
 (c) No Material Adverse Change. No
event or condition of a type described in Section 3(e) hereof shall have occurred or shall exist, which event or condition is not described in each of the Time of Sale Information (excluding any amendment or supplement thereto) and the Offering
Memorandum (excluding any amendment or supplement thereto) the effect of which in the judgment of the Representatives makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the
manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum. 
 (d) Officer’s
Certificate. The Representatives shall have received on and as of the Closing Date and any Option Closing Date a certificate of an executive officer of the Company and of each Guarantor who has specific knowledge of the Company’s or such
Guarantor’s financial matters and is satisfactory to the Representatives (i) confirming that such officer has carefully reviewed the Time of Sale Information and the Offering Memorandum and, to the best knowledge of such officer, the
representations set forth in Sections 3(a) and 3(b) hereof are true and correct, (ii) confirming that the other representations and warranties of the Company and the Guarantors in this Agreement are true and correct and that the Company and the
Guarantors have complied with all agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date and (iii) to the effect set forth in paragraphs (b) and (c) above.

 (e) Comfort Letters. On the date of this Agreement and on the Closing Date and any Option Closing Date, Ernst &
Young LLP shall have furnished to the Representatives, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the
Representatives, containing statements and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained or
incorporated by reference in each of the Time of Sale Information and the Offering Memorandum; provided that the letter delivered on the Closing Date and any Option Closing Date shall use a “cut-off” date no more than three business days
prior to the Closing Date and any Option Closing Date, as the case may be. 
 (f) Opinion of Counsel for the Company.
Winstead PC, counsel for the Company, shall have furnished to the Representatives, at the request of the Company, their written opinion, dated the Closing Date and any Option Closing Date and addressed to the Initial Purchasers, in form and
substance reasonably satisfactory to the Representatives, to the effect set forth in Annex C hereto. 

  
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 (g) Opinion of Special Counsel for the Company. Latham and Watkins LLP, special
counsel for the Company, shall have furnished to the Representatives, at the request of the Company, their written opinion, dated the Closing Date and any Option Closing Date and addressed to the Initial Purchasers, in form and substance reasonably
satisfactory to the Representatives, to the effect set forth in Annex D hereto. 
 (h) Opinion of Counsel for the Initial
Purchasers. The Representatives shall have received on and as of the Closing Date and any Option Closing Date an opinion of Vinson & Elkins LLP, counsel for the Initial Purchasers, with respect to such matters as the Representatives may
reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon such matters. 
 (i) No Legal Impediment to Issuance. No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory
authority that would, as of the Closing Date or any Option Closing Date, prevent the issuance or sale of the Securities (other than the Guarantees) or the issuance of the Guarantees; and no injunction or order of any federal, state or foreign court
shall have been issued that would, as of the Closing Date or any Option Closing Date, prevent the issuance or sale of the Securities (other than the Guarantees) or the issuance of the Guarantees. 

(j) Good Standing. The Representatives shall have received on and as of the Closing Date and any Option Closing Date satisfactory
evidence of the good standing of the Company and the Guarantors in their respective jurisdictions of organization and their good standing in such other jurisdictions as the Representatives may reasonably request, in each case in writing or any
standard form of telecommunication, from the appropriate governmental authorities of such jurisdictions. 
 (k) DTC. The
Securities shall be eligible for clearance and settlement through DTC. 
 (l) Listing. The Company shall have used its
reasonable best efforts to have the Underlying Common Stock issuable upon conversion of the Securities duly listed, subject to notice of issuance, on the New York Stock Exchange. 

(m) Lock-up Agreements. The Lock-Up Agreements between the Representatives and the officers, directors and stockholders of the
Company set forth on Schedule 3, delivered to the Representatives on or before August 13, 2012, shall be in full force and effect on the Closing Date and the Option Closing Date, as the case may be. 

  
 23 

 (n) Additional Documents. On or prior to the Closing Date and any Option Closing Date,
the Company and the Guarantors shall have furnished to the Representatives such further certificates and documents as the Representatives may reasonably request. 
 The several obligations of the Initial Purchasers to purchase Additional Securities hereunder are subject to the delivery to the Representatives on the applicable Option Closing Date of such documents as the
Representatives may reasonably request with respect to the good standing of the Company, the due authorization and issuance of the Additional Securities to be sold on such Option Closing Date and other matters related to the issuance of such
Additional Securities. 
 All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed
to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers. 
 7. Indemnification and Contribution. 
 (a) Indemnification of the Initial Purchasers.
The Company and each of the Guarantors jointly and severally agree to indemnify and hold harmless each Initial Purchaser, its affiliates, directors and officers and each person, if any, who controls such Initial Purchaser within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection with
any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Preliminary
Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement thereto) or any omission or alleged omission to state therein a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or
omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for
use therein. 
 (b) Indemnification of the Company. Each Initial Purchaser agrees, severally and not jointly, to indemnify
and hold harmless the Company, each of the Guarantors, each of their respective directors and officers and each person, if any, who controls the Company or any of the Guarantors within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon,

  
 24 

 
any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Initial Purchaser furnished to the Company
in writing by such Initial Purchaser through the Representatives expressly for use in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or
supplement thereto), it being understood and agreed that the only such information consists of the following: the fourth and ninth paragraphs under the caption “Plan of Distribution” in the Offering Memorandum. 

(c) Notice and Procedures. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand
shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the “Indemnified Person”) shall promptly notify the person against whom
such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above
except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any liability
that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the
Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others
entitled to indemnification pursuant to this Section 7 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such
proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying
Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified
Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any
impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed
that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified
Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm for 

  
 25 

 
any Initial Purchaser, its affiliates, directors and officers and any control persons of such Initial Purchaser shall be designated in writing by the Representatives and any such separate firm
for the Company, the Guarantors, their respective directors and officers and any control persons of the Company and the Guarantors shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason
of such settlement or judgment. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a
party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified
Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 

(d) Contribution. If the indemnification provided for in paragraphs (a) or (b) above is unavailable to an Indemnified
Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid
or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors on the one hand and the
Initial Purchasers on the other from the offering of the Securities or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) but also the relative fault of the Company and the Guarantors on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Guarantors on the one hand and the Initial Purchasers on the other shall be deemed to be in the same respective proportions as
the net proceeds (before deducting expenses) received by the Company from the sale of the Securities and the total discounts and commissions received by the Initial Purchasers in connection therewith, as provided in this Agreement, bear to the
aggregate offering price of the Securities. The relative fault of the Company and the Guarantors on the one hand and the Initial Purchasers on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or any Guarantor or by the Initial Purchasers and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. 

  
 26 

 (e) Limitation on Liability. The Company, the Guarantors and the Initial Purchasers
agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation
that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph
(d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this
Section 7, in no event shall an Initial Purchaser be required to contribute any amount in excess of the amount by which the total discounts and commissions received by such Initial Purchaser with respect to the offering of the Securities
exceeds the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’ obligations to contribute pursuant to this Section 7
are several in proportion to their respective purchase obligations hereunder and not joint. 
 (f) Non-Exclusive Remedies.
The remedies provided for in this Section 7 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 

8. Termination. This Agreement may be terminated in the sole discretion of the Representatives, by notice to the Company, if after the execution
and delivery of this Agreement and on or prior to the Closing Date (i) trading generally shall have been suspended or materially limited on the New York Stock Exchange or the over-the-counter market; (ii) trading of any securities issued
or guaranteed by the Company or any of the Guarantors shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New York State
authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representatives
after consultation with the Company, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery, of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale
Information and the Offering Memorandum. 
 9. Defaulting Initial Purchaser. 

(a) If, on the Closing Date or the Option Closing Date, as the case may be, any Initial Purchaser defaults on its obligation to
purchase the Securities that it has agreed to purchase hereunder, the non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such Securities by other persons 

  
 27 

 
satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for
the purchase of such Securities, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Initial Purchasers to purchase such Securities on such terms. If other
persons become obligated or agree to purchase the Securities of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or the Company may postpone the Closing Date or the Option Closing Date, as the case may be, for up to five
full business days in order to effect any changes that in the opinion of counsel for the Company or counsel for the Initial Purchasers may be necessary in the Time of Sale Information, the Offering Memorandum or in any other document or arrangement,
and the Company agrees to promptly prepare any amendment or supplement to the Time of Sale Information or the Offering Memorandum that effects any such changes. As used in this Agreement, the term “Initial Purchaser” includes, for all
purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 9, purchases Securities that a defaulting Initial Purchaser agreed but failed to purchase. 

(b) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial
Purchasers by the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased does not exceed one-tenth of the aggregate principal amount of
all the Securities to be purchased on such date, then the Company shall have the right to require each non-defaulting Initial Purchaser to purchase the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder on such
date plus such Initial Purchaser’s pro rata share (based on the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder on such date) of the Securities of such defaulting Initial Purchaser or Initial Purchasers
for which such arrangements have not been made. 
 (c) If, after giving effect to any arrangements for the purchase of the
Securities of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased exceeds
one-tenth of the aggregate principal amount of all the Securities to be purchased on such date, or if the Company shall not exercise the right described in paragraph (b) above, then this Agreement or, with respect to the Option Closing Date,
the obligation of the Initial Purchasers to purchase Additional Securities on the Option Closing Date, as the case may be, shall terminate without liability on the part of the non-defaulting Initial Purchasers. Any termination of this Agreement
pursuant to this Section 9 shall be without liability on the part of the Company or the Guarantors, except that the Company and each of the Guarantors will continue to be liable for the payment of expenses as set forth in Section 10 hereof
and except that the provisions of Section 7 hereof shall not terminate and shall remain in effect. 

  
 28 

 (d) Nothing contained herein shall relieve a defaulting Initial Purchaser of any
liability it may have to the Company, the Guarantors or any non-defaulting Initial Purchaser for damages caused by its default. 
 10.
Payment of Expenses. 
 (a) Whether or not the transactions contemplated by this Agreement are consummated or this
Agreement is terminated, the Company and each of the Guarantors jointly and severally agree to pay or cause to be paid all costs and expenses incident to the performance of their respective obligations hereunder, including without limitation,
(i) the costs incident to the authorization, issuance, sale, preparation and delivery of the Securities and any taxes payable in that connection; (ii) the costs incident to the preparation and printing of the Preliminary Offering
Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including any amendment or supplement thereto) and the distribution thereof; (iii) the costs of reproducing and distributing this
Agreement, the Indenture and the Global Notes; (iv) the fees and expenses of the Company’s and the Guarantors’ counsel and independent accountants; (v) the fees and expenses incurred in connection with the registration or
qualification and determination of eligibility for investment of the Securities or the Underlying Common Stock under the laws of such jurisdictions as the Representatives may designate and the preparation, printing and distribution of a Blue Sky
Memorandum (including the related fees and expenses of counsel for the Initial Purchasers); (vi) any fees charged by rating agencies for rating the Securities; (vii) the fees and expenses of the Trustee and any paying agent (including
related fees and expenses of any counsel to such parties); (viii) all expenses and application fees incurred in connection with the approval of the Securities for book-entry transfer by DTC; (ix) all fees and expenses in connection with
the listing of the Underlying Common Stock on the New York Stock Exchange, and (x) all expenses incurred by the Company in connection with any “road show” presentation to potential investors. 

(b) If (i) this Agreement is terminated pursuant to Section 8(ii), (ii) the Company for any reason fails to tender
the Securities for delivery to the Initial Purchasers or (iii) the Initial Purchasers decline to purchase the Securities for any reason permitted under this Agreement (other than pursuant to Section 8(i), (iii), or (iv)), the Company and
each of the Guarantors jointly and severally agrees to reimburse the Initial Purchasers for all out-of-pocket costs and expenses (including the reasonable fees and expenses of their counsel) reasonably incurred by the Initial Purchasers in
connection with this Agreement and the offering contemplated hereby. 
 11. Persons Entitled to Benefit of Agreement. This Agreement shall
inure to the benefit of and be binding upon the parties hereto and their respective successors and any controlling persons referred to herein, and the affiliates, officers and directors of each Initial Purchaser referred to in Section 7 hereof.
Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, 

  
 29 

 
remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Securities from any Initial Purchaser shall be deemed to be a successor merely by reason
of such purchase. 
 12. Survival. The respective indemnities, rights of contribution, representations, warranties and agreements of the
Company, the Guarantors and the Initial Purchasers contained in this Agreement or made by or on behalf of the Company, the Guarantors or the Initial Purchasers pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the
delivery of and payment for the Securities and shall remain in full force and effect, regardless of any termination or completion of this Agreement or any investigation made by or on behalf of the Company, the Guarantors or the Initial Purchasers.

 13. Certain Defined Terms. For purposes of this Agreement, (a) except where otherwise expressly provided, the term
“affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than a day on which banks are permitted or required to be closed in New York City; (c) the term
“Exchange Act” means the Securities Exchange Act of 1934, as amended; (d) the term “subsidiary” has the meaning set forth in Rule 405 under the Securities Act; (e) the term “significant subsidiary” has the
meaning set forth in Rule 3-05 of Regulation S-X under the Securities Act; and (f) the term “written communication” has the meaning set forth in Rule 405 under the Securities Act. 

14. Miscellaneous. 

(a) Authority of the Representatives. Any action by the Initial Purchasers hereunder may be taken by Barclays Capital Inc. on behalf
of the Initial Purchasers, and any such action taken by Barclays Capital Inc. shall be binding upon the Initial Purchasers. 
 (b) Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication:

 (i) if to the Representatives, shall be delivered or sent by hand delivery, mail, telex, overnight courier or facsimile
transmission to Barclays Capital Inc., 745 Seventh Avenue, New York, New York 10019, Attention: Syndicate Registration, J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179 (Fax: (212) 622-8358) Attention: Equity Syndicate
Desk, and Wells Fargo Securities, LLC, 375 Park Avenue, New York, New York 10152, Attention: Equity Syndicate Department (Fax: (212) 214-5918), with a copy to Vinson & Elkins LLP, First City Tower, 1001 Fannin Street, Suite 2500,
Houston, Texas 77002-6760, Attention: T. Mark Kelly (Fax: (713) 615-5531), and with a copy, in the case of any notice pursuant to Section 8(c), to the Director of Litigation, Office of the General Counsel, Barclays Capital Inc., 745
Seventh Ave., New York, New York 10019; 

  
 30 

 (ii) if to the Company and the Guarantors, shall be delivered or sent by hand
delivery, mail, telex, overnight courier or facsimile transmission to Hornbeck Offshore Services, Inc., 103 Northpark Boulevard, Suite 300, Covington, Louisiana 70433 (fax: (985) 727-2006); Attention: Sam Giberga, General Counsel. 

(c) Governing Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed
by and construed in accordance with the laws of the State of New York. 
 (d) Counterparts. This Agreement may be signed in
counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. 

(e) Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure
therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 
 (f)
Headings. The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement. 

  
 31 

 If the foregoing is in accordance with your understanding, please indicate your acceptance of this
Agreement by signing in the space provided below. 
  

			
	Very truly yours,
	
	HORNBECK OFFSHORE SERVICES, INC.
		
	By	 	/s/ James O. Harp, Jr.
		 	 James O. Harp, Jr.
 Executive Vice President
and
 Chief Financial Officer

  

			
	Guarantors:
	
	Energy Services Puerto Rico, LLC
	Hornbeck Offshore Services, LLC
	Hornbeck Offshore Transportation, LLC
	Hornbeck Offshore Operators, LLC
	HOS-IV, LLC
	Hornbeck Offshore Trinidad & Tobago, LLC
	HOS Port, LLC
		
	By	 	/s/ James O. Harp, Jr.
		 	 James O. Harp, Jr.
 Executive Vice President
and
 Chief Financial Officer

  
 32 

			
	Accepted: August 7, 2012
	
	BARCLAYS CAPITAL INC.
		
	By	 	/s/ Paul Robinson
		 	
	
	J.P. MORGAN SECURITIES LLC
		
	By	 	/s/ Jason Wood
		 	
	
	WELLS FARGO SECURITIES, LLC
		
	By	 	/s/ Jay Buckman
		 	

  
 33 

 Schedule 1 
  

					
	Initial Purchaser	  	Principal Amount	 
	 Barclays Capital Inc.
	  	$	104,000,000	  
	 J.P. Morgan Securities LLC
	  	 	104,000,000	  
	 Wells Fargo Securities, LLC
	  	 	52,000,000	  
		
	 Total
	  	$	260,000,000	  

  
 Schedule 1 

 Schedule 2 
 List of Guarantors 
 Energy Services Puerto Rico, LLC, a Delaware limited liability company 

Hornbeck Offshore Services, LLC, a Delaware limited liability company 
 Hornbeck Offshore Transportation, LLC, a Delaware limited liability company 
 Hornbeck Offshore Operators, LLC, a
Delaware limited liability company 
 HOS-IV, LLC, a Delaware limited liability company 
 Hornbeck Offshore Trinidad & Tobago, LLC, a Delaware limited liability company 
 HOS Port, LLC, a Delaware
limited liability company 

  
 Schedule 2 

 Schedule 3 
 Parties to Lock-up Agreements 
 Todd M. Hornbeck 
 James O. Harp, Jr. 
 Carl G. Annessa 
 Samuel A. Giberga 
 John S. Cook 
 Larry D. Hornbeck 
 Bruce W. Hunt 
 Steven W. Krablin 
 Patricia B. Melcher 
 Bernie W. Stewart 
 John T. Rynd 
 Kevin Omar Meyers 
 William Herbert Hunt Trust Estate 
 Troy Hornbeck 
 Nicholas L. Swyka, Jr. 

  
 Schedule 3 

 ANNEX A 
 a. Additional Time of Sale Information 
 1. Term sheet containing the terms of the securities, substantially in the
form of Annex B. 

  
 Annex A 

 ANNEX B 
 Final 
 August 7, 2012 
 

 
 Hornbeck Offshore Services, Inc. 
 Pricing Term Sheet 
 Pricing Term Sheet, dated August 7, 2012 

to Preliminary Offering Memorandum dated August 6, 2012 

Strictly Confidential 
  

			
		
	 Issuer:
	  	Hornbeck Offshore Services, Inc.
		
	 Ticker / Exchange for Common Stock:
	  	HOS/ NYSE
		
	 Notes:
	  	1.500% Convertible Senior Notes due 2019
		
	 Distribution:
	  	Rule 144A without registration rights
		
	 Issue Price:
	  	100%, plus accrued interest from August 13, 2012
		
	 Aggregate Principal Amount Offered:
	  	$260 million ($300 million if the initial purchasers’ option to purchase additional notes is exercised in full)
		
	 Interest Rate:
	  	1.500% per annum, payable semi-annually
		
	 Conversion Premium:
	  	37.5%
		
	 Initial Conversion Price:
	  	Approximately $53.85 per share of common stock
		
	 Initial Conversion Rate:
	  	18.5718 shares of common stock per $1,000 aggregate principal amount of notes
		
	 Interest Payment Dates:
	  	March 1 and September 1, beginning March 1, 2013
		
	 Record Dates:
	  	February 15 and August 15
		
	 Maturity:
	  	September 1, 2019
		
	 Guarantees:
	  	The notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Company’s domestic significant subsidiaries, which are the same subsidiaries that are guarantors
of the Company’s revolving credit facility and its outstanding senior notes. The liability of each guarantor under its respective subsidiary

  
 Annex B Page 1

			
		  	guarantee will be limited as necessary to the amount, if any, which would not have rendered such guarantor “insolvent” (as such term is defined under federal bankruptcy law and
in the debtor and creditor law of New York state) or, under certain circumstances, left it with unreasonably small capital. The guarantee will be subject to release in connection with any sale or other disposition of all or substantially all of the
assets of that guarantor (including by way of merger or consolidation, in accordance with the provisions of the indenture), in connection with any sale of all of the capital stock of a guarantor, in accordance with the provisions of the indenture,
or upon the release of its guarantee of all other indebtedness of the Company’s or any of the domestic subsidiaries.
		
	 Last Reported Sale Price on August 7, 2012:
	  	$39.16
		
	 Use of Proceeds:
	  	 The Company estimates that the net proceeds from the offering will be approximately $251.9 million (or approximately $290.8 million if the initial
purchasers exercise their option to purchase additional notes in full), after deducting initial purchaser discounts and fees and expenses of the offering. In addition, the Company expects to receive proceeds from the sale of warrants described under
“Description of the Convertible Note Hedge and Warrant Transactions” in the Preliminary Offering Memorandum. The Company intends to apply a portion of the net proceeds from the sale of the notes and the proceeds from the sale of the
warrants to fund the cost of the convertible note hedge transactions entered into between the Company and certain of the initial purchasers or their affiliates (in this capacity, the “option counterparties”).

 
 The Company expects to apply the remaining $230.4 million of the net proceeds, along with other
available sources of cash, to retire the 1.625% convertible notes in November 2013, when such convertible notes are first subject to repurchase by the Company at the option of holders, or redemption at the Company’s option, or for general
corporate purposes, which may include retirement of other debt or funding for the acquisition, construction or retrofit of vessels. Until the net proceeds are used for such purposes, we may deposit them in interest-bearing accounts or invest them in
short-term marketable securities.
  
 If the initial purchasers exercise their option to
purchase additional notes in full, the aggregate net proceeds from this offering will be approximately $290.8 million. If the initial purchasers exercise their option to purchase additional notes, the Company intends to use a portion of the net
proceeds from the sale of the additional notes to pay for additional convertible note hedge transactions, to be partially offset by the sale of additional warrants, in each case to with the option counterparties. Remaining net proceeds will be used,
along with other available sources of cash, to retire the 1.625% convertible notes and for general corporate purposes, including retirement of other debt or funding for the acquisition, construction or retrofit of vessels.

		
	 Trade Date:
	  	August 8, 2012

  
 Annex B Page 2

			
		
	 Closing Date:
	  	August 13, 2012
		
	 CUSIP Number:
	  	440543 AM8
		
	 ISIN:
	  	US440543AM89
		
	 Joint Book-Running Managers:
	  	Barclays Capital Inc. J.P. Morgan Securities LLC Wells Fargo Securities, LLC
		
	 Listing:
	  	None
		
	 Convertible Note Hedge and Warrant Transactions:
	  	

The convertible note hedge transactions cover, subject to customary anti-dilution adjustments, the aggregate number of shares of the Company’s common stock
underlying the notes. The warrants sold to the option counterparties under the warrant transactions relate to, subject to customary anti-dilution adjustments, the same number of shares of the Company’s common stock. The strike price of the
convertible note hedge transactions will initially correspond to the Initial Conversion Price and is subject, with certain exceptions, to the adjustments applicable to the conversion price of the notes. The strike price of the warrants will
initially equal $68.53 and is subject to customary anti-dilution adjustments.
		
	 Adjustment to Common Stock Delivered Upon a Conversion Upon a Fundamental Change:
	  	The following table sets forth the number of additional shares to be added to the conversion rate per $1,000 principal amount of notes in connection with a fundamental change as defined in
the Preliminary Offering Memorandum for each stock price and effective date set forth below, subject to adjustments as provided in the Preliminary Offering Memorandum:

 Stock Price 

																																																					
	Effective Date	  	$39.16	 	  	$40.00	 	  	$45.00	 	  	$50.00	 	  	$55.00	 	  	$60.00	 	  	$65.00	 	  	$70.00	 	  	$80.00	 	  	$90.00	 	  	$100.00	 	  	$120.00	 	  	$140.00	 
	 August 13, 2012
	  	 	6.9644	  	  	 	6.6953	  	  	 	5.3506	  	  	 	4.3423	  	  	 	3.5679	  	  	 	2.9628	  	  	 	2.4813	  	  	 	2.0931	  	  	 	1.5152	  	  	 	1.1157	  	  	 	0.8309	  	  	 	0.4685	  	  	 	0.2627	  
	 September 1, 2013
	  	 	6.9644	  	  	 	6.6397	  	  	 	5.2558	  	  	 	4.2249	  	  	 	3.4391	  	  	 	2.8295	  	  	 	2.3482	  	  	 	1.9632	  	  	 	1.3964	  	  	 	1.0105	  	  	 	0.7396	  	  	 	0.4018	  	  	 	0.2157	  
	 September 1, 2014
	  	 	6.9644	  	  	 	6.5623	  	  	 	5.1333	  	  	 	4.0775	  	  	 	3.2799	  	  	 	2.6668	  	  	 	2.1875	  	  	 	1.8077	  	  	 	1.2567	  	  	 	0.8890	  	  	 	0.6359	  	  	 	0.3288	  	  	 	0.1659	  
	 September 1, 2015
	  	 	6.9644	  	  	 	6.4615	  	  	 	4.9746	  	  	 	3.8875	  	  	 	3.0758	  	  	 	2.4597	  	  	 	1.9845	  	  	 	1.6132	  	  	 	1.0853	  	  	 	0.7429	  	  	 	0.5138	  	  	 	0.2468	  	  	 	0.1130	  
	 September 1, 2016
	  	 	6.9644	  	  	 	6.3608	  	  	 	4.7878	  	  	 	3.6537	  	  	 	2.8207	  	  	 	2.2000	  	  	 	1.7306	  	  	 	1.3715	  	  	 	0.8768	  	  	 	0.5700	  	  	 	0.3739	  	  	 	0.1592	  	  	 	0.0609	  
	 September 1, 2017
	  	 	6.9644	  	  	 	6.2554	  	  	 	4.5455	  	  	 	3.3364	  	  	 	2.4710	  	  	 	1.8450	  	  	 	1.3876	  	  	 	1.0503	  	  	 	0.6115	  	  	 	0.3613	  	  	 	0.2144	  	  	 	0.0714	  	  	 	0.0161	  
	 September 1, 2018
	  	 	6.9644	  	  	 	6.1242	  	  	 	4.1569	  	  	 	2.8075	  	  	 	1.8883	  	  	 	1.2663	  	  	 	0.8478	  	  	 	0.5672	  	  	 	0.2541	  	  	 	0.1137	  	  	 	0.0495	  	  	 	0.0043	  	  	 	0.0000	  
	 September 1, 2019
	  	 	6.9644	  	  	 	6.4282	  	  	 	3.6504	  	  	 	1.4282	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

 The exact stock price and effective date may not be set forth on the table, in which case: 

 

	 	•	 	 if the stock price is between two stock price amounts in the table or the effective date is between two effective dates in the table, the number of additional
shares will be determined by a straight-line interpolation between the number of additional shares set forth for the higher and lower stock price amounts and the two dates, as applicable, based on a 365-day year; 

 

	 	•	 	 if the stock price is greater than $140.00 per share (subject to adjustment), the conversion rate will not be increased; and 

 

	 	•	 	 if the stock price is less than $39.16 per share (subject to adjustment), the conversion rate will not be increased. 

  
 Annex B Page 3

 Notwithstanding the foregoing, in no event will the total number of the Company’s common stock issuable upon
conversion exceed 25.5362 per $1,000 principal amount of the notes, subject to adjustments in the same manner as the conversion rate as set forth under “Description of Notes—Conversion Rate Adjustments” in the Preliminary
Offering Memorandum. 
 Additional Information 

Capitalization Information: 
 After giving effect to the
Company’s use of approximately $21.5 million of the net proceeds from the notes offering to pay the cost of the convertible note hedge transactions described above (after such cost is partially offset by the proceeds to the Company from the
sale of the warrant transactions described above), as of June 30, 2012: 
  

	 	•	 	 the as-adjusted amount of “Cash and cash equivalents” in the table set forth in the “Capitalization” section of the Preliminary Offering
Memorandum would have been $621,951; 

  

	 	•	 	 the as-adjusted amount of “Additional paid-in capital” in such table would have been $630,620, 

 

	 	•	 	 the as-adjusted amount of “Total stockholders’ equity” in such table would have been $1,072,191, and 

 

	 	•	 	 the as-adjusted “Total capitalization” in such table would have been $2,184,572, 

in each case, determined in the manner described in such “Capitalization” section of the Preliminary Offering Memorandum. 

This communication is intended for the sole use of the person to whom it is provided by the sender. 
 Purchasers should rely only on the information contained or incorporated by reference in the Preliminary Offering Memorandum, as supplemented by this final pricing term sheet, in making an investment decision
with respect to the notes. A copy of the Preliminary Offering Memorandum can be obtained by contacting your Barclays Capital Inc. sales representative. 
 This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities, in any state in which such solicitation or sale would
be unlawful prior to registration or qualification of these securities under the laws of any such state. 
 The notes and the common stock issuable
upon conversion of the Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any other state securities laws. Unless they are registered, the notes and any common stock issuable upon
conversion of the notes may be offered only in transactions exempt from or not subject to registration under the Securities Act or any other state securities laws. Accordingly, the notes are only being offered to “qualified institutional
buyers” (as defined in Rule 144A under the Securities Act). 
 ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS
COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM. 

  
 Annex B Page 4

 ANNEX C 
 Form of Opinion of Counsel for the Company and the Guarantors 
 (i) Each of the Company and the
Guarantors has been duly incorporated as a corporation or formed as a limited liability company and is validly existing as a corporation or limited liability company in good standing under the laws of the State of Delaware, with corporate or limited
liability company power and authority to own its properties and conduct its business as described in the Time of Sale Information; 
 (ii)
the Company has an authorized capitalization as set forth in the Time of Sale Information, and all of the issued shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and nonassessable; 

(iii) each of the Company and the Guarantors has been duly qualified as a foreign corporation or limited liability company for the transaction of
business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except where the failure to be so qualified or in good standing in any
such jurisdiction would not have a Material Adverse Effect; 
 (iv) each Subsidiary (as defined in the Indenture) of the Company (other
than the Guarantors) has been duly formed as a limited liability company or other foreign entity and is validly existing as a limited liability company or other foreign entity in good standing under the laws of its jurisdiction of formation except
to the extent that the failure to be so formed, validly existing or in good standing would not have a Material Adverse Effect on the Company; and all of the issued and outstanding membership or other equity interests of each such Subsidiary of the
Company (including the Guarantors) have been duly authorized and validly issued, are fully paid and nonassessable, and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims except to the
extent as will not have a Material Adverse Effect on the Company; 
 (v) to such counsel’s knowledge and other than as set forth in
the Time of Sale Information, there are no legal or governmental proceedings pending to which the Company, the Guarantors, or any of their subsidiaries is a party or of which any property of the Company or any of its subsidiaries is the subject
which, if determined adversely to the Company or any of its subsidiaries, would individually or in the aggregate have a Material Adverse Effect; and, to such counsel’s knowledge, no such proceedings are threatened or contemplated by
governmental authorities or threatened by others; 
 (vi) this Agreement has been duly authorized, executed and delivered by each of the
Company and the Guarantors; 
 (vii) the Firm Securities have been duly authorized, executed, issued and delivered by the Company and
constitute valid and legally binding obligations of the Company entitled to the benefits provided by the Indenture, enforceable against the 

  
 Annex C – Page 1

 
Company in accordance with their terms, except as limited by bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, moratorium, reorganization and other similar laws of general
application affecting the rights and remedies of creditors and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law); 

(viii) the Guarantees have been duly authorized, executed, issued and delivered by the Guarantors and constitute valid and legally binding
obligations of the Guarantors entitled to the benefits provided by the Indenture, enforceable against the Guarantors in accordance with their terms, except as limited by bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, moratorium,
reorganization and other similar laws of general application affecting the rights and remedies of creditors and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law); 

(ix) the Underlying Common Stock reserved for issuance upon conversion of the Firm Securities has been duly authorized and reserved and, when
issued upon conversion of the Firm Securities in accordance with the terms of the Firm Securities, will be validly issued, fully paid and non-assessable and the issuance of the Underlying Common Stock will not be subject to any preemptive or similar
rights under the Company’s Certificate of Incorporation or Bylaws or under the Delaware General Corporation Law; and the Underlying Common Stock conforms in all material respects to the descriptions thereof in the Time of Sale Information and
the Final Memorandum; 
 (x) the Indenture has been duly authorized, executed and delivered by the Company and the Guarantors, and
constitutes a valid and legally binding instrument of the Company and the Guarantors, enforceable against the Company and the Guarantors in accordance with its terms, except as limited by bankruptcy, insolvency, fraudulent conveyance, fraudulent
transfer, moratorium, reorganization and other similar laws of general application affecting the rights and remedies of creditors and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at
law); 
 (xi) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or
body is required for the issue and sale of the Firm Securities, the issuance of the Underlying Common Stock upon the conversion of the Firm Securities or the consummation by the Company and the Guarantors of the transactions contemplated by this
Agreement or the Indenture, except such as have been obtained and such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution
of the Firm Securities by the Initial Purchasers and except where failure to obtain such consent, approval, authorization, order, registration or qualification would not have a Material Adverse Effect; provided, however, that notwithstanding
anything herein to the contrary, such counsel need express no opinion in this subparagraph (xi) as to compliance with the registration provisions of the Securities Act in relation to the Securities; 

  
 Annex C – Page 2

 (xii) no registration of the Firm Securities or the Underlying Common Stock related to the Firm
Securities under the Securities Act, and no qualification of an indenture under the Trust Indenture Act with respect thereto, is required for the issuance and sale of the Firm Securities to the Initial Purchasers and the offer, resale and delivery
of the Firm Securities by the Initial Purchasers in the manner contemplated by this Agreement and the Time of Sale Information; 
 (xiii)
none of the Company, the Guarantors or any of their subsidiaries is and, after giving effect to the offering and sale of the Firm Securities and the application of the proceeds thereof as described in the Time of Sale Information, will be required
to register as an “investment company” as defined in the Investment Company Act; 
 (xiv) when the Firm Securities are issued
and delivered pursuant to this Agreement, none of the Firm Securities will be of the same class (within the meaning of Rule 144A under the Securities Act) as securities of the Company that are listed on a national securities exchange registered
under Section 6 of the Exchange Act or that are quoted in a United States automated inter-dealer quotation system; 
 (xv) the
statements set forth in the Time of Sale Information and the Offering Memorandum under the captions “Description of Capital Stock,” insofar as they purport to describe or summarize certain provisions of the Underlying Common Stock related
to the Firm Securities, “United States Federal Income and Estate Tax Considerations,” insofar as they purport to describe the legal matters, documents or proceedings referred to therein and under the caption “Plan of
Distribution”, insofar as they purport to describe the provisions of this Agreement, fairly present, in all material respects, the information called for with respect to such legal matters, documents or proceedings; 

(xvi) the issue and sale of the Firm Securities, the issuance of the Underlying Common Stock related to the Firm Securities upon conversion of the
Firm Securities and the compliance by the Company and the Guarantors with all of the provisions of the Firm Securities, the Indenture and this Agreement with respect to the Firm Securities and the consummation of the transactions contemplated herein
and therein will not (a) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument which is
attached or incorporated by reference as an exhibit to the Company’s annual report on Form 10-K for the year ended December 31, 2011 (the “Annual Report”), the quarterly reports on Form 10-Q for the quarters ended
March 31, 2012 and June 30, 2012, or any Item 1.01 of any Form 8-K filed subsequent to the Annual Report, (b) result in any violation of the provisions of the Certificate of Incorporation or Bylaws of the Company
or the certificate of formation or limited liability company agreement of any Guarantor, or (c) result in a violation of, to the knowledge of such counsel, any order of any court or governmental agency or body having jurisdiction over the
Company, the Guarantors or any of their subsidiaries or any of their properties (except that such counsel need express no opinion with respect to compliance with the anti-fraud or similar provisions of any law, rule or regulation), except in the
case of clauses (a) and (c) for such breaches or violations that could not reasonably be expected to have a Material Adverse Effect or that could violate public policy relating thereto. 

  
 Annex C – Page 3

 Because the primary purpose of such counsel’s engagement was not to establish factual matters and
many of the statements in the Time of Sale Information, the Offering Memorandum and any amendment or supplement thereto, are wholly or partially nonlegal in character, such counsel may state that such counsel has not independently verified and is
not passing upon and does not assume any responsibility for the accuracy, completeness or fairness of the statements contained therein (except for the applicable descriptions referenced in paragraphs (i), (ii), (v), (xi) and (xv)). Such
counsel shall also state that they have participated in conferences with representatives of the Company and with representatives of its independent accountants and representatives of the Initial Purchasers and their counsel, at which conferences the
contents of the Time of Sale Information and the Offering Memorandum and any amendment and supplement thereto and related matters were discussed. On the basis of the foregoing, such counsel hereby confirms that nothing has come to the attention of
such counsel to cause such counsel to believe (except with respect to the financial statements and related schedules and the financial data derived therefrom, including the notes and schedules thereto and the auditor’s report thereon or any
other financial or accounting data contained or incorporated by reference in, or excluded from, the Time of Sale Information or the Offering Memorandum as to which such counsel need express no belief) that the Time of Sale Information, at the Time
of Sale (which such counsel may assume to be the date of this Agreement), contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading, or that the Offering Memorandum or any amendment or supplement thereto, as of its date and the Closing Date, contained or contains any untrue statement of a material fact or omits to state a material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading (other than, in each case, the financial statements and related schedules and the financial data derived therefrom, including the notes and the
schedules thereto and the auditor’s report thereon or any other financial or accounting data contained or incorporated by reference therein, as to which such counsel need express no belief). 

In rendering such opinion, such counsel may rely as to matters of fact on certificates of responsible officers of the Company and the Guarantors
and public officials that are furnished to the Initial Purchasers. 
 The opinion of Winstead PC described above shall be rendered to the
Initial Purchasers at the request of the Company and shall so state therein. 

  
 Annex C – Page 4

 ANNEX D 
 Form of Opinion of Special Counsel for the Company and the Guarantors 
 Latham and Watkins LLP, special counsel for
the Company, shall have furnished to the Initial Purchasers their written opinion, dated the Closing Date and any Option Closing Date, in form and substance satisfactory to the Initial Purchasers, to the effect that the statements set forth in the
Time of Sale Information and the Offering Memorandum under the caption “Description of Notes,” insofar as they purport to describe or summarize certain provisions of the Securities and the Indenture, are accurate descriptions or summaries
in all material respects. 

  
 Annex D 

 ANNEX E 
 LOCK-UP LETTER AGREEMENT 
 Barclays Capital Inc. 
 J.P. Morgan Securities LLC 
 Wells Fargo Securities, LLC 
 As Representatives of the several 
 Initial Purchasers named in Schedule 1, 

c/o Barclays Capital Inc. 
 745 Seventh Avenue 

New York, New York 10019 
 Ladies and Gentlemen: 

The undersigned understands that you and certain other firms (the “Initial Purchasers”) propose to enter into a Purchase Agreement (the
“Purchase Agreement”) providing for the purchase by the Initial Purchasers of convertible senior notes (the “Securities”) of Hornbeck Offshore Services, Inc., a Delaware corporation (the “Company”) and that the Initial
Purchasers propose to reoffer the Securities (the “Offering.” The Securities will be convertible into cash and shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”). 

In consideration of the execution of the Purchase Agreement by the Initial Purchasers, and for other good and valuable consideration, the
undersigned hereby irrevocably agrees that, without the prior written consent of Barclays Capital Inc. and J.P. Morgan Securities LLC, on behalf of the Initial Purchasers, the undersigned will not, directly or indirectly, (1) offer for sale,
sell, pledge, or otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition by any person at any time in the future of) any shares of Common Stock (including, without
limitation, shares of Common Stock that may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the Securities and Exchange Commission and shares of Common Stock that may be issued upon exercise of
any options or warrants) or securities convertible into or exercisable or exchangeable for Common Stock, (2) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or
risks of ownership of shares of Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise, (3) make any demand for or
exercise any right or cause to be filed a registration statement, including any amendments thereto, with respect to the registration of any shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock or any
other securities of the Company or (4) publicly disclose the intention to do any of the foregoing, for a period commencing on the date hereof and ending on the 90th day after the date of the Offering Memorandum relating to the Offering (such
90-day period, the “Lock-Up 

  
 Annex E – Page 2

 
Period”). The foregoing sentence shall not apply to (a) sales, pledges or disposals of shares of Common Stock that were acquired by the undersigned in the open market after the date of
the Offering Memorandum, provided that no filing under the Securities Exchange Act of 1934, as amended, shall be required or shall be voluntarily made in connection with any such sale, pledge or disposition (other than a filing on a Form 5, Schedule
13D or Schedule 13G (or 13D-A or 13G-A) made after the expiration of the 90-day period referred to above), (b) bona fide gifts, sales or other dispositions of shares of any class of the Company’s capital stock, in each case that are made
exclusively between and among the undersigned or members of the undersigned’s family, or affiliates of the undersigned, including its partners (if a partnership) or members (if a limited liability company); provided that it shall be a condition
to any such transfer that (i) the transferee/donee agrees to be bound by the terms of the lock-up letter agreement (including, without limitation, the restrictions set forth in the preceding sentence) to the same extent as if the
transferee/donee were a party hereto, (ii) no filing by any party (donor, donee, transferor or transferee) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), shall be required or shall be voluntarily made in
connection with such transfer or distribution (other than a filing on a Form 5, Schedule 13D or Schedule 13G (or 13D-A or 13G-A) made after the expiration of the 90-day period referred to above), and (iii) each party (donor, donee, transferor
or transferee) shall not be required by law (including without limitation the disclosure requirements of the Securities Act of 1933, as amended, and the Exchange Act) to make, and shall agree to not voluntarily make, any public announcement of the
transfer or disposition, (c) transfers or sales of Common Stock pursuant to a plan complying with Rule 10b5-1 of the Regulations of the Securities Exchange Act of 1934, as amended, that has been entered into by the undersigned prior to the date
of this Lock-Up Letter Agreement or (d) transfers, sales or disposals of shares of Common Stock that were issued in connection with the exercise of stock options expiring on March 13, 2013, whether pursuant to a 10b5-1 plan entered into
after the date hereof or otherwise. 
 In furtherance of the foregoing, the Company and its transfer agent are hereby authorized to
decline to make any transfer of securities if such transfer would constitute a violation or breach of this Lock-Up Letter Agreement. 
 It
is understood that, if the Company notifies the Initial Purchasers that it does not intend to proceed with the Offering, if the Purchase Agreement does not become effective, or if the Purchase Agreement (other than the provisions thereof which
survive termination) shall terminate or be terminated prior to payment for and delivery of the Securities, the undersigned will be released from its obligations under this Lock-Up Letter Agreement. 

The undersigned understands that the Company and the Initial Purchasers will proceed with the Offering in reliance on this Lock-Up Letter
Agreement. 
 Whether or not the Offering actually occurs depends on a number of factors, including market conditions. Any Offering will
only be made pursuant to a Purchase Agreement, the terms of which are subject to negotiation between the Company and the Initial Purchasers. 

  
 Annex E – Page 3

 [Signature page follows] 

  
 Annex E – Page 4

 The undersigned hereby represents and warrants that the undersigned has full power and authority to
enter into this Lock-Up Letter Agreement and that, upon request, the undersigned will execute any additional documents necessary in connection with the enforcement hereof. Any obligations of the undersigned shall be binding upon the heirs, personal
representatives, successors and assigns of the undersigned. 
  

			
	Very truly yours,
		
	By:	 	 
	Name:	 	
	Title:	 	

Dated:                         
                                         
   

  
 Annex E – Page 5REVOLVING CREDIT AND SECURITY AGREEMENT

 Exhibit 10.1 
 EXECUTION COPY 
  

 
  

REVOLVING CREDIT AND SECURITY AGREEMENT 
 among 
 TPG SL SPV, LLC, 

as Borrower, 
 THE
LENDERS FROM TIME TO TIME PARTIES HERETO, 
 NATIXIS, NEW YORK BRANCH, 

as Facility Agent 

and 
 The Bank of
New York Mellon Trust Company, N.A., 
 as Collateral Agent 

Dated as of May 8, 2012 
  

 
  

  

 TABLE OF CONTENTS 

 

					
		
	 	  	Page	 
		
	 ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS
	  	 	1	  
		
	 Section 1.01 Definitions
	  	 	1	  
		
	 Section 1.02 Rules of Construction
	  	 	47	  
		
	 Section 1.03 Computation of Time Periods
	  	 	47	  
		
	 Section 1.04 Collateral Value Calculation Procedures
	  	 	48	  
		
	 ARTICLE II ADVANCES UNDER THE FACILITY
	  	 	50	  
		
	 Section 2.01 Revolving Credit Facility
	  	 	50	  
		
	 Section 2.02 Advances
	  	 	50	  
		
	 Section 2.03 Evidence of Indebtedness; Notes
	  	 	50	  
		
	 Section 2.04 Payment of Principal and Interest
	  	 	51	  
		
	 Section 2.05 Prepayment of Advances
	  	 	52	  
		
	 Section 2.06 Reductions in Commitments
	  	 	53	  
		
	 Section 2.07 Maximum Lawful Rate
	  	 	53	  
		
	 Section 2.08 Several Obligations
	  	 	54	  
		
	 Section 2.09 Increased Costs
	  	 	54	  
		
	 Section 2.10 Compensation; Breakage Payments
	  	 	56	  
		
	 Section 2.11 Illegality; Inability to Determine Rates
	  	 	56	  
		
	 Section 2.12 Rescission or Return of Payment
	  	 	57	  
		
	 Section 2.13 Fees Payable by Borrower
	  	 	57	  
		
	 Section 2.14 Post-Default Interest
	  	 	57	  
		
	 Section 2.15 Payments Generally
	  	 	58	  
		
	 Section 2.16 Lenders Not Satisfying the Rating Criteria
	  	 	58	  
		
	 Section 2.17 Applicable Row Level
	  	 	58	  
		
	 Section 2.18 Replacement of Lenders
	  	 	59	  
		
	 ARTICLE III CONDITIONS PRECEDENT
	  	 	60	  
		
	 Section 3.01 Conditions Precedent to Closing
	  	 	60	  
		
	 Section 3.02 Conditions Precedent to Each Borrowing
	  	 	62	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	63	  
		
	 Section 4.01 Representations and Warranties of the Borrower
	  	 	63	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

					
		
	 	  	Page	 
		
	 Section 4.02 Additional Representations and Warranties of the Borrower
	  	 	65	  
		
	 ARTICLE V COVENANTS
	  	 	67	  
		
	 Section 5.01 Affirmative Covenants of the Borrower
	  	 	67	  
		
	 Section 5.02 Negative Covenants of the Borrower
	  	 	73	  
		
	 Section 5.03 Certain Undertakings Relating to Separateness
	  	 	77	  
		
	 Section 5.04 Credit Estimates; Failure to Have a DBRS Long Term Rating
	  	 	79	  
		
	 ARTICLE VI EVENTS OF DEFAULT
	  	 	80	  
		
	 Section 6.01 Events of Default
	  	 	80	  
		
	 ARTICLE VII PLEDGE OF COLLATERAL; RIGHTS OF THE COLLATERAL AGENT
	  	 	84	  
		
	 Section 7.01 Grant of Security
	  	 	84	  
		
	 Section 7.02 Release of Security Interest
	  	 	85	  
		
	 Section 7.03 Rights and Remedies
	  	 	85	  
		
	 Section 7.04 Remedies Cumulative
	  	 	86	  
		
	 Section 7.05 Related Documents
	  	 	87	  
		
	 Section 7.06 Borrower Remains Liable
	  	 	87	  
		
	 Section 7.07 Assignment of Investment Management Agreement and the Master Transfer Agreement
	  	 	87	  
		
	 Section 7.08 Protection of Collateral
	  	 	89	  
		
	 Section 7.09 Acknowledgement
	  	 	89	  
		
	 ARTICLE VIII ACCOUNTS, ACCOUNTINGS AND RELEASES
	  	 	90	  
		
	 Section 8.01 Collection of Money
	  	 	90	  
		
	 Section 8.02 Collection Account
	  	 	90	  
		
	 Section 8.03 Transaction Accounts
	  	 	92	  
		
	 Section 8.04 The Revolving Reserve Account; Fundings
	  	 	94	  
		
	 Section 8.05 Reinvestment of Funds in Covered Accounts; Reports by Collateral Agent
	  	 	95	  
		
	 Section 8.06 Accountings
	  	 	96	  
		
	 Section 8.07 Release of Securities
	  	 	98	  
		
	 Section 8.08 Reports by Independent Accountants
	  	 	99	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

					
		
	 	  	Page	 
		
	 Section 8.09 Reports to DBRS
	  	 	100	  
		
	 Section 8.10 Currency Exchange Account
	  	 	100	  
		
	 Section 8.11 Funded Draw Collection Account
	  	 	100	  
		
	 Section 8.12 Closing Expense Account
	  	 	101	  
		
	 Section 8.13 Collateral Reporting
	  	 	102	  
		
	 ARTICLE IX APPLICATION OF MONIES
	  	 	103	  
		
	 Section 9.01 Disbursements of Monies from Payment Account
	  	 	103	  
		
	 ARTICLE X SALE OF COLLATERAL OBLIGATIONS; PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS
	  	 	106	  
		
	 Section 10.01 Sales of Collateral Obligations
	  	 	106	  
		
	 Section 10.02 Purchase of Additional Collateral Obligations
	  	 	108	  
		
	 Section 10.03 Conditions Applicable to All Sale and Purchase Transactions
	  	 	108	  
		
	 Section 10.04 Additional Equity Contributions
	  	 	108	  
		
	 Section 10.05 Unsettled Securities
	  	 	109	  
		
	 ARTICLE XI THE AGENTS
	  	 	109	  
		
	 Section 11.01 Authorization and Action
	  	 	109	  
		
	 Section 11.02 Delegation of Duties
	  	 	110	  
		
	 Section 11.03 Agents’ Reliance, Etc
	  	 	110	  
		
	 Section 11.04 Indemnification
	  	 	111	  
		
	 Section 11.05 Successor Agents
	  	 	112	  
		
	 Section 11.06 Regarding the Collateral Agent
	  	 	113	  
		
	 ARTICLE XII MISCELLANEOUS
	  	 	114	  
		
	 Section 12.01 No Waiver; Modifications in Writing
	  	 	114	  
		
	 Section 12.02 Notices, Etc
	  	 	114	  
		
	 Section 12.03 Taxes
	  	 	116	  
		
	 Section 12.04 Costs and Expenses; Indemnification
	  	 	118	  
		
	 Section 12.05 Execution in Counterparts
	  	 	119	  
		
	 Section 12.06 Assignability; Participation; Register
	  	 	119	  
		
	 Section 12.07 Governing Law
	  	 	122	  
		
	 Section 12.08 Severability of Provisions
	  	 	122	  

  
 iii

 TABLE OF CONTENTS 

(continued) 
  

					
		
	 	  	Page	 
	 Section 12.09 Confidentiality
	  	 	122	  
	 Section 12.10 Merger
	  	 	123	  
	 Section 12.11 Survival
	  	 	123	  
	 Section 12.12 Submission to Jurisdiction; Waivers; Etc
	  	 	123	  
	 Section 12.13 Waiver of Jury Trial
	  	 	123	  
	 Section 12.14 Service of Process
	  	 	124	  
	 Section 12.15 Waiver of Immunity
	  	 	124	  
	 Section 12.16 Judgment in Foreign Currency
	  	 	125	  
	 Section 12.17 PATRIOT Act Notice
	  	 	125	  
	 Section 12.18 Legal Holidays
	  	 	125	  
	 Section 12.19 Non-Petition
	  	 	125	  
	 Section 12.20 Custodianship; Delivery of Collateral Obligations and Eligible Investments
	  	 	126	  
	 Section 12.21 Special Provisions Applicable to CP Conduits
	  	 	128	  

 SCHEDULES 
  

			
	 Schedule 1
	  	Initial Commitments and Percentages
	 Schedule 2
	  	Scope of Monthly Report and Payment Date Report
	 Schedule 3
	  	Industry Diversity Score Table
	 Schedule 4
	  	DBRS Risk Scores
	 Schedule 5
	  	DBRS Industry Classifications
	 Schedule 6
	  	LIBOR Definition
	 Schedule 7
	  	DBRS Rating Procedure
	 Schedule 8
	  	Matrix
	 Schedule 9
	  	Not Settled Collateral Obligations

 EXHIBITS 
  

			
	 Exhibit A
	  	Form of Note
	 Exhibit B
	  	Form of Notice of Borrowing
	 Exhibit C
	  	Form of Notice of Prepayment
	 Exhibit D
	  	Form of Assignment and Acceptance
	 Exhibit E
	  	Form of Account Control Agreement
	 Exhibit F
	  	Approved Appraisal Firms
	 Exhibit G
	  	Retention of Net Economic Interest Letter

  
 iv 

 REVOLVING CREDIT AND SECURITY AGREEMENT 

REVOLVING CREDIT AND SECURITY AGREEMENT dated as of May 8, 2012 among TPG SL SPV, LLC, a Delaware limited liability company, as
borrower (together with its permitted successors and assigns, the “Borrower”); the LENDERS from time to time party hereto; NATIXIS, NEW YORK BRANCH (“Natixis”), as facility agent for the Secured Parties (as
hereinafter defined) (in such capacity, together with its successors and assigns, the “Facility Agent”) and The Bank of New York Mellon Trust Company, N.A., as collateral agent for the Secured Parties (as hereinafter defined) (in
such capacity, together with its successors and assigns, the “Collateral Agent”). 
 W I
T N E S S E T H: 
 WHEREAS, the
Borrower desires that the Lenders make advances on a revolving basis to the Borrower on the terms and subject to the conditions set forth in this Agreement; and 
 WHEREAS, each Lender is willing to make such advances to the Borrower on the terms and subject to the conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:

 ARTICLE I 
 DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS 
 Section 1.01
Definitions. 
 As used in this Agreement, the following terms shall have the meanings indicated: 

“ABL Facility” means a lending facility pursuant to which the loans thereunder are secured by a perfected, first
priority security interest in accounts receivable, inventory, machinery, equipment, real estate, oil and gas reserves, vessels, or periodic revenues, where such collateral security consists of assets generated or acquired by the related Obligor in
its business. 
 “Account” has the meaning specified in Section 9-102(a)(2) of the UCC. 

“Account Control Agreement” means an agreement in substantially the form of Exhibit E hereto. 

“Administrative Expense Cap” means, for any Payment Date, an amount equal (when taken together with any Administrative
Expenses paid during the period since the preceding Payment Date or, in the case of the first Payment Date, the Closing Date) to the sum of: 
 (a) 0.02% per annum (prorated for the related Collection Period on the basis of a 360-day year consisting of twelve 30-day months) of the Quarterly Asset Amount on the related Determination Date; and

 (b) $200,000 per annum. 

“Administrative Expenses” means the fees and expenses (including indemnities) and other amounts due or accrued of the
Borrower (or any Blocker Subsidiary) with respect to any Payment Date and payable in the following order by the Borrower: 
 (a) first, to the Collateral Agent, the Custodian and the Securities Intermediary pursuant to the Collateral Agent Fee Letter; and 

(b) second, on a pro rata basis, to: 

(i) the Independent Accountants, agents (other than the Investment Manager) and counsel of the Borrower for fees and
expenses; and 
 (ii) the Rating Agencies for fees and expenses (including any annual fee, amendment fees and
surveillance fees) in connection with any rating of the Facility or in connection with the rating of (or provision of Credit Estimates in respect of) any Collateral Obligations; 

(iii) the Lenders and the Agents (or related indemnified parties) for fees, expenses and other amounts payable by the
Borrower under this Agreement or any other Facility Document (including, notwithstanding anything herein to the contrary, but subject to Sections 2.04(f) and 12.04, amounts sufficient to reimburse each Lender for all amounts
paid by such Lender pursuant to Section 11.04 (and subject to the limitations therein)); and 
 (iv)
indemnification obligations owing by the Borrower to the Borrower’s independent managers under the Borrower LLC Agreement; 

provided that (1) for the avoidance of doubt, amounts that are expressly payable to any Person under the Priority of Payments in respect of
an amount that is stated to be payable as an amount other than as Administrative Expenses (including, without limitation, interest and principal, other amounts owing in respect of the Advances and the Commitments and the Replacement Investment
Management Fees) shall not constitute Administrative Expenses and (2) Closing Date Expenses, to the extent paid for with Cash contributed by the Investment Manager or an Affiliate thereof under Section 10.04 or with proceeds of the
Advances comprising the initial Borrowing on the Closing Date, shall not constitute Administrative Expenses and shall be payable only from the Closing Expense Account pursuant to Section 8.12. 

“Advances” has the meaning assigned to such term in Section 2.01. 

“Affected Person” means (i) each Lender, (ii) the relevant Lender’s parent and/or holding company,
(iii) if the relevant Lender is a CP Conduit, the related Liquidity Bank and (iv) any Participant. 

“Affiliate” means, in respect of a referenced Person, another Person Controlling, Controlled by or under common Control
with such referenced Person; provided, however, that a Person shall not be deemed to be an “Affiliate” of an Obligor solely because it is under the 

  
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common ownership or control of the same financial sponsor or affiliate thereof as such Obligor (except if any such Person or Obligor provides collateral under, guarantees or otherwise supports
the obligations of the other such Person or Obligor). 
 “Agents” means, collectively, the Facility Agent and
the Collateral Agent. 
 “Aggregate Funded Spread” means, as of any date, in the case of each Collateral
Obligation that is not a Fixed Rate Obligation (excluding the unfunded portion of any Delayed Drawdown Collateral Loan and any Revolving Collateral Loan) (i) the excess of the sum of the scheduled coupon rate (giving effect to any floor rate)
over Specified LIBOR as then in effect (which spread or excess may be expressed as a negative percentage) multiplied by (ii) the Principal Balance of such Collateral Obligation (excluding the unfunded portion of any Delayed
Drawdown Collateral Loan or Revolving Collateral Loan). 
 “Aggregate Industry Equivalent Unit Score” means,
with respect to each DBRS Industry Classification, the sum of the Equivalent Unit Scores for each Obligor in such DBRS Industry Classification. 
 “Aggregate Principal Balance” means, when used with respect to all or a portion of the Collateral Obligations, the sum of the Principal Balances of all or of such portion of such
Collateral Obligations. 
 “Aggregate Unfunded Spread” means, as of any date, the sum of the products obtained
by multiplying (a) for each Delayed Drawdown Collateral Loan and Revolving Collateral Loan, the related commitment fee or other analogous fees (expressed at a per annum rate) then in effect as of such date by (b) the undrawn commitments
under each such Delayed Drawdown Collateral Loan and Revolving Collateral Loan as of such date. 
 “Agreement”
means this Revolving Credit and Security Agreement, as the same may from time to time be amended, supplemented, waived or modified. 
 “Applicable Law” means any Law of any Authority, including all federal and state banking or securities laws, to which the Person in question is subject or by which it or any of its assets
or properties are bound. 
 “Applicable Row Level” means the column of that name as set forth in the Matrix
that becomes effective after (i) the Borrower or Investment Manager provides the notice specifying an Applicable Row Level as described in Section 2.17(a) or (ii) the Borrower or Investment Manager provides the notice
specifying a different Applicable Row Level than the one in use at that time as described in Section 2.17(b). 

“Appraised Value” means, with respect to any Defaulted Loan/Bond or Credit Risk Loan/Bond, the value of (i) such
Defaulted Loan/Bond or Credit Risk Loan/Bond or (ii) the assets securing such Defaulted Loan/Bond or Credit Risk Loan/Bond, in each case net of costs of their liquidation as determined by the applicable Approved Appraisal Firm, as set forth in
the related appraisal (or, if a range of values is set forth therein, the midpoint of such values), adjusted appropriately if the Borrower owns less than 100% of the total lenders’ interests secured by the assets securing any Defaulted
Loan/Bond or Credit Risk Loan/Bond or, if it has sold participation interests in such Defaulted Loan/Bond or Credit Risk Loan/Bond. 

  
 3 

 “Approved Appraisal Firm” means (a) each independent appraisal firm
set forth on Exhibit F hereto or (b) (i) with respect to a Collateral Obligation that is a loan, an independent appraisal firm recognized as being experienced in conducting valuations of secured loans and with respect to a Collateral
Obligation that is a debt obligation, an independent appraisal firm recognized as being experienced in conducting valuations of debt obligations, or (ii) an independent financial adviser of recognized standing retained by the Borrower, the
Investment Manager or the agent or lenders under any Collateral Obligation, in the case of each of the preceding clauses (b)(i) and (b)(ii), as approved by each of the Investment Manager and the Facility Agent. 

“Assignment and Acceptance” means an Assignment and Acceptance in substantially the form of Exhibit D
hereto, entered into by a Lender, an assignee, the Facility Agent and, if applicable, the Borrower. 
 “Assumed
Reinvestment Rate” means, at any time, the current yield (or weighted average yield) obtained by the Borrower at such time on its Eligible Investments. 
 “Authority” means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, administrative tribunal, central
bank, public office, court, arbitration or mediation panel, or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of government, including FINRA, the SEC, the stock exchanges, any
federal, state, territorial, county, municipal or other government or governmental agency, arbitrator, board, body, branch, bureau, commission, court, department, instrumentality, master, mediator, panel, referee, system or other political unit or
subdivision or other entity of any of the foregoing, whether domestic or foreign. 
 “Available Unfunded
Amount” means, at any time, the lower of (A) the Commitment minus the aggregate outstanding principal balance of the Advances and (B) the excess of (x) the product of (i) the Principal Collateralization Amount
minus the Borrower Liabilities and (ii) the Leverage Multiple over (y) the aggregate outstanding principal balance of the Advances. For the avoidance of doubt, no amount calculated pursuant to this definition shall be less than
zero. 
 “Average Maturity Date” means, as of any date of determination, with respect to any Performing
Collateral Obligation, the date calculated by adding to the Closing Date the maturity of such Performing Collateral Obligation (expressed as a number of months from the Closing Date) calculated by multiplying (i) the Principal Balance (or
portion thereof) of such Performing Collateral Obligation that is then held (or in relation to a proposed purchase of a Performing Collateral Obligation, proposed to be held) by the Borrower and that matures or amortizes on any date subsequent to
such date of determination by (ii) the number of months from the Closing Date to the date of such maturity or amortization, in each case as of such date. 

  
 4 

 “Average Par Amount” means the sum of the Obligor Par Amounts for all
Collateral Obligations (other than Defaulted Loan/Bonds), divided by the number of Obligors in respect of such Collateral Obligations (other than Defaulted Loan/Bonds); provided that, for purposes of calculating the Average Par Amount,
any Obligors that are Affiliated with one another will be considered one Obligor. 
 “Bankruptcy Code” means
the United States Bankruptcy Code, as amended. 
 “Base Rate” means, for any day, a fluctuating rate of
interest per annum equal to the highest of: 
 (a) the rate of interest in effect for such day that is identified
and normally published by The Wall Street Journal as the “Prime Rate” (or, if more than one rate is published as the Prime Rate, then the highest of such rates), with any change in Prime Rate to become effective as of the date the
rate of interest which is so identified as the “Prime Rate” is different from that published on the preceding Business Day (and, if The Wall Street Journal no longer reports the Prime Rate, or if such Prime Rate no longer
exists, then the Facility Agent may select a reasonably comparable index or source to use as the basis for the Base Rate under this clause (a)); 
 (b) the Federal Funds Rate plus one-half of one percent (0.50%) per annum; and 
 (c) Specified LIBOR plus 1.00% per annum. 
 The Base Rate is a
reference rate and does not necessarily represent the lowest or best rate actually charged to any customer of any Agent or any Lender. Interest calculated pursuant to clause (a) above will be determined based on a year of 365 days
or 366 days, as applicable, and actual days elapsed. Interest calculated pursuant to clauses (b) and (c) above will be determined based on a year of 360 days and actual days elapsed. 

“Base Rate Advance” means an Advance that bears interest at the Base Rate as provided in Section 2.04 and
Section 2.11. 
 “Basel III” has the meaning assigned to such term in Section 2.09(a).

 “Blocker Subsidiary” has the meaning assigned to such term in Section 5.02(p). 

“Blocker Subsidiary Exempt Provisions” means the following Sections of this Agreement: 3.01, 4.01(k) (if
the Investment Manager reasonably deems it appropriate to elect treatment as a corporation), 4.02(a) (with respect to Monthly Reports and Payment Date Reports), 4.02(c) (to the extent relating to Collateral that has not been
transferred to such Blocker Subsidiary), 5.01(g), 5.01(h), 5.01(j) (to the extent set forth above as to 4.01(k)), Article VIII (other than Section 8.09 and provided that one or more
accounts may be established with the Custodian for a Blocker Subsidiary, each of which shall be subject to the Lien of and under the control of the Collateral Agent, and all Collections shall be paid to the appropriate Covered Account of the
Borrower at the end of each Collection Period, except that, if deemed appropriate by the Investment Manager, a reserve account for expenses may be established and funded with 

  
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equity distributable pursuant to Section 9.01(a)(i)(K)(iii) or contributed under Section 10.04, and any remainder therein would not be paid to the Borrower until the final
Payment Date, the acceleration of the Advances or the Investment Manager reasonably determines such reserve is no longer necessary), 10.02 (to the extent it would restrict the transfer of Collateral to a Blocker Subsidiary as contemplated by
Section 5.02(p)) and 10.03 (to the extent it would restrict the transfer of Collateral to a Blocker Subsidiary as contemplated by Section 5.02(p)). 

“Borrower” has the meaning assigned to such term in the introduction to this Agreement. 

“Borrower Liabilities” means the sum of (a) the aggregate outstanding principal balance of the Advances plus
(b) the Portfolio Exposure Amount. 
 “Borrower LLC Agreement” means the Amended and Restated Limited
Liability Company Agreement of the Borrower, dated as of May 8, 2012, as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof. 

“Borrowing” has the meaning assigned to such term in Section 2.01. 

“Borrowing Date” means the date of a Borrowing. 

“Business Day” means any day other than a Saturday or Sunday, provided that days on which banks are authorized or
required to close in New York, New York, Chicago, Illinois, or London, England, and days on which commercial paper markets in the United States are closed shall not constitute Business Days. 

“Calculation Agent” means the Collateral Agent, as calculation agent, for purposes of Schedule 6.

 “Canadian Dollar Subaccount” has the meaning specified in Section 8.02(a). 

“Canadian Dollars” means lawful money of Canada. 

“Canadian Dollar Obligation” means a Collateral Obligation denominated in Canadian Dollars. 

“Cash” means Dollars immediately available on the day in question. 

“Certificated Security” has the meaning specified in Section 8-102(a)(4) of the UCC. 

“Change in Control” means (i) the Borrower ceases to be a wholly owned direct subsidiary of the Investment Manager,
(ii) TSL Advisers, LLC ceases to be Controlled by (a) David Bonderman, James Coulter, or Alan Waxman, or any of their successors or (b) TPG Capital, L.P. or an Affiliate of TPG Capital, L.P or (iii) the Investment Manager ceases
to be managed by TSL Advisers, LLC. 

  
 6 

 “Clearing Agency” means an organization registered as a “clearing
agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Corporation” means each entity
included within the meaning of “clearing corporation” under Section 8-102(a)(5) of the UCC. 

“Clearing Corporation Security” means securities which are in the custody of or maintained on the books of a Clearing
Corporation or a nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed to or registered in the name of the Clearing Corporation or such nominee. 

“Closing Date” means May 8, 2012. 

“Closing Date Expenses” means amounts due in respect of actions taken on or before the Closing Date
or in connection with the closing of the transactions contemplated by this Agreement, including without limitation (i) the fees to be received by Natixis on or prior to the Closing Date pursuant to the Engagement Letter dated as of
June 24th, 2011, as amended to date, between TPG
Specialty Lending, Inc. and Natixis North America LLC; (ii) the accrued fees and expenses in connection with the transactions contemplated hereby, including, without limitation, those of (A) Weil, Gotshal & Manges LLP, counsel to
the Facility Agent and the Lender(s) and (B) Sidley Austin LLP, counsel to DBRS; and (iii) the fees to be received by DBRS on or prior to the Closing Date pursuant to the Engagement Letter dated as of October 14, 2011 between TPG
Specialty Lending, Inc. and DBRS. 
 “Closing Expense Account” has the meaning specified in
Section 8.12. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time,
or any successor statute. 
 “Collateral” has the meaning assigned to such term in Section 7.01(a).

 “Collateral Agent” has the meaning assigned to such term in the introduction to this Agreement. 

“Collateral Agent Fee Letter” means the fee letter dated March 14, 2012, between the Collateral Agent and the
Borrower setting forth the fees payable by the Borrower to the Collateral Agent in connection with the transactions contemplated by this Agreement, as the same may from time to time be amended, supplemented, waived or modified. 

“Collateral Interest Amount” means, as of any date of determination, without duplication, the sum of (a) the
aggregate amount of Interest Proceeds that has been received or that is expected to be received (other than Interest Proceeds (i) expected to be received from Defaulted Loan/Bonds, in each case unless actually received and (ii) received as
equity contributions from the Investment Manager or any of its Affiliates and designated as Interest Proceeds by the Borrower), (b) the aggregate amount of Interest Proceeds on deposit in the Interest Collection Subaccount, and (c) the
aggregate amount, if any, due from any Eligible Hedge Counterparty and payable to the Borrower under each Eligible Hedge Agreement entered into by the Borrower, in each case during the Collection Period (and, if such Collection Period does not end
on a Business Day, the next succeeding Business Day) in which such date of determination occurs. 

  
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 “Collateral Obligation” means a loan or debt obligation or Participation
Interest that as of the date of acquisition by the Borrower (or its binding commitment to acquire the same) meets each of the following criteria: 
 (a) permits purchase by, or assignment to, the Borrower and the pledge thereof to the Collateral Agent hereunder; 
 (b) is denominated and payable in Dollars or Canadian Dollars; 

(c) is an obligation of an Obligor organized in an Eligible Country; 

(d) is not a Defaulted Loan/Bond or a Credit Risk Loan/Bond; 

(e) is not a Zero Coupon Obligation; 

(f) is not a Real Estate Loan or Structured Finance Obligation; 

(g) is not an obligation the repayment of which is by its terms subject to material non-credit related risk (including,
without limitation, catastrophe bonds, weather-linked derivatives, commodity-linked notes, etc.) as determined by the Investment Manager in good faith; 
 (h) no portion thereof (including any conversion option, exchange option or other similar component thereof) is exchangeable or convertible into equity at the option of the related Obligor; 

(i) is not an equity security or a component of an equity security (other than an Equity Kicker received in connection
with a Collateral Obligation); 
 (j) is not currently the subject of an offer or has not been called for
redemption; 
 (k) does not constitute Margin Stock; 

(l) is not subject to withholding tax unless the Obligor is required to make “gross-up” payments
constituting 100% of such withholding tax; 
 (m) provides for a fixed amount of principal payable at or
prior to its stated maturity; 
 (n) if such Collateral Obligation is a Participation Interest, such
Participation Interest is from an Eligible Selling Institution; 
 (o) matures on or prior to the Final Maturity
Date; 

  
 8 

 (p) provides for payment of interest in either Dollars or Canadian Dollars,
as applicable, at least semi-annually; 
 (q) is not an obligation (other than a Revolving Collateral Loan or a
Delayed Drawdown Collateral Loan) pursuant to which any future advances or payments to the Obligor may be required to be made by the Borrower; 
 (r) will not cause the Borrower or the pool of assets to be required to be registered as an investment company under the Investment Company Act; 

(s) is an Eligible Senior Secured Loan, Eligible Second Lien Loan, Eligible Mezzanine Loan or an Eligible Senior Secured
Bond; 
 (t) the purchase price of which is not less than 75.0% of the principal amount thereof; 

(u) has either (i) a public rating by Moody’s or S&P or (ii) either (a) a Credit Estimate from
DBRS or (b) is in the process of receiving a Credit Estimate from DBRS; and 
 (v) is not a Covenant Lite
Loan other than an Eligible Covenant Lite Loan. 
 “Collateral Quality Test” means a test that is satisfied if,
as of any date of determination, in the aggregate, the Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation, both owned and proposed to be owned) by the Borrower satisfy each of the tests set forth below:

 (a) the Minimum Diversity Score Test; 

(b) the Minimum Average Recovery Rate Test; 

(c) the Minimum Weighted Average Spread Test; 

(d) the Minimum Weighted Average Fixed Rate Coupon Test; 

(e) the Weighted Average Maturity Date Test; and 

(f) the Maximum DBRS Risk Score Test; 
 provided, that during the Ramp-Up Period each of the aforementioned tests shall be subject to compliance with the proviso of clause (b) of the definition of “Eligibility Criteria”.

 “Collection Account” means the trust account established pursuant to Section 8.02, which
includes the Principal Collection Subaccount and the Interest Collection Subaccount. 
 “Collection Period”
means, with respect to any Payment Date, the period commencing immediately following the prior Collection Period (or on the Closing Date, in the case of the Collection Period relating to the first Payment Date) and ending on the sixth Business

  
 9 

 
Day prior to such Payment Date or, in the case of the final Collection Period preceding the Final Maturity Date or the final Collection Period preceding an optional prepayment in whole of the
Advances, ending on the day preceding the Final Maturity Date or the date of such prepayment, respectively. 

“Collections” means all cash collections, distributions, payments or other amounts received, or to be received by the
Borrower from any Person in respect of any Collateral Obligations constituting Collateral, including all principal, interest, fees, distributions and redemption and withdrawal proceeds payable to the Borrower under or in connection with any such
Collateral Obligations and all Proceeds from any sale or disposition of any such Collateral Obligations. 

“Commitment” means, as to each Lender, the obligation of such Lender to make, on and subject to the terms and conditions
hereof, Advances to the Borrower pursuant to Section 2.01 in an aggregate principal amount at any one time outstanding up to but not exceeding the amount set forth opposite the name of such Lender on Schedule 1 or in the
Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment, as applicable, as such amount may be reduced from time to time pursuant to Section 2.05(b) or Section 2.06 or increased or reduced
from time to time pursuant to assignments effected in accordance with Section 12.06(a). 
 “Commitment
Fees” has the meaning assigned to such term in Section 2.13(a). 
 “Commitment Shortfall”
means, as of any date of determination, the positive excess, if any, of (A) the Portfolio Exposure Amount over (B) the Available Unfunded Amount. 
 “Commitment Termination Date” means the last day of the Reinvestment Period; provided that: 
 (a) if the Reinvestment Period ends as a result of one or more of the occurrences referred to in clauses (c) through (e) of the definition thereof, then the Commitment Termination Date will be
the day that is five Business Days after the date on which the Facility Agent, the Lenders and the Borrower have notice of such end of the Reinvestment Period; and 

(b) if the Commitment Termination Date would otherwise not be a Business Day, then the Commitment Termination Date shall
be the immediately succeeding Business Day. 
 “Concentration Limitations” means limitations that are satisfied
if, as of any date of determination, in the aggregate, the Aggregate Principal Balance of the Collateral Obligations owned (or, in relation to a proposed purchase of a Collateral Obligation, proposed to be owned) by the Borrower comply with all of
the requirements set forth below (or, in connection with a proposed purchase, if not in compliance, the relevant requirements are maintained or improved as a result of such purchase), calculated as a percentage of Total Capitalization (unless
otherwise specified): 
 (a) not more than 15% consist of Fixed Rate Obligations; 

  
 10 

 (b) not more than 5% consist of obligations of any one Obligor (and
Affiliates thereof); provided that up to 5 Obligors (and their respective Affiliates) may each constitute up to 7%; 
 (c) not more than 15.0% consist of Revolving Collateral Loans or Delayed Drawdown Collateral Loans; subject in each case to compliance with the Funded Draw Assignment Provisions; 

(d) not more than 10.0% consist of Canadian Dollar Obligations; 

(e) not more than 25% consist of Collateral Obligations that are not Eligible Senior Secured Loans; 

(f) not more than 10.0% consist of Collateral Obligations that are Eligible Senior Secured Bonds; 

(g) not more than 5.0% consist of Collateral Obligations that are Current Pay Obligations; 

(h) not more than 12.5% consist of Collateral Obligations with Obligors in any one DBRS Industry Classification,
provided that any 2 DBRS Industry Classifications may each constitute up to 15%; 
 (i) not more
than 20.0% consist of Participation Interests, all of which must be from Eligible Selling Institutions (or such other Selling Institution (A) that has been approved in writing by the Facility Agent and (B) with respect to which the
Rating Confirmation has been satisfied), provided that (x) not more than 15% consist of Participation Interests in respect of a single Selling Institution that has (or such Selling Institution is guaranteed by an Affiliate having) a DBRS
Long Term Rating of “AA”, (y) not more than 10.0% consist of Participation Interests in respect of a single Selling Institutions that have (or such Selling Institution is guaranteed by an Affiliate having) a DBRS Long Term Rating of
“AA (low)”, and (z) not more than 5% consist of Participation Interests in respect of a single Selling Institution that has (or such Selling Institution is guaranteed by an Affiliate having) a DBRS Long Term Rating of “A
(high)”; 
 (j) not more than 5% consist of DIP Loans; 

(k) not more than 20% consist of Collateral Obligations that permit the payment of interest to be made less
frequently than quarterly (it being understood that, to the extent that a Collateral Obligation provides an Obligor with the option to make interest payments at different intervals, the longest such interval that is available to the Obligor
(regardless of the interval that is in use at any time) shall govern for purposes of this clause (k)); 
 (l) not
more than 25% consist of Collateral Obligations, measured at the time of purchase by the Borrower, that (1) (i) have a DBRS Risk Score above 22.5401 or (ii) are in the process of receiving a Credit Estimate and (2) have a
trailing twelve 

  
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month EBITDA of less than $10 million; provided that Collateral Obligations that receive a Credit Estimate with a DBRS Risk Score equal to or below 22.5401 will be excluded from such 25%
limitation once the Credit Estimate is received; and 
 (m) not more than 5.0% consist of Collateral
Obligations that are Eligible Covenant Lite Loans. 
 “Connection Taxes” means Other Connection Taxes that are
(i) imposed on or measured by net income or net profits (however denominated) or that are franchise Taxes or branch profits Taxes, and (ii) Other Taxes. 
 “Constituent Documents” means in respect of any Person, the certificate or articles of formation or organization, the limited liability company agreement (including, in the case of the
Borrower, the Borrower LLC Agreement), operating agreement, partnership agreement, joint venture agreement or other applicable agreement of formation or organization (or equivalent or comparable constituent documents) and other organizational
documents and by-laws and any certificate of incorporation, certificate of formation, certificate of limited partnership and other agreement, similar instrument filed or made in connection with its formation or organization, in each case, as the
same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Control”
means, with respect to any Person, the direct or indirect possession of the power (i) to vote more than 50% of the equity interests having ordinary voting power for the election of directors (or the applicable equivalent) of such Person or
(ii) to direct or cause the direction of the management or policies of such Person, whether through ownership, by contract, arrangement or understanding, or otherwise; provided, however, that an independent director or independent
manager of a Person shall not be deemed to exercise control for purposes of this definition. “Controlled” and “Controlling” have the meaning correlative thereto. 

“Covenant Lite Loan” means a Collateral Obligation the Related Documents for which do not (i) contain any financial
covenants or (ii) require the borrower thereunder to comply with any Maintenance Covenant (regardless of whether compliance with one or more Incurrence Covenants is otherwise required by such Related Documents). 

“Coverage Test” means each of: 
 (a) the Minimum Overcollateralization Ratio Test; and 
 (b) the
Interest Coverage Ratio Test. 
 “Covered Account” means each of the Collection Account (including the Interest
Collection Subaccount, the Principal Collection Subaccount, and the Canadian Dollar Subaccount), the Payment Account, the Revolving Reserve Account, the Lender Funding Account (including each Lender Funding Subaccount therein), the Currency Exchange
Account, the Custodial Account, the Funded Draw Collection Account, and the Closing Expense Account. 

  
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 “CP Conduit” means any limited-purpose entity established to use the direct
or indirect proceeds of the issuance of commercial paper notes to finance financial assets and that is a Lender. For the avoidance of doubt, for all purposes under this Agreement and the other Facility Documents, the term “CP Conduit”
shall include (i) Versailles Assets LLC, (ii) Bleachers Finance 1 Limited, (iii) any other commercial paper program or vehicle established or administered by Natixis, New York Branch, and (iv) any other commercial paper program
or vehicle established or administered by 20 Gates Management LLC. 
 “CRD” shall mean the Capital Requirements
Directive which is comprised of Directives 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions and Directive 2006/49/EC of the European Parliament
and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions, as amended from time to time. 
 “Credit Estimate” means, with respect to any Collateral Obligation, a numerical value representing a credit estimate obtained from DBRS. 

“Credit Risk Loan/Bond” means a Collateral Obligation that is not a Defaulted Loan/Bond but which, in the reasonable
business judgment of the Investment Manager (exercised in accordance with the Servicing Standard), has a significant risk of declining in credit quality and, with the lapse of time, becoming a Defaulted Loan/Bond and is designated as a
“Credit Risk Loan/Bond” by the Investment Manager. 
 “Cumulative Net Loss Amount” means, as
of any date of determination, the sum of all Net Loss Amounts as of such date, minus any amount previously paid to the holders of the Equity pursuant to Sections 9.01(a)(i)(K) and (M) on each Payment Date preceding such date of
determination. 
 “Currency Exchange Account” means the currency exchange account established pursuant to
Section 8.10. 
 “Currency Exchange Mark-to-Market Amount” means, as of any Determination Date, the
amount, if any, by which (x) the Dollar value of the Principal Balance of the Canadian Dollar Obligations at the Settlement Date Rate (after adjustment for any repayments of principal) exceeds (y) the Dollar value of the Principal Balance
of the Canadian Dollar Obligations at the applicable Spot Foreign Exchange Rate on such Determination Date. For the avoidance of doubt, no amount calculated pursuant to this definition shall be less than zero. 

“Current Pay Obligation” means any Collateral Obligation that would otherwise be a Defaulted Loan/Bond but as to which:

 (a) (x) no default has occurred and is continuing with respect to the payment of interest and any contractual principal (if
any), (y) all contractual payments due at the relevant time of determination (including principal, interest and any other such payments) have been paid in Cash and (z) the Borrower reasonably expects that the next interest payment due will
be paid in Cash on the scheduled payment date (which judgment shall not subsequently be called into question as a result of subsequent events); 
 (b) such Collateral Obligation has a Market Value (which is not determined pursuant to clause (d)(ii) of the definition thereof) of no less than 80% of par; and 

  
 13 

 (c) if the Obligor in respect of such Collateral Obligation is subject to a bankruptcy
proceeding, (x) the related bankruptcy court has authorized all payments due and payable on such Collateral Obligation and (y) all interest payments and scheduled distributions of principal authorized by such bankruptcy court have been
paid by such Obligor in respect of such Collateral Obligation. 
 “Custodial Account” means the custodial
account established pursuant to Section 8.03(b). 
 “Custodian” means the Collateral Agent, as custodian
hereunder, together with its successors. 
 “Daily Average Collateral Obligation Commitment Amount” means, for
any Payment Date, the daily average Aggregate Principal Balance of all Collateral Obligations for the Collection Period relating to such Payment Date (as certified by the Investment Manager to the Collateral Agent and based on the average of the
Aggregate Principal Balance of all Collateral Obligations as of the reporting dates set forth in the last three Monthly Reports). 
 “DBRS” means DBRS, Inc., together with its successors. 

“DBRS Industry Classification” means each industry identified on Schedule 5. 

“DBRS Long Term Rating” means a long term credit rating determined in accordance with the provisions set forth in
Schedule 7. 
 “DBRS Rating” means a credit rating determined in accordance with the procedures set
forth in Schedule 7. 
 “DBRS Recovery Rate” means for each Collateral Obligation for purposes of
determining the Weighted Average Recovery Rate, a percentage based on the most appropriate description of the Collateral Obligation’s security position from the following table: 

 

					
	 Eligible Senior Secured Loan
	  	 	52.00	% 
	 Eligible Second Lien Loan
	  	 	32.50	% 
	 Eligible Senior Secured Bond
	  	 	32.50	% 
	 Eligible Mezzanine Loan
	  	 	12.50	% 

 “DBRS Risk Score” means the numerical value corresponding to the DBRS Long Term Rating
for a Collateral Obligation in the table contained in Schedule 4. 
 “DBRS Short Term Rating” means a
short term credit rating determined in accordance with the provisions set forth in Schedule 7. 

“Default” means any event which, with the passage of time, the giving of notice, or both, would constitute an Event of
Default. 
 “Defaulted Equity Security” means any equity security delivered to the Borrower upon acceptance of
an Offer in respect of a Defaulted Loan/Bond. 

  
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 “Defaulted Loan/Bond” means any Collateral Obligation, (i) as to which
(a) any payment due (whether scheduled, unscheduled, by way of acceleration or otherwise) under the Related Documents is not made when due and such nonpayment is continuing for five Business Days, (b) any payment of principal, interest or
commitment fees due on another pari passu debt obligation of the Obligor is not made when due and such nonpayment is continuing for 30 days and would permit the acceleration of any principal, interest or other amounts owed under the related Related
Documents, but only until such default has been cured or waived or a forbearance agreement has been entered into and remains in effect, and such Collateral Obligation satisfies the criteria for inclusion in the Collateral described in the
definitions of the terms “Eligibility Criteria” or “Eligible Investments”, (c) except in the case of a Collateral Obligation which is a Current Pay Obligation or a DIP Loan, the Obligor in respect of such Collateral
Obligation has, or others have, instituted proceedings to have such Obligor adjudicated as bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed and the Collateral Obligation has not received
adequate protection and current interest, or such Obligor has filed for protection under Chapter 11 of the Bankruptcy Code, (d) except in the case of a Collateral Obligation which is a Current Pay Obligation or a DIP Loan, such Collateral
Obligation or the Obligor in respect of such Collateral Obligation or another obligation of such Obligor has a DBRS Long Term Rating of “D”, or had such a rating before such rating was withdrawn, or a DBRS Long Term Rating in respect of
such Collateral Obligation or Obligor cannot be determined or has not received a Credit Estimate, (e) such Collateral Obligation has been placed and remains on non-accrual by the Investment Manager, or (f) a Specified Change has occurred
and the Borrower has not satisfied the requirements of Section 5.02(v) with respect to such Specified Change; (ii) that is a Participation Interest (a) with respect to which the related Selling Institution has defaulted in any
material respect in the performance of any of its payment obligations under the Participation Interest, or (b) that would, if such loan or other debt security were a Collateral Obligation, constitute a “Defaulted Loan/Bond” under
clause (i) above, or (c) with respect to which the related Selling Institution has a DBRS Long Term Rating of “D”, or had such rating before such rating was withdrawn, or any such debt or deposit obligations shall cease to be
rated or a DBRS Long Term Rating in respect of such Selling Institution cannot be determined; or (d) the Selling Institution has defaulted in the performance of any of its payment obligations with respect to such Participation Interests under
the related participation agreement; or (iii) that, in the reasonable business judgment of the Investment Manager, is a Defaulted Loan/Bond. 
 A Collateral Obligation that has become a Defaulted Loan/Bond shall no longer constitute a Defaulted Loan/Bond when either (a) (i) such Defaulted Loan/Bond is current on all payments for a
period of six months if such obligation pays monthly, nine months if such obligation pays quarterly and one year if such obligation pays semiannually, (ii) such Defaulted Loan/Bond would qualify as a Collateral Obligation and would satisfy the
Eligibility Criteria if originated or purchased at such time and (iii) the Investment Manager has retained an Approved Valuation Firm to assist in the performance of a valuation analysis of such Defaulted Loan/Bond or (b) the Facility
Agent has given its prior written consent that such Defaulted Loan/Bond shall no longer constitute a Defaulted Loan/Bond and the Borrower has obtained a Rating Confirmation in connection therewith. The Borrower shall submit any such Collateral
Obligation to DBRS for an updated Credit Estimate promptly after it ceases to constitute a Defaulted Loan/Bond in accordance with the preceding sentence. 

  
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 “Defaulting Lender” means, at any time, any Lender that, at such time has
failed for three or more Business Days after a Borrowing Date to fund its portion of an Advance required pursuant to the terms of this Agreement (other than failures to fund as a result of a bona fide dispute as to whether the conditions to
borrowing were satisfied on the relevant Borrowing Date); provided that a CP Conduit that has failed so to fund an Advance shall not be deemed to be a Defaulting Lender if the Liquidity Bank or any other Affiliate of such CP Conduit has
funded any such Advance to the Borrower. 
 “Deferred Replacement Investment Management Fee” has the meaning
assigned to such term in Section 9.01(a)(i)(I). 
 “Delayed Drawdown Collateral Loan” means a
Collateral Obligation that (a) requires the Borrower to make one or more future advances to the borrower under the Related Documents, drawable only in the currency in which such Collateral Obligation is denominated, (b) specifies a maximum
amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower thereunder; provided that any such Collateral Obligation will be a Delayed
Drawdown Collateral Loan only to the extent of undrawn commitments and solely until all commitments by the Borrower to make advances on such Collateral Obligation to the borrower under the Related Documents expire or are terminated or are reduced to
zero. 
 “Deliver” or “Delivered” or “Delivery” means the taking of the
following steps: 
 (a) in the case of each Certificated Security (other than a Clearing Corporation Security),
Instrument and Participation Interest in which the Participation Interest or the underlying loan is represented by an Instrument: 
 (i) causing the delivery of such Certificated Security or Instrument to the Custodian by registering the same in the name of the Custodian or its affiliated nominee or by endorsing the same to the
Custodian or in blank; 
 (ii) causing the Custodian to indicate continuously on its books and records that such
Certificated Security or Instrument is credited to the applicable Covered Account; and 
 (iii) causing the
Custodian to maintain continuous possession of such Certificated Security or Instrument; 
 (b) in the case of
each Uncertificated Security (other than a Clearing Corporation Security), unless covered by clause (e) below: 
 (i) causing such Uncertificated Security to be continuously registered on the books of the issuer thereof to the Custodian; and 

(ii) causing the Custodian to indicate continuously on its books and records that such Uncertificated Security is credited
to the applicable Covered Account; 

  
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 (c) in the case of each Clearing Corporation Security: 

(i) causing the relevant Clearing Corporation to credit such Clearing Corporation Security to the securities account of
the Custodian, and 
 (ii) causing the Custodian to indicate continuously on its books and records that such
Clearing Corporation Security is credited to the applicable Covered Account; 
 (d) in the case of each security
issued or guaranteed by the United States or any agency or instrumentality thereof and that is maintained in book-entry records of a Federal Reserve Bank (each such security, a “Government Security”): 

(i) causing the creation of a Security Entitlement to such Government Security by the credit of such Government Security
to the securities account of the Custodian at such Federal Reserve Bank, and 
 (ii) causing the Custodian to
indicate continuously on its books and records that such Government Security is credited to the applicable Covered Account; 
 (e) in the case of each Security Entitlement not governed by clauses (a) through (d) above: 
 (i) causing a Securities Intermediary (x) to indicate on its books and records that the underlying Financial Asset has been credited to the Custodian’s securities account, (y) to receive a
Financial Asset from a Securities Intermediary or acquiring the underlying Financial Asset for a Securities Intermediary, and in either case, accepting it for credit to the Custodian’s securities account or (z) to become obligated under
other law, regulation or rule to credit the underlying Financial Asset to a Securities Intermediary’s securities account, 
 (ii) causing such Securities Intermediary to make entries on its books and records continuously identifying such Security Entitlement as belonging to the Custodian and continuously indicating on its books
and records that such Security Entitlement is credited to the Custodian’s securities account, and 
 (iii)
causing the Custodian to indicate continuously on its books and records that such Security Entitlement (or all rights and property of the Custodian representing such Security Entitlement) is credited to the applicable Covered Account; 

(f) in the case of Cash or Money: 
 (i) causing the delivery of such Cash or Money to the Custodian, or in the case of Money that is not Dollars, causing the conversion thereof to Dollars and the delivery of such Dollars to the Custodian,

  
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 (ii) causing the Custodian to credit such Dollars to a securities account
maintained as a sub-account of the applicable Covered Account, and 
 (iii) causing the Custodian to indicate
continuously on its books and records that such Dollars are credited to the applicable Covered Account; and 

(g) in the case of each Account or General Intangible (including any Participation Interest in which neither the
Participation Interest nor the underlying loan is represented by an Instrument delivered to the Custodian pursuant to clause (a) above), causing the filing of a Financing Statement in the office of the Secretary of State of the State of
Delaware (which Financing Statement does not need to refer to the specific Collateral that is being Delivered and may be a Financing Statement that was previously filed). 
 In addition, the Investment Manager will (x) obtain any and all consents required by the Related Documents relating to any Instruments, Accounts or General Intangibles for the pledge hereunder
(except (A) to the extent that the requirement for such consent is rendered ineffective under Section 9-406 of the UCC and (B) for any customary procedural requirements and agents’ consents expected to be obtained in due course
in connection with the transfer of the Collateral Obligations to the Borrower (except, in the case of clause (B), for any such agents’ consents where the Investment Manager of any of its Affiliates is the agent)) and (y) with respect to
each Collateral Obligation the Obligor of which is an Eligible Foreign Obligor, provide written notice to such Eligible Foreign Obligor of the pledge of such Collateral Obligation to the Collateral Agent hereunder and take such other actions and
execute such other documents and instruments (including pledges or charges under the law of such Eligible Foreign Obligor’s jurisdiction of organization) as the Facility Agent may reasonably request. 

“Determination Date” means the last day of each Collection Period. 

“DIP Loan” means an obligation: 
 (a) obtained or incurred after the entry of an order of relief in a case pending under Chapter 11 of the Bankruptcy Code; 

(b) to a debtor in possession as described in Chapter 11 of the Bankruptcy Code or a trustee (if appointment of such
trustee has been ordered pursuant to Section 1104 of the Bankruptcy Code); 
 (c) on which the related
Obligor is required to pay interest and/or principal on a current basis; 
 (d) approved by a Final Order or
Interim Order of the bankruptcy court so long as such obligation is (A) fully secured by a lien on the debtor’s otherwise unencumbered assets pursuant to Section 364(c)(2) of the Bankruptcy Code, (B) fully secured by a lien of
equal or senior priority on property of the debtor’s estate that is otherwise subject to a lien pursuant to Section 364(d) of the Bankruptcy Code or (C) is secured by a junior lien on the debtor’s encumbered assets (so long as
such loan is fully secured based on the most recent current valuation or appraisal report, if any, of the debtor); and 

  
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 (e) that has a DBRS Rating. 

“Diversity Score” means, with respect to the Collateral Obligations (other than Defaulted Loan/Bonds), the sum of each
of the Industry Diversity Scores. 
 “Dollars” and “$” mean lawful money of the United States.

 “Due Date” means each date on which any payment is due on a Collateral Obligation in accordance with its
terms. 
 “Duff & Phelps” means Duff & Phelps Credit Rating Co., together with its
successors. 
 “EBITDA” means with respect to an Obligor of a Collateral Obligation, for any period, the net
income of such Obligor plus the sum of interest, taxes, depreciation, and amortization, with such adjustments as the Investment Manager determines to be appropriate in accordance with the Servicing Standard, in each case for such period. 

“Eligibility Criteria” means, in connection with each acquisition or commitment to acquire a Collateral Obligation, and
after giving effect to any contribution of additional equity by the Investment Manager or an Affiliate thereof occurring on or prior to such date as per Section 10.04, each of the following: 

(a) Such obligation is a Collateral Obligation; 

(b) each Collateral Quality Test and Concentration Limitation is satisfied after giving effect to such acquisition or
commitment (or, if not satisfied immediately prior to such acquisition or commitment, compliance with such Collateral Quality Test and/or Concentration Limitation, as applicable, is maintained or improved), provided that during the Ramp-Up
Period, (A) the Collateral Quality Tests (other than the Minimum Average Recovery Rate Test) shall not apply and (B) each Collateral Obligation shall have (i) if such Collateral Obligation is not a Fixed Rate Obligation, a spread
greater than or equal to 4.50%, (ii) a DBRS Risk Score less than or equal to 70.5414, (iii) an Average Maturity Date on or before May 8, 2019 and (iv) if such Collateral Obligation is a Fixed Rate Obligation, a fixed coupon
greater than or equal to 6.00%. 
 (c) each Coverage Test is satisfied after giving effect to such acquisition or
commitment; 
 (d) the Row Advance Rate that is in use at such time equals or exceeds the Portfolio Advance Rate;
and 
 (e) no Commitment Shortfall exists. 

  
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 “Eligible Country” means (a) the United States (or any state thereof),
(b) Canada and (c) any other foreign jurisdiction (i) approved in writing by the Facility Agent and (ii) with respect to which the Rating Confirmation has been satisfied. 

“Eligible Covenant Lite Loan” means a Collateral Obligation that (i) is a Covenant Lite Loan, (ii) is an
Eligible Senior Secured Loan, (iii) has a DBRS Rating of “B (low)” or higher, and (iv) constitutes all, or part, of a tranche at least equal to $100 million at the time such tranche is issued. 

“Eligible Foreign Obligor” means an Obligor organized (a) in Canada or (b) in another foreign jurisdiction
(i) approved in writing by the Facility Agent (ii) with respect to which the Rating Confirmation has been satisfied. 

“Eligible Hedge Agreement” means an interest rate hedge agreement entered into by the Borrower with an Eligible Hedge
Counterparty and consented to by the Facility Agent. 
 “Eligible Hedge Counterparty” means, in respect of a
counterparty, a party that (a) (i) is incorporated or organized under the laws of the United States (or any state thereof) or Canada or (ii) is the United States branch of a bank organized outside of the United States (provided such
branch of a bank organized outside of the United States is duly authorized and licensed to transact business in the United States) and (b) (i) has (or such counterparty is guaranteed by an Affiliate having) a DBRS Long Term Rating of at
least “A (high)” and a DBRS Short Term Rating of at least “R-1 (middle)” or (ii) (A) is consented to by the Facility Agent and (B) with respect to which the Rating Confirmation has been satisfied.

 “Eligible Investment Required Ratings” means, in the case of each Eligible Investment, a DBRS Short Term
Rating of at least “R-1 (middle)” and, in the case of any Eligible Investment with a maturity of longer than 91 days, a DBRS Long Term Rating of at least “AA”. 

“Eligible Investments” means any Dollar investment that, at the time it is Delivered (directly or through an
intermediary or bailee), is one or more of the following obligations or securities: 
 (i) direct obligations of,
and obligations the timely payment of principal and interest on which is fully and expressly guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are expressly backed by the full faith and
credit of the United States; 
 (ii) demand and time deposits in, certificates of deposit of, trust accounts
with, bankers’ acceptances payable within 183 days of issuance by, or federal funds sold by any depository institution or trust company incorporated under the laws of the United States or any state thereof and subject to supervision
and examination by federal and/or state banking authorities, so long as the commercial paper and/or the debt obligations of such depository institution or trust company (or, in the case of the principal depository institution in a holding company
system, the commercial paper or debt obligations of such holding company) at the time of such investment or contractual commitment providing for such investment have the Eligible Investment Required Ratings; 

  
 20 

 (iii) unleveraged repurchase obligations with respect to (a) any
security described in clause (i) above or (b) any other security issued or guaranteed by an agency or instrumentality of the United States, in either case entered into with a depository institution or trust company (acting as principal)
described in clause (ii) above or entered into with an entity (acting as principal) with, or whose parent company has (in addition to a guarantee agreement with such entity), the Eligible Investment Required Ratings; 

(iv) securities bearing interest or sold at a discount issued by any entity formed under the laws of the United States or
any State thereof that satisfies the Eligible Investment Required Ratings at the time of such investment or contractual commitment providing for such investment; 

(v) non-extendable commercial paper or other short-term obligations with the Eligible Investment Required Ratings and that
either bear interest or are sold at a discount from the face amount thereof and have a maturity of not more than 183 days from their date of issuance; 
 (vi) a Reinvestment Agreement issued by any bank (if treated as a deposit by such bank), or a Reinvestment Agreement issued by any insurance company or other corporation or entity, in each case with the
Eligible Investment Required Ratings; provided that (a) the Rating Confirmation has been satisfied and the Facility Agent (at the direction of the Required Lenders) has consented thereto or (b) such Reinvestment Agreement may be
unwound at the option of the Borrower without penalty; 
 (vii) money market funds which have, at all times,
credit ratings of “AAA” by DBRS (or, if not rated by DBRS, credit ratings of “Aaa” and “MR1+” by Moody’s and “AAAm” or “AAAm-G” by S&P, respectively); and 

(viii) Cash; 

provided that (1) Eligible Investments purchased with funds in the Collection Account shall be held until maturity except as otherwise
specifically provided herein and shall include only such obligations or securities, other than those referred to in clause (vii) above, as mature (or are putable at par to the issuer thereof) no later than the earlier of (x) 90 days
after the date of acquisition thereof or (y) the next Business Day prior to the next Payment Date; and (2) none of the foregoing obligations or securities shall constitute Eligible Investments if (a) such obligation or security has an
“f”, “r”, “p”, “pi”, “q” or “t” subscript assigned by S&P, (b) all, or substantially all, of the remaining amounts payable thereunder
consist of interest and not principal payments, (c) such obligation or security is subject to U.S. withholding or foreign withholding tax unless the issuer of the security is required to make “gross-up” payments for the
full amount of such withholding tax, (d) such obligation or security is secured by real property, (e) such obligation or security is purchased at a price greater than 100% of the principal or face

  
 21 

 
amount thereof, (f) such obligation or security is subject of a tender offer, voluntary redemption, exchange offer, conversion or other similar action or (g) in the Investment
Manager’s judgment, such obligation or security is subject to material non-credit related risks. Any such investment, whether or not expressly stated above, may be issued by or with or acquired from or through the Collateral Agent or any of its
Affiliates, or any entity to which the Collateral Agent provides services or receives compensation (provided that such investment otherwise meets the applicable requirements set forth above), and in connection therewith the Collateral Agent
may assess and receive its usual and customary fees and charges related thereto (so long as such fees and charges are reasonable and consistent with the amounts that would be received in an arm’s length transaction). 

“Eligible Mezzanine Loan” means a Collateral Obligation that is an Eligible Second Lien Loan or other comparable loan
obligation made to a holding company or other equity holder of an operating entity (where (i) the Borrower holds a first priority lien on the assets of such equity holder and/or the equity in the operating entity and (ii) the assets of the
operating entity may have been pledged to another lender to secure loans made to such operating entity by such other lender), including any such loan obligation with attached warrants or other options to acquire a share or other equity interest
(whether cash pay or non cash pay) and such obligation is evidenced by an issue of notes or similar instruments; provided that loans to or issues by a start up company or an Obligor with no operating history shall be excluded from the definition of
“Eligible Mezzanine Loan” unless (i) such loans or securities are fully guaranteed by an Affiliate of the Obligor which has an established operating history or Rating Confirmation is received; or (ii) such loans relate to the
financing of a start up company that has been spun off from a company with an established operating history) as determined by the Investment Manager in its reasonable business judgment, or a participation therein. 

“Eligible Second Lien Loan” means a Collateral Obligation which (i) is not by its terms (and is not expressly
permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed money of the obligor of such loan, other than, with respect to any valid first priority perfected security interest in specified collateral, with
respect to the liquidation of such obligor or such collateral, (ii) is secured by a valid second priority perfected security interest or lien in, to or on specified collateral securing the obligor’s obligations under such loan (whether or
not the Issuer and any other lenders are also granted a security interest of a higher or lower priority in additional collateral), (iii) is secured by collateral having a value (determined as set forth below) at least equal to the outstanding
principal balance of such loan plus the aggregate outstanding principal balances of all other loans of equal or higher seniority secured by a first or second lien or security interest in the same collateral, (iv) is not a loan which is secured
solely or primarily by the common stock of its obligor or any of its Affiliates (provided that the limitation set forth in this clause (iv) shall not apply with respect to a loan made to a parent entity that is secured solely or primarily by
the stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a lien on its own property would (1) in the case of a subsidiary that is not part of the same consolidated group as
such parent entity for U.S. Federal income tax purposes, result in a deemed dividend by such subsidiary to such parent entity for such tax purposes, (2) violate law or regulations applicable to such subsidiary (whether the obligation secured is
such loan or any other similar type of indebtedness owing to third parties) or (3) cause such subsidiary to suffer adverse economic consequences under capital adequacy or other similar rules, in each case, so long as
(x)

  
 22 

 
the Related Documents limit the incurrence of indebtedness by such subsidiary such that the net collateral value satisfies clause (iii) above, and (y) the aggregate amount of all such
indebtedness is not greater than 60% of the aggregate value of the assets of such subsidiary, and (v) does not qualify as an Eligible Senior Secured Loan. The determination as to whether condition (iii) of this definition is satisfied
shall be based on both (a) an appraisal or other valuation performed on or about the date of origination or of the most recent restructuring of the loan (to the extent constituting a Specified Change) and (b) the Investment Manager’s
judgment in accordance with the Servicing Standard at the time the loan is acquired by the Issuer. 
 “Eligible Selling
Institution” means, with respect to any Participation Interest acquired or committed to be acquired by the Borrower, a Selling Institution in respect of such Participation Interest that (a) (i) is incorporated or organized under
the laws of the United States (or any state thereof) or Canada or (ii) is the United States branch of a bank organized outside of the United States (provided such branch of a bank organized outside of the United States is duly authorized and
licensed to transact business in the United States) and (b) has (or such Selling Institution is guaranteed by an Affiliate having) a DBRS Long Term Rating of at least “A (high)” and a DBRS Short Term Rating of at least
“R-1 (middle)”. 
 “Eligible Senior Secured Bond” means a Collateral Obligation that ranks pari passu
with the Eligible Senior Secured Loans of the same Obligor including, if issued at the holding company level, such Obligor has no secured debt at the operating company level and, if the Obligor has no Eligible Senior Secured Loans outstanding,
benefits from the same security package as would an Eligible Senior Secured Loan. 
 “Eligible Senior Secured
Loan” means a Collateral Obligation which (i) is not by its terms (and is not expressly permitted by its terms to become) subordinate in right of payment (except as provided in the last sentence of this definition) to any other
obligation for borrowed money (other than a Working Capital Revolver) of the obligor of such loan, (ii) is secured by a valid first priority perfected security interest or lien in, to or on specified collateral securing the obligor’s
obligations under such loan (whether or not the Borrower and any other lenders are also granted a security interest of lower priority in additional collateral), (iii) is secured by collateral having a value (determined as set forth below),
together with the collateral securing all Working Capital Revolvers of the obligor, if any, not less than the sum of (A) the outstanding principal balance of such loan plus (B) the aggregate outstanding principal balances of all other
loans of equal seniority secured by a first lien or security interest in the same collateral plus (C) the aggregate maximum commitments of all Working Capital Revolvers of the obligor, and (iv) is not a loan which is secured solely or
primarily by the common stock of its obligor or any of its Affiliates (provided that the limitation set forth in this clause (iv) shall not apply with respect to a loan made to a parent entity that is secured solely or primarily by the stock of
one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a lien on its own property would (1) in the case of a subsidiary that is not part of the same consolidated group as such parent
entity for U.S. Federal income tax purposes, result in a deemed dividend by such subsidiary to such parent entity for such tax purposes, (2) violate law or regulations applicable to such subsidiary (whether the obligation secured is such loan
or any other similar type of indebtedness owing to third parties) or (3) cause such subsidiary to suffer adverse economic consequences under capital adequacy or other similar rules), in each case, so long as (x) the related Related
Documents limit the incurrence of indebtedness by such subsidiary, such 

  
 23 

 
that the net collateral value satisfies clause (iii) above, and (y) the aggregate amount of all such indebtedness is not material relative to the aggregate value of the assets of such
subsidiary. The determination as to whether condition (iii) of this definition is satisfied shall be based on both (a) an appraisal or other valuation performed on or about the date of origination or of the most recent restructuring of the
loan (to the extent constituting a Specified Change) and (b) the Investment Manager’s judgment in accordance with the Servicing Standard at the time the loan is acquired by the Borrower. The right to receive the proceeds of designated
collateral subject to a set of contractual payment priorities affecting debt issued under, permitted by, or governed by the same Related Document will not prevent a loan that satisfies the express requirements hereof from being an “Eligible
Senior Secured Loan”. 
 “Environmental Law” means any law, rule, regulation, order, writ, judgment,
injunction or decree of the United States or any other nation, or of any political subdivision thereof, or of any governmental Authority relating to pollution or protection of the environment or the treatment, storage, disposal, release, threatened
release or handling of hazardous materials, and all local laws and regulations related to environmental matters and any specific agreements entered into with any competent authorities which include commitments related to environmental matters.

 “EoD OC Ratio Failure” has the meaning set forth in Section 6.01(g). 

“Equity” means the limited liability company interests in the Borrower. 

“Equity Kicker” means, with respect to any Collateral Obligation, one or more warrants attached thereto which
collectively constitute no more than 2.0% of the purchase price (as allocated by the Investment Manager) paid by the Borrower for such Collateral Obligation. 
 “Equity Security” means any (a) Equity Kicker; (b) Defaulted Equity Security; and (c) other equity security that does not entitle the holder thereof to receive periodic
payments of interest and one or more installments of principal, including those received by the Borrower as a result of the exercise or conversion of an Equity Kicker or other convertible or exchangeable Collateral Obligation. 

“Equivalent Unit Score” means, with respect to each Obligor, the lesser of (a) one and (b) the Obligor Par
Amount for such Obligor divided by the Average Par Amount. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 

“ERISA Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA or the
regulations issued thereunder with respect to a Plan (other than an event for which the thirty (30) day notice requirement is waived); (b) the failure with respect to any Plan to satisfy the “minimum funding standard” (as defined
in Section 412 of the Code or Section 302 of ERISA); (c) the filing pursuant to Section 412(c) of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan;
(d) a determination that any Plan is, or is expected to be, in “at risk” status (as defined in Section 430 of the Code or Section 303 of ERISA); (e) the incurrence by the Borrower or any member of its ERISA Group of any
liability under Title IV of ERISA with respect to the termination of any 

  
 24 

 
Plan; (f) (i) the receipt by the Borrower or any member of its ERISA Group from the PBGC of a notice of determination that the PBGC intends to seek termination of any Plan or to have a
trustee appointed for any Plan, or (ii) the filing by the Borrower or any member of its ERISA Group of a notice of intent to terminate any Plan; (g) the incurrence by the Borrower or any member of its ERISA Group of any liability
(i) with respect to a Plan pursuant to Sections 4063 and 4064 of ERISA, (ii) with respect to a facility closing pursuant to Section 4062(e) of ERISA, or (iii) with respect to the withdrawal or partial withdrawal from
any Multiemployer Plan; (h) the receipt by the Borrower or any member of its ERISA Group of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, in endangered status
or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA or is or is expected to be insolvent or in reorganization, within the meaning of Title IV of ERISA; or (i) the failure of the Borrower or
any member of its ERISA Group to make any required contribution to a Multiemployer Plan. 
 “ERISA Group” means
each controlled group of corporations or trades or businesses (whether or not incorporated) under common control that is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code with the Borrower. 

“Eurodollar Rate Advance” means each Advance that bears interest at a rate based on LIBOR as provided in
Section 2.04. 
 “Event of Default” has the meaning set forth in Section 6.01.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision.

 “Excluded Article 122a Increased Costs” means the Borrower’s obligation to pay additional amounts to a
Lender pursuant to clauses (a) or (b) of Section 2.09 incurred solely as a result of a change in law or regulation applicable to the Lender that increases the net economic interest required to be retained by the Retention
Provider to an amount that exceeds 40% of the nominal value of the Collateral calculated based on the Aggregate Principal Balance of all of the Collateral Obligations and the principal amount of all Eligible Investments, in each case at the time of
determination without taking into account any deduction pursuant to the proviso to the definition of “Principal Balance” of any Collateral Obligation or any deduction or discount in respect of the purchase price paid therefor by the
Borrower as of such date of determination. 
 “Excluded Taxes” means (i) Taxes imposed on (or measured by)
net income or net profits or franchise Taxes in the case of any Secured Party, (A) imposed by the jurisdiction (or any political subdivision thereof) under the laws of which such Secured Party is organized or in which its principal office is
located, or in the case of any Lender, in which its applicable lending office is located or (B) that are Other Connection Taxes, (ii) branch profits Taxes imposed under Section 884 of the Code, or any similar Taxes, (iii) Taxes
that are imposed by reason of FATCA, (iv) Taxes that are attributable to a Secured Party’s failure to comply with the requirements of Section 12.03(g), (v) Taxes that are attributable to a Secured Party designating a
successor lending office at which it maintains its Notes other than at the request of the Borrower 

  
 25 

 
and except to the extent the Secured Party was entitled, at the time that the successor lending office is designated, to receive additional amounts from the Borrower with respect to such Taxes
pursuant to Section 12.03 and (vi) that are U.S. withholding taxes imposed on amounts payable by the Borrower to a Secured Party at the time such Secured Party becomes a party to this Agreement, except to the extent that such
Secured Party’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Borrower with respect to such Taxes pursuant to Section 12.03. 

“Facility” means the debt facility governed by this Agreement and the other Facility Documents. 

“Facility Agent” has the meaning assigned to such term in the introduction to this Agreement. 

“Facility Agent Fee” means $10,000, payable on each quarterly Payment Date. 

“Facility Documents” means this Agreement, the Notes, the Account Control Agreement, the Collateral Agent Fee Letter,
the Investment Management Agreement, the Master Transfer Agreement, any other security agreements and other instruments entered into or delivered by or on behalf of the Borrower pursuant to Section 5.01(c) to create, perfect or otherwise
evidence the Collateral Agent’s security interest and any other agreements delivered to the Facility Agent, the Collateral Agent and/or the Lenders in furtherance of or pursuant to any of the foregoing. 

“Facility Margin Level” means 2.75% per annum. 

“FAS 166/167 Regulatory Capital Rules” means the final rule titled Risk-Based Capital Guidelines; Capital Adequacy
Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related Issues, adopted by the Office of the Comptroller of
the Currency, Department of the Treasury; Board of Governors of the Federal Reserve System; Federal Deposit Insurance Corporation; and Office of Thrift Supervision, Department of Treasury on December 15, 2009. 

“FATCA” means Sections 1471 through 1474 of the Code (or any amended versions of Sections 1471 through 1474 of the Code
that are substantively comparable and not materially more onerous to comply with) and any regulations promulgated thereunder and official interpretations thereof. 
 “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Facility Agent from three federal funds brokers of recognized standing selected by it; provided
that, if at any time a Lender is borrowing overnight funds from a Federal Reserve Bank that day, the Federal Funds Rate for such Lender for such day shall be the average rate per 

  
 26 

 
annum at which such overnight borrowings are made on that day as promptly reported by such Lender to the Borrower, the Calculation Agent and the Agents in writing. Each determination of the
Federal Funds Rate by a Lender pursuant to the foregoing proviso shall be conclusive and binding except in the case of manifest error. 
 “Final Maturity Date” means May 8, 2020. 
 “Final
Order” means an order, judgment, decree or ruling the operation or effect of which has not been stayed, reversed or amended and as to which order, judgment, decree or ruling (or any revision, modification or amendment thereof) the time to
appeal or to seek review or rehearing has expired and as to which no appeal or petition for review or rehearing was filed or, if filed, remains pending. 
 “Financial Asset” has the meaning specified in Section 8-102(a)(9) of the UCC. 
 “Financing Statements” has the meaning specified in Section 9-102(a)(39) of the UCC. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc. or any successor entity. 
 “Fitch” means Fitch, Inc., together with its successors. 

“Fixed Rate Obligation” means any Collateral Obligation that bears a fixed rate of interest. 

“Funded Draw Assignment” means (i) the sale, assignment and transfer to the Borrower of a funded loan amount under
a Revolving Collateral Loan or Delayed Drawdown Collateral Loan by TPG Specialty Lending Inc., as “commitment holder”, under a sale agreement in form and substance acceptable to the Facility Agent and with respect to which the Borrower has
obtained a Rating Confirmation in connection therewith, or (ii) the funding by the Borrower under a Revolving Collateral Loan or Delayed Drawdown Collateral Loan owned by TPG Specialty Lending Inc. concurrently with the execution by TPG
Specialty Lending Inc. and the Borrower of a sale agreement in form and substance acceptable to the Facility Agent and with respect to which the Borrower has obtained a Rating Confirmation in connection therewith, in each case without the concurrent
assignment and transfer to the Borrower of any commitment or obligation as to future fundings. For purposes hereof, Funded Draw Assignments shall be considered to be Revolving Collateral Loans or Delayed Drawdown Collateral Loans owned by the
Borrower, except that the unfunded amount thereof shall at all times be deemed to be zero. 
 “Funded Draw Collection
Account” has the meaning specified in Section 8.11. 
 “GAAP” means generally accepted
accounting principles in effect from time to time in the United States. 
 “General Intangible” has the meaning
specified in Section 9-102(a)(42) of the UCC. 

  
 27 

 “Governmental Authorizations” means all franchises, permits, licenses,
approvals, consents and other authorizations of all Authorities. 
 “Governmental Filings” means all filings,
including franchise and similar tax filings, and the payment of all fees, assessments, interests and penalties associated with such filings with all Authorities. 
 “Incurrence Covenant” means a covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset
valuation or similar asset-based requirement) only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture. 

“Indemnified Party” has the meaning assigned to such term in Section 12.04(b). 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by
or on account of any obligation of the Borrower under this Agreement and (b) to the extent not otherwise described in the preceding clause (a), Other Taxes. 
 “Independent Accountants” has the meaning assigned to such term in Section 8.08. 
 “Independent Manager Criteria” has the meaning assigned to such term in Section 5.02(u). 
 “Industry Diversity Score” means, with respect to each DBRS Industry Classification, the number established by reference to the Industry Diversity Score Table set forth in
Schedule 3 for the related Aggregate Industry Equivalent Unit Score; provided that, if the Aggregate Industry Equivalent Unit Score falls between any two numbers shown in the Industry Diversity Score Table set forth in Schedule 3,
the Aggregate Industry Equivalent Unit Score shall be the lesser of the two. 
 “Insolvency Event” means with
respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under the Bankruptcy Code or
any other applicable insolvency law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the
winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under the Bankruptcy Code
or any other applicable insolvency law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession
by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the
failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

  
 28 

 “Instrument” has the meaning specified in Section 9-102(a)(47) of the
UCC. 
 “Interest Accrual Period” means, with respect to any Eurodollar Rate Advance, the period beginning on
the relevant Borrowing Date and ending on the next succeeding Payment Date and, thereafter, each period commencing on the last day of the immediately preceding Interest Accrual Period and ending on the next succeeding Payment Date. 

“Interest Collection Subaccount” has the meaning specified in Section 8.02(a). 

“Interest Coverage Ratio Test” means a test that is satisfied at any time if the ratio of (A) the Collateral
Interest Amount at such time, to (B) the sum of all amounts payable (or expected at such time to be payable) on the following Payment Date pursuant to clauses (A), (B), (C), (D), and (E) in Section 9.01(a)(i), is greater
than 150%. 
 “Interest Proceeds” means, with respect to any Collection Period or the related
Determination Date, without duplication, the sum of: 
 (a) all payments of interest and other income received by
the Borrower during such Collection Period on the Collateral Obligations and the other Collateral, including the accrued interest received in connection with a sale thereof during such Collection Period; 

(b) for each Collateral Obligation with a purchase price below 95% of such Collateral Obligation’s Principal Balance,
Principal Proceeds received in excess of such Principal Balance; 
 (c) all principal and interest payments
received by the Borrower during such Collection Period on Eligible Investments purchased with Interest Proceeds; and all interest payments received by the Borrower during such Collection Period on Eligible Investments purchased with amounts credited
to the Revolving Reserve Account; and all interest payments received by the Borrower during such Collection Period on Eligible Investments purchased with Principal Proceeds; 

(d) all amendment and waiver fees, late payment fees (including compensation for delayed settlement or trades), and all
protection fees and other fees and commissions received by the Borrower during such Collection Period, unless the Investment Manager notifies the Agents before such Determination Date (and in no event later than 10 days following receipt thereof)
that the Investment Manager in its sole discretion has determined that such payments are to be treated as Principal Proceeds; 
 (e) commitment fees, origination fees, facility fees, anniversary fees, ticking fees and other similar fees received by the Borrower during such Collection Period unless the Investment Manager notifies
the Agents before such Determination Date (and in no event later than 10 days following receipt thereof) that the Investment Manager in its sole discretion has determined that such payments are to be treated as Principal Proceeds; and 

  
 29 

 (f) any amounts deposited in the Collection Account from the Closing Expense
Account in accordance with Section 8.12; 
 provided that: 

(1) as to any Defaulted Loan/Bond (and only so long as it remains a Defaulted Loan/Bond), any amounts received in respect
thereof (including without limitation any assets received therewith or in exchange thereof, including without limitation any Equity Security) will constitute Principal Proceeds (and not Interest Proceeds) until the aggregate of all collections in
respect of such Defaulted Loan/Bond since it became a Defaulted Loan/Bond equals the outstanding principal balance of such Defaulted Loan/Bond at the time as of which it became a Defaulted Loan/Bond, and all amounts received in excess thereof,
however denominated, will constitute Interest Proceeds; 
 (2) in each case subject to clause (1) above,
(x) any dividends paid on any Equity Security will constitute Interest Proceeds, (y) any gain on the sale of Equity Securities (including Equity Securities received as a result of exercising warrants) and warrants in an amount, if any,
equal to the excess of (A) the Cash generated by such sale plus the Market Value on the Collateral Obligation(s) of the same Obligor over (B) the Loan Amount (after adjustment for any borrowings or repayments and exclusive of accrued
interest) for such Collateral Obligation(s) will constitute Interest Proceeds and (z) all other payments received in respect of Equity Securities will constitute Principal Proceeds; and 

(3) all Cash received by the Borrower as equity contributions (however designated) from the Investment Manager or any of
its Affiliates will constitute Principal Proceeds, unless otherwise directed by the Borrower by prior written notice to the Agents pursuant to Section 10.04. 
 For purposes of clause (2)(y) above, “gain” means any amounts received in the sale of an Equity Security that is in excess of the cost basis associated with such Equity Security (excluding
any amounts received in respect of an Equity Security in exchange for defaulted debt). No amounts that are required by the terms of any participation agreement to be paid by the Borrower to any Person to whom the Borrower has sold a participation
interest shall constitute “Interest Proceeds” hereunder. 
 “Interim Order” means an order, judgment,
decree or ruling entered after notice and a hearing conducted in accordance with Bankruptcy Rule 4001(c) granting interim authorization, the operation or effect of which has not been stayed, reversed or amended. 

“Investment Company Act” means the Investment Company Act of 1940, as amended, and the rules and regulations
promulgated thereunder, as modified or interpreted by orders of, or other interpretative releases or letters issued by, any Authority, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory
or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision. 

  
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 “Investment Management Agreement” means the agreement, dated as of the
Closing Date, between the Borrower and the Investment Manager relating to the Facility and the Collateral, as amended from time to time in accordance with the terms hereof and thereof. 

“Investment Manager” means TPG Specialty Lending, Inc., or any successor in such capacity in accordance with the
Investment Management Agreement. 
 “Law” means any action, code, consent decree, constitution, decree,
directive, enactment, finding, guideline, law, injunction, interpretation, judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, rule of public policy, settlement agreement, statute, or
writ, of any Authority, or any particular section, part or provision thereof. 
 “Lender Funding Account” means
the lender funding account established pursuant to Section 8.03(c). 
 “Lender Funding Subaccount”
has the meaning specified in Section 8.03(c). 
 “Lenders” means the Persons listed on
Schedule 1 and any other Person that shall have become a party hereto pursuant to an Assignment and Acceptance in accordance with the terms hereof, other than any such Person that ceases to be a party hereto pursuant to an Assignment and
Acceptance. 
 “Leverage Multiple” means, as of any date, the ratio of (A) the Row Advance Rate in effect
on such date over (B) 1 minus the Row Advance Rate in effect on such date. 
 “Liabilities” has the
meaning assigned to such term in Section 12.04(b). 
 “LIBOR” has the meaning assigned to such term
on Schedule 6. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, encumbrance, lien
or security interest (statutory or other), or preference, priority or other security agreement, charge or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing, and any filing authorized by the Borrower of any financing statement under the UCC or comparable law of any jurisdiction). 

“Liquidity Bank” means the Person or Persons who provide liquidity support to a Lender which is a CP Conduit pursuant to
a Liquidity Facility. 
 “Liquidity Facility” means, for any CP Conduit, a loan facility, asset purchase
facility, swap transaction or other arrangement under which the providers of such facility have agreed to provide funds to such CP Conduit for purposes of funding such CP Conduit’s obligations under this Agreement. 

“Loan Amount” means, with respect to a Collateral Obligation at the time of the Borrower’s acquisition thereof, an
amount equal to the least of (a) if acquired by the Borrower for a purchase price equal to 95% or more of its outstanding principal amount (excluding any 

  
 31 

 
capitalized interest) as of the date of acquisition, such outstanding principal amount, (b) if acquired by the Borrower for a purchase price less than 95% of its outstanding principal amount
(excluding any capitalized interest) as of the date of acquisition, such purchase price and (c) if acquired from an Affiliate of the Borrower, the current cost basis of the seller or transferor. 

“London Banking Day” means a day on which commercial banks are open for business (including dealings in foreign exchange
and foreign currency deposits) in London, England. 
 “Maintenance Covenant” means, a covenant by any borrower
to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, whether or not such borrower has taken any
specified action. 
 “Margin Stock” has the meaning assigned to such term in Regulation U. 

“Market Value” means, with respect to any loans or other assets, the amount (determined by the Investment Manager in
accordance with the Servicing Standard) equal to the product of the principal amount thereof and the price determined in the following manner: 
 (a) the bid-side quote determined by any of Loan Pricing Corporation, LoanX Inc., MarkIt Partners, Mergent, Inc., IDC, Houlihan Lokey or any other nationally recognized loan pricing service selected by
the Investment Manager; 
 (b) if such quote described in clause (a) is not available, 

(i) the average of the bid-side quotes determined by three independent broker-dealers active in the trading of such asset;

 (ii) if only two such bids can be obtained, the lower of the bid-side quotes of such two bids; or 

(iii) if only one such bid can be obtained, such bid; or 

(c) if the Market Value of an asset cannot be determined in accordance with clause (a) or (b) above, then the Market Value shall
be the Appraised Value, provided that the Appraised Value of such Collateral Obligation has been obtained or updated within the immediately preceding three months; 
 (d) if such quote or bid described in clause (a), (b) or (c) is not available, then the Market Value of such Collateral Obligation shall be the lower of (i) the higher of (A) the DBRS
Recovery Rate and (B) 70% of the outstanding principal amount of such Collateral Obligation and (ii) the Market Value determined by the Borrower exercising reasonable commercial judgment in accordance with the Servicing Standard,
consistent with the manner in which it would determine the market value of an asset for purposes of other funds or accounts managed by it; or 

  
 32 

 (e) if the Market Value of an asset cannot be determined in accordance with clause (a), (b),
(c) or (d) above, then the Market Value shall be deemed to be zero until such determination is made in accordance with clause (a), (b), (c) or (d) above. 
 “Master Transfer Agreement” means the Master Sale and Contribution Agreement, dated as of the Closing Date, as amended, restated, supplemented or otherwise modified from time to time,
between the Borrower, as assignee, and TPG Specialty Lending, Inc., as assignor. 
 “Material Adverse Effect”
means any event that has, or could reasonably be expected to have, a material adverse effect on (a) the business, assets, financial condition or operations of the Borrower or the Investment Manager (b) the ability of the Borrower or the
Investment Manager to perform its material obligations under this Agreement and the other Facility Documents or (c) the material rights, interests, remedies or benefits (taken as a whole) available to the Lenders or Agents under this Agreement
and the other Facility Documents, each as determined in good faith and on a commercially reasonable basis by the Facility Agent. 
 “Matrix” means the table set forth on Schedule 8 hereto. 

“Maximum DBRS Risk Score Test” is a test satisfied on any date of determination if the Weighted Average DBRS Risk Score
of the Collateral Obligations as of such date is less than or equal to the Row DBRS Average Risk Score, provided that Defaulted Obligations shall be excluded from such calculation. 

“Minimum Average Recovery Rate Test” means a test that will be satisfied on any date of determination if the Weighted
Average Recovery Rate of Performing Collateral Obligations as of such date is greater than or equal to 46%. 
 “Minimum
Diversity Score Test” means a test that will be satisfied on any date of determination if the Diversity Score of the Collateral Obligations, calculated as a single number in accordance with standard diversity scoring methodology using DBRS
Industry Classifications, equals or exceeds the Row Diversity Score and in no event less than 6. 
 “Minimum
Overcollateralization Ratio Test” means a test that will be satisfied on any date of determination if the Overcollateralization Ratio at such time is greater than or equal to the Row Minimum OC Level. 

“Minimum Weighted Average Fixed Rate Coupon Test” means a test that will be satisfied on any date of determination if
the Weighted Average Fixed Rate Coupon equals or exceeds 6.00%. 
 “Minimum Weighted Average Spread Test” means
a test that will be satisfied on any date of determination if the Weighted Average Spread equals or exceeds the Row Spread Level and in no event less than 4.50%. 
 “Money” has the meaning specified in Section 1-201(24) of the UCC, and shall be deemed to include “Monies” wherever such term may be used herein. 

  
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 “Monthly Report” has the meaning specified in Section 8.06(a).

 “Monthly Report Date” means the 15th day of each calendar month in each year, the first of which shall be
June 15, 2012; provided that, (i) if any such day is not a Business Day, then such Monthly Report Date shall be the next succeeding Business Day and (ii) the final Monthly Report Date shall be on the Final Maturity Date.

 “Monthly Report Determination Date” means, with respect to any Monthly Report Date, the sixth Business Day
prior to such Monthly Report Date. 
 “Moody’s” means Moody’s Investors Service, Inc., together with
its successors. 
 “Multiemployer Plan” means an employee pension benefit plan within the meaning of
Section 4001(a)(3) of ERISA that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability. 

“Natixis” has the meaning assigned to such term in the introduction to this Agreement. 

“Net Loss Amount” means, as of any date of determination, (i) in the case of a Defaulted Obligation, the product of
(x) the difference (whether a positive or negative number) between the purchase price in respect of such Defaulted Obligation and the Market Value in respect of such Collateral Obligation in each case expressed as a percentage multiplied by
(y) the Principal Balance in respect of such Collateral Obligation and (ii) for each sale of a Collateral Obligation by the Borrower to a Person that is not an Affiliate thereof, the product of (x) the difference (whether a positive
or negative number) between the purchase price in respect of such Collateral Obligation and the sale price obtained by the Borrower (excluding accrued interest) in respect of such Collateral Obligation, in each case, expressed as a percentage,
multiplied by (y) the Principal Balance in respect of such Collateral Obligation. 
 “Note” means each
promissory note, if any, issued by the Borrower to a Lender in accordance with the provisions of Section 2.03, substantially in the form of Exhibit A hereto, as the same may from time to time be amended, supplemented, waived
or modified. 
 “Notice of Borrowing” has the meaning assigned to such term in Section 2.02.

 “Notice of Prepayment” has the meaning assigned to such term in Section 2.05. 

“Obligations” means, all indebtedness, whether absolute, fixed or contingent, at any time or from time to time owing by
the Borrower to any Secured Party or any Affected Person under or in connection with this Agreement, the Notes, the Collateral Agent Fee Letter or any other Facility Document, including all amounts payable by the Borrower in respect of the Advances,
with interest thereon, and all amounts payable hereunder. 
 “Obligor” means in respect of any Collateral
Obligation of the Borrower, the Person primarily obligated to pay Collections in respect of such Collateral Obligation to the Borrower. 

  
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 “Obligor Par Amount” means, on any date and with respect to each Obligor
under a Collateral Obligation, the Aggregate Principal Balances of all Collateral Obligations (other than Defaulted Loan/Bonds) with respect to which such Obligor is the Obligor on such date; provided that, for purposes of calculating the
Obligor Par Amount, any Obligors that are Affiliated with one another will be considered one Obligor. 
 “OFAC”
has the meaning assigned to such term in Section 4.01(f). 
 “Offer” has the meaning given in
Section 8.07(c). 
 “Other Connection Taxes” means, in the case of any Secured Party, any Taxes
imposed by any jurisdiction by reason of such Secured Party having any present or former connection with such jurisdiction (other than a connection arising solely from entering into, receiving any payment under or enforcing its rights under this
Agreement, the Notes or any other Facility Document). 
 “Other Taxes” has the meaning given in
Section 12.03(b). 
 “Overcollateralization Ratio” means the percentage equivalent of a fraction,
the numerator of which is the Principal Collateralization Amount and the denominator of which is the Borrower Liabilities. 

“Participant” means any Person to whom a participation is sold as permitted by Section 12.06(c). 

“Participation Interest” means a participation interest in a loan or other obligation that would, at the time of
acquisition, or the Borrower’s commitment to acquire the same, constitute a Collateral Obligation. 
 “PATRIOT
Act” has the meaning assigned to such term in Section 12.17. 
 “Payment Account” means
the payment account of the Collateral Agent established pursuant to Section 8.03(a). 
 “Payment
Date” means the 15th day of January, April, July and October in each year, the first of which shall be July 15, 2012; provided that, (i) if any such day is not a Business Day, then such Payment Date shall be the next
succeeding Business Day and (ii) the final Payment Date shall be the Final Maturity Date. 
 “Payment Date
Report” has the meaning specified in Section 8.06(b). 
 “PBGC” means the Pension Benefit
Guaranty Corporation, or any successor agency or entity performing substantially the same functions. 

“Percentage” of any Lender means, (a) with respect to any Lender party hereto on the date hereof, the percentage
set forth opposite such Lender’s name on Schedule 1 hereto, as such amount is reduced by any Assignment and Acceptance entered into by such Lender with an assignee or increased by any Assignment and Acceptance entered into by such
lender with an 

  
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assignor, or (b) with respect to a lender that has become a party hereto pursuant to an Assignment and Acceptance, the percentage set forth therein as the assigning Lender’s Percentage,
as such amount is reduced by an Assignment and Acceptance entered into between such Lender and an assignee or increased by any Assignment and Acceptance entered into by such lender with an assignor. 

“Performing Collateral Obligation” means a Collateral Obligation that is not a Defaulted Loan/Bond. 

“Permitted Assignee” means a Lender, an Affiliate of a Lender, a CP Conduit related to a Lender or a Liquidity Bank.

 “Permitted Lien” means (i) the Lien in favor of the Collateral Agent for the benefit of the Secured
Parties, (ii) the restrictions on transferability imposed by the Related Documents (but only to the extent relating to customary procedural requirements and agent consents expected to be obtained in due course and not to Obligor consents) and
(iii) inchoate Liens for taxes not yet payable and mechanics’ or suppliers’ liens for services or materials supplied the payment of which is not yet overdue or for which adequate reserves have been established. 

“Person” means an individual or a corporation (including a business trust), partnership, trust, incorporated or
unincorporated association, joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any kind. 
 “Plan” means an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under
Section 412 of the Code that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability. 

“Portfolio Advance Rate” means the percentage equivalent of a fraction, the numerator of which is the Borrower
Liabilities and the denominator of which is the Principal Collateralization Amount. 
 “Portfolio Exposure
Amount” means, at any time, the excess (if any) of (x) the aggregate unfunded amounts in respect of all Revolving Collateral Loans and Delayed Drawdown Collateral Loans and all amounts due for unsettled purchases at such time
over (y) the aggregate amount on deposit in the Revolving Reserve Account at such time. 
 “Post-Default
Rate” means a rate per annum equal to the rate of interest otherwise in effect pursuant to this Agreement plus 2.0% per annum. 
 “Principal Balance” means: 
 (a) with respect to
any Collateral Obligation other than a Revolving Collateral Loan or Delayed Drawdown Collateral Loan, as of any date of determination, the Loan Amount of such Collateral Obligation (after adjustment for any repayments and exclusive of both
capitalized interest and accrued interest); and 

  
 36 

 (b) with respect to any Revolving Collateral Loan or Delayed Drawdown
Collateral Loan, as of any date of determination, the Loan Amount of such Revolving Collateral Loan or Delayed Drawdown Collateral Loan (after adjustment for any borrowings or repayments and exclusive of both capitalized interest and accrued
interest), plus (except as expressly set forth in this Agreement) any undrawn commitments that have not been irrevocably reduced or withdrawn with respect to such Revolving Collateral Loan or Delayed Drawdown Collateral Loan; 

provided, in all cases, that the Principal Balance of (i) any Equity Security shall be deemed to be zero and (ii) any
Unsettled Security shall be deemed to be zero. 
 “Principal Collateralization Amount” means an amount equal to
the result of (i) the Aggregate Principal Balance of all Performing Collateral Obligations (provided that for such purposes, each Collateral Obligation whose purchase price is below 95% will be carried at its purchase price expressed as a
percentage, times its outstanding principal balance), plus (ii) the aggregate amount of cash on deposit in the Principal Collection Subaccount. 
 “Principal Collection Subaccount” has the meaning specified in Section 8.02(a). 
 “Principal Proceeds” means, with respect to any Collection Period or the related Determination Date, all amounts received by the Borrower during such Collection Period that do not
constitute Interest Proceeds, including sales and unapplied proceeds of the Advances and any Cash equity contributions pursuant to Section 10.04. 
 “Priority of Payments” has the meaning specified in Section 9.01(a). 
 “Private Authorizations” means all franchises, permits, licenses, approvals, consents and other authorizations of all Persons (other than Authorities) but excluding any customary
procedural requirements and agents’ consents expected to be obtained in due course in connection with the transfer of the Collateral Obligations to the Borrower. 
 “Proceeds” has, with reference to any asset or property, the meaning assigned to it under the UCC and, in any event, shall include, but not be limited to, any and all amounts from time to
time paid or payable under or in connection with such asset or property. 
 “Professional Independent Manager”
has the meaning assigned to such term in Section 5.02(u). 
 “Prohibited Transaction” means a
transaction described in Section 406(a) of ERISA that is not exempted by a statutory or administrative or individual exemption pursuant to Section 408 of ERISA. 
 “Qualified Purchaser” has the meaning specified in Section 12.06(e). 

  
 37 

 “Quarterly Asset Amount” means, for any Payment Date, the sum of
(i) the Daily Average Collateral Obligation Commitment Amount for such Payment Date and (ii) the daily average balance of cash on deposit in the Principal Collection Subaccount for the Collection Period related to such Payment Date.

 “Ramp-Up Period” means the period from and including the Closing Date to and including the earlier of
(I) the date on which the Reinvestment Period ends and (II) the date on which the Borrower or Investment Manager provides the Agents with the notice described in Section 2.17(a). 

“Rating Agency” means DBRS or, with respect to the Collateral generally, Moody’s, Fitch, S&P or DBRS (or, if,
at any time Moody’s, Fitch, S&P or DBRS ceases to provide rating services with respect to debt obligations, any other nationally recognized investment rating agency selected by the Borrower or the Investment Manager and consented to by the
Facility Agent). In the event that at any time any of the rating agencies referred to above ceases to be a “Rating Agency” and a replacement rating agency is selected in accordance with the preceding sentence, then references to
rating categories of such replaced rating agency in this Agreement shall be deemed instead to be references to the equivalent categories of such replacement rating agency as of the most recent date on which such replacement rating agency and such
replaced rating agency’s published ratings for the type of obligation in respect of which such replacement rating agency is used. 
 “Rating Confirmation” means, with respect to any action or proposed action, a condition that is satisfied (and upon satisfaction of such condition, the related Rating Confirmation shall
be deemed to have been satisfied) if DBRS has been notified in writing by the Borrower of such action or proposed action and none of the Borrower, the Investment Manager or any of the Secured Parties has received a written communication relating to
such action or proposed action from DBRS within 10 Business Days following such notification by the Borrower. 
 “Rating
Criteria” is satisfied for any Person at any time if: 
 (a) such Person has a DBRS Short Term Rating of
at least “R-1 (middle)” and a DBRS Long Term Rating of at least “A (high)” at such time; or 

(b) such Person’s obligations in respect of this Agreement are fully supported by a Liquidity Facility provided by
one or more Liquidity Banks, or one or more guarantors, and each such Liquidity Banks or guarantors meets the requirements under clause (a) above at such time; or 

(c) a Rating Confirmation is obtained with respect to such Person’s failure to satisfy the requirements under either
of clause (a) or (b) at such time and both the Borrower and the Facility Agent have consented thereto. 

“Real Estate Loan” means any debt obligation that is directly or indirectly secured by a mortgage or deed of trust or
any security interest, in each case, on residential, commercial, office, retail or industrial property and is underwritten as a mortgage loan (including, for the avoidance of doubt, a debt obligation of an Obligor whose operating cash flow is
primarily derived from the sale or liquidation of the aforementioned types of property). 

  
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 “Register” has the meaning specified in Section 2.09(a).

 “Regulatory Change” has the meaning specified in Section 2.09(a). 

“Regulation T”, “Regulation U” and “Regulation X” mean
Regulation T, U and X, respectively, of the Board of Governors of the Federal Reserve System, as in effect from time to time. 
 “Reinvestment Agreement” means a guaranteed reinvestment agreement from a bank, insurance company or other corporation or entity having Eligible Investment Required Ratings;
provided that such agreement provides that it is terminable by the purchaser, without penalty and with the return of all invested funds, if within 60 days after the provider of such agreement no longer satisfies the Eligible Investment
Required Ratings the provider has failed to obtain either (i) (x) a guarantor with Eligible Investment Required Ratings to guarantee the obligations of such provider under such agreement and (y) a Rating Confirmation or (ii) (x) a
replacement provider with Eligible Investment Required Ratings and (y) a Rating Confirmation. 
 “Reinvestment
Period” means the period from and including the Closing Date to and including the earliest of (a) the date that is 18 months after the Closing Date (or such later date as may be agreed in writing by the Borrower and each of the
Lenders and notified in writing to the Agents, but subject to the Rating Confirmation having been satisfied with respect to each such extension), (b) the date of the acceleration of the maturity of the Advances pursuant to
Section 6.01, (c) the occurrence of any Change in Control; (d) the date on which the Investment Manager shall no longer be TPG Specialty Lending, Inc. unless each of the Lenders and the Facility Agent have otherwise consented,
(e) the date on which the Investment Manager shall have notified the Borrower of its intention to resign as Investment Manager or the occurrence of any other termination of the Investment Management Agreement, whether or not in accordance with
its terms; or (f) termination of the Commitments in whole pursuant to Section 2.06(b). 
 “Related
Documents” means, with respect to any Collateral Obligation, all agreements or documents evidencing, securing, governing or giving rise to such Collateral Obligation. As used in this Agreement, each reference to the Related Documents to
which the Borrower is a party shall be deemed to mean the Related Documents to which the Borrower is a party or to which the Borrower is otherwise bound. 
 “Related Document Modification” has the meaning assigned to such term in Section 5.02(v). 
 “Related Person” has the meaning assigned to such term in Section 2.04(f). 
 “Replacement Investment Management Fee” means the fee that may be payable to, or at the direction of, the Lenders in arrears on each Payment Date, in an amount, if payable, equal to
0.25% per annum of the Quarterly Asset Amount. 
 “Requested Amount” has the meaning assigned to such term
in Section 2.02. 

  
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 “Required Lenders” means, as of any date of determination, Lenders whose
aggregate principal amount of outstanding Advances plus unused Commitments aggregate more than 50% of the aggregate amount of the Commitments (used and unused) or, if the Commitments have expired or been terminated or otherwise reduced to zero, the
aggregate principal amount of all outstanding Advances; provided, however, that if any Lender shall be a Defaulting Lender at such time, then there shall be excluded from the determination of Required Lenders such Defaulting Lender’s
unfunded Commitments. 
 “Responsible Officer” means (a) in the case of (i) a corporation or
(ii) a partnership or limited liability company that, pursuant to its Constituent Documents, has officers, any chief executive officer, chief financial officer, president, vice president, assistant vice president, treasurer, director or
manager, and, in any case where two Responsible Officers are acting on behalf of such corporation or other entity, the second such Responsible Officer may be a secretary or assistant secretary, (b) without limitation of clause (a)(ii), in
the case of a limited partnership, the Responsible Officer of the general partner, acting on behalf of such general partner in its capacity as general partner, (c) without limitation of clause (a)(ii), in the case of a limited liability
company, the Responsible Officer of the sole member or managing member, acting on behalf of the sole member or managing member in its capacity as sole member or managing member, (d) in the case of a trust, the Responsible Officer of the
trustee, acting on behalf of such trustee in its capacity as trustee, (e) an “authorized signatory” or “authorized officer” that has been so authorized pursuant to customary corporate proceedings, limited partnership
proceedings, limited liability company proceedings or trust proceedings, as the case may be, and that has responsibilities commensurate with the matter for which it is acting as a Responsible Officer, and (f) when used with respect to the
Custodian and the Collateral Agent, any officer assigned to the corporate trust department (or any successor thereto) of such Person, including any Vice President, Assistant Vice President, Trust Officer, or any other officer of the Custodian or the
Collateral Agent, as the case may be, customarily performing functions similar to those performed by any of the above designated officers, in each case having direct responsibility for the administration of this Agreement. 

“Retained Amount” means a “net economic interest” (as defined in Article 122(a) of the CRD) which, in any
event, shall not be less than 5% (or such higher or lower amount as notified by the Facility Agent to, and agreed by, the Retention Provider as may be required by Article 122a of the CRD; provided that the Retention Provider shall have no obligation
to agree to any such higher amount that results in the net economic interest required to be retained by the Retention Provider to exceed 40% of the nominal value of the Collateral calculated based on the Aggregate Principal Balance of all of the
Collateral Obligations and the principal amount of all Eligible Investments, in each case at the time of determination without taking into account any deduction pursuant to the proviso to the definition of “Principal Balance” of any
Collateral Obligation or any deduction or discount in respect of the purchase price paid therefor by the Borrower as of such date of determination) of the nominal value of the Collateral calculated based on the Aggregate Principal Balance of all of
the Collateral Obligations and the principal amount of all Eligible Investments, in each case at the time of determination without taking into account any deduction pursuant to the proviso to the definition of “Principal Balance” of any
Collateral Obligation or any deduction or discount in respect of the purchase price paid therefor by the Borrower. 

  
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 “Retention of Net Economic Interest Letter” means each letter relating to
the retention of net economic interest in substantially the form of Exhibit G hereto, from the Retention Provider and addressed to each Lender, the Facility Agent and the Borrower. 

“Retention Provider” means TPG Specialty Lending, Inc. 

“Revolving Collateral Loan” means any Collateral Obligation (other than a Delayed Drawdown Collateral Loan) that is a
loan (including, without limitation, revolving credit loans, including funded and unfunded portions of revolving credit lines and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments)
that by its terms may require one or more future advances to be made to the borrower by the Borrower; provided that any such Collateral Obligation will be a Revolving Collateral Loan only until all commitments to make revolving advances to
the borrower expire or are terminated or irrevocably reduced to zero. 
 “Revolving Reserve Account” means the
account established pursuant to Section 8.04. 
 “Revolving Reserve Required Amount” has the
meaning set forth in Section 8.04. 
 “Row Advance Rate” means, (i) prior to the Commitment
Termination Date, the applicable Row Advance Rate as set forth in the column of that name in the Matrix corresponding to the Applicable Row Level; provided that (a) during the first twelve months of the Ramp-Up Period the Row Advance Rate shall
equal 37.5% and (b) if the Ramp-Up Period has not ended prior to the end of such twelve month period, the Row Advance Rate shall equal 30.0% for the remainder of the Ramp-Up Period; and (ii) on any date after the Commitment Termination
Date, the Row Advance Rate shall equal zero. 
 “Row DBRS Average Risk Score” means the applicable Row DBRS
Average Risk Score as set forth in the column of that name in the Matrix corresponding to the Applicable Row Level. 

“Row Diversity Score” means the applicable Row Diversity Score as set forth in the column of that name in the Matrix
corresponding to the Applicable Row Level. 
 “Row Minimum OC Level” means the applicable Row Minimum OC Level
as set forth in the column of that name in the Matrix corresponding to the Applicable Row Level; provided that during the Ramp-Up Period the Row Minimum OC Level shall equal 213.33%. 

“Row Spread Level” means the applicable Row Spread Level as set forth in the column of that name in the Matrix
corresponding to the Applicable Row Level. 
 “S&P” means Standard & Poor’s Ratings Group,
together with its successors. 
 “Scheduled Distribution” means, with respect to any Collateral Obligation, for
each Due Date, the scheduled payment of principal and/or interest and/or fees due on such Due Date with respect to such Collateral Obligation. 

  
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 “SEC” means the Securities and Exchange Commission or any other
governmental authority of the United States at the time administrating the Securities Act, the Investment Company Act or the Exchange Act. 
 “Secured Parties” means the Facility Agent, the Collateral Agent, the Custodian, The Bank of New York Mellon Trust Company, N.A. (in its capacity as a Securities Intermediary under the
Account Control Agreement), the Lenders and their respective permitted successors and assigns. 
 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory
provisions shall be deemed to be a reference to any successor statutory or regulatory provision. 
 “Securities
Intermediary” has the meaning specified in Section 8-102(a)(14) of the UCC. 
 “Security
Entitlement” has the meaning specified in Section 8-102(a)(17) of the UCC. 
 “Selling
Institution” means an entity obligated to make payments to the Borrower under the terms of a Participation Interest. 

“Servicing Standard” means the standard of care of the Investment Manager specified in Section 2(a) of the
Investment Management Agreement. 
 “Settled” means, with respect to a loan, other debt obligation or
Participation Interest (for purposes of this definition, a “loan”), that (a) such loan is owned by the Borrower and has been fully paid for by the Borrower, (b) all requisite consents and acceptances required in connection
with the Borrower’s ownership of such loan have been obtained and (c) all documentation establishing the Borrower’s ownership of such loan is valid, binding and enforceable and is in the possession (including electronically) of the
Collateral Agent. 
 “Settlement Date Rate” means with respect to a Canadian Dollar Obligation, the applicable
Spot Foreign Exchange Rate as of the date that such Canadian Dollar Obligation has Settled. 
 “Solvent” as to
any Person means that such Person is not “insolvent” within the meaning of Section 101(32) of the Bankruptcy Code or Section 271 of the Debtor and Creditor Law of the State of New York. 

“Special Purpose Entity” has the meaning assigned to such term in Section 5.02(u). 

“Special Purpose Provisions” has the meaning assigned to such term in Section 9(j) of the Borrower LLC Agreement.

  
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 “Specified Change” means, with respect to any Collateral Obligation, any
amendment, consent, waiver or other modification with respect to a Related Document that (a) reduces the principal amount of such Collateral Obligation, (b) reduces the rate of interest payable on such Collateral Obligation by greater than
3% per annum (whether calculated based on a spread above a floating reference rate or a fixed rate), (c) reduces the aggregate amount of principal payable on any one or more scheduled amortization or other redemption dates within any
12-month period by greater than 25%, provided that there is no reduction in the absolute amount of principal due, (d) increases the advance rate or other borrowing base formula utilized with such Collateral Obligation by greater than 10%,
(e) postpones the Due Date of any Scheduled Distribution in respect of such Collateral Obligation, (f) releases any material guarantor or co-obligor of such Collateral Obligation from its obligations, (g) transfers or otherwise
releases all or substantially all of the assets securing such Collateral Obligation, (h) changes any of the provisions of a Related Document specifying the number or percentage of lenders required to effect any of the foregoing or
(i) changes (I) any covenant therein (other than a financial covenant) in a manner that is material and favorable to the respective Obligor or (II) any financial covenant therein (whether expressed as a covenant, event of default or
otherwise) in a manner that is favorable to the respective Obligor, but, in the case of this clause (i), only if the Investment Manager or any of its Affiliates (other than the Borrower) either (A) owns or controls 33-1/3% or more of the voting
rights or economic interest of the related Obligor or (B) is a controlling equity holder of the related Obligor. 

“Specified LIBOR” means, at any time: 

(a) if no Interest Accrual Period for Eurodollar Rate Advances is then in effect hereunder, LIBOR determined as if
(1) Eurodollar Rate Advances having an aggregate principal balance of $10,000,000 were outstanding hereunder and (2) the related Interest Accrual Period were in effect for the period from the immediately preceding Payment Date (or, if
prior to the first Payment Date, the Closing Date) through the next following Payment Date; 
 (b) if only one
Interest Accrual Period for Eurodollar Rate Advances is outstanding at such time, the LIBOR rate in effect with respect to the Eurodollar Rate Advances for such Interest Accrual Period; and 

(c) if more than one Interest Accrual Period for Eurodollar Rate Advances is outstanding at such time, a rate per annum
equal to (1) the sum of the products, for each such Interest Accrual Period, of the LIBOR rate in effect with respect to such Interest Accrual Period multiplied by the outstanding principal amount of Eurodollar Rate Advances then bearing
interest at a rate based on such LIBOR rate, divided by (2) the aggregate outstanding principal amount of all Eurodollar Rate Advances outstanding at such time, rounded to the nearest 0.01%. 

“Spot Foreign Exchange Rate” means on any date the spot rate for conversion of Canadian Dollars into United States
Dollars as published on Reuters page FXFX at 11:00 a.m. New York time. For the avoidance of doubt, the Spot Foreign Exchange Rate shall be expressed as the number of Canadian Dollars that may be purchased with one Dollar. 

  
 43 

 “Structured Finance Obligation” means any debt obligation owing by a
finance vehicle that is secured directly and primarily by, primarily referenced to, and/or primarily representing ownership of, a pool of receivables or a pool of other assets, including collateralized debt obligations, residential mortgage-backed
securities, commercial mortgage-backed securities, other asset-backed securities, “future flow” receivable transactions and other similar obligations; provided that ABL Facilities, loans to financial service companies, factoring
businesses, health care providers and other genuine operating businesses do not constitute Structured Finance Obligations. 

“Subject Laws” has the meaning assigned to such term in Section 4.01(f). 

“Taxes” means any and all present or future taxes, and similar levies, imposts, deductions, charges, withholdings
(including backup withholding), assessments, fees and other charges imposed by any governmental Authority, and all liabilities (including penalties, interest and expenses) with respect thereto. 

“Total Capitalization” means, at any time, the higher of (I) $162,500,000 and (II) the result of
(i) the Aggregate Principal Balance of all Performing Collateral Obligations, plus (ii) the aggregate amount of cash on deposit in the Principal Collection Subaccount, plus (iii) the aggregate unfunded Commitments
hereunder, minus (iv) the Portfolio Exposure Amount. 
 “Total Commitment” means (a) on or
prior to the Commitment Termination Date, $100,000,000 (as such amount may be reduced from time to time pursuant to Section 2.05(b) or Section 2.06) and (b) following the Commitment Termination Date, zero. 

“Treasury Regulations” means the regulations issued by the Internal Revenue Service under the Code, as such regulations
may be amended from time to time. 
 “UCC” means the Uniform Commercial Code, as from time to time in
effect in the State of New York; provided that, if by reason of any mandatory provisions of law, the perfection, the effect of perfection or non-perfection or priority of the security interests granted to the Collateral Agent pursuant to this
Agreement are governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States other than the State of New York, then “UCC” means the Uniform Commercial Code as in effect from time to time in
such other jurisdiction for purposes of such perfection, effect of perfection or non-perfection or priority. 

“Uncertificated Security” has the meaning specified in Section 8-102(a)(18) of the UCC. 

“United States” and “U.S.” mean the United States of America. 

“Unsettled Security” means any Collateral Obligation set forth on Schedule 9 hereto that has not Settled on or
prior to May 1, 2012. 

  
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 “Weighted Average DBRS Risk Score” means, as of any date of determination,
the number (rounded to the nearest hundredth) determined by summing the products obtained by multiplying: 
  

					
	 The Principal Balance of each Collateral Obligation
	 	X    	 	The DBRS Risk Score of such Collateral Obligation (as determined as provided on Schedule 4 hereto)

 and dividing such sum by: 
 The Aggregate Principal Balance of all such Collateral Obligations. 

“Weighted Average Fixed Rate Coupon” means, as of any date, the number, expressed as a percentage, determined by summing
the products obtained by multiplying: 
  

					
	 The sum, for each Fixed Rate Obligation, of the stated interest coupon on such Collateral Obligation
	 	X    	 	The Principal Balance of such Collateral Obligation (excluding the unfunded portion of any Delayed Drawdown Collateral Loans or Revolving Collateral Loans)

 and dividing such sum by: 
 the Aggregate Principal Balance of all Fixed Rate Obligations as of such date (in each case, excluding the unfunded portion of any Delayed Drawdown Collateral Loans or Revolving Collateral Loans that are
Fixed Rate Obligations); 
 provided that if the foregoing amount is less than 6.00%, then all or a portion of the Weighted Average Fixed
Rate Coupon Adjustment, if any, as of such date, to the extent not exceeding such shortfall, shall be added to such result. 

“Weighted Average Fixed Rate Coupon Adjustment” means, as of any date, a fraction (expressed as a percentage), the
numerator of which is equal to the product of (i) the excess, if any, of the Weighted Average Spread for such date over the Row Spread Level in effect as of such date, and (ii) the Aggregate Principal Balance of all Collateral Obligations
that are not Fixed Rate Obligations as of such date, and the denominator of which is the Aggregate Principal Balance of all Fixed Rate Obligation as of such date (in each case, excluding the unfunded portion of any Delayed Drawdown Collateral Loans
or Revolving Collateral Loans that are Fixed Rate Obligations). In computing the Weighted Average Fixed Rate Coupon Adjustment on any date, the Weighted Average Spread for such date shall be computed as if the Weighted Average Spread Adjustment was
equal to zero. 
 “Weighted Average Maturity Date” means, as of any date of determination, with respect to all
Performing Collateral Obligations, the date calculated by adding to the Closing Date the weighted average maturity of such Performing Collateral Obligations (expressed as a number of months from the Closing Date) calculated by (a) summing the
Average Maturity Dates of such Performing Collateral Obligations and (b) dividing such sum by the Aggregate Principal Balance of such Performing Collateral Obligations, in each case as of such date. 

“Weighted Average Maturity Date Test” means a test that will be satisfied on any date of determination if the Weighted
Average Maturity Date of all Performing Collateral Obligations as of such date is on or before May 8, 2019. 

  
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 “Weighted Average Recovery Rate” means, as of any date, the number
determined by summing the products obtained by multiplying: 
  

					
	 The DBRS Recovery Rate with respect to each Performing Collateral Obligation
	 	X	 	The Principal Balance of such Performing Collateral Obligation as of such date

 and dividing such sum by: 
 The Aggregate Principal Balance of such Performing Collateral Obligations as of such date. 
 “Weighted Average Spread” means, as of any date, the number determined by summing the number obtained by adding: 

 

					
	 The Aggregate Funded Spread (with respect to all Collateral Obligations that are not Fixed Rate Obligations)
	 	+	 	The Aggregate Unfunded Spread

 and dividing such sum by: 
 The Aggregate Principal Balance of all Collateral Obligations that are not Fixed Rate Obligations as of such date; 
 provided that if the foregoing amount is less than the Row Spread Level in effect as of such date, then all or a portion of the Weighted Average Spread Adjustment, if any, as of such date, to the
extent not exceeding such shortfall, shall be added to such result. 
 “Weighted Average Spread Adjustment”
means, as of any date, a fraction (expressed as a percentage), the numerator of which is equal to the product of (i) the excess, if any, of the Weighted Average Fixed Rate Coupon for such date over 6.00% and (ii) the Aggregate Principal
Balance of all Fixed Rate Obligations as of such date (in each case, excluding the unfunded portion of any Delayed Drawdown Collateral Loans or Revolving Collateral Loans that are Fixed Rate Obligations), and the denominator of which is the
Aggregate Principal Balance of all Collateral Obligations that are not Fixed Rate Obligations as of such date. In computing the Weighted Average Spread Adjustment on any date, the Weighted Average Fixed Rate Coupon for such date shall be computed as
if the Weighted Average Fixed Rate Coupon Adjustment was equal to zero. 
 “Withdrawal Liability” means
liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

“Working Capital Revolver” means a revolving lending facility secured by all or a portion of the current assets of the
related obligor. 

  
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 “Zero Coupon Obligation” means a Collateral Obligation that does not
provide for periodic payments of interest in Cash or that pays interest only at its stated maturity. 
 Section
1.02 Rules of Construction. 
 For all purposes of this Agreement, except as otherwise expressly provided or unless the
context otherwise requires (i) singular words shall connote the plural as well as the singular, and vice versa (except as indicated), as may be appropriate, (ii) the words “herein,” “hereof” and “hereunder”
and other words of similar import used in this Agreement refer to this Agreement as a whole and not to any particular article, schedule, section, paragraph, clause, exhibit or other subdivision, (iii) the headings, subheadings and table of
contents set forth in this Agreement are solely for convenience of reference and shall not constitute a part of this Agreement nor shall they affect the meaning, construction or effect of any provision hereof, (iv) references in this Agreement
to “include” or “including” shall mean include or including, as applicable, without limiting the generality of any description preceding such term, and for purposes hereof the rule of ejusdem generis shall not be applicable to
limit a general statement, followed by or referable to an enumeration of specific matters, to matters similar to those specifically mentioned, (v) each of the parties to this Agreement and its counsel have reviewed and revised, or requested
revisions to, this Agreement, and the rule of construction that any ambiguities are to be resolved against the drafting party shall be inapplicable in the construction and interpretation of this Agreement, (vi) any definition of or reference to
any Facility Document, agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on
such amendments, supplements or modifications set forth herein), (vii) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions set forth herein or in any other
applicable agreement), (viii) any reference to any law or regulation herein shall refer to such law or regulation as amended, modified or supplemented from time to time, (ix) unless otherwise specified herein, all accounting terms used
herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with GAAP as in effect from time to time and (x) unless otherwise specified herein and unless the context requires a different meaning, all
terms used herein that are defined in Articles 8 and 9 of the UCC are used herein as so defined. 
 Section 1.03
Computation of Time Periods. 
 Unless otherwise stated in this Agreement, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” both mean “to but excluding”. Periods of days
referred to in this Agreement shall be counted in calendar days unless Business Days are expressly prescribed. Unless otherwise indicated herein, all references to time of day refer to Eastern Standard Time or Eastern daylight saving time, as in
effect in New York City on such day. 

  
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 Section 1.04 Collateral Value Calculation Procedures. 

In connection with all calculations required to be made pursuant to this Agreement with respect to Scheduled Distributions on any
Collateral Obligations, or any payments on any other assets included in the Collateral, with respect to the sale of and reinvestment in Collateral Obligations, and with respect to the income that can be earned on Scheduled Distributions on such
Collateral Obligations and on any other amounts that may be received for deposit in the Collection Account, the provisions set forth in this Section 1.04 shall be applied. The provisions of this Section 1.04 shall be
applicable to any determination or calculation that is covered by this Section 1.04, whether or not reference is specifically made to Section 1.04, unless some other method of calculation or determination is expressly
specified in the particular provision. 
 (a) All calculations with respect to Scheduled Distributions on the Collateral
Obligations securing the Advances shall be made on the basis of information as to the terms of each of such Collateral Obligations and upon reports of payments, if any, received on such Collateral Obligations that are furnished by or on behalf of
the Obligor of such Collateral Obligations and, to the extent they are not manifestly in error, such information or reports may be conclusively relied upon in making such calculations. 

(b) For purposes of calculating the Coverage Tests, except as otherwise specified in the Coverage Tests, such calculations will not
include ticking fees in respect of Collateral Obligations, and other similar fees, unless or until such fees are actually paid. 

(c) For each Collection Period and as of any date of determination, the Scheduled Distribution on any Collateral Obligations (other than
Defaulted Loan/Bonds, which, except as otherwise provided herein, shall be assumed to have Scheduled Distributions of zero) shall be the sum of (i) the total amount of payments and collections to be received during such Collection Period in
respect of such Collateral Obligations (including the proceeds of the sale of such Collateral Obligations received and, in the case of sales which have not yet settled, to be received during the Collection Period) and not reinvested in additional
Collateral Obligations or retained in the Collection Account for subsequent reinvestment pursuant to Section 10.02 that, if received as scheduled, will be available in the Collection Account at the end of the Collection Period and
(ii) any such amounts received in prior Collection Periods that were not disbursed on a previous Payment Date or retained in the Collection Account for subsequent reinvestment pursuant to Section 10.02. 

(d) Each Scheduled Distribution receivable with respect to a Collateral Obligation shall be assumed to be received on the applicable Due
Date, and each such Scheduled Distribution shall be assumed to be immediately deposited in the Collection Account to earn interest at the Assumed Reinvestment Rate (as determined on each relevant date of determination). All such funds shall be
assumed to continue to earn interest until the date on which they are required to be available in the Collection Account for application, in accordance with the terms hereof, to payments of principal of or interest on the Advances or other amounts
payable pursuant to this Agreement. 
 (e) References in the Priority of Payments to calculations made on a “pro forma
basis” shall mean such calculations after giving effect to all payments, in accordance with the Priority of Payments, that precede (in priority of payment) or include the clause in which such calculation is made. 

  
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 (f) For purposes of calculating all Concentration Limitations, in both the numerator and the
denominator of any component of the Concentration Limitations, Defaulted Loan/Bonds will be treated as having a Principal Balance equal to zero. 
 (g) Except as otherwise provided herein, Defaulted Loan/Bonds will not be included in the calculation of the Collateral Quality Tests. 

(h) For purposes of determining the Minimum Weighted Average Spread Test (and related computations of stated interest coupons and
Aggregate Funded Spread), capitalized or deferred interest (and any other interest that is not paid in cash) will be excluded. 

(i) References in this Agreement to the Borrower’s “purchase” or “acquisition” of a Collateral Obligation
include references to the Borrower’s acquisition of such Collateral Obligation by way of contribution from the Investment Manager or an Affiliate thereof. Portions of the same Collateral Obligation acquired by the Borrower on different dates
(whether through purchase or receipt by contribution, but excluding subsequent draws under Revolving Collateral Loans or Delayed Drawdown Collateral Loans) will, for purposes of determining the purchase price of such Collateral Obligation, be
treated as separate purchases on separate dates (and not a weighted average purchase price for any particular Collateral Obligation). The “purchase price” for all or part of any Collateral Obligation acquired from an Affiliate of the
Borrower, paid in the form of a contribution to the capital of the Borrower, shall be consistent with the amount that would be paid in an arms-length transaction with a non-Affiliate. 

(j) For the purposes of calculating compliance with each of the Concentration Limitations all calculations will be rounded to the nearest
0.01%. 
 (k) Any Specified Change that results in the transfer or release of all or substantially all of the assets securing a
Collateral Obligation shall, for purposes of the Concentration Limitations, result in the recategorizing of such Collateral Obligation as an Equity Security. 
 (l) As of any date of determination, for purposes of all calculations under this Agreement, each Canadian Dollar Obligation and all cashflows in respect thereto (whether existing or anticipated) shall be
expressed in Dollars applying the Settlement Date Rate relating to such Canadian Dollar Obligation; provided that if as of such date of determination the Settlement Date Rate relating to such Canadian Dollar Obligation is less than the
prevailing Spot Foreign Exchange Rate as of such date of determination, then such Canadian Dollar Obligation shall be expressed in Dollars applying the prevailing Spot Foreign Exchange Rate as of such date of determination. 

  
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 ARTICLE II 
 ADVANCES UNDER THE FACILITY 
 Section 2.01 Revolving Credit
Facility. 
 On the terms and subject to the conditions hereinafter set forth, including Article III, each Lender
severally agrees to make advances to the Borrower (each, an “Advance” and each borrowing on any single day, a “Borrowing”) from time to time on any Business Day during the period from the Closing Date until the
Commitment Termination Date, in each case in an aggregate principal amount at any one time outstanding up to but not exceeding such Lender’s Commitment and, as to all Lenders, in an aggregate principal amount up to but not exceeding the Total
Commitment; provided, that no such Advances and no prepayment of any Advances shall be made on the Business Day immediately preceding (but not including) any Payment Date. 

Within such limits and subject to the other terms and conditions of this Agreement, the Borrower may borrow (and re-borrow) Advances
under this Section 2.01 and prepay Advances under Section 2.05. 
 Section 2.02
Advances. 
 (a) If the Borrower desires to make a Borrowing under this Agreement it shall give each Lender and the
Facility Agent (with a copy to the Collateral Agent) a written notice (each, a “Notice of Borrowing”) for such Borrowing (which notice shall be irrevocable and effective upon receipt by the Facility Agent) not later than 11:00 a.m.
at least three Business Days prior to the day of the requested Borrowing (or such lesser notice period that the Facility Agent deems acceptable in its sole discretion). 
 Each Notice of Borrowing shall be substantially in the form of Exhibit B hereto, dated the date the request for the related Borrowing is being made, signed by a Responsible Officer of the Borrower,
and otherwise be appropriately completed. The proposed Borrowing Date specified in each Notice of Borrowing shall be a Business Day falling on or prior to the Commitment Termination Date, and the amount of the Borrowing requested in such Notice of
Borrowing (the “Requested Amount”) shall be equal to at least $1,000,000 or an integral multiple of $500,000 in excess thereof (or, if less, the remaining unfunded Commitments hereunder). 

(b) Each Lender shall not later than 2:00 p.m. on each Borrowing Date in respect of an Advance make its Percentage of the applicable
Requested Amount available to the Borrower by disbursing such funds in Dollars to the Principal Collection Subaccount. 
 Section 2.03 Evidence of Indebtedness; Notes. 
 (a) Each Lender shall maintain in
accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to it and resulting from the Advances made by such Lender to the Borrower, from time to time, including the amounts of principal and interest
thereon and paid to it, from time to time hereunder. 
 Any Lender may request that its Commitment to the Borrower be evidenced
by a Note. In such event, the Borrower shall promptly prepare, execute and deliver to such Lender a Note payable to such Lender and otherwise appropriately completed. Thereafter, the Advances of such Lender evidenced by such Note and interest
thereon shall at all times (including after any assignment pursuant to Section 12.06(a)) be represented by a Note payable to such Lender (or registered assigns pursuant to Section 12.06(a)), except to the extent that such
Lender (or assignee) subsequently returns any such Note for cancellation and requests that such Advances once again be evidenced as described in clauses (a) and (b) of this Section 2.03. 

  
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 Section 2.04 Payment of Principal and Interest. 

The Borrower shall pay principal and interest on the Advances as follows: 

(a) 100% of the outstanding principal amount of each Advance, together with all accrued and unpaid interest thereon, shall be payable on
the Final Maturity Date. 
 (b) Interest shall accrue on the unpaid principal amount of each Advance from the date of such
Advance until such principal amount is paid in full, at the following rates per annum: 
 (i) Base Rate
Advances. While an Advance is a Base Rate Advance, a rate per annum equal to the sum of the Base Rate in effect from time to time plus the Facility Margin Level. 

(ii) Eurodollar Rate Advances. While an Advance is a Eurodollar Rate Advance, a rate per annum for each Interest
Accrual Period for such Advance equal to the sum of LIBOR for such Interest Accrual Period plus the Facility Margin Level. 
 All Advances shall constitute Eurodollar Rate Advances (subject to their conversion to Base Rate Advances pursuant to Section 2.11), provided that, (i) in the event the Borrower is no
longer able to borrow Eurodollar Rate Advances as a result of the occurrence of any of the circumstances set forth in Section 2.11, the Borrower may request Base Rate Advances hereunder until such time as Eurodollar Rate Advances are
available and (ii) after the occurrence and during the continuation of any Event of Default, all Eurodollar Rate Advances will be converted to Base Rate Advances at the end of the applicable Interest Accrual Period if so directed by the
Facility Agent (at the direction of the Required Lenders). 
 The Calculation Agent shall provide notice to the Facility Agent
and the Lenders of any and all LIBOR rate sets on the date that any such rate set is determined. 
 (c) Accrued interest on each
Advance shall be payable in arrears (x) on each Payment Date, and (y) on each date of prepayment of principal thereof, on the principal amount so prepaid to but excluding the date of prepayment. 

(d) Subject in all cases to Section 2.04(f), the obligation of the Borrower to pay the Obligations, including the obligation
of the Borrower to pay the Lenders the outstanding principal amount of the Advances and accrued interest thereon, shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms hereof (including
Section 2.15), under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower or any other Person may have or have had against any Secured Party or any other Person. 

  
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 (e) As a condition to the payment of principal of and interest on any Advance without the
imposition of withholding tax, each Agent and the Borrower may require certification acceptable to such Agent or the Borrower from any recipient to enable the Borrower and the Agents to determine their duties and liabilities with respect to any
taxes or other charges that they may be required to deduct or withhold from payments in respect of such Advance under any present or future law or regulation of the United States and any other applicable jurisdiction, or any present or future law or
regulation of any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation. 
 (f) Notwithstanding any other provision of this Agreement, the obligations of the Borrower under this Agreement are limited recourse obligations of the Borrower only payable solely from the Collateral
and, following realization of the Collateral, and application of the proceeds thereof in accordance with the Priority of Payments and, subject to Section 2.12, all obligations of and any claims against the Borrower hereunder or in
connection herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer, director, employee, shareholder, Affiliate, member, manager, agent, partner, principal or incorporator of
the Borrower or their respective successors or assigns (any “Related Person”) for any amounts payable under this Agreement. It is understood that the foregoing provisions of this clause (f) shall not (i) prevent recourse
to (x) the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (y) any Affiliate of the Borrower under any Facility Document to which they are party thereto or
(ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Agreement until such Collateral has been realized. It is further understood that the foregoing provisions of this clause (f) shall not limit
the right of any Person to name the Borrower as a party defendant in any proceeding or in the exercise of any other remedy under this Agreement, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be
asked for or (if obtained) enforced against any such Related Person. 
 Section 2.05 Prepayment of Advances.

 (a) Optional Prepayments. The Borrower may, from time to time on any Business Day, voluntarily prepay the Advances in
whole or in part, without penalty or premium; provided that the Borrower shall have delivered to the Lenders and the Facility Agent written notice of such prepayment (such notice, a “Notice of Prepayment”) in the form of
Exhibit C hereto not later than 12:00 noon on the Business Day that is (i) in the case of Eurodollar Rate Advances, three Business Days prior to the date of such prepayment, and (ii) in the case of Base Rate Advances, one
Business Day prior to the date of such prepayment. Each such Notice of Prepayment shall be irrevocable and effective upon receipt and shall be dated the date such notice is being given, signed by a Responsible Officer of the Borrower and otherwise
appropriately completed. Each prepayment of any Advance by the Borrower pursuant to this Section 2.05(a) shall in each case be in a principal amount of at least $1,000,000 or a whole multiple of $500,000 in excess thereof or, if less,
the entire outstanding principal amount of the Advances of the Borrower. If a Notice of Prepayment is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date
specified therein. 
 (b) Mandatory Prepayments. The Borrower shall prepay the Advances and make deposits in the
Revolving Reserve Account on each Payment Date in the manner and to the extent provided in the Priority of Payments. The Borrower shall provide, in each Payment Date 

  
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Report, notice of the aggregate amounts of Advances that are to be prepaid on the related Payment Date and amounts to be deposited in the Revolving Reserve Account in accordance with the Priority
of Payments. In connection with such prepayment and deposit to be made in the Revolving Reserve Account on any Payment Date in an amount necessary to result in the satisfaction of the Coverage Tests, the corresponding Commitment as of such date
shall be terminated in an amount equal to the lesser of (i) the amount so deposited in the Revolving Reserve Account at such Payment Date, and (ii) the Total Commitment as in effect on such date. 

(c) Additional Prepayment Provisions. Each prepayment pursuant to this Section 2.05 shall be (i) subject to
Sections 2.04(c) and 2.10 and (ii) applied to the Advances of the Lenders in accordance with their respective Percentages. 
 Section 2.06 Reductions in Commitments. 
 (a) Automatic Reduction and
Termination. The Total Commitment (and the Commitment of each Lender) shall be automatically reduced to zero at the close of business on the Commitment Termination Date. The Borrower shall not terminate or reduce the Total Commitment (including,
without limitation, pursuant to Section 2.05(b)) if, to the extent that after giving effect to such reduction or termination, a Commitment Shortfall shall exist. 
 (b) Optional Termination in Whole. Prior to the Commitment Termination Date, the Borrower shall have the right at any time to terminate the Commitments in their entirety upon not less than 5
Business Days’ prior notice to the Lenders and the Facility Agent of any such termination, which notice shall specify the effective date of such termination, provided that all amounts due under this Agreement and the other Facility
Documents are satisfied in full, including without limitation all principal, interest, Commitment Fees and Administrative Expenses. Such notice of termination shall be irrevocable and effective only upon receipt and shall terminate and cancel the
Commitments of each Lender on the date specified in such notice. 
 (c) Optional Reductions in Part. Prior to the
Commitment Termination Date, the Borrower shall have the right at any time to reduce permanently in an aggregate amount of at least $10,000,000 the unused amount of the Total Commitment upon not less than 5 Business Days’ prior notice to the
Lenders and the Facility Agent of any such reduction, which notice shall specify the effective date of such reduction and the amount of any such reduction, provided that no such reduction will reduce the Total Commitments below the
aggregate principal amount of Advances at such time. Such notice of reduction shall be irrevocable. 
 (d) Effect of
Termination or Reduction. The Total Commitment (and the Commitment of each Lender) once terminated or reduced may not be reinstated. Each reduction of the Total Commitment pursuant to this Section 2.06 shall be applied ratably among
the Lenders in accordance with their respective Commitments. 
 Section 2.07 Maximum Lawful Rate.

 It is the intention of the parties hereto that the interest on the Advances shall not exceed the maximum rate permissible
under Applicable Law. Accordingly, anything herein or in any Note to the contrary notwithstanding, in the event any interest is charged to, collected from or received from or on behalf of the Borrower by the Lenders pursuant hereto or thereto in

  
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excess of such maximum lawful rate, then the excess of such payment over that maximum shall be applied first to the payment of amounts then due and owing by the Borrower to the Secured Parties
under this Agreement (other than in respect of principal of and interest on the Advances) and then to the reduction of the outstanding principal amount of the Advances of the Borrower. 

Section 2.08 Several Obligations. 
 The failure of any Lender to make any Advance to be made by it on the date specified therefor shall not relieve any other Lender of its obligation to make its Advance on such date, neither Agent shall be
responsible for the failure of any Lender to make any Advance, and no Lender shall be responsible for the failure of any other Lender to make an Advance to be made by such other Lender. 

Section 2.09 Increased Costs. 
 (a) If, due to either (i) the introduction of or any change in or in the interpretation, application or implementation of any Applicable Law (a “Regulatory Change”) after the date
hereof, or (ii) the compliance with any guideline or change in the interpretation, application or implementation of any guideline or request from any central bank or other Authority (whether or not having the force of law) after the date
hereof, there shall be any increase in the cost to any Affected Person, (A) other than with respect to Taxes, of agreeing to make or making, funding or maintaining Advances to the Borrower, (B) as a result of Taxes (other than
(I) Indemnified Taxes, (II) Taxes described in clause (iii) through (vi) of the definition of Excluded Taxes and (III) Connection Taxes) on Advances, Notes or Commitments, or reserves, other liabilities or capital attributable thereto
or (C) other than Excluded Article 122a Increased Costs, then the Borrower shall from time to time, on the Payment Dates (but subject in all cases to Section 2.04(f)), following such Affected Person’s demand, pay in accordance
with the Priority of Payments to such Affected Person such additional amounts as may be sufficient to compensate such Affected Person for such increased cost. A certificate setting forth in reasonable detail the amount of such increased cost,
submitted to the Borrower by an Affected Person (with a copy to the Agents and DBRS), shall be conclusive and binding for all purposes, absent manifest error. Notwithstanding anything herein to the contrary, each of (i) the Dodd–Frank Wall
Street Reform and Consumer Protection Act and all rules and regulations promulgated thereunder or issued in connection therewith (the “Dodd-Frank Act”), (ii) Article 122a of the CRD and all rules and regulations promulgated
thereunder or issued in connection therewith, (iii) any law, request, rule, guideline or directive promulgated by the Bank of International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the
United States or foreign regulatory authorities, in each case pursuant to Basel III (“Basel III”), and (iv) any existing or future rules, regulations, guidance, interpretations or directives from the U.S. bank regulatory
agencies relating to the Dodd-Frank Act, Basel III or Article 122a of the CRD (whether or not having the force of law), and all rules and regulations promulgated thereunder or issued in connection therewith shall be deemed to have been introduced
after the Closing Date, thereby constituting a Regulatory Change hereunder with respect to the Affected Parties as of the Closing Date, regardless of the date enacted, adopted or issued. 

  
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 (b) If an Affected Person determines that (i) the applicability of any law, rule,
regulation or guideline adopted after the date hereof pursuant to or arising out of Basel III or (ii) the adoption after the date hereof of any other law, rule, regulation or guideline regarding capital adequacy affecting such Affected Person
or any holding company for such Affected Person or (iii) compliance, implementation or application, whether commenced prior to or after the date hereof, by any Affected Person with the Dodd-Frank Act, Basel III, Article 122a of CRD or any
rules, regulations, guidance, interpretations or directives from bank regulatory agencies promulgated in connection therewith or (iv) any change arising after the date hereof in the foregoing or in the interpretation or administration of any of
the foregoing by any governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or (v) compliance by any Affected Person (or any lending office of such Affected Person), or any holding
company for such Affected Person which is subject to any of the capital requirements described above, with any request or directive issued after the date hereof regarding capital adequacy (whether or not having the force of law) of any such
authority, central bank or comparable agency, (A) affects the amount of capital required to be maintained by such Affected Person and that the amount of such capital is increased by or based upon the existence of such Affected Person’s
Commitment under this Agreement or upon such Affected Person’s making, funding or maintaining Advances or (B) reduces the rate of return of an Affected Person to a level below that which such Affected Person could have achieved but for
such compliance (taking into consideration such Affected Person’s policies with respect to capital adequacy), then the Borrower shall from time to time, on the Payment Dates (but subject in all cases to Section 2.04(f)), following such
Affected Person’s demand, pay in accordance with the Priority of Payments such additional amounts which are sufficient to compensate such Affected Person for such increase in capital or reduced return (other than in respect of Excluded Article
122a Increased Costs). If any Affected Person becomes entitled to claim any additional amounts pursuant to this Section 2.09(b), it shall promptly notify the Borrower (with a copy to the Agents and DBRS) of the event by reason of which
it has become so entitled. A certificate setting forth in reasonable detail such amounts submitted to the Borrower by an Affected Person shall be conclusive and binding for all purposes, absent manifest error. 

Upon the occurrence of any event giving rise to the Borrower’s obligation to pay additional amounts to a Lender pursuant to
clauses (a) or (b) of this Section 2.09, such Lender will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending office if such
designation would reduce or obviate the obligations of the Borrower to make future payments of such additional amounts; provided that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost
or legal or regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving rise to the operation of any such provision. Notwithstanding anything to the contrary in this
Section 2.09, the Borrower shall not be required to compensate a Lender pursuant to this Section 2.09 for any amounts incurred more than nine months prior to the date that such Lender notifies the Borrower of such
Lender’s intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such nine-month period shall be extended to include the period of such retroactive effect.

  
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 Notwithstanding the foregoing, if the Borrower is otherwise in compliance with its covenants
and representations in this Agreement with respect to Article 122a of CRD, and the reason for the increased cost incurred by an Affected Party pursuant to this Section 2.09 is the negligence or willful failure of such Affected Party or an
Affiliate thereof to comply with Article 122a, the Borrower shall not be obligated to compensate such Affected Party for such increased costs. 
 Section 2.10 Compensation; Breakage Payments. 
 The Borrower agrees to compensate
each Affected Person from time to time, on the Payment Dates, following such Affected Person’s written request (which request shall set forth the basis for requesting such amounts), in accordance with the Priority of Payments, for all
reasonable losses, expenses and liabilities (including any interest paid by such Affected Person to lenders of funds borrowed by the Borrower to make or carry a Eurodollar Rate Advance made to the Borrower and any loss sustained by such Affected
Person in connection with the re-employment of such funds but excluding loss of anticipated profits or margin), which such Affected Person may sustain: (i) if for any reason (including any failure of a condition precedent set forth in
Article III but excluding a default by the applicable Lender) a Borrowing of any Eurodollar Rate Advance by the Borrower does not occur on the Borrowing Date specified therefor in the applicable Notice of Borrowing delivered by the
Borrower, (ii) if any payment, prepayment or conversion of any of the Borrower’s Eurodollar Rate Advances occurs on a date that is not the last day of the relevant Interest Accrual Period, (iii) if any payment or prepayment of any
Eurodollar Rate Advance is not made on any date specified in a Notice of Prepayment given by the Borrower, (iv) if any Eurodollar Rate Advance is converted into a Base Rate Advance on a date other than the last day of the Interest Accrual
Period therefor or (v) as a consequence of any other default by the Borrower to repay its Eurodollar Rate Advances when required by the terms of this Agreement. A certificate as to any amounts payable pursuant to this Section 2.10
submitted to the Borrower by any Lender (with a copy to the Agents and DBRS, and accompanied by a reasonably detailed calculation of such amounts and a description of the basis for requesting such amounts) shall be conclusive in the absence of
manifest error. 
 Section 2.11 Illegality; Inability to Determine Rates. 

(a) Notwithstanding any other provision in this Agreement, in the event that it becomes unlawful for a Lender to (i) honor its
obligation to make Eurodollar Rate Advances hereunder, or (ii) maintain Eurodollar Rate Advances hereunder, then such Lender shall promptly notify the Agents and the Borrower thereof (with a copy to DBRS), and such Lender’s obligation to
make or maintain Eurodollar Rate Advances hereunder shall be suspended until such time as such Lender may again make and maintain Eurodollar Rate Advances, and such Lender’s outstanding Eurodollar Rate Advances shall be automatically converted
into Base Rate Advances on the date that such Lender shall specify to the Agents and the Borrower. 
 (b) Upon the occurrence of
any event giving rise to a Lender’s suspending its obligation to make or maintain Eurodollar Rate Advances pursuant to Section 2.11(a), such Lender will, if requested by the Borrower, use reasonable efforts (subject to overall
policy considerations of such Lender) to designate a different lending office if such designation would enable such Lender to again make and maintain Eurodollar Rate Advances; provided that such designation is made on such terms that such
Lender and its lending office suffer no unreimbursed cost or material legal or regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving rise to the operation of any such
provision. 

  
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 (c) If prior to the first day of any Interest Accrual Period, either (i) the
Calculation Agent determines that for any reason adequate and reasonable means do not exist for determining LIBOR for such Interest Accrual Period for any Eurodollar Rate Advances, or (ii) the Facility Agent determines and notifies the
Calculation Agent that the Eurodollar Rate with respect to such Interest Accrual Period for any Eurodollar Rate Advances does not adequately and fairly reflect the cost to such Lenders of funding such Eurodollar Rate Advances, the Calculation Agent
will promptly so notify the Borrower, the Agents, each Lender and DBRS. Thereafter, the obligation of the Lenders to make or maintain Eurodollar Rate Advances shall be suspended until the Facility Agent revokes such notice, and all outstanding
Eurodollar Rate Advances shall be converted into Base Rate Advances on the date that the Facility Agent shall specify to the Borrower. 
 Section 2.12 Rescission or Return of Payment. 
 The Borrower agrees that, if at
any time (including after the occurrence of the Final Maturity Date) all or any part of any payment theretofore made by it to any Secured Party or any designee of a Secured Party is or must be rescinded or returned for any reason whatsoever
(including the insolvency, bankruptcy or reorganization of the Borrower or any of its Affiliates), the obligation of the Borrower to make such payment to such Secured Party shall, for the purposes of this Agreement, to the extent that such payment
is or must be rescinded or returned, be deemed to have continued in existence and this Agreement shall continue to be effective or be reinstated, as the case may be, as to such obligations, all as though such payment had not been made. 

Section 2.13 Fees Payable by Borrower. 
 (a) The Borrower hereby agrees to pay to each Lender, other than a Defaulting Lender, a commitment fee (a “Commitment Fee”) on the daily average unused amount of the Commitment of such
Lender, for each day during the period from the date hereof until the Commitment Termination Date, at a rate equal to 0.75% per annum. Commitment Fees accrued during each Collection Period shall be payable on the related Payment Date.

 (b) All payments by or on behalf of the Borrower under this Section 2.13 shall be made in accordance with the
Priority of Payments. 
 Section 2.14 Post-Default Interest. 

The Borrower shall pay interest on all Obligations that are not paid when due for the period from the due date thereof until the date the
same is paid in full at the Post-Default Rate. Interest payable at the Post-Default Rate shall be payable on each Payment Date in accordance with the Priority of Payments. 

  
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 Section 2.15 Payments Generally. 

(a) All amounts owing and payable to any Secured Party, any Affected Person or any Indemnified Party, in respect of the Advances and
other Obligations, including the principal thereof, interest, fees, indemnities, expenses or other amounts payable under this Agreement, shall be paid by the Borrower (through the Collateral Agent) to the applicable recipient in Dollars, in
immediately available funds, in accordance with the Priority of Payments, and all without counterclaim, setoff, deduction, defense, abatement, suspension or deferment. Each Lender shall provide wire instructions to the Borrower and the Collateral
Agent. Payments received after 1:00 p.m. on a Business Day will be deemed to have been paid on the next following Business Day. 

(b) Except as otherwise expressly provided herein, all computations of interest, fees and other Obligations shall be made on the basis of
a year of 360 days for the actual number of days elapsed in computing interest on any Advance, the date of the making of an Advance shall be included and the date of payment shall be excluded; provided that, if an Advance is repaid on the same
day on which it is made, one day’s interest shall be paid on such Advance. All computations made by the Calculation Agent or the Facility Agent under this Agreement shall be conclusive absent manifest error. 

Section 2.16 Lenders Not Satisfying the Rating Criteria. 
 If and for so long as any Lender fails to satisfy the Rating Criteria, such Lender may deposit, in accordance with Section 8.03(c), an amount equal to such Lender’s undrawn Commitment at
such time in the appropriate Lender Funding Subaccount, and all principal payments in respect of the Advances which would otherwise be made to such Lender shall be diverted to the appropriate Lender Funding Subaccount, in accordance with
Section 8.03(c), and any amounts in such Lender Funding Subaccount shall be applied to any future funding obligations of such Lender. If, within 20 Business Days after the date as of which any Lender has ceased to satisfy the Rating
Criteria, such Lender has not deposited an amount equal to such Lender’s undrawn Commitment in the appropriate Lender Funding Subaccount, the Facility Agent will provide written notice thereof to DBRS. 

Section 2.17 Applicable Row Level. 
 (a) At any time, the Borrower or Investment Manager may designate the end of the Ramp-Up Period and specify the Applicable Row Level to be in effect for purposes of the Matrix by delivery of written
notice to the Agents (with a copy to DBRS, the Collateral Agent, and the Lenders), signed by a Responsible Officer of the Borrower or Investment Manager, as applicable, certifying that (i) each Collateral Quality Test and Concentration
Limitation is satisfied at such time, (ii) each Coverage Test is satisfied at such time, (iii) the Row Advance Rate to be in effect for purposes of the Matrix equals or exceeds the Portfolio Advance Rate at such time; and (iv) no
Commitment Shortfall exists at such time, together with a report demonstrating compliance with each requirement set forth in the aforementioned clauses (i) through (iv). 
 (b) At any time after the delivery of the certification required in Section 2.17(a), the Borrower or the Investment Manager may specify a different Applicable Row Level than the one in use at
that time by delivery of written notice to the Agents (with a copy to DBRS, 

  
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the Collateral Agent and the Lenders), signed by a Responsible Officer of the Borrower or Investment Manager, as applicable, upon not more than five Business Days and not less than one Business
Day prior to the day on which such different Applicable Row Level is to become effective for purposes of the Matrix certifying that (i) each Collateral Quality Test and Concentration Limitation is satisfied at such time, (ii) each Coverage
Test is satisfied at such time, (iii) the Row Advance Rate that is in use at such time equals or exceeds the Portfolio Advance Rate at such time; and (iv) no Commitment Shortfall exists at such time, together with a report demonstrating
compliance with each requirement set forth in the aforementioned clauses (i) through (iv) as well as compliance with all columns in the Matrix for both the existing and proposed Applicable Row Level. 

Section 2.18 Replacement of Lenders. 
 (a) Notwithstanding anything to the contrary contained herein, in the event that any Affected Person shall request reimbursement for amounts owing pursuant to Section 2.09 (each such Affected
Person, a “Potential Terminated Purchaser”), the Borrower shall be permitted, upon no less than ten (10) days notice to the Facility Agent and the Potential Terminated Purchaser, to (i)(1) elect to terminate the Commitment, if
any, of such Potential Terminated Purchaser on the date specified in such termination notice, and (2) prepay on the date of such termination the outstanding principal amount of the Advances and all accrued and unpaid interest thereon of such
Potential Terminated Purchaser, or (ii) elect to cause such Potential Terminated Purchaser to (and the Potential Terminated Purchaser must) assign 100% of its Commitment to a replacement purchaser (a “Replacement Purchaser”)
(any such Potential Terminated Purchaser with respect to which the Borrower has made any such election, a “Terminated Purchaser”). 
 (b) The Borrower shall not make an election described in the preceding paragraph unless (a) no Default or Event of Default shall have occurred and be continuing at the time of such election (unless
such Default or Event of Default would no longer be continuing after giving effect to such election), (b) in respect of an election described in clause (ii) of the immediately preceding paragraph only, on or prior to the effectiveness of
the applicable assignment, the Terminated Purchaser shall have been paid the outstanding principal amount of the Advances and all accrued and unpaid interest thereon of such Terminated Purchaser by or on behalf of the related Replacement Purchaser.
Each Terminated Purchaser hereby agrees to take all actions reasonably necessary, at the expense of the Borrower, to permit a Replacement Purchaser to succeed to its rights and obligations hereunder. Upon the effectiveness of any such assignment to
a Replacement Purchaser, (i) such Replacement Purchaser shall become a “Lender” hereunder for all purposes of this Agreement and the other Facility Documents, (ii) such Replacement Purchaser shall have a Commitment in the amount
not less than the Terminated Purchaser’s Commitment assumed by it and (iii) the Commitment of the Terminated Purchaser shall be terminated in all respects. 

  
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 ARTICLE III 
 CONDITIONS PRECEDENT 
 Section 3.01 Conditions Precedent to
Closing. 
 The obligation of the Lenders to make Advances hereunder comprising the initial Borrowing shall be subject to the
conditions precedent that the Facility Agent shall have received on or before the Closing Date the following, each in form and substance satisfactory to the Facility Agent: 
 (a) each of the Facility Documents duly executed and delivered by the parties thereto, which shall each be in full force and effect; 

(b) true and complete copies of the Constituent Documents of the Borrower and the Investment Manager as in effect on the Closing Date;

 (c) true and complete copies certified by a Responsible Officer of the Borrower of all Governmental Authorizations, Private
Authorizations and Governmental Filings (other than the UCC financing statements to be filed pursuant to clause (e) below), if any, required in connection with the transactions contemplated by this Agreement; 

(d) a certificate of a Responsible Officer of the Borrower certifying (i) as to its Constituent Documents, (ii) as to its
resolutions or other action of its board of directors or members approving this Agreement and the other Facility Documents to which it is a party and the transactions contemplated thereby, (iii) that its representations and warranties set forth
in the Facility Documents to which it is a party are true and correct in all material respects as of the Closing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations
and warranties shall be true and correct in all material respects as of such earlier date), (iv) no Default or Event of Default has occurred and is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible
Officers authorized to execute the Facility Documents to which it is a party; 
 (e) a certificate of a Responsible Officer of
the Investment Manager certifying (i) as to its Constituent Documents, (ii) as to its resolutions or other action of its board of directors approving this Agreement and the other Facility Documents to which it is a party and the
transactions contemplated thereby, (iii) that its representations and warranties set forth in the Facility Documents to which it is a party are true and correct in all material respects as of the Closing Date (except to the extent such
representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date), (iv) to the best of its knowledge, no Default or
Event of Default has occurred and is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute the Facility Documents to which it is a party; 

(f) proper financing statements, under the UCC in all jurisdictions that the Facility Agent deems necessary or desirable in order to
perfect the interests in the Collateral contemplated by this Agreement; 
 (g) copies of proper financing statements, if any,
necessary to release all security interests and other rights of any Person in the Collateral previously granted by the Borrower or any predecessor in interest (including any transferor); 

  
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 (h) legal opinions (addressed to each of the Secured Parties and DBRS) of (i) Orrick,
Herrington & Sutcliffe LLP, counsel to the Borrower and the Investment Manager and (ii) Chapman and Cutler LLP, counsel to the Collateral Agent, covering such matters as the Facility Agent and its counsel shall reasonably request;

 (i) evidence satisfactory to it that all of the Covered Accounts shall have been established; and the Account Control
Agreement shall have been executed and delivered by the Borrower, the Collateral Agent and the Custodian and shall be in full force and effect; 
 (j) a Retention of Net Economic Interest Letter substantially in the form of Exhibit G; 
 (k) Delivery of the Collateral (including any promissory note, executed assignment agreements and copies of any other Related Documents in Microsoft Word format or portable document format (.pdf)
available to the Borrower for each initial Collateral Obligation) in accordance with Section 12.20 shall have been effected; 
 (l) a certificate of a Responsible Officer of the Borrower, dated as of the Closing Date, to the effect that, in the case of each item of Collateral pledged to the Collateral Agent, on the Closing Date
and immediately prior to the delivery thereof on the Closing Date: 
 (i) the Borrower is the owner of such
Collateral free and clear of any liens, claims or encumbrances of any nature whatsoever except for (A) those which are being released on the Closing Date, (B) those granted pursuant to this Agreement and the Account Control Agreement and
(C) Permitted Liens; 
 (ii) the Borrower has acquired its ownership in such Collateral in good faith
without notice of any adverse claim, except as described in clause (i) above; 
 (iii) the Borrower has not
assigned, pledged or otherwise encumbered its interest in such Collateral (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than interests granted pursuant to this Agreement and the Account
Control Agreement; 
 (iv) the Borrower has full right to grant a security interest in and assign and pledge such
Collateral to the Collateral Agent; and 
 (v) upon grant by the Borrower, Delivery of the Collateral and
execution of the Account Control Agreement, the Collateral Agent has a first priority (subject to clause (ii) of the definition of Permitted Liens) perfected security interest in the Collateral; 

(m) the Facility Agent has received a rating letter satisfactory to the Facility Agent, delivered and signed by DBRS and confirming that
the Facility has been assigned at least a “AA” rating by DBRS; 

  
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 (n) evidence that the Aggregate Principal Balance of the Collateral Obligations contributed
by TPG Specialty Lending Inc. to the Borrower (calculated as of the Closing Date) equals or exceeds $62.5 million; 
 (o) such
other opinions, instruments, certificates and documents from the Borrower as the Agents or any Lender shall have reasonably requested; and 
 (p) a certificate of a Responsible Officer of the Borrower, dated as of the Closing Date, to the effect that, in the case of the Collateral Obligations owned by the Borrower on the Closing Date:

 (i) the Borrower is the owner of 7 or more Collateral Obligations from 5 or more different Obligors from 3 or more
industries identified on Schedule 5; 
 (ii) such Collateral Obligations have (i) a Weighted Average Spread greater
than or equal to 4.50% and (ii) a Weighted Average DBRS Risk Score less than or equal to 49.7747; 
 (iii) each of the
Minimum Weighted Average Recovery Rate Test, the Weighted Average Maturity Date Test, and the Minimum Weighted Average Fixed Rate Coupon Test shall be satisfied; 
 (iv) the Aggregate Principal Balance of the Collateral Obligations consisting of Eligible Senior Secured Loans equals or exceeds $56.25 million; and 

(v) with respect to any Collateral Obligation with a Credit Estimate, such Credit Estimate has been assigned by DBRS within one year
prior to the Closing Date. 
 Section 3.02 Conditions Precedent to Each Borrowing. 

The obligation of the Lenders to make each Advance (including any such Advance in respect of the initial Borrowing) on each Borrowing
Date shall be subject to the fulfillment of the following conditions; provided that (1) such Borrowing Date shall occur prior to the end of the Reinvestment Period, and (2) the conditions described in clauses (e) and
(f) (other than a Default or Event of Default described in Sections 6.01(c), (e) or (f)) below need not be satisfied if the proceeds of the Borrowing are used to fund Revolving Collateral Loans or Delayed
Drawdown Collateral Loans then owned by the Borrower or to fund the Revolving Reserve Account to the extent required under Section 8.04: 
 (a) in the case of the initial Borrowing hereunder, (i) the conditions precedent set forth in Section 3.01 shall have been fully satisfied on or prior to the applicable Borrowing Date and
(ii) the Facility Agent shall have received evidence that after giving effect to the Advances in respect of the initial Borrowing, the result of (A) the Aggregate Principal Balance of the Collateral Obligations that have Settled and have
been contributed by TPG Specialty Lending Inc. to the Borrower (calculated as of the applicable Borrowing Date) minus (B) the principal amount of such Advance in respect of the initial Borrowing, equals or exceeds $62.5 million. 

  
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 (b) the Lenders and the Facility Agent shall have received a Notice of Borrowing with
respect to such Advance delivered in accordance with Section 2.02; 
 (c) immediately after the making of such
Advance on the applicable Borrowing Date, the aggregate outstanding principal amount of the Borrower Liabilities shall not exceed the Total Commitment as in effect on such Borrowing Date; 

(d) immediately after the making of such Advance on the applicable Borrowing Date, each Coverage Test shall be satisfied and the Row
Advance Rate that is in use at such time equals or exceeds the Portfolio Advance Rate; 
 (e) each of the representations and
warranties of the Borrower contained in this Agreement and the other Facility Documents shall be true and correct in all material respects as of such Borrowing Date (except to the extent such representations and warranties expressly relate to any
earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); 
 (f) no Default or Event of Default shall have occurred and be continuing at the time of the making of such Advance or shall result upon the making of such Advance; and 

(g) the provisions of Section 10.02 have been satisfied as of the date of purchase in connection with any acquisition of
additional Collateral Obligations with the proceeds of the applicable Advance. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 
 Section 4.01 Representations and Warranties of the Borrower. 
 The Borrower
represents and warrants to each of the Secured Parties on and as of the Closing Date and the date each Advance is made, as follows: 
 (a) Due Organization. The Borrower is a limited liability company duly organized and validly existing under the laws of the State of Delaware, with full power and authority to own and operate its
assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it is a party. 

(b) Due Qualification and Good Standing. The Borrower is in good standing in the State of Delaware. The Borrower is duly qualified
to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents
to which it is a party and its Constituent Documents to which it is a party, requires such qualification, except where the failure to be so qualified or in good standing could not reasonably be expected to have a Material Adverse Effect. 

  
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 (c) Due Authorization; Execution and Delivery; Legal, Valid and Binding;
Enforceability. The execution and delivery by the Borrower of, and the performance of its obligations under, the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby are within its
powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally or general principles of equity, regardless of whether considered in a proceeding in
equity or at law. 
 (d) Non-Contravention. None of the execution and delivery by the Borrower of this Agreement or the
other Facility Documents to which it is a party, the Borrowings or the pledge of the Collateral hereunder, the consummation of the transactions herein or therein contemplated, or performance and compliance by it with the terms, conditions and
provisions hereof or thereof, will (i) conflict with, or result in a breach or violation of, or constitute a default under its Constituent Documents, (ii) conflict with or contravene (A) any Applicable Law, (B) any indenture,
agreement or other contractual restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or
properties or (iii) result in a breach or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in, or but for any requirement of the giving of notice or the passage of time (or both) would
constitute such a conflict with, breach or violation of, or default under, or permit any such acceleration in, any contractual obligation or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which
any such obligation, agreement or document relates). 
 (e) Governmental Authorizations; Private Authorizations; Governmental
Filings. The Borrower has obtained, maintained and kept in full force and effect all Governmental Authorizations and Private Authorizations which are necessary for it to properly carry out its business, and made all Governmental Filings
necessary for the execution and delivery by it of the Facility Documents to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by the Borrower under this Agreement and the performance by the
Borrower of its obligations under this Agreement and the other Facility Documents, and no Governmental Authorization, Private Authorization or Governmental Filing which has not been obtained or made is required to be obtained or made by it in
connection with the execution and delivery by it of any Facility Document to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by the Borrower under this Agreement or the performance of its
obligations under this Agreement and the other Facility Documents to which it is a party. 
 (f) Compliance with Agreements,
Laws, Etc. The Borrower has duly observed and complied with all Applicable Laws, including the Securities Act and the Investment Company Act, relating to the conduct of its business and its assets. The Borrower has preserved and kept in full
force and effect its legal existence. The Borrower has preserved and kept in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so could not reasonably be expected to result in a Material
Adverse Effect. Without limiting the foregoing, (x) to the extent applicable, the Borrower is in compliance in all 

  
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material respects with the regulations and rules promulgated by the U.S. Department of Treasury and/or administered by the U.S. Office of Foreign Asset Controls
(“OFAC”), including U.S. Executive Order No. 13224, and other related statutes, laws and regulations (collectively, the “Subject Laws”), (y) the Borrower has adopted internal controls and
procedures designed to ensure its continued compliance with the applicable provisions of the Subject Laws and, to the extent applicable, will adopt procedures consistent with the PATRIOT Act and implementing regulations, and (z) no investor in
the Borrower is a Person whose name appears on the “List of Specially Designated Nationals” and “Blocked Persons” maintained by the OFAC. 
 (g) Location. The Borrower maintains the majority of its books and records in the State of Texas. The Borrower’s registered office and the jurisdiction of organization of the Borrower is the
jurisdiction referred to in Section 4.01(a). 
 (h) Investment Company Act. Neither the Borrower, the
Investment Manager nor the pool of Collateral is required to register as an “investment company” or a company controlled by an “investment company” under the Investment Company Act. 

(i) ERISA. Neither the Borrower nor any member of its ERISA Group has, or during the past five years had, any liability or
obligation with respect to any Plan or Multiemployer Plan. 
 (j) Taxes. The Borrower has filed all income tax returns
and all other material tax returns which are required to be filed by it, if any, and has paid all taxes shown to be due and payable on such returns, if any, or pursuant to any assessment received by any such Person. 

(k) Tax Status. For U.S. federal income tax purposes, assuming that the Facility constitutes debt for such purposes, the
Borrower is not a publicly traded partnership or an association taxable as a corporation. 
 (l) Environmental Matters.
The operations and property of the Borrower comply with all applicable Environmental Laws. 
 (m) Solvency. After giving
effect to each Advance hereunder, and the disbursement of the proceeds of such Advance, the Borrower is and will be Solvent. 

(n) Initial Collateral Obligations. Each loan, debt obligation, or Participation Interest contributed by the Investment Manager to
the Borrower on the Closing Date complies with the criteria set forth in the definition of “Collateral Obligation”. 
 Section 4.02 Additional Representations and Warranties of the Borrower. 
 The
Borrower represents and warrants to each of the Secured Parties on and as of the Closing Date, each Determination Date, the date each Advance is made, and each date on which a Collateral Obligation is granted to the Trustee hereunder, as follows:

  
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 (a) Information and Reports. Each Notice of Borrowing, each Monthly Report, each
Payment Date Report and all other written information, reports, certificates and statements furnished by or on behalf of the Borrower to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the
transactions contemplated hereby or thereby taken as a whole, and all such written information provided by or on behalf of the Borrower to any Secured Party taken as a whole, do not contain any material misstatement of fact or omit to state any
material fact necessary to make the statements therein, in the light of the circumstances under which it was made, not misleading as of the date such information is stated or certified. 

(b) Plan Assets. The assets of the Borrower are not treated as “plan assets” for purposes of Section 3(42)
of ERISA and the Collateral is not deemed to be “plan assets” for purposes of Section 3(42) of ERISA. The Borrower has not taken, or omitted to take, any action which would result in any of the Collateral being treated as
“plan assets” for purposes of Section 3(42) of ERISA or the occurrence of any Prohibited Transaction in connection with the transactions contemplated hereunder. 

(c) Representations Relating to the Collateral. The Borrower hereby represents and warrants that: 

(i) it owns and has legal and beneficial title to all Collateral Obligations and other Collateral free and clear of any
Lien, claim or encumbrance of any Person, other than Permitted Liens (or, in the case of an asset of a Blocker Subsidiary, the Borrower has a first priority, perfected security interest in the Blocker Subsidiary’s interest in such asset);

 (ii) other than the security interest granted to the Collateral Agent pursuant to this Agreement, the Borrower
has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral; the Borrower has not authorized the filing of and is not aware of any Financing Statements against the Borrower that include a description
of collateral covering the Collateral other than any Financing Statement relating to the security interest granted to the Collateral Agent hereunder or that has been terminated; and the Borrower is not aware of any judgment, PBGC liens or tax lien
filings against the Borrower; 
 (iii) the Collateral constitutes Money, Cash, Accounts, Instruments, General
Intangibles, securities accounts, deposit accounts, Uncertificated Securities, Certificated Securities or security entitlements to financial assets resulting from the crediting of financial assets to a “securities account” (as defined in
Section 8-501(a) of the UCC); 
 (iv) all Covered Accounts constitute “securities accounts” under
Section 8-501(a) of the UCC; 
 (v) this Agreement creates a valid, continuing and, upon Delivery of
Collateral and execution of the Account Control Agreement, perfected security interest (as defined in Section 1-201(37) of the UCC) in the Collateral in favor of the Collateral 

  
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Agent, for the benefit and security of the Secured Parties, which security interest is prior to all other liens, claims and encumbrances and is enforceable as such against creditors of and
purchasers from the Borrower; 
 (vi) the Borrower has received all consents and approvals required by the terms
of the Collateral to the pledge hereunder to the Collateral Agent of all of its interest and rights in the Collateral; 
 (vii) with respect to the Collateral that constitutes Security Entitlements, all such Collateral has been and will have been credited to the Custodial Account; 

(viii) with respect to Collateral that constitutes Accounts or General Intangibles, the Borrower has caused or will have
caused, on or prior to the Closing Date, the filing of all appropriate Financing Statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the
Collateral Agent, for the benefit and security of the Secured Parties, hereunder, and the Borrower hereby agrees that any such Financing Statement may be an “all assets” filing. 

(d) Article 122a of the CRD. As of the Closing Date, the Borrower shall ensure (by obtaining a signed Retention of Net Economic
Interest Letter from a Responsible Officer of the Retention Provider) that the Retention Provider (i) at all times holds the Retained Amount in accordance with option (d) of paragraph 1 of Article 122a of the CRD, (ii) has not changed
and will not change the manner in which it retains the Retained Amount, except to the extent permitted under Article 122a of the CRD and (iii) has not entered and will not enter into any credit risk mitigation, short position or any other
credit risk hedge or credit risk hedging arrangement of any kind with respect to the Retained Amount to the extent prohibited by Article 122a of the CRD. 
 ARTICLE V 
 COVENANTS 

Section 5.01 Affirmative Covenants of the Borrower. 

The Borrower covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations have been paid
in full): 
 (a) Compliance with Agreements, Laws, Etc. It shall (i) duly observe, comply with and conform to all
Applicable Laws, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so could not
reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Facility Document, the Borrower LLC Agreement and each Related Document to which it is a party and (v) obtain, maintain and
keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary to properly carry out its business and the transactions contemplated to be performed by it under the Facility
Documents, the Borrower LLC Agreement and the Related Documents to which it is a party. 

  
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 (b) Enforcement. (i) It shall not take any action, and will use its commercially
reasonable best efforts not to permit any action to be taken by others, that would release any Person from any of such Person’s covenants or obligations under any instrument included in the Collateral, except in the case of (A) repayment
of Collateral Obligations, (B) subject to the other terms of this Agreement, (i) amendments to Related Documents that govern Defaulted Loan/Bonds and (ii) enforcement actions taken or work-outs with respect to any Defaulted Loan/Bond
in accordance with the provisions hereof, and (C) actions by the Investment Manager under the Investment Management Agreement and in conformity with this Agreement or as otherwise required hereby. 

(ii) It will not, without the prior written consent of the Facility Agent (at the direction of the Required Lenders)
(except in the case of the Investment Management Agreement, in which case no consent shall be required), contract with other Persons for the performance of actions and obligations to be performed by the Borrower hereunder and under the
Investment Management Agreement by such Persons. Notwithstanding any such arrangement, the Borrower shall remain primarily liable with respect thereto. The Borrower will punctually perform, and use its best efforts to cause the Investment Manager
and such other Person to perform in all material respects, all of their obligations and agreements contained in the Investment Management Agreement, this Agreement or any such other agreement. 

(c) Further Assurances. It shall promptly upon the reasonable request of either Agent, at the Borrower’s expense, execute and
deliver such further instruments and take such further action in order to maintain and protect the Collateral Agent’s first-priority perfected security interest in the Collateral pledged by the Borrower for the benefit of the Secured Parties
free and clear of any Liens (other than Permitted Liens). At the reasonable request of either Agent, the Borrower shall promptly take, at the Borrower’s expense, such further action in order to establish and protect the rights, interests and
remedies created or intended to be created under this Agreement in favor of the Secured Parties in the Collateral, including all actions which are necessary to (x) enable the Secured Parties to enforce their rights and remedies under this
Agreement and the other Facility Documents, and (y) effectuate the intent and purpose of, and to carry out the terms of, the Facility Documents. Subject to Section 7.02, the Borrower authorizes the Collateral Agent and the Facility
Agent to file or record, without the Borrower’s signature, UCC-1 financing statements (including financing statements describing the Collateral as “all assets” or the equivalent) that name the Borrower as debtor and the Collateral
Agent as secured party, and ratifies any such filings or recordings made within 30 days prior to the date hereof, and other filing or recording documents or instruments with respect to the Collateral in such form and in such offices as such
Agent determines appropriate to perfect the security interests of the Collateral Agent under this Agreement. 
 In addition, the
Borrower will take such reasonable action from time to time as shall be necessary to ensure that all assets (including all Covered Accounts) of the Borrower constitute “Collateral” hereunder. Subject to the foregoing, the Borrower will
upon the reasonable request of either Agent, at the Borrower’s expense, take such other action (including 

  
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executing and delivering or authorizing for filing any required UCC financing statements) as shall be necessary to create and perfect a valid and enforceable first-priority security interest on
all Collateral acquired by the Borrower as collateral security for the Obligations and will in connection therewith deliver such proof of corporate action, incumbency of officers, opinions of counsel and other documents as is consistent with those
delivered by the Borrower pursuant to Section 3.01 on the Closing Date or as either Agent shall have reasonably requested. 
 (d) Financial Statements; Other Information. It shall provide to the Facility Agent or cause to be provided to the Facility Agent: 

(i) as soon as available and in any event within 120 days after the end of each fiscal year of TPG Specialty Lending,
Inc. (on a consolidated basis) (beginning with the year ended December 31, 2011), from a firm of Independent certified public accountants of nationally recognized standing, audited financial statements of TPG Specialty Lending, Inc. (on a
consolidated basis), including balance sheet, income statement, statement of cash flows and the accompanying footnotes for such fiscal year prepared in accordance with GAAP, setting forth in the case of each fiscal year ending after 2011 in
comparative form the figures for the previous fiscal year; 
 (ii) as soon as available and in any event within
60 days after the end of each of the first three fiscal quarters of each fiscal year of TPG Specialty Lending, Inc. (on a consolidated basis) (beginning with the quarter ended March 30, 2012), unaudited financial statements of TPG Specialty
Lending, Inc. (on a consolidated basis), including balance sheet, income statement, statement of cash flows (and the accompanying footnotes, solely relating to “related transactions” and any swap transactions, if any) for such fiscal
quarter and for the portion of the fiscal year ended at the end of such fiscal quarter setting forth in the case of each fiscal quarter ending on or after March 30, 2012 in comparative form the figures for the corresponding fiscal quarter and
the corresponding portion of the previous fiscal year, all certified as to fairness of presentation, GAAP and consistency by the Investment Manager; 
 (iii) simultaneously with the delivery of each set of annual financial statements referred to in clause (a) above, a certificate of the Borrower certifying (x) that such financial statements
fairly present the financial condition and the results of operations of the Borrower on the dates and periods indicated in such financial statements and (y) that no Default or Event of Default occurred during such period or if any Default or
Event of Default occurred during such period, setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto; 

(iv) as soon as possible, and in any event within five Business Days (in the case of clauses (A), (B), (C) and
(D) below) or within one Business Day (in the case of clause (E) below) after a Responsible Officer of the Investment Manager or the Borrower obtains actual knowledge of the occurrence and continuance of any (A) Default,
(B) Event of Default, (C) early termination of the Reinvestment Period as a result of the occurrence of an event referred to in clause (d) of the definition of Reinvestment Period, (D) litigation or governmental proceeding
pending or actions threatened against the Borrower’s rights in the Collateral Obligations; or (E) EoD OC 

  
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Ratio Failure, a certificate of a Responsible Officer of the Borrower setting forth the details thereof and the action which the Borrower is taking or proposes to take, if any, with respect
thereto; 
 (v) from time to time such additional information regarding the Borrower’s financial position or
business and the Collateral (including reasonably detailed calculations of each Coverage Test and Collateral Quality Test) as the Facility Agent or the Required Lenders (through the Facility Agent) may request, or as the Lenders may require in order
to comply with the FAS 166/167 Regulatory Capital Rules or Basel III or their respective obligations under Article 122a of the CRD (including a refreshed Retention of Net Economic Interest Letter from the Retention Provider on each Payment Date and
as the Lenders may require in order to comply with their respective obligations under Article 122a of the CRD) in each such case if reasonably available to the Borrower; provided that unless the Retention Provider provides the Facility Agent
and the Lenders with a refreshed Retention of Net Economic Interest Letter on a Payment Date, the Retention Provider shall be deemed to have provided the Facility Agent and the Lenders with a refreshed Retention of Net Economic Interest Letter on
any such Payment Date certifying that on such Payment Date the information contained in the prior Retention of Net Economic Interest Letter delivered by the Retention Provider remains unchanged; provided, further that notwithstanding
the immediately preceding proviso, the Retention Provider shall deliver a Net Economic Interest Letter to the Facility Agent and the Lenders no less frequently than annually; 

(vi) promptly after the occurrence of any ERISA Event, notice of such ERISA Event and copies of any communications with
all Authorities or any Multiemployer Plan with respect to such ERISA Event; and 
 (vii) within 10 Business
Days after each Determination Date, a report prepared by the Investment Manager, with respect to the Collateral Obligations, providing summary balance sheet, earnings and performance data (including without limitation EBITDA and relevant leverage
metrics) with respect to each of the related Obligors, in each case determined as of the related Determination Date. 
 (e)
Access to Records and Documents. It shall cause the Investment Manager to permit (at the Borrower’s expense) the Facility Agent, or its designees, to, upon reasonable advance notice and during normal business hours, visit and inspect and
make copies of (i) the Investment Manager’s books, records and accounts relating to the Investment Manager’s and the Borrower’s business, financial condition, operations, assets and performance under the Facility Documents and
the Related Documents and to discuss the foregoing with the Investment Manager’s officers, partners, employees and accountants, and (ii) all of the Related Documents available to the Investment Manager; provided that, so long as no
Event of Default has occurred and is continuing, each Person entitled to so visit and inspect the Investment Manager’s records under this clause (e) may only exercise its rights under this clause (e) once during any fiscal quarter of
the Investment Manager and only one such quarterly visit per annum shall be at the Borrower’s expense; 

  
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 (f) Use of Proceeds. It shall use the proceeds of each Advance made hereunder solely:

 (i) to fund or pay the purchase price of Collateral Obligations or Eligible Investments acquired or originated
by the Borrower in accordance with the terms and conditions set forth herein; 
 (ii) to fund additional
extensions of credit under Revolving Collateral Loans and Delayed Drawdown Collateral Loans purchased in accordance with the terms of this Agreement; 
 (iii) to fund the Revolving Reserve Account on or prior to the Commitment Termination Date to the extent the Revolving Reserve Account is required to be funded pursuant to Section 8.04 (and
the Borrower shall submit a Notice of Borrowing requesting a Borrowing for a Borrowing Date falling no more than five Business Days and no less than one Business Day prior to the Commitment Termination Date with a Requested Amount sufficient to
fully fund the Revolving Reserve Account under Section 8.04); and 
 (iv) if a Borrowing is made on
the Closing Date, solely in respect of the proceeds of the Advances hereunder comprising such initial Borrowing, to fund the Closing Expense Account in an amount sufficient to pay all Closing Date Expenses on any Business Day from the Closing Date
to and including the Determination Date relating to the initial Payment Date following the Closing Date. 
 Without limiting the
foregoing, it shall use the proceeds of each Advance in a manner that does not, directly or indirectly, violate any provision of its Constituent Documents or any Applicable Law, including Regulation T, Regulation U and Regulation X.

 (g) Opinions as to Collateral. On or before September 30 in each calendar year, commencing in 2012, the Borrower
shall furnish to the Agents and DBRS an opinion of counsel, addressed to the Borrower, the Agents and DBRS, relating to the continued perfection of the security interest granted by the Borrower to the Collateral Agent hereunder. 

(h) Rating Monitoring. On or before September 30 in each calendar year, commencing in 2012, the Borrower shall pay for the
ongoing monitoring of the rating of the Facility from DBRS. The Borrower shall promptly notify the Agents and the Investment Manager in writing (and the Facility Agent shall promptly provide the Lenders with a copy of such notice) if at any time the
rating of the Facility has been changed or withdrawn or the rating outlook on the Facility has been changed. 
 (i) No Other
Business. From and after the Closing Date, the Borrower shall not engage in any business or activity other than borrowing Advances pursuant to this Agreement, originating, funding, acquiring, owning, holding, administering, selling, enforcing,
lending, exchanging, redeeming, pledging, contracting for the management of and otherwise dealing with Collateral Obligations, Eligible Investments and the other Collateral in connection therewith (including assets received upon enforcement or
work-out and establishing and maintaining Blocker Subsidiaries) and entering into the Facility Documents, any agreements 

  
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whereby the Borrower lends funds to a Blocker Subsidiary for purposes of acquiring assets not permitted to be held directly by the Borrower under this Agreement, any applicable Related Documents
and any other agreements contemplated by this Agreement and any business ancillary thereto. 
 (j) Tax Matters. The
Borrower shall (and each Lender hereby agrees to) treat the Facility and the Notes as debt for U.S. federal income tax purposes and will take no contrary position unless otherwise required (i) due to a change of law occurring after the date
hereof, (ii) pursuant to a closing agreement with the U.S. Internal Revenue Service or (iii) pursuant to a non-appealable judgment of a court of competent jurisdiction. Assuming that such treatment is correct, the Borrower shall at all
times maintain its status as an entity that is not a publicly traded partnership or an association taxable as a corporation for U.S. federal income tax purposes. The Borrower shall at all times ensure that its owner is and will remain a United
States person that is, for the avoidance of doubt, not a disregarded entity, as defined by Section 7701(a)(30) of the Code. 
 (k) Provision of Information. With respect to each Collateral Obligation, the Borrower will provide to each Rating Agency, Agent or Lender all information reasonably requested by such Rating
Agency, Agent or Lender that is in its possession or can be obtained by it without unreasonable expense. 
 (l) .Article 122a
of the CRD. The Borrower shall ensure (by obtaining a signed Retention of Net Economic Interest Letter from a Responsible Officer of the Retention Provider from time to time upon the written request of the Facility Agent) that the Retention
Provider (i) at all times holds the Retained Amount in accordance with option (d) of paragraph 1 of Article 122a of the CRD, (ii) has not changed and will not change the manner in which it retains the Retained Amount, except to the
extent permitted under Article 122a of the CRD and (iii) has not entered and will not enter into any credit risk mitigation, short position or any other credit risk hedge or credit risk hedging arrangement of any kind with respect to the
Retained Amount to the extent prohibited by Article 122a of the CRD. 
 (m) Credit Estimate. With respect to each
Collateral Obligation which has received a Credit Estimate from DBRS, the Borrower, on or prior to the 367th day after the date of assignment of such Credit Estimate, shall provide updated information available to it relating to such Collateral
Obligation as may reasonably be requested by DBRS, and apply to DBRS for an updated Credit Estimate within such 367 day period. Promptly upon the Borrower’s receipt of any such updated Credit Estimate from DBRS, the Borrower shall deliver such
updated Credit Estimate to the Collateral Agent. 
 (n) Ordinary Course of Business. Each repayment of principal or
interest under this Agreement shall be (x) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (y) made in the ordinary course of business or financial affairs of the
Borrower. 

  
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 Section 5.02 Negative Covenants of the Borrower. 

The Borrower covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations have been paid
in full): 
 (a) Restrictive Agreements. It shall not enter into or suffer to exist or become effective any agreement that
prohibits, limits or imposes any condition upon its ability to create, incur, assume or suffer to exist any Lien upon any of its property or revenues constituting Collateral, whether now owned or hereafter acquired, to secure its obligations under
the Facility Documents other than this Agreement and the other Facility Documents. 
 (b) Liquidation; Merger; Sale of
Collateral. It shall not consummate any plan of liquidation, dissolution, partial liquidation, merger or consolidation (or suffer any liquidation, dissolution or partial liquidation) nor sell, transfer, exchange or otherwise dispose of any of
its assets, or enter into an agreement or commitment to do so or enter into or engage in any business with respect to any part of its assets, except as expressly permitted by this Agreement and the other Facility Documents. 

(c) Amendments to Constituent Documents and Facility Documents. Except as otherwise provided in this Agreement, it shall not
amend, change, waive or otherwise modify or take any action inconsistent with any of the Special Purpose Provisions, any of its Constituent Documents or any Facility Document, in each case, without the consent of the Facility Agent. 

(d) ERISA. It shall not establish any Plan or Multiemployer Plan and shall not become a member of an ERISA Group. 

(e) Liens. It shall not create, assume or suffer to exist any Lien on any of its assets now owned or hereafter acquired, except
for Permitted Liens and as otherwise expressly permitted by this Agreement and the other Facility Documents. 
 (f) Margin
Requirements. It shall not (i) extend credit to others for the purpose of buying or carrying any Margin Stock in such a manner as to violate Regulation T or Regulation U or (ii) use all or any part of the proceeds of any
Advance, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that violates any provision of the Regulations of the Board of Governors, including, to the extent applicable, Regulation U and
Regulation X, or for any purpose that would cause any of the Lenders to be in violation of Regulation T or Regulation U. 

(g) Changes to Filing Information. It shall not change its name or its jurisdiction of organization from that referred to in
Section 4.01(a), unless it gives sixty days’ prior written notice to the Agents and takes all actions that the either Agent reasonably determines to be necessary to protect and perfect the Collateral Agent’s perfected
security interest in the Collateral of the Borrower contemplated by this Agreement. 
 (h) Transactions with Affiliates.
Except as permitted in this Agreement and the other Facility Documents, it shall not sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates (including, without limitation, sales of Defaulted Loan/Bonds, Credit Risk Loan/Bonds and other Collateral Obligations), unless such transaction is upon terms no less favorable to the Borrower than it would
obtain in a comparable arm’s length transaction with a Person that is not an Affiliate. 

  
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 (i) Investment Company Restriction. It shall not and it shall not permit the pool of
Collateral to become required to register as an “investment company” under the Investment Company Act. 
 (j)
Subject Laws. It shall not utilize, directly or indirectly, the proceeds of any Advance for the benefit of any Person controlling, controlled by, or under common control with any other Person whose name appears on the List of Specially
Designated Nationals and Blocked Persons maintained by OFAC or otherwise in violation of any Subject Laws. 
 (k) No Claims
Against Advances. Subject to Applicable Law, it shall not claim any credit on, make any deduction from, or dispute the enforceability of payment of the principal or interest payable (or any other amount) in respect of the Facility or assert any
claim against any present or future Lender, by reason of the payment of any taxes levied or assessed upon any part of the Collateral. 
 (l) Indebtedness; Guarantees; Securities; Other Assets. It shall not incur, assume, suffer to exist or guarantee any indebtedness or other liabilities, or issue any securities, whether debt or
equity, in each case other than (i) as expressly permitted by this Agreement and the other Facility Documents (ii) obligations under its Constituent Documents or (iii) pursuant to indemnification, expense reimbursement and similar
provisions under the Related Documents. The Borrower shall not acquire any Collateral Obligations or other property other than as expressly permitted under the Facility Documents. 

(m) Validity of this Agreement. It shall not (i) permit the validity or effectiveness of this Agreement or any grant of
Collateral hereunder to be impaired, or permit the lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Agreement,
except as may be permitted hereby or by the Investment Management Agreement and (ii) except for Permitted Liens and as otherwise permitted by this Agreement, take any action that would result in the lien of this Agreement to no longer
constitute a valid first priority security interest in the Collateral. 
 (n) Reserved. 

(o) Priority of Payments. Except for the payment of transaction expenses payable in connection with the Closing Date as
contemplated in Section 3.01(j), it (or the Collateral Agent on its behalf) shall not disburse any amounts from the Collection Account or Payment Account other than in accordance with the Priority of Payments. 

(p) Subsidiaries. It shall not have or permit the formation of any subsidiaries (other than subsidiaries, each of which
(x) meets the then-current general criteria of DBRS for bankruptcy remote entities and that includes, in its Constituent Documents, provisions analogous to the Special Purpose Provisions (as defined in the Borrower LLC Agreement), and
(y) is formed for the sole purpose of holding stock or other equity interests in one or more corporations or other Persons or other assets received in a workout of a Defaulted Loan/Bond or otherwise

  
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acquired in connection with a workout of a Collateral Obligation (each, a “Blocker Subsidiary”); provided that a Rating Confirmation must be obtained with respect to each
formation of a Blocker Subsidiary and the Facility Agent shall have consented thereto, except that, if due to exigent circumstances, a Blocker Subsidiary must be formed immediately, the Borrower may proceed with formation of the Blocker Subsidiary
if it has not received a response from the Facility Agent within two Business Days of its request. The Borrower shall ensure that each Blocker Subsidiary (i) is wholly owned by the Borrower, (ii) will not sell, transfer, exchange or
otherwise dispose of, or pledge, mortgage, hypothecate or otherwise encumber (or permit such to occur or suffer such to exist) any part of its assets, except in compliance with the Borrower’s rights and obligations under this Agreement and with
such subsidiary’s constituent documents, (iii) will not have any subsidiaries, (iv) will comply with Articles III through VIII and X through XII (mutatis mutandis) as if it were named as the Borrower
in said Articles, excluding the Blocker Subsidiary Exempt Provisions, (v) will not incur or guarantee any indebtedness except indebtedness with respect to which the Borrower is the sole creditor, (vi) will include in its constituent
documents a limitation on its business such that it may only engage in the acquisition of assets permitted under this Agreement and the disposition of such assets and the proceeds thereof to the Borrower (and activities ancillary thereto) and
(vii) will distribute (including by way of interest payment) 100% of the proceeds of the assets acquired by it (net of applicable taxes and expenses payable by such subsidiary) to the Borrower, and the Borrower will ensure that 100% of the
shares of stock and all other equity interest in each Blocker Subsidiary are pledged to the Collateral Agent hereunder. 
 (q)
Name. It shall not conduct business under any name other than its own. 
 (r) Employees. It shall not have any
employees (other than officers and directors to the extent they are employees). 
 (s) Non-Petition. The Borrower shall
not be party to any agreement without including customary “non-petition” and “limited recourse” provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except for any Related
Document or any other agreement related to the purchase and sale of any Collateral Obligations which contains customary purchase or sale terms or which is documented using customary loan trading documentation, in each case, if such Related Document
or agreement does not contain any provision providing for recourse to the Borrower, including, without limitation, any indemnification obligation. 
 (t) Certificated Securities. The Borrower shall not acquire or hold any Certificated Securities in bearer form (other than securities not required to be in registered form under
Section 163(f)(2)(A) of the Code) in a manner that does not satisfy the requirements of United States Treasury Regulations section 1.165-12(c) (as determined by the Investment Manager). 

(u) Independent Managers. Without limiting anything in the Borrower LLC Agreement, the Borrower shall at all times maintain at
least two independent managers or independent directors, each of who (A) for the five year period prior to his or her appointment as independent manager or independent director has not been, and during the continuation of his or her service as
independent manager is not: (i) a stockholder (or other interest holder), director, 

  
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officer, manager, owner, agent, trustee, employee, partner, member, attorney or counsel of the Borrower, the Investment Manager or any of their Affiliates; (ii) a creditor, customer,
supplier of, or other Person who derives any of its purchases or revenues from its activities with, the Borrower, the Investment Manager or any of their Affiliates; (iii) a Person controlling or under common control with any Person excluded
from serving as independent manager or independent director under clause (i) or (ii) above; or (iv) a member of the immediate family by blood or marriage of any Person excluded from serving as independent manager or independent
director under clause (i), (ii) or (iii) above; and (B) is a Professional Independent Manager (as defined below). The criteria set forth above in this Section 5.02(u) are referred to herein as the “Independent
Manager Criteria”. 
 A natural person who satisfies the Independent Manager Criteria other than clause (i) above
solely by reason of being the independent director or independent manager of a Special Purpose Entity affiliated with the Borrower shall not be disqualified from serving as an independent manager or independent director of the Borrower if such
individual is a Professional Independent Manager. A natural person who satisfies the Independent Manager Criteria other than clause (ii) above shall not be disqualified from serving as an independent manager or independent director of the
Borrower if such individual is a Professional Independent Manager. For purposes of this Section 5.02(u): 
 “Professional Independent Manager” means an individual who is employed by a nationally-recognized company that provides professional independent directors or independent managers for
Special Purpose Entities and other corporate services in the ordinary course of its business. 
 “Special
Purpose Entity” means a limited liability company or other business entity that is created with the purpose of being “bankruptcy remote” and whose organizational documents contain restrictions on its activities and impose
requirements intended to preserve such entity’s separateness that are substantially similar to the special purpose provisions of the Borrower LLC Agreement. 
 Without limiting anything in the Borrower LLC Agreement, in the event that the manager of the Borrower intends to appoint a new independent manager or independent director, the manager or sole member of
the Borrower shall provide written notice to the Facility Agent not less than ten days prior to the effective date of such appointment and shall certify in such notice that the designated Person satisfies the Independent Manager Criteria,
provided that, if: 
 (i) an independent manager or independent director of the Borrower dies, becomes
incapacitated or no longer is employed by the firm that is then providing independent managers or independent directors for the Borrower; or 
 (ii) the firm referred to in clause (i) is no longer in the business of providing independent managers or independent directors for Special Purpose Entities generally, 

  
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 (either of the circumstances in clause (i) or (ii) above, an “Unexpected
Replacement”) then the manager or sole member of the Borrower shall (A) provide written notice to the Facility Agent as soon as possible thereafter and (B) unless the Facility Agent otherwise objects in writing within 10 days of
receipt of such notice, promptly appoint a new independent manager or independent director from the same firm as the deceased or incapacitated or formerly employed independent manager or independent director (in the case of clause (i)) or from
another firm that is in the business of providing independent managers or directors for Special Purpose Entities generally (in the case of clause (ii)), in each case as to which the manager or sole member of the Borrower shall certify that the
designated Person satisfies the Independent Manager Criteria. 
 The Borrower hereby confirms that, as of the Closing Date, each
independent manager or independent director of the Borrower (initially, Gregory F. Lavelle and Donald J. Puglisi) satisfies the Independent Manager Criteria. 
 (v) Changes to Related Documents. The Borrower shall not enter into any amendment, consent, waiver or other modification with respect to a Related Document without the prior written consent of the
Facility Agent if such amendment, consent, waiver or other modification would effect a Specified Change (a “Related Document Modification”); provided that the consent of the Facility Agent shall not be required if, after
giving effect to such Related Document Modification, (x) the relevant Collateral Obligation would be eligible to be acquired by the Borrower hereunder, (y) a DBRS Rating is obtained, or updated, for such Collateral Obligation and
(z) all Coverage Tests and Collateral Quality Tests would be satisfied (or if any such Collateral Quality Test is not satisfied, such Collateral Quality Test shall be maintained or improved). 

(w) Investments; Retention of Funds. 
 (i) The Borrower shall not make any investment or acquire any property other than in (A) Collateral Obligations, (B) Eligible Investments, (C) Blocker Subsidiaries in accordance with
Section 5.02(p) and (D) any stock or other equity interests in one or more corporations or other Persons or other assets received in a workout of a Defaulted Loan/Bond or otherwise acquired in connection with a workout of a
Collateral Obligation. 
 (ii) All Interest Proceeds and Principal Proceeds will be applied by the Borrower (or
the Collateral Agent on its behalf) only as provided in Sections 2.05(a), Sections 9.01 and 10.02. 
 (x) Hedge Agreements. The Borrower shall not enter into any hedge agreement that is not an Eligible Hedge Agreement. 

Section 5.03 Certain Undertakings Relating to Separateness. 

(a) Without limiting any, and subject to all, other covenants of the Borrower contained in this Agreement, the Borrower shall conduct its
business and operations separate and apart from that any other Person (including the Investment Manager and any of its Affiliates, the holders of the Equity and their respective Affiliates) and in furtherance of the foregoing: 

  
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 (1) The Borrower shall maintain its accounts, financial statements, books,
accounting and other records, and other Borrower documents separate from those of any other Person. 
 (2) The
Borrower shall not commingle or pool any of its funds or assets with those of any Affiliate or any other Person, and it shall hold all of its assets in its own name, except as otherwise permitted or required under the Facility Documents. 

(3) The Borrower shall conduct its own business in its own name and, for all purposes, shall not operate, or purport to
operate, collectively as a single or consolidated business entity with respect to any Person. 
 (4) The Borrower
shall pay its own debts, liabilities and expenses (including overhead expenses, if any) only out of its own assets as the same shall become due. 
 (5) The Borrower has observed, and shall observe all (A) Delaware limited liability company formalities and (B) other organizational formalities, in each case to the extent necessary or
advisable to preserve its separate existence, and shall preserve its existence, and it shall not, nor shall it permit any Affiliate or any other Person to, amend, modify or otherwise change its limited liability company agreement in a manner that
would adversely affect the existence of the Borrower as a bankruptcy-remote special purpose entity. 
 (6) The
Borrower does not, and shall not, (A) guarantee, become obligated for, or hold itself or its credit out to be responsible for or available to satisfy, the debts or obligations of any other Person or (B) control the decisions or actions
respecting the daily business or affairs of any other Person except as permitted by or pursuant to the Facility Documents. 
 (7) Except for income tax purposes, the Borrower shall, at all times, hold itself out to the public as a legal entity separate and distinct from any other Person. 

(8) Except for income tax purposes, the Borrower shall not identify itself as a division of any other Person. 

(9) The Borrower shall maintain its assets in such a manner that it will not be costly or difficult to segregate,
ascertain or identify its individual assets from those of any Affiliate or any other Person. 
 (10) The Borrower
shall not use its separate existence to perpetrate a fraud in violation of applicable law. 
 (11) The Borrower
shall not, in connection with the Facility Documents, act with an intent to hinder, delay or defraud any of its creditors in violation of applicable law. 

  
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 (12) Except as permitted by this Agreement and the other Facility Documents,
the Borrower shall maintain an arm’s length relationship with its Affiliates and the Investment Manager. 

(13) Except as permitted by or pursuant to the Facility Documents, the Borrower shall not grant a security interest or
otherwise pledge its assets for the benefit of any other Person. 
 (14) Except as provided in the Facility
Documents, the Borrower shall not acquire any securities or debt instruments of the Investment Manager, its Affiliates or any other Person. 
 (15) The Borrower shall not make loans or advances to any Person, except for the Collateral Obligations and as permitted by or pursuant to the Facility Documents. 

(16) The Borrower shall make no transfer of its assets except as permitted by or pursuant to the Facility Documents.

 (17) The Borrower shall file its own tax returns separate from those of any other Person or entity, except to
the extent that the Borrower is not required to file tax returns under applicable law or is not permitted to file its own tax returns separate from those of any other Person. 

(18) The Borrower shall not acquire obligations or securities of its members. 

(19) The Borrower shall use separate stationary, invoices and checks. 

(20) The Borrower shall correct any known misunderstanding regarding its separate identity. 

(21) The Borrower shall intend to maintain adequate capital in light of its contemplated business operations. 

(22) The Borrower shall at all times be organized as a single-purpose entity with organizational documents substantially
similar to those in effect on the Closing Date. 
 (23) The Borrower shall at all times conduct its business so
that any assumptions made with respect to the Borrower in any “substantive non-consolidation” opinion letter delivered in connection with the Facility Documents will continue to be true and correct in all respects. 

Section 5.04 Credit Estimates; Failure to Have a DBRS Long Term Rating. 

(a) If at any time a Collateral Obligation does not have a DBRS Long Term Rating, then the Borrower shall, within 10 Business Days after
(x) the origination or purchase of such Collateral Obligation or (y) the withdrawal of a DBRS Long Term Rating from such Collateral Obligation, apply to DBRS for a Credit Estimate, which shall be the DBRS Risk Score for such Collateral
Obligation; provided that if the DBRS Risk Score of a Collateral Obligation is determined based on a Credit Estimate, such Credit Estimate must be updated at least annually. 

  
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 (b) If the Borrower is in the process of obtaining a Credit Estimate in respect of a
Collateral Obligation, at all times until the DBRS Risk Score for such Collateral Obligation (based on a Credit Estimate) is assigned, the DBRS Risk Score of such Collateral Obligation shall be: 

(i) if the Aggregate Principal Balance of all such Collateral Obligations with respect to which the Borrower is in the
process of obtaining a Credit Estimate is equal to or less than 20% of the Total Capitalization, 49.7747, and 

(ii) if the Aggregate Principal Balance of all such Collateral Obligations with respect to which the Borrower is in the
process of obtaining a Credit Estimate is in excess of 20% of the Total Capitalization, (a) 49.7747 with respect to the portion of the Aggregate Principal Balance of such Collateral Obligations equal to and less than 20% of the Total
Capitalization and (b) 90.6642 with respect to the portion of the Aggregate Principal Balance of such Collateral Obligations in excess of 20% of the Total Capitalization. 
 (c) If the Borrower is not in the process of obtaining a Credit Estimate or DBRS declines to, or is unable to, provide a Credit Estimate in respect of any Collateral Obligation and such Collateral
Obligation does not have a DBRS Long Term Rating, such Collateral Obligation will be deemed to have a DBRS Risk Score of 90.6642. 
 ARTICLE VI 
 EVENTS OF DEFAULT 

Section 6.01 Events of Default. 
 “Event of Default”, wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) a default in the payment, when due and payable, of (i) any interest on the Advances or Commitment Fee in respect of the Facility and such default continues for three Business Days or
(ii) any principal of any Advance on the Final Maturity Date; provided in each case that, in the case of a failure to make payment due to an administrative error or omission by either Agent or the Calculation Agent, such failure continues for
three Business Days after the Collateral Agent receives written notice or has actual knowledge of such administrative error or omission; or 
 (b) (i) the failure on any Payment Date to disburse amounts available in the Payment Account in accordance with the Priority of Payments, and such default continues for three Business Days; or (ii) a
default in the payment of any amounts due and owing on any Payment Date in respect of the Facility, other than any amounts described under clauses (a) and (b)(i) of this Section 6.01, and such default continues for three Business
Days; or 

  
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 (c) either of the Borrower or the pool of Collateral becomes an investment company required
to be registered under the Investment Company Act; or 
 (d) except as otherwise provided in this Section 6.01, a
default in a material respect in the performance, or breach in a material respect, of any other covenant or other agreement of the Borrower or the Investment Manager under any Facility Document to which it is party (it being understood, without
limiting the generality of the foregoing, that any failure to meet any Concentration Limitation, Collateral Quality Test or Coverage Test is not an Event of Default), or the failure of any representation or warranty of the Borrower or the Investment
Manager made in any Facility Document or in any certificate or other writing delivered pursuant thereto or in connection therewith to be correct in each case in all material respects when the same shall have been made, and the continuation of such
default, breach or failure for a period of thirty days after the earlier of (x) written notice to the Borrower or the Investment Manager, as applicable (which may be by e-mail) by either Agent or the Investment Manager, in each case specifying
such default, breach or failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder and (y) actual knowledge of the Borrower or the Investment Manager, as applicable; or 

(e) the entry of a decree or order by a court having competent jurisdiction adjudging the Borrower as bankrupt or insolvent, or approving
as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Borrower under the Bankruptcy Code or any other similar applicable law, or appointing a receiver, liquidator, assignee, or
sequestrator (or other similar official) of the Borrower or of any substantial part of its property, respectively, or ordering the winding up or liquidation of its affairs, respectively, and the continuance of any such decree or order unstayed and
in effect for a period of 60 consecutive days; or 
 (f) the institution by the Borrower of proceedings to be adjudicated as
bankrupt or insolvent, or the consent of the Borrower to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code or any
other similar applicable law, or the consent by the Borrower to the filing of any such petition or to the appointment in a proceeding of a receiver, liquidator, assignee, trustee or sequestrator (or other similar official) of the Borrower or of any
substantial part of its property, respectively, or the making by Borrower of an assignment for the benefit of creditors, or the admission by the Borrower in writing of its inability to pay its debts generally as they become due, or the taking of any
action by the Borrower in furtherance of any such action; or 
 (g) The Overcollateralization Ratio is less than 115% (an
“EoD OC Ratio Failure”) for more than 15 consecutive Business Days; or 
 (h) (1) the rendering of one or more
final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment of money in excess individually or in the aggregate of $5,000,000 against the Borrower (exclusive of judgment amounts fully

  
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covered by insurance), and the Borrower shall not have either (x) discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms or
(y) perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal, in each case, within 10 days from the date of entry thereof, or (2) the Borrower shall
have made payments of amounts in excess of $5,000,000 in the settlement of any litigation, claim or dispute (excluding payments made from insurance proceeds or if funded solely with new contributions of cash equity or amounts that are available to
be disbursed to the equity holders pursuant to the Priority of Payments); or 
 (i) a default in the performance of or
compliance with or a breach of any obligation of the Borrower contained in any of the Special Purpose Provisions or Section 5.02(u); or 
 (j) an Insolvency Event relating to the Investment Manager occurs; or 
 (k) (1)
any Facility Document shall (except in accordance with its terms) terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower or the Investment Manager, (2) the Borrower or the
Investment Manager shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Facility Document or any Lien or security interest thereunder, or (3) any Lien or security interest
securing any obligation under any Facility Document shall, in whole or in part (other than in respect of a de minimis amount of Collateral), cease to be a first priority perfected security interest of the Collateral Agent except for Permitted
Liens and as otherwise expressly permitted in accordance with the applicable Facility Document; or 
 (l) (1) the Internal
Revenue Service shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of the Borrower and such Lien shall not have been released within ten Business Days of the date that the Borrower is notified in writing
of such Lien or (2) the PBGC shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower and such Lien shall not have been released within five Business Days, unless in each case a reserve
has been established therefor in accordance with GAAP and such action is being diligently contested in good faith by appropriate proceedings (except to the extent that the amount secured by such Lien exceeds $1,000,000); or 

(m) the occurrence of a Change in Control; or 
 (n) the occurrence of an act (or failure to act) by the Borrower or any subsidiary of the Borrower, if any, that constitutes gross negligence, willful misconduct or fraud or results in an indictment for
criminal activity in the performance of its obligations under the Facility Documents or any such Person being indicted for a criminal offense materially related to the performance of its obligations under the Facility Documents or in the performance
of investment advisory services comparable to those contemplated to be provided by the Investment Manager in connection with the Facility Documents; or 
 (o) (1) the occurrence of one or more acts (including any failure(s) to act) by the Investment Manager that constitutes fraud (as determined in an adjudication by a court of competent jurisdiction) in the
performance of its obligations under this Agreement or any other 

  
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Loan Document or in the performance of investment advisory services comparable to those contemplated to be provided by the Investment Manager under this Agreement and the other Facility
Documents; or (2) the Investment Manager, or any senior officer of the Investment Manager is indicted for a criminal offense materially related to the performance of its obligations under this Agreement or any other Facility Document or in the
performance of investment advisory services comparable to those contemplated to be provided by the Investment Manager in this Agreement and the other Facility Documents; or (3) the occurrence of one or more acts (including any failure(s) to
act) by TSL Advisers, LLC or any senior officer thereof or any employee of Affiliates of TSL Advisers, LLC who exercise managerial responsibility for TSL Advisers, LLC that constitutes fraud (as determined in an adjudication) in the performance of
investment advisory services comparable to those contemplated to be provided by the Investment Manager under this Agreement and the other Facility Documents and such event would reasonably be expected to have a Material Adverse Effect; or
(4) TSL Advisers, LLC or any senior officer thereof or any employee of Affiliates of TSL Advisers, LLC who exercise managerial responsibility for TSL Advisers, LLC is indicted for a criminal offense materially related to the performance of
investment advisory services comparable to those contemplated to be provided by the Investment Manager in this Agreement and the other Facility Documents and such event would reasonably be expected to have a Material Adverse Effect. 

Upon a Responsible Officer obtaining knowledge of the occurrence of an Event of Default, each of (i) the Borrower, (ii) the
Collateral Agent and (iii) the Investment Manager shall notify each other, specifying the specific Event of Default(s) that occurred as well as all other Events of Default that are then known to be continuing. Upon the occurrence of an Event of
Default known to the Collateral Agent, the Collateral Agent shall promptly notify the Facility Agent (which will notify the Lenders promptly) and DBRS of such Event of Default in writing, specifying the specific Event of Default(s) that occurred as
well as all other Events of Default that are then known to be continuing. 
 Upon the occurrence of any Event of Default, in
addition to all rights and remedies specified in this Agreement and the other Facility Documents, including Article VII, and the rights and remedies of a secured party under Applicable Law, including the UCC, the Facility Agent (at the
direction of 100% of the Lenders), by notice to the Borrower, may do any one or more of the following: (1) declare the Commitments to be terminated forthwith, whereupon the Commitments shall forthwith terminate, and (2) declare the
principal of and the accrued interest on the Advances and the Notes and all other amounts whatsoever payable by the Borrower hereunder (including any amounts payable under Section 2.10) to be forthwith due and payable, whereupon such
amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby waived by the Borrower; provided that, upon the occurrence of any Event of Default described in
clause (e) or (f) of this Section 6.01, the Commitments shall automatically terminate and the Advances and all such other amounts shall automatically become due and payable, without any further action by any party. 

  
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 ARTICLE VII 
 PLEDGE OF COLLATERAL; RIGHTS OF THE COLLATERAL AGENT 
 Section
7.01 Grant of Security. 
 (a) The Borrower hereby grants, pledges, transfers and collaterally assigns to the Collateral
Agent, for the benefit of the Secured Parties, as security for all Obligations, a continuing security interest in, and a Lien upon, all of the Borrower’s right, title and interest in, to and under the following property, in each case whether
tangible or intangible, wheresoever located, and whether now owned by the Borrower or hereafter acquired and whether now existing or hereafter coming into existence (all of the property described in this Section 7.01(a) being
collectively referred to herein as the “Collateral”): 
 (i) all Collateral Obligations, both
now and hereafter owned, including all collections and other proceeds thereon or with respect thereto; 
 (ii)
each Covered Account and all money, all instruments, all investment property (including all securities, all security entitlements with respect to such Covered Account and all financial assets carried in such Covered Account), and all other property
from time to time on deposit in or credited to each Covered Account; 
 (iii) all interest, dividends, stock
dividends, stock splits, distributions and other money or property of any kind distributed in respect of the Collateral Obligations which the Borrower is entitled to receive, including all Collections; 

(iv) each Facility Document and all rights, remedies, powers, privileges and claims under or in respect thereto (whether
arising pursuant to the terms thereof or otherwise available to the Borrower at law or equity), including the right to enforce each such Facility Document and to give or withhold any and all consents, requests, notices, directions, approvals,
extensions or waivers under or with respect thereto, to the same extent as the Borrower could but for the assignment and security interest granted to the Collateral Agent under this Agreement; 

(v) all Cash or Money in possession of the Borrower or delivered to the Collateral Agent (or its bailee); 

(vi) all accounts, chattel paper, deposit accounts, financial assets, general intangibles, instruments, investment
property, letter-of-credit rights and other supporting obligations of the Borrower, including any of the same relating to the assets and property described in the foregoing clauses (i) through (v) (in each case as defined in the UCC);

 (vii) all other property of the Borrower, including any such other property otherwise delivered to the
Collateral Agent by or on behalf of the Borrower (whether or not constituting Collateral Obligations or Eligible Investments), including equity or equity-like investments (including, without limitation, any warrant that is received in connection
with a Collateral Obligation) in Obligors and their Affiliates where the Borrower owns a debt obligation; 

  
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 (viii) all security interests, liens, collateral, property, guaranties,
supporting obligations, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of the assets, investments and properties described above; 

(ix) the Borrower’s rights in all assets owned by any Blocker Subsidiary, the Borrower’s rights under any
agreement with any Blocker Subsidiary, and 100% of the equity of each Blocker Subsidiary; and 
 (x) all Proceeds
of any and all of the foregoing. 
 (b) All terms used in this Section 7.01 that are defined in the UCC shall have
the respective meanings assigned to such terms in the UCC. 
 Section 7.02 Release of Security Interest.

 If and only if all Obligations under the Facility (other than unasserted contingent obligations) have been paid in full and
all Commitments have been terminated, the Secured Parties shall, at the expense of the Borrower, promptly execute, deliver and file or authorize for filing such instruments as the Borrower shall reasonably request in order to reassign, release or
terminate the Secured Parties’ security interest in the Collateral. The Secured Parties acknowledge and agree that upon the sale or disposition of any Collateral by the Borrower in compliance with the terms and conditions of this Agreement, the
security interest of the Secured Parties in such Collateral shall immediately terminate and the Secured Parties shall, at the expense of the Borrower, execute, deliver and file or authorize for filing such instrument as the Borrower shall reasonably
request to reflect or evidence such termination. Any and all actions under this Article VII in respect of the Collateral shall be without any recourse to, or representation or warranty by, any Secured Party and shall be at the sole cost
and expense of the Borrower. 
 Section 7.03 Rights and Remedies. 

The Collateral Agent (for itself and on behalf of the other Secured Parties) shall have all of the rights and remedies of a secured party
under the UCC and other Applicable Law. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent or its designees may, and shall at the direction of the Facility Agent (at the direction of 100% of the Lenders), and
in each case, where applicable subject to the terms of the Related Documents (i) instruct the Borrower to deliver any or all of the Collateral, the Related Documents and any other documents relating to the Collateral to the Collateral Agent or
its designees and otherwise give all instructions for the Borrower regarding the Collateral; (ii) sell or otherwise dispose of the Collateral, all without judicial process or proceedings; (iii) take control of the Proceeds of any such
Collateral; (iv) subject to the provisions of the applicable Related Documents, exercise any consensual or voting rights in respect of the Collateral; (v) release, make extensions, discharges, exchanges or substitutions for, or surrender,
all or any part of the Collateral; (vi) enforce the Borrower’s rights and remedies with respect to the Collateral; (vii) institute and 

  
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prosecute legal and equitable proceedings to enforce collection of, or realize upon, any of the Collateral; (viii) require that the Borrower immediately take all actions necessary to cause
the liquidation of the Collateral in order to pay all amounts due and payable in respect of the Obligations, in accordance with the terms of the Related Documents; (ix) redeem or withdraw or cause the Borrower to redeem or withdraw any asset of
the Borrower to pay amounts due and payable in respect of the Obligations; (x) make copies of or, if necessary, remove from the Borrower’s and its agents’ respective places of business all books, records and documents relating to the
Collateral; and (xi) endorse the name of the Borrower upon any items of payment relating to the Collateral or upon any proof of claim in bankruptcy against an account debtor. 

The Borrower hereby agrees that, upon the occurrence and during the continuance of an Event of Default, at the request of the Collateral
Agent or the Facility Agent but subject to the requirements of the Related Documents, it shall execute all documents and agreements which are necessary or appropriate to have the Collateral to be assigned to the Collateral Agent or its designee. For
purposes of taking the actions described in clauses (i) through (xi) of this Section 7.03 the Borrower hereby irrevocably appoints the Collateral Agent as its attorney-in-fact (which appointment being coupled with an interest
and is irrevocable while any of the Obligations remain unpaid and which can be exercised only if such Event of Default is continuing), with power of substitution, in the name of the Collateral Agent or in the name of the Borrower or otherwise, for
the use and benefit of the Collateral Agent, but at the cost and expense of the Borrower and, except as permitted by applicable law, without notice to the Borrower. 
 All sums paid or advanced by the Collateral Agent in connection with the foregoing and all out-of-pocket costs and expenses (including reasonable and documented attorneys’ fees and expenses) incurred
in connection therewith, together with interest thereon at the Post-Default Rate from the date of payment until repaid in full, shall be paid by the Borrower to the Collateral Agent from time to time on demand in accordance with the Priority of
Payments and shall constitute and become a part of the Obligations secured hereby, and any costs of an advisor or agent retained to exercise foregoing remedies shall be paid from the Replacement Management Fee. 

To the extent permitted by law, without the prior written consent of all of the Lenders, credit bidding by any Lender (or any other
Person) in connection with any foreclosure sale hereunder shall not be permitted. 
 Section 7.04 Remedies
Cumulative. 
 Each right, power, and remedy of the Agents and the other Secured Parties, or any of them, as provided for in
this Agreement or in the other Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this
Agreement or in the other Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by either of the Agents or any other Secured Party of any one or more of such
rights, powers, or remedies shall not preclude the simultaneous or later exercise by such Persons of any or all such other rights, powers, or remedies. 

  
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 Section 7.05 Related Documents. 

(a) The Borrower hereby agrees that after the occurrence and during the continuance of an Event of Default, it shall (i) upon the
written request of either Agent promptly forward to such Agent all information and notices which it receives under or in connection with the Related Documents relating to the Collateral and (ii) upon the written request of either Agent, act and
refrain from acting in respect of any request, act, decision or vote under or in connection with the Related Documents relating to the Collateral only in accordance with the direction of such Agent. 

(b) The Borrower agrees that, to the extent the same shall be in the Borrower’s possession, it will hold all Related Documents in
trust for the Collateral Agent on behalf of the Secured Parties, and upon request of either Agent following the occurrence and during the continuance of an Event of Default or as otherwise provided herein, promptly deliver the same to the Collateral
Agent or its designee. 
 Section 7.06 Borrower Remains Liable. 

(a) Except as may be necessary in connection with any assignment of the Collateral to the Collateral Agent or its designee pursuant to
the first sentence of the second paragraph of Section 7.03, (i) the Borrower shall remain liable under the contracts and agreements included in and relating to the Collateral (including the Related Documents) to the extent set forth
therein, and shall perform all of its duties and obligations under such contracts and agreements to the same extent as if this Agreement had not been executed, and (ii) the exercise by any Secured Party of any of its rights hereunder shall not
release the Borrower from any of its duties or obligations under any such contracts or agreements included in the Collateral. 

(b) No obligation or liability of the Borrower is intended to be assumed by either Agent or any other Secured Party under or as a result
of this Agreement or the other Facility Documents, and the transactions contemplated hereby and thereby, including under any Related Document or any other agreement or document that relates to Collateral and, to the maximum extent permitted under
provisions of law, the Agents and the other Secured Parties expressly disclaim any such assumption. The Borrower agrees to indemnify, defend and hold harmless the Agents and the other Secured Parties from any loss, liability or expense incurred as a
result of any claim that any such obligation or liability has been so assumed. 
 Section 7.07 Assignment of
Investment Management Agreement and the Master Transfer Agreement. 
 (a) The Borrower hereby acknowledges that its grant
contained in Section 7.01 includes all of the Borrower’s estate, right, title and interest in, to and under the Investment Management Agreement and the Master Transfer Agreement, including (i) the right to give all notices,
consents and releases thereunder, (ii) the right to give all notices of termination and to take any legal action upon the breach of an obligation of the Investment Manager thereunder, including the commencement, conduct and consummation of
proceedings at law or in equity, (iii) the right to receive all notices, accountings, consents, releases and statements thereunder and (iv) the right to do any and all other things whatsoever that the

  
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Borrower is or may be entitled to do thereunder; provided that notwithstanding anything herein to the contrary, the Agents shall not have the authority to exercise any of the rights set
forth in (i) through (iv) above or that may otherwise arise as a result of the grant until the occurrence of an Event of Default hereunder, and such authority shall terminate at such time, if any, as such Event of Default is cured or
waived. 
 (b) The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in
any way impair or diminish the obligations of the Borrower under the provisions of the Investment Management Agreement or the other documents referred to in paragraph (a) above, nor shall any of the obligations contained in the Investment
Management Agreement or such other documents be imposed on the Agents. 
 (c) Upon the occurrence of the Final Maturity Date
(or, if earlier, the payment in full of all of the Obligations and the termination of all of the Commitments), the payment of all Obligations and the release of the Collateral from the lien of this Agreement, this assignment and all rights herein
assigned to the Collateral Agent for the benefit of the Lenders shall cease and terminate and all the estate, right, title and interest of the Collateral Agent in, to and under the Investment Management Agreement and the other documents referred to
in this Section 7.07 shall revert to the Borrower, and no further instrument or act shall be necessary to evidence such termination and reversion. 
 (d) The Borrower represents that the Borrower has not executed any other assignment of the Investment Management Agreement or the Master Transfer Agreement. 

(e) The Borrower agrees that this assignment is irrevocable until the Obligations (other than unasserted contingent obligations) have
been repaid in full and all Commitments have terminated, and that it will not take any action which is inconsistent with this assignment or make any other assignment inconsistent herewith. The Borrower will, from time to time, execute all
instruments of further assurance and all such supplemental instruments with respect to this assignment as may be necessary to continue and maintain the effectiveness of such assignment. 

(f) The Borrower hereby agrees, and hereby undertakes to obtain the agreement and consent of the Investment Manager in the Investment
Management Agreement, to the following: 
 (i) The Investment Manager shall consent to the provisions of this
assignment and agree to perform any provisions of this Agreement applicable to the Investment Manager subject to the terms of the Investment Management Agreement. 

(ii) The Investment Manager shall acknowledge that the Borrower is assigning all of its right, title and interest in, to
and under the Investment Management Agreement to the Collateral Agent for the benefit of the Secured Parties. 

(iii) Neither the Borrower nor the Investment Manager will enter into any agreement amending, modifying or terminating
the Investment Management Agreement without complying with the applicable terms thereof. 

  
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 Section 7.08 Protection of Collateral. 

The Borrower shall from time to time execute and deliver all such supplements and amendments hereto and file or authorize the filing of
all such UCC-1 financing statements, continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable to secure the rights and remedies of the Secured Parties
hereunder and to: 
 (i) grant security more effectively on all or any portion of the Collateral; 

(ii) maintain, preserve and perfect any grant of security made or to be made by this Agreement including, without
limitation, the first priority nature of the lien (subject to clause (ii) of the definition of Permitted Liens) or carry out more effectively the purposes hereof; 

(iii) perfect, publish notice of or protect the validity of any grant made or to be made by this Agreement (including,
without limitation, any and all actions necessary or desirable as a result of changes in law or regulations) 

(iv) enforce any of the Collateral or other instruments or property included in the Collateral; 

(v) preserve and defend title to the Collateral and the rights therein of the Collateral Agent and the other Secured
Parties in the Collateral against the claims of all Persons and parties; 
 (vi) pay or cause to be paid any and
all taxes levied or assessed upon all or any part of the Collateral; and 
 (vii) file precautionary UCC-1
financing statements and related continuation statements, in each case, naming the Borrower as secured party and the assignor under the Master Transfer Agreement as debtor in respect of the Collateral Obligations from time to time purchased by the
Borrower thereunder. 
 The Borrower hereby designates the Collateral Agent as its agent and attorney in fact to prepare and
file all UCC-1 financing statements, continuation statements and other instruments, and take all other actions, required pursuant to this Section 7.08. Such designation shall not impose upon the Collateral Agent, or release or diminish,
the Borrower’s obligations under this Section 7.08. 
 Section 7.09 Acknowledgement.

 In connection with any contemplated secured financing by TPG Specialty Lending Inc., upon the request of the Borrower and at
the expense of TPG Specialty Lending Inc., the Facility Agent agrees to cooperate in good faith and in a commercially reasonable manner in assisting the Borrower to identify the assets included in the Collateral; provided, however, that unless the
lender to such contemplated secured financing provides the Facility 

  
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Agent with an acknowledgement that it has no interest in the assets so identified as being included in the Collateral, the Facility Agent shall be under no obligation to provide such lender with
a similar identification of the assets subject to the lien in favor of such lender. 
 ARTICLE VIII 

ACCOUNTS, ACCOUNTINGS AND RELEASES 
 Section 8.01 Collection of Money. 
 Except as otherwise expressly provided
herein, the Collateral Agent may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable by the
Collateral Agent pursuant to this Agreement, including all payments due on the Collateral, in accordance with the terms and conditions of such Collateral. The Collateral Agent shall segregate and hold all such Money and property received by it in a
Covered Account and in trust for the Secured Parties and shall apply it as provided in this Agreement. Each Covered Account shall be established as a single segregated securities account held in trust and maintained under the Account Control
Agreement with (a) a federal or state-chartered depository institution having DBRS Ratings of at least “A (high)” and “R-1 (middle)” and, if such institution’s DBRS Ratings falls below such levels, then the assets held
in such Covered Account shall, upon direction of the Facility Agent following notice to the Facility Agent from the Collateral Agent, be moved within 30 days to another institution that has such DBRS Ratings or (b) in segregated securities
accounts held in trust with the corporate trust department of a federal or state-chartered deposit institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal
Regulation Section 9.10(b). Any Covered Account may contain any number of subaccounts for the convenience of the Collateral Agent or as required by this Agreement for convenience in administering the Covered Account or the Collateral.

 Section 8.02 Collection Account. 

(a) In accordance with this Agreement and the Account Control Agreement, the Collateral Agent, on or prior to the Closing Date, shall
establish at the Custodian a single, segregated securities account held in trust and titled the “TPG SL SPV, LLC Collection Account, subject to the lien of the Collateral Agent”, which shall be designated as the “Collection
Account”, which shall be maintained with the Custodian in accordance with the Account Control Agreement and which shall be subject to the lien of the Collateral Agent. In addition, the Collateral Agent shall establish three segregated
subaccounts within the Collection Account, one of which will be designated the “Interest Collection Subaccount”, one of which will be designated the “Principal Collection Subaccount”, and one of which will be
designated the “Canadian Dollar Subaccount”. The Collateral Agent shall from time to time deposit into the Interest Collection Subaccount, in addition to the deposits required pursuant to Section 8.05(a), immediately
upon receipt thereof all Interest Proceeds received by the Collateral Agent. The Collateral Agent shall deposit immediately upon receipt thereof all other amounts remitted to the Collection Account into the Principal Collection Subaccount including,
in addition to the deposits required pursuant to Section 8.05(a), all Principal Proceeds (unless simultaneously 

  
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reinvested in additional Collateral Obligations in accordance with Article X or in Eligible Investments or required to be deposited in the Revolving Reserve Account pursuant to
Section 8.04) received by the Collateral Agent. All Monies deposited from time to time in the Collection Account pursuant to this Agreement shall be held by the Collateral Agent as part of the Collateral and shall be applied to the
purposes herein provided. All amounts in the Collection Account shall be reinvested pursuant to Section 8.05(a). The Borrower shall instruct all Obligors to remit all their payments in respect of the Collateral Obligations into the
Collection Account (or one or more subaccounts thereof) in accordance with this Agreement. If the Borrower receives any Collections directly, the Borrower shall remit any such Collections to the Collection Account (or one or more subaccounts
thereof) within 2 Business Days of receipt thereof. 
 (b) The Collateral Agent, within one Business Day after receipt of any
distribution or other proceeds in respect of the Collateral which are not Cash, shall so notify the Borrower and the Investment Manager, and the Borrower shall use its commercially reasonable efforts to, within fifteen Business Days of receipt of
such notice from the Collateral Agent (or as soon as practicable thereafter), sell such distribution or other proceeds for Cash in an arm’s length transaction and deposit the proceeds thereof in the Collection Account; provided that the
Borrower need not sell such distributions or other proceeds pursuant to this Section 8.02(b) if (x) it delivers a certificate of a Responsible Officer to the Collateral Agent certifying that such distributions or other proceeds
constitute Collateral Obligations or Eligible Investments or (y) such distribution or proceeds are otherwise permitted to be held by the Borrower hereunder, it being understood that such distributions or other proceeds may be required to be
sold pursuant to other provisions of this Agreement. 
 (c) At any time when reinvestment is permitted pursuant to
Article X, the Investment Manager may by delivery of a certificate of a Responsible Officer of the Investment Manager direct the Collateral Agent to, and upon receipt of such certificate the Collateral Agent shall, withdraw funds on
deposit in the Principal Collection Subaccount representing Principal Proceeds and from Interest Proceeds but only to the extent used to pay for accrued interest on an additional Collateral Obligation and reinvest such funds in additional Collateral
Obligations or exercise a warrant held in the Collateral, in each case in accordance with the requirements of Article X and such certificate. At any time as of which no funds are on deposit in the Revolving Reserve Account, the
Investment Manager may by delivery of a certificate of a Responsible Officer direct the Collateral Agent to, and upon receipt of such certificate the Collateral Agent shall, withdraw funds on deposit in the Principal Collection Subaccount
representing Principal Proceeds and remit such funds as so directed by the Investment Manager to meet the Borrower’s funding obligations in respect of Delayed Drawdown Collateral Loans or Revolving Collateral Loans. 

(d) The Collateral Agent shall transfer to the Payment Account, from the Collection Account for application pursuant to
Section 9.01(a), on or before the Business Day preceding each Payment Date, any amounts then held in the Collection Account other than Interest Proceeds or Principal Proceeds received after the end of the Collection Period with respect
to such Payment Date (and not otherwise designated for reinvestment by the Investment Manager or to be used to settle binding commitments (entered into prior to the Determination Date) for the purchase of Collateral Obligations) and as described in
the Payment Date Report for such Payment Date. 

  
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 (e) The “Canadian Dollar Subaccount” may include sub-subaccounts for Interest
Proceeds and Principal Proceeds. Collections received in respect of any Canadian Dollar Obligation shall be identified by the Collateral Agent as such and deposited in the Canadian Dollar Subaccount. Within one Business Day of receipt of any
distribution under a Canadian Dollar Obligation, the Collateral Agent shall convert the amount of such distribution to Dollars applying the Spot Foreign Exchange Rate as of the date of such conversion and deposit such Dollars in the Interest
Collection Subaccount or the Principal Collection Subaccount, as applicable. Whenever it is provided in this Agreement that the Collateral Agent is required or permitted to convert any distribution or other amount received in Canadian Dollars into
Dollars at the Spot Foreign Exchange Rate or words of similar import, it is expressly agreed that (unless the Collateral Agent shall have received other express written instruction from the Facility Agent, together with the designation and
establishment of any arrangements or facilities needed to carry out such instructions), the Collateral Agent shall be entitled to carry out such conversion by means of the foreign exchange facilities of the Collateral Agent or any of its Affiliates,
at whatever rates and terms the Collateral Agent then makes available to its customers, and in connection therewith the Collateral Agent may assess and receive its usual and customary fees and charges related thereto (so long as such fees and
charges are reasonable and consistent with the amounts that would be received in an arm’s length transaction). 
 Section 8.03 Transaction Accounts. 
 (a) Payment Account. In
accordance with this Agreement and the Account Control Agreement, the Collateral Agent, on or prior to the Closing Date, shall establish at the Custodian a single, segregated securities account held in trust and titled the “TPG SL SPV, LLC
Payment Account, subject to the lien of the Collateral Agent”, which shall be designated as the “Payment Account”, which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement
and which shall be subject to the lien of the Collateral Agent. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall be to pay amounts due and payable under the Priority
of Payments on the Payment Dates in accordance with their terms and the provisions of this Agreement. The Borrower shall have legal, equitable and beneficial interest in the Payment Account in accordance with this Agreement and the Priority of
Payments. 
 (b) Custodial Account. In accordance with this Agreement and the Account Control Agreement, the Collateral
Agent, on or prior to the Closing Date, shall establish at the Custodian a single, segregated securities account held in trust and titled the “TPG SL SPV, LLC Custodial Account, subject to the lien of the Collateral Agent”, which shall be
designated as the “Custodial Account”, which shall be maintained by the Borrower with the Custodian in accordance with this Agreement and the Account Control Agreement and which shall be subject to the lien of the Collateral Agent.
All Collateral Obligations shall be credited to the Custodial Account. The only permitted withdrawals from the Custodial Account shall be in accordance with the provisions of this Agreement. The Collateral Agent agrees to give the Borrower prompt
notice if (to the actual knowledge of a Responsible Officer of the Collateral Agent) the Custodial Account or any assets or securities on deposit therein, or otherwise to the credit of the Custodial

  
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Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. The Borrower shall have legal, equitable and beneficial interest in the Custodial
Account in accordance with this Agreement and the Priority of Payments. 
 (c) Lender Funding Account. 

(i) The Collateral Agent, on or prior to the Closing Date, shall establish at the Custodian a single, segregated
securities account held in trust and titled the “TPG SL SPV, LLC Lender Funding Account, subject to the lien of the Collateral Agent”, which shall be designated as the “Lender Funding Account”, which shall be maintained by
the Borrower with the Custodian and which shall be subject to the lien of the Collateral Agent. The Lender Funding Account may contain any number of subaccounts for the purposes described in this Section 8.03(c). The only permitted
deposits to or withdrawals from the Lender Funding Account shall be in accordance with the provisions of this Agreement. The Borrower shall have legal, equitable and beneficial interest in the Lender Funding Account in accordance with this
Agreement. 
 (ii) If any Lender shall at any time deposit any amount in the Lender Funding Account in accordance
with Section 2.16, then (x) the Collateral Agent shall create a segregated subaccount of the Lender Funding Account with respect to such Lender (the “Lender Funding Subaccount” of such Lender) and (y) the
Collateral Agent shall deposit all funds received from such Lender into such Lender Funding Subaccount. The only permitted withdrawal from or application of funds credited to a Lender Funding Subaccount shall be as specified in this
Section 8.03(c). 
 (iii) With respect to any Lender, the deposit of any funds in the applicable
Lender Funding Subaccount by such Lender shall not constitute a Borrowing by the Borrower and shall not constitute a utilization of the Commitment of such Lender, and the funds so deposited shall not constitute principal outstanding under the
Advances. However, from and after the establishment of a Lender Funding Subaccount, the obligation of such Lender to advance funds as part of any Borrowing under this Agreement shall be satisfied by the Collateral Agent withdrawing funds from such
Lender Funding Subaccount in the amount of such Lender’s pro rata share of such Borrowing. All payments of principal from the Borrower with respect to Advances made by such Lender (whether or not originally funded from such Lender
Funding Subaccount) shall be made by depositing the related funds into such Lender Funding Subaccount and all other payments from the Borrower (including without limitation all interest and Commitment Fees) shall be made to such Lender in accordance
with the order specified in the Priority of Payments. The Collateral Agent shall have full power and authority to withdraw funds from each such Lender Funding Subaccount at the time of, and in connection with, the making of any such Borrowing and to
deposit funds into each such Lender Funding Subaccount, all in accordance with the terms of and for the purposes set forth in this Agreement. 
 (iv) On any Business Day, any Lender may provide written notice to the Collateral Agent, certifying as to the amount of such Lender’s undrawn Commitment as of such date. If the sum of the amount
of funds on deposit in the applicable Lender 

  
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Funding Subaccount with respect to such Lender as of such date exceeds such Lender’s undrawn Commitment at such time (whether due to a reduction in the Total Commitment or otherwise), then
the Collateral Agent shall remit to such Lender a portion of the funds then held in the related Lender Funding Subaccount in an aggregate amount equal to such excess.

(v) If at any time a Lender provides written notice to the Borrower and the Agents that it no longer wishes to maintain
funds in its Lender Funding Subaccount, then all funds then held in the relevant Lender Funding Subaccount (after giving effect to any Borrowings in respect of the Advances that are to be made on such date) shall be withdrawn from such Lender
Funding Subaccount and remitted to such Lender, and thereafter all payments with respect to Advances made by such Lender shall be paid directly to such Lender in accordance with the terms of this Agreement; provided that such Lender has
provided prior written notice to DBRS and is no longer subject to Section 2.16. 
 (vi) Except as otherwise
provided in this Agreement, for so long as any amounts are on deposit in any Lender Funding Subaccount, the Collateral Agent shall invest and reinvest such funds in Dreyfus Treasury Fund (DTRXX), which is an Eligible Investment of the type described
in clause (vii) of the definition of the term “Eligible Investments” that mature overnight. Interest received on such Eligible Investments shall be retained in such Lender Funding Subaccount and be invested and reinvested as
aforesaid. Any gain realized from such investments shall be credited to such Lender Funding Subaccount, and any loss resulting from such investments shall be charged to such Lender Funding Subaccount. None of the Borrower, the Investment Manager or
the Collateral Agent shall in any way be held liable by reason of any insufficiency of such Lender Funding Subaccount resulting from any loss relating to any such investment. 

Section 8.04 The Revolving Reserve Account; Fundings. 

In accordance with this Agreement and the Account Control Agreement, the Collateral Agent, on or prior to the Closing Date, shall
establish at the Custodian a single, segregated securities account held in trust and titled the “TPG SL SPV, LLC Revolving Reserve Account, subject to the lien of the Collateral Agent”, which shall be designated as the “Revolving
Reserve Account”, which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the lien of the Collateral Agent. The only permitted deposits to or withdrawals
from the Revolving Reserve Account shall be in accordance with the provisions of this Agreement. The Borrower shall have legal, equitable and beneficial interest in the Revolving Reserve Account in accordance with this Agreement and the Priority of
Payments. 
 Upon the purchase of any Delayed Drawdown Collateral Loan or Revolving Collateral Loan or, if necessary, on the
Commitment Termination Date, funds shall be withdrawn by the Collateral Agent at the direction of the Investment Manager from the Principal Collection Subaccount and deposited in the Revolving Reserve Account, (i) during the Reinvestment
Period, in an amount sufficient to ensure no Commitment Shortfall exists as of such time, and (ii) at all times after the last day of the Reinvestment Period, equal to the aggregate unfunded

  
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commitments in respect of all Revolving Collateral Loans and Delayed Drawdown Collateral Loans (the amount required to be on deposit at all times in the Revolving Reserve Account pursuant to such
clause (i) or (ii), as applicable, the “Revolving Reserve Required Amount”). 
 Fundings of Revolving
Collateral Loans and Delayed Drawdown Collateral Loans shall be made using, first, amounts on deposit in the Revolving Reserve Account, then amounts on deposit in the Principal Collection Subaccount and finally, prior to the Commitment
Termination Date, available Borrowings. 
 Amounts on deposit in the Revolving Reserve Account will be invested in overnight
funds that are Eligible Investments selected by the Investment Manager pursuant to Section 8.05, and earnings from all such investments will be deposited in the Interest Collection Subaccount as Interest Proceeds. So long as no Event of
Default has occurred and is then continuing, all funds in the Revolving Reserve Account (other than earnings from Eligible Investments therein) will be available solely to cover drawdowns on the Delayed Drawdown Collateral Loans and Revolving
Collateral Loans; provided that, to the extent that the aggregate amount of funds on deposit therein at any time exceeds the Revolving Reserve Required Amount, the Collateral Agent shall promptly notify the Investment Manager and remit such
excess to the Principal Collection Subaccount, and such amounts will be treated as Principal Collections. 

Section 8.05 Reinvestment of Funds in Covered Accounts; Reports by Collateral Agent. 

(a) By delivery of a certificate of a Responsible Officer (which may be in the form of standing instructions), the Borrower or the
Investment Manager shall at all times direct the Collateral Agent to, and, upon receipt of such certificate, the Collateral Agent shall, invest all funds on deposit in the Collection Account and the Revolving Reserve Account as so directed in
Eligible Investments having stated maturities no later than the Business Day preceding the next Payment Date (or such shorter maturities expressly provided herein). If prior to the occurrence of an Event of Default, the Borrower shall not have given
any such investment directions, the Collateral Agent shall seek instructions from the Investment Manager within three Business Days after the transfer of any funds to such accounts and shall immediately invest in Dreyfus Treasury Fund (DTRXX), which
is an Eligible Investment of the type described in clause (vii) of the definition of the term “Eligible Investments” that mature overnight. If the Collateral Agent does not thereafter receive written instructions from the Investment
Manager within five Business Days after the transfer of such funds to such accounts, it shall invest and reinvest the funds held in such accounts, as fully as practicable, but only in one or more Eligible Investments of the type described in clause
(vii) of the definition of the term “Eligible Investments” maturing no later than the Business Day immediately preceding the next Payment Date (or such shorter maturities expressly provided herein). If, after the occurrence of an
Event of Default, the Borrower shall not have given such investment directions to the Collateral Agent for three consecutive days, the Collateral Agent shall invest and reinvest such Monies as fully as practicable in Dreyfus Treasury Fund (DTRXX),
which is an Eligible Investment of the type described in clause (vii) of the definition of the term “Eligible Investments” maturing not later than the earlier of (i) thirty days after the date of such investment (unless putable
at par to the issuer thereof) or (ii) the Business Day immediately preceding the next Payment Date (or such 

  
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shorter maturities expressly provided herein). Should any such specific Eligible Investment be unavailable, and in the absence of another proper investment instruction, all such funds shall be
held uninvested. Except to the extent expressly provided otherwise herein, all interest and other income from such investments shall be deposited in the Interest Collection Subaccount, any gain realized from such investments shall be credited to the
Principal Collection Subaccount upon receipt, and any loss resulting from such investments shall be charged to the Principal Collection Subaccount. The Investment Manager shall not in any way be held liable by reason of any insufficiency of such
accounts which results from any loss relating to any such investment, except with respect to investments in obligations of the Investment Manager or any Affiliate thereof. 
 (b) The Collateral Agent agrees to give the Borrower prompt notice if any Covered Account or any funds on deposit in any Covered Account, or otherwise to the credit of a Covered Account, shall become
subject to any writ, order, judgment, warrant of attachment, execution or similar process. All Covered Accounts shall remain at all times with the Custodian or an entity organized and doing business under the laws of the United States or of any
state thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $200,000,000, subject to supervision or examination by federal or state authority, having DBRS Ratings of at least
“A (high)” and “R-1 (middle)” and having an office within the United States. 
 (c) The Collateral Agent
shall supply, in a timely fashion, to the Borrower, DBRS and the Investment Manager any information regularly maintained by the Collateral Agent that the Borrower, DBRS or the Investment Manager may from time to time reasonably request with respect
to the Collateral Obligations, the Covered Accounts and the other Collateral and provide any other requested information reasonably available to the Collateral Agent by reason of its acting as Collateral Agent hereunder and required to be provided
by Section 8.06 or to permit the Investment Manager to perform its obligations under the Investment Management Agreement or the Borrower’s obligations hereunder that have been delegated to the Investment Manager. The Collateral
Agent shall promptly forward to the Investment Manager copies of notices and other writings received by it from the issuer of any Collateral Obligation or from any Clearing Agency with respect to any Collateral Obligation which notices or writings
advise the holders of such Collateral Obligation of any rights that the holders might have with respect thereto (including, without limitation, requests to vote with respect to amendments or waivers and notices of prepayments and redemptions) as
well as all periodic financial reports received from such issuer and Clearing Agencies with respect to such issuer. 
 Section 8.06 Accountings. 
 (a) Monthly. On each Monthly Report
Date, the Borrower shall compile and provide (or cause to be compiled and provided) to DBRS, the Agents, the Investment Manager and the Lenders, a monthly report on a settlement basis (each a “Monthly Report”), determined as of the
close of business on the related Monthly Report Determination Date. The first Monthly Report shall be delivered in May 2012 and shall be determined with respect to the Monthly Report Determination Date that is six Business Days prior to the Monthly
Report Date in May 2012. The final Monthly Report shall be delivered on the Final Maturity Date and shall be determined with respect to the Monthly Report Determination Date that is six Business Days

  
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prior to the Final Maturity Date. The Monthly Report for a calendar month shall contain the information with respect to the Facility and the Collateral Obligations and Eligible Investments
included in the Collateral set forth in Part 1 of Schedule 2 hereto, and shall be determined as of the Monthly Report Determination Date for such calendar month. 
 Simultaneous with the delivery of each Monthly Report, the Borrower (or the Investment Manager) shall provide a certificate certifying that no Default or Event of Default occurred during the period
covered by such Monthly Report or if any Default or Event of Default occurred during such period, setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto. 

In addition, the Investment Manager shall provide for inclusion in each Monthly Report a statement setting forth in reasonable detail
each amendment, modification or waiver under any Related Document for each Collateral Obligation that became effective during the one month period ending on the Monthly Report Determination Date for the immediately prior Monthly Report (or, in
respect of the first Monthly Report, from the Closing Date). 
 Three Business Days prior to each Monthly Report Date, the
Borrower shall deliver to the Investment Manager a draft of the Monthly Report relating to such Monthly Report Date. Upon receipt of each draft Monthly Report, the Investment Manager shall compare the information contained in such Monthly Report to
the information contained in its records with respect to the Collateral and shall, within two Business Days after receipt of such draft Monthly Report, notify the Borrower and the Collateral Agent if the information contained in the draft Monthly
Report does not conform to the information maintained by the Investment Manager with respect to the Collateral. In the event that any discrepancy exists, the Collateral Agent and the Investment Manager shall attempt to resolve the discrepancy. If
such discrepancy cannot be promptly resolved, the Investment Manager shall within 1 Business Day request that the Independent Accountants appointed by the Borrower pursuant to Section 8.08 review such draft Monthly Report and the
Collateral Agent’s records to determine the cause of such discrepancy. If such review reveals an error in the Monthly Report or the Collateral Agent’s records, the Monthly Report or the Collateral Agent’s records shall be revised
accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Agreement and notice of any error in the Monthly Report shall be sent as soon as practicable by the Borrower to all recipients of such report which may be
accomplished by making a notation of such error in the subsequent Monthly Report. 
 (b) Payment Date Accounting. The
Borrower shall render an accounting (each, a “Payment Date Report”), determined as of the close of business on each Determination Date preceding a Payment Date, and shall deliver such Payment Date Report to the Agents, the
Investment Manager, the Independent Accountants, DBRS and each Lender not later than the Business Day preceding the related Payment Date. The Payment Date Report shall contain the information set forth in Part 2 of Schedule 2 hereto.

 (c) Interest Rate Notice. The Collateral Agent shall include in each Payment Date Report a notice setting forth the
interest rate for the Advances for the Interest Accrual Period preceding the next Payment Date. 

  
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 (d) Failure to Provide Accounting. If the Collateral Agent shall not have received
any accounting provided for in this Section 8.06 on the first Business Day after the date on which such accounting is due to the Collateral Agent, the Collateral Agent shall notify the Investment Manager who shall use all reasonable
efforts to obtain such accounting by the applicable Payment Date. To the extent the Investment Manager is required to provide any information or reports pursuant to this Section 8.06 as a result of the failure of the Borrower to provide
such information or reports, the Investment Manager shall be entitled to retain an independent certified public accountant in connection therewith and the reasonable costs incurred by the Investment Manager for such independent certified public
accountant shall be paid by the Borrower. 
 Section 8.07 Release of Securities. 

(a) If no Event of Default has occurred and is continuing, the Borrower or the Investment Manager may, by delivery of a certificate of a
Responsible Officer, deliver to the Collateral Agent at least one Business Day prior to the settlement date for any sale of a security certifying that the sale of such security is being made in accordance with Section 10.01 and such sale
complies with all applicable requirements of Section 10.01, direct the Collateral Agent to release or cause to be released such security from the lien of this Agreement and, upon receipt of such certificate, the Collateral Agent shall
promptly deliver any such security, if in physical form, duly endorsed to the broker or purchaser designated in such certificate or, if such security is a Clearing Corporation Security, cause an appropriate transfer thereof to be made, in each case
against receipt of the sales price therefor as specified by the Borrower or the Investment Manager in such certificate; provided that the Collateral Agent may deliver any such security in physical form for examination in accordance with
street delivery custom. 
 (b) Subject to the terms of this Agreement, the Collateral Agent shall upon the delivery of a
certificate of a Responsible Officer of the Borrower (or the Investment Manager) (i) deliver any Collateral, and release or cause to be released such security from the lien of this Agreement, which is set for any mandatory call or redemption or
payment in full to the appropriate paying agent on or before the date set for such call, redemption or payment, in each case against receipt of the call or redemption price or payment in full thereof and (ii) provide notice thereof to the
Investment Manager. 
 (c) Upon receiving actual notice of any tender offer, voluntary redemption, exchange offer, conversion or
other similar action (an “Offer”) or any request for a waiver, consent, amendment or other modification, in each case, with respect to any Collateral Obligation, the Collateral Agent shall notify the Investment Manager of such Offer
or request. Unless the Advances have been accelerated following an Event of Default, the Investment Manager may direct (x) the Collateral Agent to accept or participate in or decline or refuse to participate in such Offer and, in the case of
acceptance or participation, to release from the lien of this Agreement such Collateral Obligation in accordance with the terms of the Offer against receipt of payment therefor, or (y) the Borrower or the Collateral Agent to agree to or
otherwise act with respect to such consent, waiver, amendment or modification. 

  
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 (d) As provided in Section 8.02(a), the Collateral Agent shall deposit any
proceeds received by it from the disposition of any Collateral in the applicable subaccount of the Collection Account, unless simultaneously applied to the purchase of additional Collateral Obligations or Eligible Investments as permitted under and
in accordance with the requirements of this Article VIII and Article X. 
 (e) The Collateral Agent
shall, upon receipt of a certificate of a Responsible Officer of the Borrower to the effect that there are no Commitments outstanding and all Obligations (other than unasserted contingent obligations) have been satisfied in full, and upon written
request therefor, release any remaining Collateral from the lien of this Agreement. 
 (f) Any security, Collateral Obligation
or amounts that are released pursuant to Section 8.07(a), (b) or (c) shall be released from the lien of this Agreement. 
 Section 8.08 Reports by Independent Accountants. 
 (a) On or prior to the Closing
Date, the Borrower shall appoint one or more firms of independent certified public accountants, independent auditors or independent consultants of recognized international reputation (together with its successors, the “Independent
Accountants”) for purposes of reviewing and delivering the reports or certificates of such accountants required by this Agreement, which may be the firm of independent certified public accountants, independent auditors or independent
consultants that performs accounting services for the Borrower or the Investment Manager. The Borrower may remove any firm of Independent Accountants at any time upon notice to, but without the consent of any of, the Lenders and the Collateral
Agent. Upon any resignation by such firm or removal of such firm by the Borrower, the Borrower (or the Investment Manager) shall promptly appoint by a certificate of a Responsible Officer of the Borrower delivered to the Collateral Agent and DBRS a
successor thereto that shall also be a firm of independent certified public accountants, independent auditors or independent consultants of recognized international reputation, which may be a firm of independent certified public accountants,
independent auditors or independent consultants that performs accounting services for the Borrower or the Investment Manager. If the Borrower shall fail to appoint a successor to the Independent Accountant which has resigned within thirty days after
such resignation, the Borrower shall promptly notify the Collateral Agent and the Investment Manager of such failure in writing and the Investment Manager shall appoint a successor Independent Accountant of recognized international reputation. The
fees of such Independent Accountants and any successor shall be payable by the Borrower. 
 (b) Annually, on or before the
business day immediately preceding the Payment Date occurring in July of each year, commencing in 2013, the Borrower shall cause to be delivered to the Agents, the Investment Manager, each Lender upon written request therefor and DBRS a statement
from a firm of Independent Accountants for each Payment Date Report received since the last statement (i) indicating that the calculations within those Payment Date Reports have been performed in accordance with the applicable provisions of
this Agreement and (ii) listing the Aggregate Principal Balance of the Collateral Obligations and the principal balance and/or other relevant information relating to the value of all other Collateral as of each immediately preceding
Determination Date; provided that in the event of a conflict between such firm of Independent Accountants and the Borrower with respect to any matter in this Section 8.08, the determination by such firm of Independent Accountants
shall be conclusive. 

  
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 Section 8.09 Reports to DBRS. 

In addition to the information and reports specifically required to be provided to DBRS pursuant to the terms of this Agreement, the
Borrower shall provide DBRS with all information or reports delivered to the Collateral Agent hereunder, and such additional information as DBRS may from time to time reasonably request. 

Section 8.10 Currency Exchange Account. 
 In accordance with this Agreement and the Account Control Agreement, the Collateral Agent, on or prior to the Closing Date, shall establish at the Custodian a single, segregated securities account held in
trust and titled the “TPG SL SPV, LLC Currency Exchange Account, subject to the lien of the Collateral Agent”, which shall be designated as the “Currency Exchange Account”, which shall be maintained by the Borrower with the
Custodian in accordance with the Account Control Agreement and which shall be subject to the lien of the Collateral Agent. The only permitted deposits to or withdrawals from the Currency Exchange Account shall be in accordance with the provisions of
this Agreement. The Borrower shall not have any legal, equitable or beneficial interest in the Currency Exchange Account other than in accordance with this Agreement and the Priority of Payments. During the Reinvestment Period, on any Determination
Date on which the Currency Exchange Mark-to-Market Amount equals zero, the Collateral Agent, at the direction of the Investment Manager, shall withdraw all amounts in the Currency Exchange Account and deposit such amounts into the Interest
Collection Subaccount for application of payment on the related Payment Date. After the last day of the Reinvestment Period, all amounts in the Currency Exchange Account shall be transferred by the Collateral Agent into the Principal Collection
Subaccount. 
 Section 8.11 Funded Draw Collection Account. 

In accordance with this Agreement and the Account Control Agreement, the Collateral Agent, on or prior to the Closing Date, shall
establish at the Custodian a single, segregated securities account held in trust and titled the “TPG SL SPV, LLC Funded Draw Collection Account, subject to the lien of the Collateral Agent”, which shall be designated as the “Funded
Draw Collection Account”, which shall be maintained by the Borrower with the Custodian in accordance with the Account Control Agreement and which shall be subject to the lien of the Collateral Agent. The only permitted deposits to or
withdrawals from the Funded Draw Collection Account shall be in accordance with the provisions of this Agreement. The Borrower shall not have any legal, equitable or beneficial interest in the Funded Draw Collection Account other than in accordance
with this Agreement and the Priority of Payments. 
 Each obligor and, if applicable, agent that will make payments under a
Funded Draw Assignment shall be directed by the Borrower to make all payments of principal, interest, fees or other amounts in respect of such Funded Draw Assignment (and all other amounts owing in respect of such Funded Draw Assignment, and all
other amounts owing to the Borrower under the Related Documents in respect of such loan or tranche) directly into the Funded Draw Collection Account. Within one Business Day of receipt of any such payment, the Collateral Agent shall (i) in the
case of Principal Proceeds, transfer such Principal Proceeds to the Collection Account for further transfer into the Principal Collection Subaccount, (ii) in the case 

  
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of Interest Proceeds (except as provided in clause (iii) below), transfer such Interest Proceeds to the Collection Account for further transfer into the Interest Collection Subaccount and
(iii) in the case of any commitment fee, unused line fee, ticking fee or similar fee that is paid in respect of the unused portion of the commitment under the Revolving Collateral Loan or Delayed Drawdown Collateral Loan to which such Funded
Draw Assignment relates, such fee shall be remitted to the Borrower, free and clear of the lien of this Agreement, in accordance with instructions provided by the Investment Manager. The Collateral Agent agrees to give the Borrower prompt notice if
(to the Collateral Agent’s actual knowledge) the Funded Draw Collection Account or any assets or securities on deposit therein, or otherwise to the credit of the Funded Draw Collection Account, shall become subject to any writ, order, judgment,
warrant of attachment, execution or similar process known to a Responsible Officer of the Collateral Agent. 

Section 8.12 Closing Expense Account. 
 In accordance with this Agreement and the Account Control Agreement, the Collateral Agent, on or prior to the Closing Date, shall establish at the Custodian a single, segregated securities account held in
trust and titled the “TPG SL SPV, LLC Closing Expense Account, subject to the lien of the Collateral Agent”, which shall be designated as the “Closing Expense Account”, which shall be maintained by the Borrower with the Custodian
in accordance with the Account Control Agreement and which shall be subject to the lien of the Collateral Agent. The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Closing Expense Account
shall be in accordance with the provisions of this Section 8.12. The Borrower shall not have any legal, equitable or beneficial interest in the Closing Expense Account other than in accordance with this Agreement and the Priority of
Payments. 
 On the Closing Date, the Borrower shall deposit $2,575,000 into the Closing Expense Account. On any Business Day
from the Closing Date to and including the Determination Date relating to the initial Payment Date following the Closing Date, the Collateral Agent shall apply funds from the Closing Expense Account, as directed by the Borrower, to pay all Closing
Date Expenses; provided that the fees and expenses of Natixis, Weil, Gotshal & Manges LLP, Sidley Austin LLP, and DBRS that have been invoiced for payment on the Closing Date in respect of Closing Date Expenses shall be paid by the
Borrower on the Closing Date. On the Determination Date relating to the initial Payment Date following the Closing Date, all funds remaining in the Closing Expense Account after payment of the Closing Date Expenses on or prior to such Determination
Date shall be deposited in the Collection Account as Interest Proceeds and the Closing Expense Account will be closed. By delivery of a certification of a Responsible Officer (which may be in the form of standing instructions), the Borrower or the
Investment Manager may at any time direct the Collateral Agent to, and, upon receipt of such certification, the Collateral Agent shall, invest all funds remaining in the Closing Expense Account as so directed in Eligible Investments. Any income
earned on amounts deposited in the Closing Expense Account will be deposited in the Interest Collection Account as Interest Proceeds as it is received. 

  
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 Section 8.13 Collateral Reporting. 

(a) The Collateral Agent shall perform the following functions: 

(i) create a Collateral database within 30 days of the Closing Date; 

(ii) permit access to the information in the Collateral database to the Investment Manager and the Borrower; 

(iii) update the Collateral database promptly for ratings changes; 

(iv) update the Collateral database promptly for Collateral Obligations, Equity Securities and Eligible Investments
acquired or sold or otherwise disposed of and for any amendments or changes to loan amounts or interest rates; 

(v) prepare and arrange for the delivery of each Monthly Report and Payment Date Report; and 

(vi) provide the Investment Manager with such other information as may be reasonably requested by the Investment Manager
and as is within the possession of the Collateral Agent. 
 (b) Not later than the day on which each Monthly Report or Payment
Date Report is required to be provided by the Borrower, the Collateral Agent shall calculate, using the information contained in the Collateral database created by the Collateral Agent and any other Collateral information normally maintained by the
Collateral Agent, and subject to the Collateral Agent’s receipt from the Investment Manager of information with respect to the Collateral that is not contained in such Collateral database or normally maintained by the Collateral Agent, as
Trustee, each item required to be stated in such Monthly Report or Payment Date Report. 
 (c) Upon notification by the
Investment Manager of a proposed purchase of any security pursuant to this Agreement (accompanied by such information concerning the security to be purchased as may be necessary to make the calculations referred to below), the Collateral Agent shall
calculate each criterion included in the Eligibility Criteria as a condition to such purchase in accordance with this Agreement, in all cases, based upon information contained in the Collateral database and information furnished by the Borrower and
Investment Manager, and provide the results of such calculations to the Investment Manager so that the Investment Manager may determine whether such purchase is permitted by this Agreement. The Collateral Agent shall deliver a draft of such
calculation to the Investment Manager reasonably promptly after the later of (i) notification of such proposed purchase by the Investment Manager and (ii) delivery of all information to the Collateral Agent necessary to complete such
calculations. For the avoidance of doubt, the Collateral Agent shall have no obligation to determine (and the Investment Manager will timely advise the Collateral Agent) whether any item of Collateral meets the definition of “Collateral
Obligation”, “Credit Risk Loan/Bond”, “Equity Security” or “Defaulted Loan/Bond”. 
 (d) Upon
written notification by the Investment Manager of a proposed sale of any Collateral Obligation pursuant to Section 10.01 of this Agreement, the Collateral Agent shall calculate each criterion set forth in the Section 10.01,
if any, as a condition to such disposition and provide the results of such calculations to the Investment Manager so that the Investment Manager may determine whether such sale is permitted by this Agreement. The Collateral Agent shall deliver a
draft of such calculations to the Investment Manager reasonably promptly after the later of (i) notification of such proposed sale by the Investment Manager and (ii) delivery of all information to the Collateral Agent necessary to complete
such calculations. 

  
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 (e) With respect to the calculations to be provided by the Collateral Agent set forth in
Sections 8.13(c) and (d) above, in no event shall the Collateral Agent be required to deliver such calculations earlier than one Business Day following the receipt by the Collateral Agent of all information necessary to complete
such calculations. In the event the Investment Manager does not provide the Collateral Agent the items necessary to complete the calculations required by Sections 8.13(c) and (d) above and/or the Investment Manager proceeds with a
sale or purchase of the applicable Collateral prior to the time the Collateral Agent delivers such calculations, the Collateral Agent shall not be responsible for determining whether the provisions of this Agreement have been satisfied (including
compliance with the Eligibility Criteria) and the Collateral Agent shall be entitled to rely upon the instructions of the Investment Manager in all respects, including but not limited to instructions (which may be in the form of trade tickets) to
release the applicable Collateral from the lien of this Agreement or to acquire the applicable Collateral. In the event the Investment Manager consummates a sale or purchase prior to receiving the calculations of the Collateral Agent, the Collateral
Agent shall be under no duty, and shall incur no liability, to perform the calculations set forth in Sections 8.13(c) and (d) above. 
 (f) Subject to the mutual agreement of the parties hereto regarding reasonable compensation for the Collateral Agent, perform such other calculations and prepare such other reports as the Investment
Manager may reasonably request in writing and that are required by this Agreement and as the Collateral Agent may agree to in writing, which agreement shall not be unreasonably withheld. 

(g) Nothing herein shall prevent the Collateral Agent or any of its Affiliates from engaging in other businesses or from rendering
services of any kind to any Person. 
 (h) The Collateral Agent shall have no obligation to determine Market Value or price in
connection with any actions or duties under this Agreement.] 
 ARTICLE IX 

APPLICATION OF MONIES 
 Section 9.01 Disbursements of Monies from Payment Account. 
 (a) Notwithstanding
any other provision in this Agreement, but subject to the other subsections of this Section 9.01, on each Payment Date, the Collateral Agent shall disburse amounts transferred from the Collection Account to the Payment Account pursuant
to Section 8.02 in accordance with the following priorities (the “Priority of Payments”). 
 (i) On each Payment Date, Interest Proceeds on deposit in the Interest Collection Subaccount, to the extent received by the Collateral Agent on or before the related Determination Date (or, if such
Determination Date is not a Business Day, the next succeeding Business Day) and that are transferred into the Payment Account, shall be applied in the following order of priority: 

  
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 (A) (1) first, to pay taxes, registration and filing fees, if any, of
the Borrower or any Blocker Subsidiary; (2) second, to pay all out-of-pocket costs and expenses of the Collateral Agent (in each case expressly excluding any amounts in respect of indemnities) payable under Section 7.03;
(3) third, to pay other Administrative Expenses payable to the Collateral Agent; and (4) fourth, to pay all other Administrative Expenses in accordance with the priorities specified in the definition thereof; provided
that the aggregate amount applied under clauses (A)(3) and (4) for each Payment Date prior to the Commitments terminating and the principal of and the accrued interest on the Advances and the Notes and all other amounts whatsoever payable
by the Borrower hereunder becoming due and payable pursuant to Section 6.01, shall not exceed the Administrative Expense Cap for such Payment Date; 
 (B) to the payment of amounts due and payable under each Eligible Hedge Agreement entered into by the Borrower; 
 (C) following the occurrence of an Event of Default specified in Section 6.01(j) or (o), to the Lenders in an amount not to exceed the accrued and unpaid Replacement Investment Management Fees (other
than Deferred Replacement Investment Management Fees); 
 (D) to the payment of Commitment Fees due to the
Lenders; 
 (E) to the payment of accrued and unpaid interest on the Advances and amounts payable to the Lenders
or any Affected Person under Section 2.10; 
 (F) if the Coverage Tests are not satisfied as of the
related Determination Date, (1) to the repayment of principal in respect of the Advances, or (2) if, but only if, the outstanding principal amount of the Advances equals zero (both before and after giving effect to any payment made
pursuant to clause (1)), to deposit in the Revolving Reserve Account, in each case in the amount necessary to result in the satisfaction of the Coverage Tests (on a pro forma basis as of such Determination Date), and in conjunction with such
repayment or deposit, the corresponding Commitment shall be terminated in accordance with Section 2.05(b); 
 (G) to the payment or application of amounts referred to in clauses (A) (3) and (4) above (in the same order of priority specified therein), to the extent not paid in full pursuant to
applications under said clauses (A)(3) and (4); 
 (H) to pay accrued and unpaid amounts owing to the
Secured Parties and any other Affected Person (if any) under Sections 2.09 and 12.03; 
 (I)
to the payment of any Replacement Investment Management Fees that the Lenders have elected in a written notice delivered to the Agents prior to the related Determination Date, to be paid on such Payment Date (such deferred fees, the
“Deferred Replacement Investment Management Fees”); 

  
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 (J) to the Currency Exchange Account, in an amount equal to the excess (if
any) of the Currency Exchange Mark-to-Market Amount over the amount on deposit in the Currency Exchange Account prior to the application of payment under this clause (J), in each case on such Payment Date; 

(K) during the Reinvestment Period and so long as no Event of Default has occurred and is continuing, the remainder to be
allocated at the Investment Manager’s option (as evidenced in a written notice delivered to the Agents delivered on or prior to the related Determination Date) to any one or more of the following payments: (i) to the Principal Collection
Subaccount for the purchase of additional Collateral Obligations (including funding Revolving Collateral Loans and Delayed Drawdown Collateral Loans), and/or (ii) to prepay the Advances, and/or (iii) to the Borrower, free and clear of the
lien of this Agreement, so long as in connection with any payment made pursuant to this clause (iii) each Coverage Test is satisfied as of the related Determination Date immediately prior to and immediately after the making of such payment to
the Borrower, and/or (iv) for deposit into the Revolving Reserve Account up to an amount that would result in the Portfolio Exposure Amount equaling zero; 
 (L) so long as an Event of Default has occurred and is continuing, to the repayment of the Advances until paid in full; 

(M) after the Reinvestment Period, as of the related Determination Date, if (i) the Diversity Score of the Collateral
Obligations, calculated as a single number in accordance with standard diversity scoring methodology using DBRS Industry Classifications, equals or exceeds 10, and (ii) either (I) the Overcollateralization Ratio at such time is at least
equal to the ratio of (a) 1.20 over (b) the Row Advance Rate that is in effect as of the end of the Reinvestment Period or (II) the Cumulative Net Loss Amount is equal to or less than zero, to the Borrower, free and clear of the lien of
this Agreement; 
 (N) after the Reinvestment Period, to the repayment of the Advances until paid in full; and

 (O) after the Reinvestment Period, and after the repayment of the Advances in full, the remainder to the
Borrower, free and clear of the lien of this Agreement. 
 (ii) On each Payment Date, Principal Proceeds on
deposit in the Principal Collection Subaccount that are received by the Collateral Agent on or before the related Determination Date (or if such Determination Date is not a Business Day, the next succeeding Business Day) and that are transferred to
the Payment Account and not designated for reinvestment by the Investment Manager shall be applied, except for any Principal Proceeds that will be used to settle binding commitments (entered into prior to the Determination Date) for the purchase of
Collateral Obligations, in the following order of priority: 

  
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 (A) to the payment of unpaid amounts under clauses (A) through
(F) in clause (i) above (in the same order of priority specified therein), to the extent not paid in full thereunder; 
 (B) during the Reinvestment Period, at the discretion of the Investment Manager, (1) to the Principal Collection Subaccount for the purchase of additional Collateral Obligations (including funding
Revolving Collateral Loans and Delayed Drawdown Collateral Loans), and/or (2) to prepay the Advances, and/or (3) for deposit into the Revolving Reserve Account up to an amount that would result in the Portfolio Exposure Amount equaling
zero; 
 (C) after the Reinvestment Period, to the repayment of the Advances until paid in full; 

(D) to the payment of amounts referred to in clauses (G), (H) and (I) of clause (i) above (in the same
order of priority specified therein), to the extent not paid in full thereunder; and 
 (E) after the
Reinvestment Period, and after the repayment of the Advances in full, the remainder to the Borrower, free and clear of the lien of this Agreement. 
 (b) If on any Payment Date the amount available in the Payment Account is insufficient to make the full amount of the disbursements required by the Payment Date Report, the Collateral Agent shall make the
disbursements called for in the order and according to the priority set forth under Section 9.01(a) to the extent funds are available therefor. 
 ARTICLE X 
 SALE OF COLLATERAL OBLIGATIONS; 

PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS 
 Section 10.01 Sales of Collateral Obligations. 
 (a) Investment
Manager-Directed Sales. Subject to the satisfaction of the conditions specified in Section 10.03 and provided that (x) no Default or Event of Default has occurred and is continuing or would result upon giving effect
thereto (unless, in the case of such a Default, such Default will be cured upon giving effect to such sale and the application of the proceeds thereof), (y) upon giving effect thereto and the application of the proceeds thereof, each Coverage
Test is satisfied and each Collateral Quality Test is satisfied, or, if any Collateral Quality Test is not satisfied, such Collateral Quality Test shall be maintained or improved, and (z) such sale is made for a purchase price at least equal to
the Loan Amount of such Collateral Obligations (after adjustment for any borrowings or repayments and exclusive of accrued interest), the Investment Manager may, but will not be required to, direct the Collateral Agent to sell and the Collateral
Agent shall sell in the manner directed by the Investment Manager any Collateral Obligation (or any portion thereof) if such sale meets the requirements set forth below provided that, the restrictions in clauses (y) and (z) above in
this Section 10.01(a) shall not apply to sales of Credit Risk Loan/Bonds or Defaulted Loan/Bonds to such non-Affiliates: 

  
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 (i) Sales of Collateral Obligations to Non-Affiliates. One or more
(or any portion of any) Collateral Obligations may be sold from time to time by the Borrower, or the Investment Manager, to Persons who are not Affiliates of the Borrower or the Investment Manager, on an arm’s length basis; 

(ii) Sales of Collateral Obligations to Affiliates. One or more (or any portion of any) Collateral Obligations may
be sold from time to time by the Borrower, or the Investment Manager, to the Investment Manager or any of its Affiliates only if (A) the terms and conditions thereof are no less favorable to the Borrower than the terms it would obtain in a
comparable, timely sale with a non-Affiliate, (B) the transactions are effected in accordance with all Applicable Laws, (C) the Collateral Obligation is a Defaulted Loan/Bond or Credit Risk Loan/Bond, such sale shall be for an amount equal
to the Appraised Value with respect to such Collateral Obligation, (D) the Collateral Obligation is not a Defaulted Loan/Bond or Credit Risk Loan/Bond, the prior written consent of the Facility Agent is obtained if such sale is for an amount
less than the original purchase price paid by the Borrower (after adjustment for any borrowings or repayments and exclusive of interest) with respect to such Collateral Obligation and (E) the prior written consent of the Facility Agent is
obtained if the Collateral Obligation is a Defaulted Loan/Bond or Credit Risk Loan/Bond. 
 Notwithstanding the foregoing terms of this
Section 10.01(a), in connection with the sale of any Credit Risk Loan/Bond, a Rating Confirmation must be obtained as a condition to the Borrower consummating such sale if (x) the cumulative amount of losses in respect of one or
more sales of any Credit Risk Loan/Bond(s) that is sold for a purchase price that is less than 80.0% of its Loan Amount (after adjustment for any borrowings or repayments and exclusive of accrued interest) exceeds $35,000,000 and (y) the
ratio as calculated pursuant to the Overcollateralization Ratio Test at such time (after giving effect to such sale on a pro forma basis) is less than the Row Minimum OC Level that is in use at such time. 

So long as no Default or Event of Default is continuing or would result upon giving effect thereto and the application of the proceeds
thereof, the Borrower may sell any Equity Security or any asset held by any Blocker Subsidiary at any time without restriction, and shall effect the sale of any Equity Security, regardless of price, within 30 days of receipt if such Equity
Security constitutes Margin Stock, unless such sale is prohibited by Applicable Law, in which case the Borrower shall notify the Facility Agent and such Equity Security shall be sold as soon as such sale is permitted by Applicable Law. 

(b) Terms of Sales. All sales of Collateral Obligations and other property of the Borrower under the provisions above in this
Section 10.01 must be exclusively for Cash. So long as no Default or Event of Default is continuing or would result upon giving effect thereto and the application of the proceeds thereof, a sale of a Collateral Obligation that is
otherwise permitted by the terms above in this Section 10.01 may be effected by the sale by the Borrower of participation interests in such Collateral Obligation, provided that no participations may be sold by the Borrower in any
Revolving Collateral Loan or Delayed Drawdown Collateral Loan. 

  
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 Section 10.02 Purchase of Additional Collateral Obligations. 

On any date during the Reinvestment Period, if no Default or Event of Default has occurred and is continuing or would result therefrom,
the Borrower, or the Investment Manager, may, if each of the conditions specified in this Section 10.02 and Section 10.03 is met, direct the Collateral Agent to invest Principal Proceeds (and accrued interest received with
respect to any Collateral Obligation to the extent used to pay for accrued interest on additional Collateral Obligations) in additional Collateral Obligations, and the Collateral Agent shall invest such proceeds in accordance with such instructions.
The Borrower shall ensure that all such investments in Collateral Obligations are settled during the Reinvestment Period such that no amounts are payable thereunder in respect of the purchase price thereof after the end of the Reinvestment Period.

 (a) Investment Criteria. No Collateral Obligation may be purchased unless such loan, debt obligation, or Participation
Interest satisfies the Eligibility Criteria as of the date the Borrower, or the Investment Manager, commits to make such purchase, in each case after giving effect to such purchase and all other sales or purchases previously or simultaneously
committed to. 
 (b) Investment in Eligible Investments. Cash on deposit in any Covered Account may be invested at any
time in Eligible Investments in accordance with Article VIII. To the extent Article VIII does not provide for cash on deposit in a Covered Account to be invested in Eligible Investments, such cash will remain uninvested.

 (c) Purchase of Additional Collateral Obligations from Affiliates. Additional Collateral Obligations may be purchased
from time to time by the Borrower, or the Investment Manager, from the Investment Manager or any of its Affiliates only if (v) such purchase or acquisition is effected pursuant to the Master Transfer Agreement, (w) the terms and conditions
thereof are no less favorable to the Borrower than the terms it would obtain in a comparable, timely sale with a non-Affiliate, (x) the transactions are effected in accordance with all Applicable Laws, (y) the prior written consent of the
Facility Agent is obtained if such purchase is for an amount greater than the original purchase price paid by the Investment Manager or such Affiliate (after adjustment for any borrowings or repayments and exclusive of interest) with respect to such
Collateral Obligation and (z) written notice thereof is provided to DBRS. 
 Section 10.03 Conditions
Applicable to All Sale and Purchase Transactions. 
 Upon any acquisition of a Collateral Obligation pursuant to this Article
X, a security interest in all of the Borrower’s right, title and interest to the Collateral shall be granted to the Collateral Agent pursuant to this Agreement, such Collateral shall be Delivered to the Collateral Agent, and, if applicable,
the Borrower shall receive the Collateral for which the Collateral was substituted, free and clear of the lien of this Agreement. 
 Section 10.04 Additional Equity Contributions. 
 Subject to
Section 10.03, the Investment Manager or an Affiliate thereof may, but shall have no obligation to, at any time or from time to time contribute additional equity to the Borrower, including without limitation for the purpose of curing any
Default (but, for the 

  
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avoidance of doubt, not any Event of Default), satisfying any Coverage Test or Collateral Quality Test, enabling the acquisition or sale of any Collateral Obligation or satisfying any conditions
under Section 3.02. Each equity contribution shall either be made (i) in Cash or (ii) by assignment and contribution of an Eligible Investment or (iii) by assignment and contribution of a Collateral Obligation (in
compliance with the Eligibility Criteria). Unless otherwise directed by the Borrower by prior written notice to the Agents, all Cash contributed to the Borrower shall be treated as Principal Proceeds except to the extent that such Cash is used to
pay expenses incurred in connection with the occurrence of the Closing Date. 
 Section 10.05 Unsettled
Securities. 
 Any Collateral Obligation that is an Unsettled Security shall no longer constitute an Unsettled Security as of
the date on which such Collateral Obligation has Settled. 
 ARTICLE XI 

THE AGENTS 
 Section 11.01 Authorization and Action. 
 Each Lender hereby irrevocably appoints
and authorizes the Facility Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the
terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents, or
any fiduciary relationship with any Secured Party, and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such
Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement and the transactions contemplated hereby. As to any matters
not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting
or refraining from acting) upon the written instructions of the Required Lenders; provided that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is
contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which
the Facility Documents provide that an Agent’s consent may not be unreasonably withheld, provide for the exercise of such Agent’s reasonable discretion, or provide to a similar effect, it shall not in its instructions (or, by refusing to
provide instruction) to such Agent withhold its consent or exercise its discretion in an unreasonable manner. 

  
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 Section 11.02 Delegation of Duties. 

Each Agent may execute any of its duties under this Agreement and each other Facility Document by or through agents or attorneys-in-fact
and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

Section 11.03 Agents’ Reliance, Etc. 

(a) Neither Agent nor any of its respective directors, officers, agents or employees shall be liable for any action taken or omitted to
be taken by it or them under or in connection with this Agreement or any of the other Facility Documents, except for its or their own gross negligence or willful misconduct. Without limiting the generality of the foregoing, each Agent: (i) may
consult with legal counsel (including, without limitation, counsel for the Borrower or the Investment Manager or any of their Affiliates) and independent public accountants and other experts selected by it and shall not be liable for any action
taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation to any Secured Party or any other Person and shall not be responsible to any
Secured Party or any Person for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement or the other Facility Documents; (iii) shall not have any duty to ascertain or to inquire as to
the performance or observance of any of the terms, covenants or conditions of this Agreement, the other Facility Documents or any Related Documents on the part of the Borrower or the Investment Manager or any other Person or to inspect the property
(including the books and records) of the Borrower or the Investment Manager; (iv) shall not be responsible to any Secured Party or any other Person for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of
any Collateral, this Agreement, the other Facility Documents, any Related Document or any other instrument or document furnished pursuant hereto or thereto; and (v) shall incur no liability under or in respect of this Agreement or any other
Facility Document by relying on, acting upon (or by refraining from action in reliance on) any notice, consent, certificate, instruction or waiver, report, statement, opinion, direction or other instrument or writing (which may be delivered by
telecopier, email, cable or telex, if acceptable to it) believed by it to be genuine and believe by it to be signed or sent by the proper party or parties. No Agent shall have any liability to the Borrower or any Lender or any other Person for the
Borrower’s or any Lender’s, as the case may be, performance of, or failure to perform, any of their respective obligations and duties under this Agreement or any other Facility Document. 

(b) No Agent shall be liable for the actions of omissions of any other Agent (including without limitation concerning the application of
funds), or under any duty to monitor or investigate compliance on the part of any other Agent with the terms or requirements of this Agreement, any Facility Document or any Related Document, or their duties thereunder. Each Agent shall be entitled
to assume the due authority of any signatory and genuineness of any signature appearing on any instrument or document it may receive (including, without limitation, each Notice of Borrowing received hereunder). No Agent shall be liable for any
action taken in good faith and reasonably believed by it to be within the powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed, or omitted to be taken by it by reason of the lack of direction or
instruction required hereby for such action (including without limitation for refusing to exercise discretion or for withholding its consent in the absence of its receipt of, or resulting from a failure, delay or refusal on the part of any Lender to
provide, 

  
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written instruction to exercise such discretion or grant such consent from any such Lender, as applicable). No Agent shall be liable for any error of judgment made in good faith unless it shall
be proven that such Agent was grossly negligent in ascertaining the relevant facts. Nothing herein or in any Facility Documents or Related Documents shall obligate any Agent to advance, expend or risk its own funds, or to take any action which in
its reasonable judgment may cause it to incur any expense or financial or other liability for which it is not adequately indemnified. No Agents shall be liable for any indirect, special or consequential damages (included but not limited to lost
profits) whatsoever, even if it has been informed of the likelihood thereof and regardless of the form of action. No Agent shall be charged with knowledge or notice of any matter unless actually known to a Responsible Officer of such Agent
responsible for the administration of this Agreement, or unless and to the extent written notice of such matter is received by such agent had its address in accordance with Section 12.02. Any permissive grant of power to an Agent
hereunder shall not be construed to be a duty to act. Before acting hereunder, an Agent shall be entitled to request, receive and rely upon such certificates and opinions as it may reasonably determine appropriate with respect to the satisfaction of
any specified circumstances or conditions precedent to such action. 
 (c) No Agent shall be responsible or liable for delays or
failures in performance resulting from acts beyond its control. Such acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations superimposed after the fact, fire, communication
line failures, computer viruses, power failures, earthquakes or other disasters. 
 Section 11.04
Indemnification. 
 Subject to the terms of Section 12.21 with respect to any CP Conduit, each of the Lenders
agrees to indemnify and hold the Agents harmless (to the extent not reimbursed by or on behalf of the Borrower pursuant to Section 12.04 or otherwise) from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses (including, without limitation, attorneys fees and expenses) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Agents in any way relating to or
arising out of this Agreement or any other Facility Document or any Related Document or any action taken or omitted by the Agents under this Agreement or any other Facility Document or any Related Document; provided that: 

(i) no Lender shall be liable to any Agent for any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements resulting from such Agent’s gross negligence, willful misconduct; and 
 (ii) no Lender or Lenders shall be liable to the Collateral Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
(for purposes hereof, “Liabilities”) unless such Liabilities are imposed on, incurred by, or asserted against the Collateral Agent as a result of any action taken, or not taken, by the Collateral Agent at the direction of such
Lender or Lenders, as the case may be, in accordance with the terms and conditions set forth in this Agreement (it being understood that the Collateral Agent shall be under no obligation 

  
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to exercise or to honor any of the rights or powers vested in it by this Agreement at the request or direction of any of the Lenders (or other Persons authorized or permitted under the terms
hereof to make such request or give such direction) pursuant to this Agreement or any of the other Facility Documents, unless such Lenders shall have provided to the Collateral Agent security or indemnity reasonably satisfactory to it against the
costs, expenses (including reasonable and documented attorney’s fees and expenses) and Liabilities which might reasonably be incurred by it in compliance with such request or direction, whether such indemnity is provided under this
Section 11.04 or otherwise). 
 The rights of the Agents and obligations of the Lenders under or pursuant to this
Section 11.04 shall survive the termination of this Agreement, and the earlier removal or resignation of any Agent hereunder. 
 Section 11.05 Successor Agents. 
 (a) Subject to the terms of this
Section 11.05(a), each Agent may, upon thirty days’ notice to the Lenders and the Borrower, resign as Facility Agent or Collateral Agent, as applicable. If the Collateral Agent shall be in material breach of its obligations
hereunder, the Required Lenders may, following a period of fifteen days during which the Collateral Agent may cure such breach, remove the Collateral Agent upon notice to the Borrower, the Investment Manager, the Lenders and the Agents. If the
Collateral Agent shall resign or be removed pursuant to this Section 11.05(a), then the Facility Agent (at the direction of the Required Lenders), during such thirty- or ten-day period (as applicable), shall appoint a successor agent. If
the Facility Agent shall resign or be removed pursuant to this Section 11.05(a), then the Required Lenders, during such thirty- or ten-day period (as applicable), shall appoint a successor agent. If for any reason a successor agent is
not so appointed and does not accept such appointment during such thirty- or ten-day period (as applicable) (the last day of such period, the “Appointment Cut-off Date”), such Agent may appoint a successor Agent. The appointment of
any successor Agent pursuant to this Section 11.05(a) shall be subject to the prior written consent of the Borrower (which consent shall not be unreasonably withheld or delayed); provided that the consent of the Borrower to any
such appointment shall not be required if (i) an Event of Default shall have occurred and be continuing, (ii) if such assignee is a Lender or an Affiliate of such Agent or any Lender; or (iii) for any reason no successor has been
appointed within 30 days after the relevant Appointment Cut-off Date and the Borrower has theretofore not entered into an agreement in principle with a potential successor that would be qualified to act as such Agent hereunder. Any resignation
or removal of an Agent pursuant to this Section 11.05(a) shall be effective upon the appointment of a successor Agent pursuant to this Section 11.05(a) and the acceptance of such appointment by such successor. The Investment
Manager shall provide DBRS notice of the acceptance of such appointment by such successor. After the effectiveness of any retiring Agent’s resignation hereunder as Agent, the retiring Agent shall be discharged from its duties and obligations
hereunder and under the other Facility Documents (but not in its capacity as a Lender, if applicable) and the provisions of this Article XI and Section 11.05(a) shall continue in effect for its benefit with respect to any
actions taken or omitted to be taken by it while it was Agent under this Agreement and under the other Facility Documents. 

  
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 (b) Subject to the terms of this Section 11.05(b), the Investment Manager may,
upon thirty days’ notice to the Collateral Agent, the Lenders and the Borrower, remove and discharge the Collateral Agent from the performance of its obligations under this Agreement and under the other Facility Documents without cause at any
time. If the Collateral Agent shall be removed pursuant to this Section 11.05(b), then the Investment Manager during such thirty-day period shall appoint a successor Collateral Agent. The appointment of any successor Collateral
Agent pursuant to this Section 11.05(b) shall be subject to the prior written consent of the Facility Agent (which consent shall not be unreasonably withheld or delayed). If the Collateral Agent is removed pursuant to this
Section 11.05(b), the Collateral Agent shall be removed in all other capacities in which it serves under this Agreement and under any of the other Facility Documents (including, without limitation, in its capacity as Calculation Agent
and Custodian). Any removal of the Collateral Agent pursuant to this Section 11.05(b) shall be effective upon the appointment of a successor Collateral Agent pursuant to this Section 11.05(b) and the acceptance of such
appointment by such successor. The Investment Manager shall provide DBRS notice of the acceptance of such appointment by such successor. After the effectiveness of any removal of the Collateral Agent pursuant to this Section 11.05(b),
the Collateral Agent shall be discharged from its duties and obligations hereunder and under the other Facility Documents (but not in its capacity as Lender, if applicable) and the provisions of this Article XI and
Section 11.05(b) shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while it was Collateral Agent under this Agreement and under the other Facility Documents. In the event that the
Collateral Agent is removed pursuant to this Section 11.05(b), the Investment Manager shall bear any costs related to such removal and appointment of a successor Collateral Agent. 

Section 11.06 Regarding the Collateral Agent. 
 (a) The Collateral Agent shall have no liability for losses arising from (i) any cause beyond its control, (ii) any delay, error, omission or default of any mail, telegraph, cable or wireless
agency or operator, or (iii) the acts or edicts of any government or governmental agency or other group or entity exercising governmental powers. 
 (b) The Collateral Agent shall not be responsible for any special, exemplary, punitive or consequential damages. 
 (c) The Collateral Agent shall not be responsible for the preparation or filing of any UCC financing statements or the correctness of any financing statements filed in connection with this Agreement or
the validity or perfection of any lien or security interest created pursuant to this Agreement. 
 (d) The Collateral Agent
shall not be liable for interest on any money received by it except as the Collateral Agent may agree in writing with the Borrower. 

  
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 ARTICLE XII 
 MISCELLANEOUS 
 Section 12.01 No Waiver; Modifications in Writing.

 (a) No failure or delay on the part of any Secured Party exercising any right, power or remedy hereunder or with respect to
the Advances shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver of any
provision of this Agreement, and any consent to any departure by any party to this Agreement from the terms of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which given. No notice
to or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances. 
 (b) No amendment, modification, supplement or waiver of this Agreement shall be effective unless it is signed by the Borrower and the Required Lenders (or the Facility Agent on behalf of the Required
Lenders) and a Rating Confirmation is obtained, provided that: 
 (i) no such amendment, modification, supplement
or waiver shall, unless by an instrument signed by all of the Lenders (or the Facility Agent on behalf of all of the Lenders), (A) increase or extend the term of the Commitments or change the Final Maturity Date, (B) extend the date fixed
for the payment of principal of or interest on any Advance or any fee hereunder, (C) reduce the amount of any such payment of principal, (D) reduce the rate at which interest is payable thereon or any fee is payable hereunder,
(E) release all or substantially all of the Collateral, except in connection with dispositions permitted hereunder, (F) alter the terms of Section 9.01 or this Section 12.01(b), (G) modify in any manner the
number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof or (H) extend the Reinvestment Period; and 

(ii) any amendment, modification, supplement or waiver of Article VIII, Article XI, or of any of the other
rights or duties of either Agent (including the Collateral Agent in its role as Custodian) hereunder, shall require the consent of such Agent. 
 Section 12.02 Notices, Etc. 
 Except where telephonic instructions are
authorized herein to be given, all notices, demands, instructions and other communications required or permitted to be given to or made upon any party hereto shall be in writing and shall be personally delivered or sent by registered, certified or
express mail, postage prepaid, or by facsimile transmission, or by prepaid courier service, or by electronic mail, and shall be deemed to be given for purposes of this Agreement on the day that such writing is received by the intended recipient
thereof in accordance with the provisions of this Section 12.02. Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Section 12.02, notices, demands, instructions and
other communications in writing shall be given to or made upon the respective parties hereto at their respective addresses (or to their respective facsimile numbers) indicated below, and, in the case of telephonic instructions or notices, by calling
the telephone number or numbers indicated for such party below: 

  
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	 If to the Facility Agent:
	    	Natixis, New York Branch
		    	9 West 57th Street, 36th Floor
		    	New York, New York 10019
		    	Attention: Yazmin Vasconez
		    	Telephone No.: 212-891-6176
		    	Facsimile No.: 646-282-2361
		
		    	Email: Versaillestransaction@us.natixis.com
		
		    	   fiona.chan@db.com

		
		    	   rajesh.rampersaud@db.com

		
	 If to the Collateral Agent:
	    	The Bank of New York Mellon Trust Company, N.A.
		    	525 William Penn Place, 8th Floor
		    	Pittsburgh, PA 15259
		    	Ryan Janoski – Relationship Manager
		    	Tel: 412-234-9521
		    	Fax: 412-236-1141
		    	Ryan.janoski@bnymellon.com
		
	 If to the Borrower:
	    	TPG SL SPV, LLC
		    	850 Library Avenue, Suite 204-F
		    	Newark, Delaware 19711
		    	Attention: Don Puglisi
		    	Tel: 302-738-6680
		    	Fax: 302-738-7210
		    	Email: dpuglisi@puglisiassoc.com
		
		    	With a copy to:
		
		    	TPG Specialty Lending, Inc.
		    	301 Commerce Street
		    	Suite 3300
		    	Fort Worth, TX 76102
		    	Attention: Craig Hamrah
		    	Tel: 817-871-4095
		    	Email: CHamrah@tpg.com
		
		    	With a copy to:
		
		    	TSL Advisers, LLC
		    	301 Commerce Street
		    	Suite 2500
		    	Fort Worth, Texas 76102
	 	    	Attention: David Reintjes
		    	Telephone: 817-871-4095
		    	Email: DReintjes@tpg.com

  
 115

			
		
	 If to the Lender:
	    	Versailles Assets LLC
		    	c/o Global Securitization Services, LLC
		    	68 South Service Road, Suite 120
		    	Melville, NY 11747
		    	Attention: Bernard J. Angelo
		    	Telephone No.: (631) 930-7203
		    	Facsimile No.: (212) 302-8267
		    	Email: jrangelo@gssnyc.com and dveidt@gssnyc.com
		
	 If to any other Lender:
	    	As provided in the Assignment and Acceptance pursuant to which such other Lender becomes a Lender hereunder.
		
	 If to DBRS:
	    	DBRS, Inc.
		    	Structured Credit Surveillance
		    	140 Broadway, 35th Floor
		    	New York, NY 10005 United States
		    	Phone: +1 (212) 806-3277 (main reception)
		    	Fax: +l (212) 806-3201
		    	SC_Surveillance@dbrs.com

 Section 12.03 Taxes. 

(a) Any and all payments by or on behalf of the Borrower under this Agreement and the Notes shall be made, in accordance with this
Agreement, free and clear of and without deduction for Taxes unless such deduction is required by law (or by the interpretation or administration thereof). If the Borrower shall be required by law (or by the interpretation or administration thereof)
to deduct any Taxes from or in respect of any sum payable by it hereunder, under any Note or under any other Facility Document to any Secured Party, (i) if any such deductions are in respect of Indemnified Taxes, the sum payable by the Borrower
shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 12.03) such Secured Party receives an amount equal to the sum it would
have received had no deductions in respect of Indemnified Taxes been made, (ii) the Borrower shall make such deductions, and (iii) the Borrower shall timely pay the full amount deducted to the relevant Authority in accordance with
Applicable Law. 
 (b) In addition, the Borrower agrees to timely pay any present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies which arise from any payment made by the Borrower hereunder, under the Notes or under any other Facility Document or from the execution, delivery or registration of, or otherwise with respect
to, this Agreement, the Notes or under any other Facility Document except any such Taxes that are Other Connection Taxes (hereinafter referred to as “Other Taxes”). 

  
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 (c) Borrower agrees to indemnify each of the Secured Parties for the full amount of
Indemnified Taxes or Other Taxes (including any Indemnified Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 12.03), together with all interest, penalties, reasonable costs and expenses
arising therefrom, paid by any Secured Party in respect of the Borrower, whether or not such Taxes or Other Taxes were correctly or legally imposed or asserted. Payments by the Borrower pursuant to this indemnification shall be made promptly
following the date the Secured Party makes written demand therefor, which demand shall be accompanied by a certificate describing in reasonable detail the basis thereof. Such certificate shall be conclusive absent manifest error. 

(d) The Borrower shall not be required to indemnify any Secured Party, or pay any additional amounts to any Secured Party, in respect of
United States federal withholding tax or United States federal backup withholding tax to the extent that the obligation to pay such additional amounts would not have arisen but for a failure by such Secured Party to comply with paragraphs (g)
or (h) below. 
 (e) Promptly after the date of any payment of Taxes or Other Taxes, the Borrower will furnish to each
Agent the original or a certified copy of a receipt issued by the relevant Authority evidencing payment thereof (or other evidence of payment as may be reasonably satisfactory to such Agent). 

(f) If any payment is made by or on behalf of the Borrower to or for the account of any Secured Party after deduction for or on account
of any Taxes or Other Taxes, and an indemnity payment or additional amounts are paid by the Borrower pursuant to this Section 12.03, then, if such Secured Party has received a refund of such Taxes or Other Taxes, such Secured Party shall
reimburse to the Borrower such amount of any refund received as such Secured Party shall determine in its reasonable discretion to be attributable to the relevant Taxes or Other Taxes, provided that in the event that such Secured Party is
required to repay such refund to the relevant taxing Authority, the Borrower agrees to return the refund to such Secured Party. 

(g) Each Secured Party that is a U.S. person as that term is defined in Section 7701(a)(30) of the Code (a “U.S.
Person”) hereby agrees that it shall, no later than the Closing Date or, in the case of a Secured Party which becomes a party hereto pursuant to Section 12.06, the date upon which such Secured Party becomes a party hereto,
deliver to each Agent and the Borrower, if applicable, two accurate, complete and signed originals of U.S. Internal Revenue Service Form W-9 or successor form. Each Secured Party that is not a U.S. Person (a “Non-U.S. Lender”),
other than an assignee pursuant to Section 12.06, , on or prior to the Closing Date, shall deliver to each Agent and the Borrower two properly completed and duly executed originals of either U.S. Internal Revenue Service Form W-8BEN,
W-8ECI or W-8IMY or any subsequent versions thereof or successors thereto, in each case, establishing a complete exemption from U.S. federal withholding tax (other than in the case of a change of law occurring subsequent to the date hereof). Each
Non-U.S. Lender that is an assignee pursuant to Section 12.06 (a “Non-U.S. Assignee Lender”) shall, other than in the case of a change in law occurring subsequent to the date hereof, on or prior to the date that it becomes a
Lender hereunder, deliver to each Agent and the Borrower two properly completed and duly executed originals of either U.S. Internal Revenue Service Form W-8BEN, W-8ECI or W-8IMY or any subsequent versions

  
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thereof or successors thereto, in each case, establishing a complete exemption from U.S. federal withholding tax. In addition, in the case of a Non-U.S. Lender claiming exemption from U.S.
federal withholding tax under Section 871(h) or 881(c) of the Code, such Non-U.S. Lender hereby represents that such Non-U.S. Lender is not a bank for purposes of Section 881(c) of the Code, is not a 10-percent shareholder (within the
meaning of Section 871(h)(3)(B) of the Code) of the Borrower and is not a controlled foreign corporation related to the Borrower (within the meaning of Section 864(d)(4) of the Code), and such Non-U.S. Lender agrees that it shall promptly
notify each Agent and the Borrower in the event any such representation is no longer accurate. In addition, each Non-U.S. Lender shall deliver such forms as promptly as practicable if any such previously delivered from becomes obsolete or incorrect
and after receipt of a written request therefor from an Agent or the Borrower (in each case, only if such Non-U.S. Lender is legally able to deliver such forms). Each Secured Party shall deliver to the Borrower and each Agent such documentation
reasonably requested by the Borrower or such Agent sufficient for the Borrower and each Agent to comply with their withholding, reporting and other obligations under FATCA. 
 (h) If any Lender requires the Borrower to pay any additional amount to any Secured Party or any taxing Authority for the account of any Lender or to indemnify a Secured Party pursuant to this
Section 12.03, then such Secured Party shall use reasonable efforts to designate a different lending office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if such Lender determines, in its sole discretion, exercised in good faith, that such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.09 or
Section 12.03, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable
costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 (i) Nothing in this
Section 12.03 shall be construed to require the Secured Party to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. 

Section 12.04 Costs and Expenses; Indemnification. 

(a) The Borrower agrees to promptly pay on demand all reasonable and documented out-of-pocket costs and expenses of the Agents in
connection with the administration and any waiver, consent, modification, amendment or similar agreement in respect of this Agreement, the Notes or any other Facility Document and advising the Agents as to their respective rights, remedies and
responsibilities. The Borrower agrees to promptly pay on demand all costs and expenses of each of the Secured Parties in connection with the enforcement of this Agreement, the Notes or any other Facility Document, including the reasonable and
documented fees and disbursements of one outside counsel and one local counsel in each relevant jurisdiction for each of the Facility Agent and the Collateral Agent in connection therewith. 

  
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 (b) The Borrower agrees to indemnify and hold harmless each Secured Party and each of their
Affiliates and the respective officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities,
obligations, expenses, penalties, actions, suits, judgments and disbursements of any kind or nature whatsoever (including the reasonable and documented fees and disbursements of counsel) that may be incurred by or asserted or awarded against any
Indemnified Party, in each case arising out of or in connection with or by reason of the execution, delivery, enforcement, performance, administration of or otherwise arising out of or incurred in connection with this Agreement, any other Facility
Document, any Related Document or any transaction contemplated hereby or thereby (and regardless of whether or not any such transactions are consummated) (collectively, the “Liabilities”), including any such Liability that is
incurred or arises out of or in connection with, or by reason of, any one or more of the following: (i) preparation for a defense of any investigation, litigation or proceeding arising out of, related to or in connection with this Agreement,
any other Facility Document, any Related Document or any of the transactions contemplated hereby or thereby; (ii) any breach or alleged breach of any covenant by the Borrower contained in any Facility Document; (iii) any representation or
warranty made or deemed made by the Borrower contained in any Facility Document or in any certificate, statement or report delivered in connection therewith is, or is alleged to be, false or misleading; (iv) any failure by the Borrower to
comply with any Applicable Law or contractual obligation binding upon it; (v) any failure to vest, or delay in vesting, in the Secured Parties a first-priority perfected security interest in all of the Collateral free and clear of all Liens,
other than Permitted Liens; (vi) any action or omission, not expressly authorized by the Facility Documents, by the Borrower or any Affiliate of the Borrower which has the effect of reducing or impairing the Collateral or the rights of the
Agents or the Secured Parties with respect thereto; and (vii) any Default or Event of Default; except to the extent any such Liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such
Indemnified Party’s gross negligence or willful misconduct. 
 Section 12.05 Execution in Counterparts.

 This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each
of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. Delivery of an executed signature page of this Agreement by
facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. 
 Section 12.06 Assignability; Participation; Register. 
 (a) Each Lender may assign
to an assignee all or a portion of its rights and obligations under this Agreement (including all or a portion of its outstanding Advances or interests therein owned by it, together with ratable portions of its Commitment); provided that:

 (i) the Facility Agent has consented thereto; and 

(ii) the Borrower has consented thereto (such consent not to be unreasonably withheld, delayed or conditioned), unless
(A) the assignee is a Permitted Assignee with respect to such assignor, (B) the assignee is Natixis, an Affiliate of Natixis, or any commercial paper program or vehicle established or administered by Natixis or an Affiliate of Natixis or
for which Natixis or an Affiliate of Natixis provides liquidity support, or (C) an Event of Default has occurred and is continuing. 

  
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 The parties to each such assignment shall execute and deliver to the Facility Agent an
Assignment and Acceptance. Notwithstanding any other provision of this Section 12.06, any Lender may at any time pledge or grant a security interest in all or any portion of its rights (including rights to payment of principal and
interest) under this Agreement to secure obligations of such Lender, including any pledge or security interest granted to a Federal Reserve Bank, without notice to or consent of the Borrower or the Facility Agent; provided that no such pledge
or grant of a security interest shall release such Lender from any of its obligations hereunder or substitute any such pledgee or grantee for such Lender as a party hereto. Any purported assignment to an assignee that does not comply with the
requirements of this Section 12.06 will be null and void ab initio. 
 (b) The Borrower may not assign any of
its rights hereunder or any interest herein or delegate any of its obligations hereunder without the prior written consent of the Agents and the Lenders. 
 (c) Any Lender may sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement;
provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) the
Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (D) each Participant shall have agreed to be bound by
this Section 12.06(c), Section 12.06(e) and Section 12.09(b). In the event that any Lender sells participations in any portion of its rights and obligations hereunder: 

(i) the agreement pursuant to which such Lender sells such participation shall provide that such Lender shall retain the
sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement may provide that such Lender will not, without the consent of the Participant, agree to
any amendment, modification, supplement or waiver that requires the consent of all of the Lenders. Sections 2.09, 2.10 and 12.03 shall apply to each Participant as if it were a Lender and had acquired its interest by
assignment pursuant to paragraph (a) of this Section; provided that no Participant shall be entitled to any amount under Section 2.09, 2.10 or 12.03 which is greater than the amount the related Lender would have
been entitled to under any such Sections or provisions if the applicable participation had not occurred; and 

(ii) such Lender, as nonfiduciary agent for the Borrower, shall maintain a register on which it enters the name of all
participants in the Advances held by it and the principal amount (and stated interest thereon) of the portion of the Advance which is the subject of the participation (the “Participant Register”). An Advance may be participated in
whole or in part only by registration of such participation on the Participant Register (and each Note, if any, shall expressly so provide). Any participation of such Advance may be effected only by the registration of such participation on the
Participant Register. The Participant Register shall be available for inspection by the Borrower at any reasonable time and from time to time upon reasonable prior notice. 

  
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 (d) The Facility Agent, on behalf of and acting solely for this purpose as the nonfiduciary
agent of the Borrower, shall maintain at its address specified in Section 12.02 or such other address as the Facility Agent shall designate in writing to the Lenders, a copy of this Agreement and each signature page hereto and each
Assignment and Acceptance delivered to and accepted by it and a register (the “Register”) for the recordation of (i) the names and addresses of the Lenders (ii) the amount of each Advance made hereunder by each Lender to
the Borrower, (iii) the amount of any principal due and payable or to become due and payable from the Borrower to each Lender hereunder, (iv) the amount of any principal sum paid by the Borrower hereunder and each Lender’s share
thereof and (v) the aggregate outstanding principal amount of the outstanding Advances maintained by each Lender under this Agreement (and any stated interest thereon) after giving effect to any assignment hereunder. The entries in the Register
shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Agents and the Lenders shall treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The
entries maintained in the accounts and Register maintained pursuant Section 2.03(a) and Section 12.06(d) shall be prima facie evidence of the existence and amounts of the Advances therein recorded; provided that
the failure of the Facility Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Advances in accordance with the terms of this Agreement. The Register shall be
available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. An Advance (and a Note, if any, evidencing the same) may be assigned or sold in whole or in part only by registration
of such assignment or sale on the Register (and each Note, if any, shall expressly so provide). The Facility Agent shall update and furnish to the Collateral Agent and the Borrower from time to time at the request of the Collateral Agent or the
Borrower an updated version of Schedule 1 reflecting the then-current allocation of the Commitments. 
 (e)
Notwithstanding anything to the contrary set forth herein or in any other Facility Document, each Lender hereunder, and each Participant, must at all times be a “qualified purchaser” as defined in the Investment Company Act (a
“Qualified Purchaser”). Accordingly: 
 (i) each Lender represents to the Borrower, (A) on
the date that it becomes a party to this Agreement (whether by being a signatory hereto or by entering into an Assignment and Acceptance) and (B) on each date on which it makes an Advance hereunder, that it is a Qualified Purchaser; 

(ii) each Lender agrees that it shall not assign, or grant any participations in, any of its Advances or its Commitment to
any Person unless such Person is a Qualified Purchaser; and 
 (iii) the Borrower agrees that, to the extent it
has the right to consent to any assignment or participation herein, it shall not consent to such assignment or participation hereunder unless it reasonably believes that the assignee or participant is a Qualified Purchaser and that such assignment
or participation will not cause the Borrower or the pool of Collateral to be required to register as an investment company under the Investment Company Act. 

  
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 Section 12.07 Governing Law. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 
 Section 12.08 Severability of Provisions. 
 Any provision of this Agreement which
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability
of such provision in any other jurisdiction. 
 Section 12.09 Confidentiality. 

Each Secured Party agrees to keep confidential all information provided to it by the Borrower or the Investment Manager with respect to
the Borrower, its Affiliates, the Collateral, the Related Documents, the Obligors or any other information furnished to any other Secured Party pursuant to this Agreement or any other Facility Document (collectively, the “Borrower
Information”); provided that nothing herein shall prevent any Secured Party from disclosing any Borrower Information (a) to any Secured Party or any Affiliate of a Secured Party, any of their respective Affiliates, employees,
directors, agents, attorneys, accountants and other professional advisors (collectively, the “Secured Party Representatives”), it being understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Borrower Information and instructed to keep such Borrower Information confidential, (b) subject to an agreement to comply with the provisions of this Section and to use the Borrower Information only in connection with this
Agreement and the other Facility Documents and not for any other purpose, to any actual or bone fide prospective permitted assignees and Participants in any of the Secured Parties’ interests under or in connection with this Agreement,
(c) upon the request or demand of any Authority with jurisdiction over any Secured Party or any of its Affiliates or any Secured Party Representative, (d) in response to any order of any court or other Authority or as may otherwise be
required to be disclosed pursuant to any Applicable Law, (e) that is a matter of general public knowledge or that has heretofore been made available to the public by any Person other than any Secured Party or any Secured Party Representative,
(f) any nationally recognized rating agency that requires access to information about a Secured Party’s investment portfolio in connection with ratings issued with respect to such Secured Party, it being understood that the Persons to whom
such disclosure is made will be informed of the confidential nature of such Borrower Information and instructed to keep such Borrower Information confidential, (g) in connection with the exercise of any remedy hereunder or under any other
Facility Document (including, without limitation, under Article VII). 

  
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 Section 12.10 Merger. 

This Agreement, the Notes and the other Facility Documents executed by the Borrower, the Investment Manager, the Agents or the Lenders
taken as a whole incorporate the entire agreement between the parties thereto concerning the subject matter thereof and such Facility Documents supersede any prior agreements among the parties relating to the subject matter thereof. 

Section 12.11 Survival. 
 All representations and warranties made hereunder, in the other Facility Documents and in any certificate delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the
execution and delivery of this Agreement and the making of the Advances hereunder. The agreements in Sections 2.04(f), 2.09, 2.10, 2.12, the penultimate paragraph of 7.03, 7.06(b), 11.04,
12.03, 12.04, 12.09, 12.16 and 12.19 and this Section 12.11 shall survive the termination of this Agreement in whole or in part and the payment in full of the principal of and interest on the Advances.

 Section 12.12 Submission to Jurisdiction; Waivers; Etc. 

Each party hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement or the other Facility Documents to which it is a party, or for recognition and enforcement of any
judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District of New York and the appellate courts of any of them; 

(b) consents that any such action or proceeding may be brought in any court described in Section 12.12(a) and waives to the
fullest extent permitted by Applicable Law any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead
or claim the same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address set forth in Section 12.02 or at such other address as may be permitted thereunder; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit
the right to sue in any other jurisdiction or court; and 
 (e) waives, to the maximum extent not prohibited by law, any right
it may have to claim or recover in any legal action or proceeding against any Secured Party arising out of or relating to this Agreement or any other Facility Document any special, exemplary, punitive or consequential damages. 

  
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 Section 12.13 Waiver of Jury Trial. 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO
THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT OR FOR ANY COUNTERCLAIM THEREIN OR RELATING THERETO. 

Section 12.14 Service of Process. 
 The Borrower hereby irrevocably designates, appoints and empowers CT Corporation System, (the “Process Agent”), with an office on the date hereof at 111 Eighth Avenue, New York, NY 10011,
as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and its properties, assets and revenues, service for any and all legal process, summons, notices and documents which may be served in any action, suit or
proceeding brought in the courts listed in Section 12.12 in connection with or arising out of this Agreement or any other Facility Document. If for any reason the Process Agent shall cease to act as such, the Borrower agrees to promptly
designate new designees, appointees and agents in New York, New York on the terms and for the purposes of this Section 12.14 satisfactory to the Facility Agent, which new designees, appointees and agents shall thereafter be deemed to be
the Process Agent for all purposes of this Agreement and the other Facility Documents. The Borrower further hereby irrevocably consents and agrees to the service of any and all legal process, summonses, notices and documents out of any of the
aforesaid courts in any such action, suit or proceeding by serving a copy thereof upon the Process Agent (whether or not the appointment of the Process Agent shall for any reason prove to be ineffective or the Process Agent shall accept or
acknowledge such service) or by mailing copies thereof by regular or overnight mail, postage prepaid, to the Process Agent at its address specified above in this Section 12.14. The Borrower agrees that the failure of the Process Agent to
give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon. Nothing herein shall in any way be deemed to limit the ability of any
Secured Party to serve any such legal process, summons, notices and documents in any other manner permitted by Applicable Law or to obtain jurisdiction over the Borrower or bring actions, suits or proceedings against the Borrower in such other
jurisdictions, and in a manner, as may be permitted by Applicable Law. 
 Section 12.15 Waiver of
Immunity. 
 To the extent that the Borrower or any of its properties, assets or revenues may have or may hereafter become
entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or other similar grounds, from any legal action, suit or proceeding in connection with or arising out of this Agreement or any other Facility Document, from
the giving of any relief in any thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of
judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceeding may at any time be commenced, with respect to its obligations, liabilities or any other
matter under or arising out of or in connection with this Agreement or any other Facility Document, the Borrower hereby irrevocably and unconditionally waives to the fullest extent permitted by Applicable Law, and agrees for the benefit of each of
the Secured Parties not to plead or claim, any such immunity, and consents to such relief and enforcement. 

  
 124

 Section 12.16 Judgment in Foreign Currency. 

The Borrower agrees to indemnify each of the Secured Parties against any loss incurred by any such payee as a result of any judgment or
order being given or made for any amount due hereunder and such judgment or order being expressed and paid in a currency (the “Judgment Currency”) other than Dollars and as a result of any variation as between (i) the rate of
exchange at which the Dollar amount is converted into the Judgment Currency for the purpose of such judgment or order, and (ii) the rate of exchange at which such payee upon receipt of the Judgment Currency could have purchased Dollars with the
amount of Judgment Currency actually received by such payee. The foregoing indemnity shall constitute a separate and independent obligation of the Borrower and shall continue in full force and effect notwithstanding any such judgment or order as
aforesaid. The term “rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency. 

Section 12.17 PATRIOT Act Notice. 
 Each Lender and the Collateral Agent hereby notify the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law on October 26, 2001)) (the
“PATRIOT Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Lenders to identify the
Borrower in accordance with the PATRIOT Act. The Borrower shall provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by any Lender or the Collateral Agent in order to assist such Person
in maintaining compliance with the PATRIOT Act. 
 Section 12.18 Legal Holidays. 

In the event that the date of any Payment Date, date of prepayment or Final Maturity Date shall not be a Business Day, then
notwithstanding any other provision of this Agreement or any Facility Document, payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of any such
Payment Date, date of prepayment or Final Maturity Date, as the case may be, and interest shall accrue on such payment for the period from and after any such nominal date to but excluding such next succeeding Business Day. 

Section 12.19 Non-Petition. 
 Each of the Agents, each Lender and each Secured Party hereby agrees not to institute against, or join, cooperate with or encourage any other Person in instituting against, the Borrower any bankruptcy,
reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceedings or other proceedings under federal or state bankruptcy or similar laws until at least two years and one day, or if longer, the applicable preference period
then in effect plus one day, after the payment in full of the Advances and the termination of all Commitments; provided that nothing in this Section 12.19 shall preclude, or be deemed to stop, each Agent and each Lender
(i) from taking any action prior to the expiration of the aforementioned two years and one day period, or if longer the applicable preference period then in effect plus one day, in 

  
 125

 
(a) any case or proceeding voluntarily filed or commenced by the Borrower or (b) any involuntary insolvency proceeding filed or commenced against the Borrower by a Person other than any
Agent, Lender or Secured Party, or (ii) from commencing against the Borrower or any properties of the Borrower any legal action which is not a bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation
proceeding or other proceeding under federal or state bankruptcy or similar laws. The provisions of this Section 12.19 shall survive the termination of this Agreement. 

Section 12.20 Custodianship; Delivery of Collateral Obligations and Eligible Investments. 

(a) The Investment Manager shall deliver or cause to be delivered to The Bank of New York Mellon Trust Company, N.A., as custodian (in
such capacity, the “Custodian”) and which is so appointed hereby by the Borrower, all Collateral in accordance with the definition of the term “Deliver”. The Custodian shall at all times be a Securities
Intermediary. Any successor custodian shall be a state or national bank or trust company that has capital and surplus of at least $200,000,000, has DBRS Ratings of at least “A (high)” and “R-1 (middle)” and is a Securities
Intermediary. The Collateral Agent or the Custodian, as applicable, shall hold (i) all Collateral Obligations, Eligible Investments, Cash and other investments purchased in accordance with this Agreement and (ii) any other property of the
Borrower otherwise Delivered to the Collateral Agent or the Custodian, as applicable, by or on behalf of the Borrower, in the relevant Covered Account established and maintained pursuant to Article VIII; as to which in each case the
Collateral Agent shall have entered into an agreement with the Custodian substantially in the form of Exhibit E providing, inter alia, that the establishment and maintenance of such Covered Account will be governed by a law of a
jurisdiction satisfactory to the Borrower, the Collateral Agent and the Facility Agent. 
 (b) Each time that the Investment
Manager directs or causes the acquisition of any Collateral Obligation, Eligible Investment, or other investment, the Borrower shall, if the Collateral Obligation, Eligible Investment, or other investment is required to be, but has not already been,
transferred to the relevant Covered Account, cause the Collateral Obligation, Eligible Investment, or other investment to be Delivered to the Custodian to be held in the Custodial Account (or, in the case of any such investment that is not a
Collateral Obligation, in the Covered Account in which the funds used to purchase the investment are held in accordance with Article X) for the benefit of the Collateral Agent in accordance with this Agreement. The security interest of
the Collateral Agent in the funds or other property used in connection with the acquisition shall, immediately and without further action on the part of the Collateral Agent, be released. The security interest of the Collateral Agent shall
nevertheless come into existence and continue in the Collateral Obligation, Eligible Investment, or other investment so acquired, including all interests of the Borrower in any contracts related to and proceeds of such Collateral Obligation,
Eligible Investment, or other investment. 
 (c) The Custodian hereby agrees to accept the Collateral Delivered to it as set
forth in Sections 12.20(a) and (b), to hold the Collateral in safekeeping in the applicable Account or Accounts and to invest, release and transfer the same only in accordance with the written instructions of the Investment
Manager (prior to the occurrence of an Event of Default) or the Collateral Agent (after the occurrence and continuation of an Event of Default) or as otherwise 

  
 126

 
provided herein or in the Account Control Agreement; provided, however that in the event of any conflict, the provisions of the Account Control Agreement shall control. Interest,
dividends and any other proceeds received by the Custodian with respect to the Collateral shall be distributed pursuant to the Payment Date Report; provided that the Custodian may from time to time deduct from the Custodial Account amounts owed to
it by the Borrower pursuant to the Account Control Agreement. 
 (d) The Custodian shall be obligated only for the performance
of such duties as are specifically set forth in this Agreement and the Account Control Agreement and may rely and shall be protected in acting or refraining from acting on any written notice, request, waiver, consent or instrument believed by it to
be genuine and to have been signed or presented by the proper party or parties. The Custodian shall have no duty to determine or inquire into the happening or occurrence of any event or contingency, and it is agreed that its duties hereunder are
purely ministerial in nature. The Custodian may consult with and obtain advice from legal counsel as to any provision hereof or its duties hereunder. The Custodian shall not be liable for any action taken or omitted by it in good faith and believed
by it to be authorized hereby or taken or omitted by it in accordance with the advice of its counsel, except, in each case, to the extent such action or omission constitutes gross negligence or willful misconduct by the Custodian. The Custodian
shall have all of the rights and protections afforded to the Collateral Agent pursuant to this Agreement. 
 (e) Should any
controversy arise between the undersigned with respect to the Collateral held by the Custodian, the Custodian shall have the right to consult with counsel and/or follow the instructions of the Collateral Agent acting at the direction of the Facility
Agent on behalf of the Secured Parties. 
 (f) The Custodian may at any time resign hereunder by giving written notice of its
resignation to the Borrower and the Facility Agent at least ninety days prior to the date specified for such resignation to take effect, and, upon the effective date of such resignation, the Collateral held by the Custodian shall be delivered by it
to such Person as may be designated in writing by the Collateral Agent acting at the direction of the Facility Agent on behalf of the Secured Parties, whereupon all the Custodian’s obligations hereunder shall cease and terminate. If no such
Person shall have been designated by such date, all obligations of the Custodian hereunder shall nevertheless cease and terminate. The Custodian’s sole responsibility thereafter shall be to keep safely all Collateral then held by it and to
deliver the same to a Person designated by the Collateral Agent acting at the direction of the Facility Agent on behalf of the Secured Parties or in accordance with the direction of a final order or judgment of a court of competent jurisdiction.

 (g) The Custodian shall have no responsibility under this Agreement other than to render the services called for hereunder in
good faith and without willful misfeasance, gross negligence or reckless disregard of its duties hereunder. The Custodian shall incur no liability to anyone in acting upon any signature, instrument, statement, notice, resolution, request, direction,
consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. Neither the Custodian nor any of its affiliates,
directors, officers, shareholders, agents or employees shall be liable to any other party hereto, except by reason of acts or 

  
 127

 
omission constituting bad faith, willful misfeasance, gross negligence or reckless disregard of the Custodian’s duties hereunder. Anything in this Agreement notwithstanding, in no event
shall the Custodian be liable for special, indirect or consequential loss or damage of any kind whatsoever (including lost profits), even if the Custodian has been advised of such loss or damage and regardless of the form of action, except in the
case of bad faith, willful misfeasance, gross negligence or reckless disregard of the Custodian’s duties hereunder. 
 (h)
The Custodian shall have no liability for losses arising from (i) any cause beyond its control, including, but not limited to, the act, failure or neglect of any agent or correspondent selected with due care by the Custodian for the remittance
of funds, (ii) any delay, error, omission or default of any mail, telegraph, cable or wireless agency or operator, or (iii) the acts or edicts of any government or governmental agency or other group or entity exercising governmental
powers. 
 Section 12.21 Special Provisions Applicable to CP Conduits. Each of the parties hereby
covenants and agrees that: 
 (a) It shall not institute against, or encourage, cooperate with or join any other Person in
instituting against, any CP Conduit any bankruptcy, examination, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under bankruptcy or similar law until at least two years and one day after the latest maturing
commercial paper notes or other rated indebtedness issued by (x) any limited purpose entity providing funding to any CP Conduit or (y) such CP Conduit, is paid in full; provided that nothing in this Section 12.21 shall
preclude, or be deemed to stop, (i) from taking any action prior to the expiration of the aforementioned two years and one day period, or if longer the applicable preference period then in effect plus one day, in (a) any case or proceeding
voluntarily filed or commenced by such CP Conduit or (b) any involuntary insolvency proceeding filed or commenced against such CP Conduit by a Person other than it, or (ii) from commencing against such CP Conduit or any properties of the
CP Conduit any legal action which is not a bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other proceeding under federal or state bankruptcy or similar laws. 

(b) It waives any right to set-off and to appropriate and apply any and all deposits and any other indebtedness at any time held or owing
thereby to or for the credit or the account of any CP Conduit against and on account of the obligations and liabilities of such CP Conduit to such party under this Agreement. 
 (c) Notwithstanding any provisions contained in this Agreement or the other Facility Documents to the contrary, the Commitment of any CP Conduit and any other amounts payable by such CP Conduit under this
Agreement and the other Facility Documents shall be without recourse to any officer, director, employee, stockholder, member, agent or manager of such CP Conduit and shall be solely the corporate obligations of such CP Conduit. 

(d) Notwithstanding any provisions contained in this Agreement or the other Facility Documents to the contrary, no CP Conduit shall, or
shall be obligated to, fund or pay any amount pursuant to its Commitment or any other obligation under this Agreement unless such CP Conduit has received funds which may be used to make such funding or other payment and

  
 128

 
which funds are not required to repay commercial paper notes or other short term funding backing its commercial paper notes issued by a conduit providing funding to such CP Conduit, or finance
activities of, such CP Conduit when due, and after giving effect to such payment, either (i) such CP Conduit (or, if applicable, the limited purpose entity which finances the CP Conduit) could issue commercial paper to refinance all of such CP
Conduit’s outstanding commercial paper (assuming such outstanding commercial paper matured at such time) in accordance with the program documents governing its commercial paper program or (ii) all of the commercial paper of such CP Conduit
(or, if applicable, the limited purpose entity which finances such CP Conduit) is paid in full. Any amount which such CP Conduit does not advance pursuant to the operation of this paragraph shall not constitute a claim (as defined in
Section 101 of the Bankruptcy Code) against or obligation of such CP Conduit for any such insufficiency. 
 (e)
Notwithstanding any provisions contained in this Agreement or the other Facility Documents to the contrary, but subject in all respects to Section 12.09 hereof, each CP Conduit may disclose to its respective support providers, any
Affiliates of any such party and Authorities having jurisdiction over such CP Conduit, such support provider, any Affiliate of such party and any rating agency that issues a rating on such CP Conduit’s commercial paper notes, the identities of
(and other material information regarding) the Borrower, any other obligor on, or in respect of, an Advance made by such CP Conduit, collateral for such an Advance and any of the terms and provisions of the Facility Documents that it may deem
necessary or advisable. 
 (f) The provisions of Sections 12.21(a), (c) and (d) shall
survive the termination of this Agreement. 
 (g) No amendment or waiver under this Agreement or any other Facility Document
that would affect a CP Conduit, a support provider of a CP Conduit or an Advance made by such CP Conduit in a manner that is disproportionate and adverse relative to other Lenders shall be effective without the consent of such CP Conduit.

 (h) No pledge and/or collateral assignment by any CP Conduit to a support provider under a support facility of an interest in
the rights of such CP Conduit in any Advance made by such CP Conduit and the Obligations shall constitute an assignment and/or assumption of such CP Conduit’s obligation under this Agreement, such obligations in all cases remaining with such CP
Conduit. Moreover, any such pledge and/or collateral assignment of the rights of such CP Conduit shall be permitted hereunder without further action or consent and any such pledgee may foreclose on any such pledge and perfect an assignment of such
interest and enforce such CP Conduit’s right hereunder notwithstanding anything to the contrary in this Agreement. 
 (i)
Each CP Conduit may act hereunder by and through its investment manager or its administrator. 
 (j) This
Section 12.21 shall not be amended or waived without the written consent of each CP Conduit. 
 [SIGNATURES COMMENCE
ON THE FOLLOWING PAGE] 

  
 129

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

			
	 TPG SL SPV, LLC,

as Borrower

		
	By:	 	 
		 	Name:
		 	Title:

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

 
			
	 The Bank of New York Mellon Trust Company, N.A.,
 as Collateral Agent and Calculation Agent

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 The Bank of New York Mellon Trust Company, N.A.,
 as Custodian

		
	By:	 	 
		 	Name:
		 	Title:

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

 
			
	 VERSAILLES ASSETS LLC
 as Lender

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 NATIXIS, NEW YORK BRANCH,
 as Facility Agent

		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 SCHEDULE 1 
 Initial Commitments And Percentages 
  

									
	 Name of Lender
	  	Commitment	 	  	Percentage	 
	 Versailles Assets LLC
	  	$	100,000,000	  	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	100,000,000	  	  	 	100.00	% 

  
 Schedule 1-1

 SCHEDULE 2 
 Scope of Monthly Report and Payment Date Report 
 Part 1: Monthly Reporting Scope

  

	 	1.	The Aggregate Principal Balance of all Collateral Obligations and Equity Securities 

 

	 	2.	The balance of all Eligible Investments and cash in each of: 

  

	 	a.	The Collection Account (including the Interest Collection Subaccount, the Principal Collection Subaccount, and the Canadian Dollar Subaccount) 

 

	 	b.	The Payment Account 

  

	 	c.	The Revolving Reserve Account 

  

	 	d.	The Lender Funding Account (including each Lender Funding Subaccount therein) 

 

	 	e.	The Currency Exchange Account 

  

	 	f.	The Custodial Account 

  

	 	g.	The Funded Draw Collection Account 

  

	 	h.	The Closing Expense Account 

  

	 	3.	Commitment and aggregate outstanding principal amount of all Advances 

  

	 	4.	The nature, source and amount of any proceeds in the Collection Account (including Principal Proceeds and Interest Proceeds received since the Monthly Report
Determination Date or Determination Date relating to the last Monthly Report or Payment Date Report, respectively) and the Revolving Reserve Account 

  

	 	5.	Compliance level of Coverage Tests vs. test level 

  

	 	a.	Calculation of Minimum Overcollateralization Ratio Test 

  

	 	b.	Calculation of Interest Coverage Ratio Test 

  

	 	6.	Compliance with Collateral Quality Tests 

  

	 	a.	the Minimum Diversity Score Test 

  

	 	b.	the Minimum Average Recovery Rate Test 

  

	 	c.	the Minimum Weighted Average Spread Test 

  

	 	d.	the Minimum Weighted Average Fixed Rate Coupon Test 

  

	 	e.	the Weighted Average Maturity Date Test 

  

	 	f.	the Maximum DBRS Risk Score Test 

  

	 	7.	Compliance with Concentration Limitations 

  

	 	a.	Fixed Rate Obligations 

  

	 	b.	Obligor concentrations 

  

	 	c.	Revolving Collateral Loans or Delayed Drawdown Collateral Loans 

  

	 	d.	Canadian Dollar Obligations 

  

	 	e.	Eligible Senior Secured Loans 

  

	 	f.	Eligible Senior Secured Bonds 

  

	 	g.	Current Pay Obligations 

  

	 	h.	DBRS Industry Classification 

  

	 	i.	Participation Interests 

  

	 	j.	DIP Loans 

  

	 	k.	Collateral Obligations that permit payment of interest less frequently than quarterly 

 

	 	l.	Collateral Obligation with DBRS Rating below “B” / Credit Estimate and trailing 12 month EBITDA 

 

	 	m.	Covenant Lite Loans 

  

	 	8.	Listing of all Collateral Obligations with attributes including 

  

	 	a.	Obligor name and identifying number 

  

	 	b.	Principal Balance 

  
 Schedule 2-2

	 	c.	DBRS rating (if public) and the last date of the Credit Estimate (if a Credit Estimate) 

 

	 	d.	Fitch rating (if public) 

  

	 	e.	Moody’s rating (if public) 

  

	 	f.	S&P rating (if public) 

  

	 	g.	DBRS Industry Classification 

  

	 	h.	lien position (Eligible Senior Secured Loan, Eligible Second Lien Loan, Eligible Mezzanine Loan, or Eligible Senior Secured Bond) 

 

	 	i.	Whether the Collateral Obligation is fixed or floating 

  

	 	j.	For floating rate obligations, the index over which interest is calculated (e.g., LIBOR, prime or other) 

 

	 	k.	Cash-pay coupon (for Fixed Rate Obligations) 

  

	 	l.	Cash-pay spread (for floating rate obligations) 

  

	 	m.	Maturity date 

  

	 	n.	Whether the Collateral Obligation is a Credit Risk Loan/Bond, Defaulted Loan/Bond, or Current Pay Obligation 

 

	 	o.	Country of domicile 

  

	 	p.	Frequency of interest payment 

  

	 	q.	Whether such Collateral Obligation is a Revolving Collateral Loan or a Delayed Drawdown Collateral Loan 

 

	 	r.	The unfunded amount, if any, in respect of a Revolving Collateral Loan or a Delayed Drawdown Collateral Loan 

 

	 	s.	For each Canadian Dollar Obligation, the Settlement Date Rate for such Canadian Dollar Obligation and the Spot Foreign Exchange Rate as of the applicable Monthly Report
Determination Date 

  

	 	9.	For Defaulted Loan/Bonds 

  

	 	a.	Default Date 

  

	 	b.	Days in default 

  

	 	c.	Principal Balance 

  

	 	d.	If an appraisal has been received in last 3 months 

  

	 	e.	Appraised Value 

  

	 	f.	Principal Collateralization Amount 

  

	 	10.	Participations 

  

	 	a.	All obligations owned via participation 

  

	 	b.	Revolving Collateral Loans and Delayed Drawdown Collateral Loans sold via participation 

 

	 	c.	Participation counterparty for each participation 

  

	 	d.	DBRS Rating for each participation counterparty 

  

	 	11.	Calculation of Overcollateralization Ratio 

  

	 	12.	Calculation of the Diversity Score 

  

	 	13.	Assets purchased or sold within the Collection Period including 

  

	 	a.	Facility name 

  

	 	b.	Trade/settlement dates 

  

	 	c.	Reason for sale / Transaction motivation (e.g. Discretionary, Credit Risk, Credit Improved.) 

 

	 	d.	Purchaser or seller is an affiliate of the Borrower? 

  

	 	e.	Par amount 

  

	 	f.	Price 

  

	 	g.	Proceeds 

  

	 	h.	Accrued interest 

  

	 	14.	Interest rate for the Advances for the Interest Accrual Period preceding the next Payment Date 

  
 Schedule 2-3

 Part 2: Payment Date Reporting Scope 

 

	 	1.	All information included in a Monthly Report under Part 1 above 

  

	 	2.	Payment Date waterfall list application of all Interest Proceeds and Principal Proceeds 

 

	 	3.	Beginning and ending aggregate outstanding principal amount of all Advances 

 

	 	4.	Beginning and ending balance of all Covered Accounts 

  
 Schedule 2-4

 SCHEDULE 3 
 Industry Diversity Score Table 
  

															
	 Aggregate
 Industry/
 Regional

Equivalent
 Unit Score
	  	Industry
Diversity
Score	  	Aggregate
Industry/
Regional
Equivalent
Unit
Score	  	Industry
Diversity
Score	  	Aggregate
Industry/
Regional
Equivalent
Unit
Score	  	Industry
Diversity
Score	  	Aggregate
Industry/
Regional
Equivalent
Unit
Score	  	Industry
Diversity
Score
	 0.0000
	  	0.0000	  	5.0500	  	2.7000	  	10.1500	  	4.0200	  	15.2500	  	4.5300
	 0.0500
	  	0.1000	  	5.1500	  	2.7333	  	10.2500	  	4.0300	  	15.3500	  	4.5400
	 0.1500
	  	0.2000	  	5.2500	  	2.7667	  	10.3500	  	4.0400	  	15.4500	  	4.5500
	 0.2500
	  	0.3000	  	5.3500	  	2.8000	  	10.4500	  	4.0500	  	15.5500	  	4.5600
	 0.3500
	  	0.4000	  	5.4500	  	2.8333	  	10.5500	  	4.0600	  	15.6500	  	4.5700
	 0.4500
	  	0.5000	  	5.5500	  	2.8667	  	10.6500	  	4.0700	  	15.7500	  	4.5800
	 0.5500
	  	0.6000	  	5.6500	  	2.9000	  	10.7500	  	4.0800	  	15.8500	  	4.5900
	 0.6500
	  	0.7000	  	5.7500	  	2.9333	  	10.8500	  	4.0900	  	15.9500	  	4.6000
	 0.7500
	  	0.8000	  	5.8500	  	2.9667	  	10.9500	  	4.1000	  	16.0500	  	4.6100
	 0.8500
	  	0.9000	  	5.9500	  	3.0000	  	11.0500	  	4.1100	  	16.1500	  	4.6200
	 0.9500
	  	1.0000	  	6.0500	  	3.0250	  	11.1500	  	4.1200	  	16.2500	  	4.6300
	 1.0500
	  	1.0500	  	6.1500	  	3.0500	  	11.2500	  	4.1300	  	16.3500	  	4.6400
	 1.1500
	  	1.1000	  	6.2500	  	3.0750	  	11.3500	  	4.1400	  	16.4500	  	4.6500
	 1.2500
	  	1.1500	  	6.3500	  	3.1000	  	11.4500	  	4.1500	  	16.5500	  	4.6600
	 1.3500
	  	1.2000	  	6.4500	  	3.1250	  	11.5500	  	4.1600	  	16.6500	  	4.6700
	 1.4500
	  	1.2500	  	6.5500	  	3.1500	  	11.6500	  	4.1700	  	16.7500	  	4.6800
	 1.5500
	  	1.3000	  	6.6500	  	3.1750	  	11.7500	  	4.1800	  	16.8500	  	4.6900
	 1.6500
	  	1.3500	  	6.7500	  	3.2000	  	11.8500	  	4.1900	  	16.9500	  	4.7000
	 1.7500
	  	1.4000	  	6.8500	  	3.2250	  	11.9500	  	4.2000	  	17.0500	  	4.7100
	 1.8500
	  	1.4500	  	6.9500	  	3.2500	  	12.0500	  	4.2100	  	17.1500	  	4.7200
	 1.9500
	  	1.5000	  	7.0500	  	3.2750	  	12.1500	  	4.2200	  	17.2500	  	4.7300
	 2.0500
	  	1.5500	  	7.1500	  	3.3000	  	12.2500	  	4.2300	  	17.3500	  	4.7400
	 2.1500
	  	1.6000	  	7.2500	  	3.3250	  	12.3500	  	4.2400	  	17.4500	  	4.7500
	 2.2500
	  	1.6500	  	7.3500	  	3.3500	  	12.4500	  	4.2500	  	17.5500	  	4.7600
	 2.3500
	  	1.7000	  	7.4500	  	3.3750	  	12.5500	  	4.2600	  	17.6500	  	4.7700
	 2.4500
	  	1.7500	  	7.5500	  	3.4000	  	12.6500	  	4.2700	  	17.7500	  	4.7800
	 2.5500
	  	1.8000	  	7.6500	  	3.4250	  	12.7500	  	4.2800	  	17.8500	  	4.7900
	 2.6500
	  	1.8500	  	7.7500	  	3.4500	  	12.8500	  	4.2900	  	17.9500	  	4.8000
	 2.7500
	  	1.9000	  	7.8500	  	3.4750	  	12.9500	  	4.3000	  	18.0500	  	4.8100
	 2.8500
	  	1.9500	  	7.9500	  	3.5000	  	13.0500	  	4.3100	  	18.1500	  	4.8200
	 2.9500
	  	2.0000	  	8.0500	  	3.5250	  	13.1500	  	4.3200	  	18.2500	  	4.8300
	 3.0500
	  	2.0333	  	8.1500	  	3.5500	  	13.2500	  	4.3300	  	18.3500	  	4.8400
	 3.1500
	  	2.0667	  	8.2500	  	3.5750	  	13.3500	  	4.3400	  	18.4500	  	4.8500
	 3.2500
	  	2.1000	  	8.3500	  	3.6000	  	13.4500	  	4.3500	  	18.5500	  	4.8600

  
 Schedule 3-1

															
	 Aggregate
 Industry/
 Regional

Equivalent
 Unit Score
	  	Industry
Diversity
Score	  	Aggregate
Industry/
Regional
Equivalent
Unit
Score	  	Industry
Diversity
Score	  	Aggregate
Industry/
Regional
Equivalent
Unit
Score	  	Industry
Diversity
Score	  	Aggregate
Industry/
Regional
Equivalent
Unit
Score	  	Industry
Diversity
Score
	 3.3500
	  	2.1333	  	8.4500	  	3.6250	  	13.5500	  	4.3600	  	18.6500	  	4.8700
	 3.4500
	  	2.1667	  	8.5500	  	3.6500	  	13.6500	  	4.3700	  	18.7500	  	4.8800
	 3.5500
	  	2.2000	  	8.6500	  	3.6750	  	13.7500	  	4.3800	  	18.8500	  	4.8900
	 3.6500
	  	2.2333	  	8.7500	  	3.7000	  	13.8500	  	4.3900	  	18.9500	  	4.9000
	 3.7500
	  	2.2667	  	8.8500	  	3.7250	  	13.9500	  	4.4000	  	19.0500	  	4.9100
	 3.8500
	  	2.3000	  	8.9500	  	3.7500	  	14.0500	  	4.4100	  	19.1500	  	4.9200
	 3.9500
	  	2.3333	  	9.0500	  	3.7750	  	14.1500	  	4.4200	  	19.2500	  	4.9300
	 4.0500
	  	2.3667	  	9.1500	  	3.8000	  	14.2500	  	4.4300	  	19.3500	  	4.9400
	 4.1500
	  	2.4000	  	9.2500	  	3.8250	  	14.3500	  	4.4400	  	19.4500	  	4.9500
	 4.2500
	  	2.4333	  	9.3500	  	3.8500	  	14.4500	  	4.4500	  	19.5500	  	4.9600
	 4.3500
	  	2.4667	  	9.4500	  	3.8750	  	14.5500	  	4.4600	  	19.6500	  	4.9700
	 4.4500
	  	2.5000	  	9.5500	  	3.9000	  	14.6500	  	4.4700	  	19.7500	  	4.9800
	 4.5500
	  	2.5333	  	9.6500	  	3.9250	  	14.7500	  	4.4800	  	19.8500	  	4.9900
	 4.6500
	  	2.5667	  	9.7500	  	3.9500	  	14.8500	  	4.4900	  	19.9500	  	5.0000
	 4.7500
	  	2.6000	  	9.8500	  	3.9750	  	14.9500	  	4.5000	  		  	
	 4.8500
	  	2.6333	  	9.9500	  	4.0000	  	15.0500	  	4.5100	  		  	
	 4.9500
	  	2.6667	  	10.0500	  	4.0100	  	15.1500	  	4.5200	  		  	

  
 Schedule 3-2

 SCHEDULE 4 
 DBRS Risk Scores 
 The “DBRS Risk Score” relating to any Collateral
Obligation at any time is the percentage set forth in the table below opposite the DBRS Long Term Rating of such Collateral Obligation at such time: 
  

			
	 DBRS Long Term Rating
	 	 DBRS Risk Score

	 AAA
	 	 0.1771

	 AA (high)
	 	 0.2705

	 AA
	 	 0.3729

	 AA (low)
	 	 0.4351

	 A (high)
	 	 0.5023

	 A
	 	 0.6066

	 A (low)
	 	 0.8085

	 BBB (high)
	 	 1.3445

	 BBB
	 	 2.1542

	 BBB (low)
	 	 3.6344

	 BB (high)
	 	 7.2478

	 BB
	 	 10.0962

	 BB (low)
	 	 13.4563

	 B (high)
	 	 17.7695

	 B
	 	 22.5401

	 B (low)
	 	 31.2211

	 CCC (high)
	 	 49.7747

	 CCC
	 	 70.5414

	 CCC (low)
	 	 90.6642

	 C
	 	 100.0000

  
 Schedule 4-1

 SCHEDULE 5 
 DBRS Industry Classifications 
 Name 

 

	 	1	Aerospace & Defense 

  

	 	2	Air transport 

  

	 	3	Automotive 

  

	 	4	Beverage & Tobacco 

  

	 	5	Radio & Television 

  

	 	6	Brokers, Dealers & Investment houses 

  

	 	7	Building & Development 

  

	 	8	Business equipment & services 

  

	 	9	Cable & satellite television 

  

	 	10	Chemicals & plastics 

  

	 	11	Clothing/textiles 

  

	 	12	Conglomerates 

  

	 	13	Containers & glass products 

  

	 	14	Cosmetics/toiletries 

  

	 	15	Drugs 

  

	 	16	Ecological services & equipment 

  

	 	17	Electronics/electrical 

  

	 	18	Equipment leasing 

  

	 	19	Farming/agriculture 

  

	 	20	Financial intermediaries 

  

	 	21	Food/drug retailers 

  

	 	22	Food products 

  

	 	23	Food service 

  

	 	24	Forest products 

  

	 	25	Health care 

  

	 	26	Home furnishings 

  

	 	27	Lodging & casinos 

  

	 	28	Industrial equipment 

  

	 	29	Insurance 

  

	 	30	Leisure goods/activities/movies 

  

	 	31	Nonferrous metals/minerals 

  

	 	32	Oil & gas 

  

	 	33	Publishing 

  

	 	34	Rail industries 

  

	 	35	Retailers (except food & drug) 

  

	 	36	Steel 

  

	 	37	Surface transport 

  

	 	38	Telecommunications 

  

	 	39	Utilities 

  

	 	40	Miscs 

  

	 	41	Sovereign 

  
 Schedule 5-1

 SCHEDULE 6 
 LIBOR 
 With respect to each Interest Accrual Period, LIBOR will be
determined by the Calculation Agent in accordance with the following provisions: 
 (i) LIBOR for such Interest
Accrual Period shall equal the offered rate, as determined by the Calculation Agent, for Dollar deposits in Europe of the Designated Maturity which appears on Reuters Screen LIBOR01 Page (or such other page as may replace such Reuters Screen LIBOR01
Page for the purpose of displaying comparable rates) as reported by Bloomberg Financial Markets Commodities News (or, in the event that Bloomberg Financial Markets Commodities News ceases to report LIBOR for Dollar deposits, by another recognized
financial reporting service) (the “Screen Page”) as of 11:00 a.m. (London time) on the applicable LIBOR Determination Date. “LIBOR Determination Date” means, with respect to any Interest Accrual Period, the second
London Banking Day prior to the first day of such Interest Accrual Period. 
 (ii) If, on any LIBOR Determination
Date, such rate does not appear on the Screen Page, the Calculation Agent shall determine the arithmetic mean of the offered quotations of the Reference Banks to prime banks in the London interbank market for U.S. Dollar deposits in Europe of
the Designated Maturity (except that in the case where such Interest Accrual Period shall commence on a day that is not a LIBOR Business Day, for a term of the Designated Maturity commencing on the next following LIBOR Business Day), by reference to
requests for quotations as of approximately 11:00 a.m. (London time) on such LIBOR Determination Date made by the Calculation Agent to the Reference Banks. If, on any LIBOR Determination Date, at least two of the Reference Banks provide such
quotations, LIBOR shall equal such arithmetic mean of such quotations. If, on any LIBOR Determination Date, fewer than two Reference Banks provide such quotations, LIBOR shall be deemed to be the arithmetic mean of the offered quotations that
leading banks in New York City selected by the Calculation Agent (after consultation with the Borrower) are quoting on the relevant LIBOR Determination Date for Dollar deposits in Europe for the term of such Interest Accrual Period (except that in
the case where such Interest Accrual Period shall commence on a day that is not a LIBOR Business Day, for a term of the Designated Maturity commencing on the next following LIBOR Business Day), to the principal London offices of leading banks in the
London interbank market. 
 (iii) In respect of any Interest Accrual Period having a Designated Maturity other
than three months, LIBOR shall be determined through the use of straight line interpolation by reference to two rates calculated in accordance with clauses (i) and (ii) above, one of which shall be determined as if the maturity of the
Dollar deposits referred to therein were the period of time for which rates are available next shorter than the Interest Accrual Period and the other of which shall be determined as if such maturity were the period of time for which rates are
available next longer than the Interest Accrual Period; provided that, if an Interest Accrual Period is less than or equal to seven days, then LIBOR shall be determined by reference to a rate calculated in accordance with clauses (i) and
(ii) above as if the maturity of the Dollar deposits referred to therein were a period of time equal to seven days. 

  
 Schedule 6-1

 (iv) If the Calculation Agent is unable to determine a rate in accordance
with at least one of the procedures described above, LIBOR with respect to such Interest Accrual Period shall be the arithmetic mean of the Base Rate for each day during such Interest Accrual Period. 

For purposes of clauses (i), (iii) and (iv) above, all percentages resulting from such calculations shall be rounded, if
necessary, to the nearest one hundred thousandth of a percentage point. For the purposes of clause (ii) above, all percentages resulting from such calculations shall be rounded, if necessary, to the nearest one thirty second of a percentage
point. 
 As used herein: 
 “Designated Maturity” means, in respect of any Interest Accrual Period, the length of such Interest Accrual Period. 

“LIBOR Business Day” means a day on which commercial banks and foreign exchange markets settle payments in Dollars in
New York and London. 
 “Reference Banks” means four major banks in the London interbank market selected by the
Calculation Agent. 

  
 Schedule 6-2

 SCHEDULE 7 
 DBRS Rating Procedure 
 The “DBRS Rating” for an Obligor,
Lender, Selling Institution or other Person (collectively referred to as the “Obligor” for purposes of this Schedule) means the DBRS Long Term Rating for such Obligor determined in accordance with Part A of this Schedule or the DBRS
Short Term Rating for such Obligor determined in accordance with Part B of this Schedule, in each case as the context requires. The DBRS Rating of the Obligors shall be updated at least annually. 

Part A: Long Term Ratings 
 The
“DBRS Long Term Rating” for an Obligor will, on any date, be the rating of such Obligor determined as provided below: 
  

	(1)	if there is a DBRS public long term rating of such Obligor at such date, such DBRS public long term rating; 

 

	(2)	if a DBRS Long Term Rating for such Obligor cannot be determined under clause (1) above, but a Moody’s Rating, S&P Rating and Fitch Rating (each, a
“public long term rating”) are all available at such date, the DBRS Long Term Rating will be the DBRS Equivalent of such public long term rating remaining after disregarding the highest and lowest such public long term ratings from
such Rating Agencies. For this purpose, if more than one public long term rating has the same highest DBRS Equivalent or the same lowest DBRS Equivalent, then in each case one of such public long term ratings shall be so disregarded;

  

	(3)	if a DBRS Long Term Rating for such Obligor cannot be determined under clauses (1) through (2) above, but public long term ratings of such Obligor by any two
of Moody’s, Fitch and S&P are available at such date, the DBRS Equivalent of the lower such public long term rating; 

  

	(4)	if a DBRS Long Term Rating for such Obligor cannot be determined under clauses (1) through (3) above, but a public long term rating of such Obligor by only
one of Moody’s, Fitch or S&P is available at such date, the DBRS Equivalent of such available public long term rating; and 

  

	(5)	if at any time a DBRS Long Term Rating for an Obligor cannot be determined under clauses (1) through (4) above, then such Obligor will be deemed not to have a
DBRS Long Term Rating at such time and the Borrower shall be required to comply with Section 5.04 in respect of such Obligor. 

  
 Schedule 7-1

 Part B: Short Term Ratings 
 The “DBRS Short Term Rating” for a Lender, Selling Institution or other Person (collectively referred to as the “Obligor” for purposes of this definition) will, on any
date, be the rating of such Obligor determined as provided below: 
  

	(1)	if there is a DBRS public short term rating of such Obligor at such date, such DBRS public short term rating; 

 

	(2)	if a DBRS Short Term Rating for such Obligor cannot be determined under clause (1) above, but public short term ratings of such Obligor by each of Moody’s,
Fitch and S&P are all available at such date, the DBRS Short Term Rating will be the DBRS Equivalent of the public short term rating remaining after disregarding the highest and lowest public short term ratings from such Rating Agencies. For
this purpose, if more than one public short term rating has the same highest DBRS Equivalent or the same lowest DBRS Equivalent, then in each case one of such public short term ratings shall be so disregarded; 

 

	(3)	if a DBRS Short Term Rating for such Obligor cannot be determined under clauses (1) through (2) above, but public short term ratings of such Obligor by any
two of Moody’s, Fitch and S&P are available at such date, the DBRS Equivalent of the lower such short term rating; 

  

	(4)	if a DBRS Short Term Rating for such Obligor cannot be determined under clauses (1) through (3) above, but a public short term rating of such Obligor by only
one of Moody’s, Fitch or S&P is available at such date, the DBRS Equivalent of such available short term rating; and 

  

	(5)	if a DBRS Short Term Rating for such Obligor cannot be determined under clauses (1) through (4) above, then for purposes of this Agreement there shall be no
DBRS Short Term Rating for such Obligor as at such date. 

 Part C: Other Definitions 

The “DBRS Equivalent” of any rating by Moody’s, Fitch or S&P will be the rating set forth below under the
heading “DBRS Rating” opposite the applicable rating by Moody’s, Fitch or S&P: 
 Long Term Rating
Equivalents 
  

							
	 DBRS Rating
	  	Moody’s	  	S&P	  	Fitch
	 AAA
	  	Aaa	  	AAA	  	AAA
	 AA (high)
	  	Aa1	  	AA+	  	AA+
	 AA
	  	Aa2	  	AA	  	AA
	 AA (low)
	  	Aa3	  	AA-	  	AA-
	 A (high)
	  	A1	  	A+	  	A+
	 A
	  	A2	  	A	  	A
	 A (low)
	  	A3	  	A-	  	A-
	 BBB (high)
	  	Baa1	  	BBB+	  	BBB+

  
 Schedule 7-2

							
	 BBB
	  	Baa2	  	BBB	  	BBB
	 BBB (low)
	  	Baa3	  	BBB-	  	BBB-
	 BB (high)
	  	Ba1	  	BB+	  	BB+
	 BB
	  	Ba2	  	BB	  	BB
	 BB (low)
	  	Ba3	  	BB-	  	BB-
	 B (high)
	  	B1	  	B+	  	B+
	 B
	  	B2	  	B	  	B
	 B (low)
	  	B3	  	B-	  	B-
	 CCC (high)
	  	Caa1	  	CCC+	  	CCC+
	 CCC
	  	Caa2	  	CCC	  	CCC
	 CCC (low)
	  	Caa3	  	CCC-	  	CCC-
	 CC
	  	Ca	  	CC	  	CC
	 D
	  	D	  	D	  	D

 Short Term Rating Equivalents 

 

							
	 DBRS Rating
	  	Moody’s	  	S&P	  	Fitch
	 R-1 (high)A-1+
	  	F1+	  		  	
	 R-1 (middle)
	  	P-1	  	A-1	  	F1
	 R-1 (low)
	  		  		  	
	 R-2 (high)
	  		  		  	
	 R-2 (middle)
	  	P-2	  	A-2	  	F2
	 R-2 (low)
	  		  		  	
	 R-3 (high)
	  		  		  	
	 R-3 (middle)
	  	P-3	  	A-3	  	F3
	 R-3 (low)
	  		  		  	
	 –B
	  	B	  		  	
	 –C
	  	C	  		  	
	 D
	  	NP	  	D	  	D

 “Fitch Rating” means, for any Obligor at any time, the rating determined as follows:

  

	(i)	if there is a publicly available issuer rating or senior unsecured rating by Fitch, such issuer rating, if no issuer rating is available then the senior unsecured
rating; and 

  

	(ii)	if the rating is not available as defined in the first clause above, but there is a rating by Fitch on another obligation of the same Obligor, then the rating will be
as follows: 

  

	 	(a)	if such rating is on a senior secured obligation, one subcategory below such rating; and 

 

	 	(b)	if such rating in on a subordinate obligation, one subcategory above such rating. 

 If a Fitch Rating for an Obligor cannot be determined under clause (i) or (ii) above at any time, then such Obligor will be deemed not to have a Fitch Rating at such time. 

  
 Schedule 7-3

 “Moody’s Rating” means, with respect to any Obligor as of any date of
determination, the rating determined in accordance with the following methodology: 
  

	(i)	with respect to an Obligor on a Collateral Obligation that is an Eligible Senior Secured Loan or a Participation Interest in an Eligible Senior Secured Loan (or an
Obligor that is a Lender, Selling Institution or other Person), if such Obligor has a corporate family rating by Moody’s, then such corporate family rating; 

 

	(ii)	with respect to an Obligor on a Collateral Obligation that is an Eligible Senior Secured Loan or a Participation Interest in an Eligible Senior Secured Loan, if not
determined pursuant to clause (i) above, if such Collateral Obligation is publicly rated by Moody’s, such public rating; and 

  

	(iii)	with respect to an Obligor on a Collateral Obligation, if not determined pursuant to clause (i) or (ii) above, (A) if such Obligor has one or more senior
unsecured obligations publicly rated by Moody’s, then the Moody’s public rating on any such obligation (or, if such Obligor is an Obligor on a Collateral Obligation that is an Eligible Senior Secured Loan or a Participation Interest in an
Eligible Senior Secured Loan, the Moody’s rating that is one subcategory higher than the Moody’s public rating on any such senior unsecured obligation) as selected by the Investment Manager in its sole discretion or, if no such rating is
available, (B) if such Collateral Obligation is publicly rated by Moody’s, such public rating or, if no such rating is available, (C) if such Collateral Obligation is a DIP Loan, with respect to any DIP Loan, one subcategory below the
facility rating (whether public or private) of such DIP Loan rated by Moody’s, 

 provided that, for purposes of
calculating a Moody’s Rating, each applicable rating on credit watch by Moody’s with positive or negative implication at the time of calculation will be treated as having been upgraded or downgraded by one rating subcategory, as the case
may be, and each applicable rating with negative outlook by Moody’s at the time of calculation will be treated as having been downgraded by one rating subcategory. If a Moody’s Rating for an Obligor cannot be determined under
clause (i), (ii) or (iii) above at any time, then such Obligor will be deemed not to have a Moody’s Rating at such time. 
 “S&P Rating” means, with respect to any Obligor, as of any date of determination, the rating determined in accordance with the following methodology: 

 

	(iv)	 (a) if there is an issuer credit rating of such Obligor by S&P as published by S&P, or the guarantor which unconditionally and irrevocably
guarantees such Collateral Obligation pursuant to a form of guaranty approved by S&P, then the S&P Rating shall be such rating (regardless of whether there is a published rating by S&P on the Collateral Obligations of such Obligor held
by the Borrower) or (b) if there is no issuer credit rating of the Obligor by S&P but (1) there is a senior secured rating on any obligation or security of the Obligor, then the S&P Rating of such Obligor shall be one sub-category
below such rating; (2) if clause (1) above does not apply, but there is a senior unsecured rating on any obligation or security of the Obligor, the S&P Rating of such Obligor shall equal such rating; and (3) if neither
clause (1) nor clause (2) above applies, but there is a subordinated rating on any obligation or security of the Obligor, then the S&P Rating of 

  
 Schedule 7-4

	 	
such Collateral Obligation shall be one sub-category above such rating if such rating is higher than “BB+”, and shall be two sub-categories above such rating if such rating is
“BB+” or lower; and 

  

	(v)	with respect to any Collateral Obligation that is a DIP Loan, the S&P Rating thereof shall be the credit rating assigned to such issue by S&P;

 provided that, for purposes of the determination of the S&P Rating, (x) if the applicable rating assigned by
S&P to an Obligor or its obligations is on “credit watch positive” by S&P, such rating will be treated as being one sub-category above such assigned rating and (y) if the applicable rating assigned by S&P to an
Obligor or its obligations is on “credit watch negative” by S&P, such rating will be treated as being one sub-category below such assigned rating. If a S&P Rating for an Obligor cannot be determined under clause (i) or
(ii) above at any time, then such Obligor will be deemed not to have an S&P Rating at such time. 

  
 Schedule 7-5

 SCHEDULE 8 
 Matrix 
  

											
	 Applicable

Row Level
	  	Row
Advance
Rate	 	Row
Diversity
Score	  	Row
Spread
Level	 	Row DBRS
Average
Risk Score	  	Row
Minimum
OC Level
	1	  	37.5%	 	6	  	4.500%	 	49.7747	  	213.33%
	2	  	45.0%	 	10	  	4.500%	 	44.4116	  	177.78%
	3	  	45.0%	 	10	  	5.375%	 	44.7739	  	177.78%
	4	  	45.0%	 	10	  	6.375%	 	45.1363	  	177.78%
	5	  	45.0%	 	12	  	4.500%	 	46.5858	  	177.78%
	6	  	45.0%	 	12	  	5.375%	 	47.3105	  	177.78%
	7	  	45.0%	 	12	  	6.375%	 	48.0353	  	177.78%
	8	  	45.0%	 	14	  	4.500%	 	48.7600	  	177.78%
	9	  	45.0%	 	14	  	5.375%	 	49.4848	  	177.78%
	10	  	45.0%	 	14	  	6.375%	 	50.1348	  	177.78%
	11	  	45.0%	 	16	  	4.500%	 	53.1358	  	177.78%
	12	  	45.0%	 	16	  	5.375%	 	53.7360	  	177.78%
	13	  	45.0%	 	16	  	6.375%	 	54.3362	  	177.78%
	14	  	45.0%	 	20	  	4.500%	 	57.3371	  	177.78%
	15	  	45.0%	 	20	  	5.375%	 	57.9373	  	177.78%
	16	  	45.0%	 	20	  	6.375%	 	58.5375	  	177.78%
	17	  	50.0%	 	16	  	4.500%	 	41.5126	  	160.00%
	18	  	50.0%	 	16	  	5.375%	 	42.2373	  	160.00%
	19	  	50.0%	 	16	  	6.375%	 	42.9621	  	160.00%
	20	  	50.0%	 	20	  	4.500%	 	44.4116	  	160.00%
	21	  	50.0%	 	20	  	5.375%	 	45.1363	  	160.00%
	22	  	50.0%	 	20	  	6.375%	 	45.8610	  	160.00%
	23	  	60.0%	 	16	  	4.500%	 	24.0057	  	133.33%
	24	  	60.0%	 	16	  	5.375%	 	24.5694	  	133.33%
	25	  	60.0%	 	16	  	6.375%	 	25.1331	  	133.33%
	26	  	60.0%	 	20	  	4.500%	 	25.6968	  	133.33%
	27	  	60.0%	 	20	  	5.375%	 	26.2605	  	133.33%
	28	  	60.0%	 	20	  	6.375%	 	26.8242	  	133.33%

  
 Schedule 8-1

 SCHEDULE 9 
 Not Settled Collateral Obligations 
 None. 

  
 Schedule 9-1

 EXHIBIT A 
 [FORM OF NOTE] 
  

			
	$            	  	            ,
            

 FOR VALUE RECEIVED, the undersigned (the “Borrower”) hereby promises to pay to
[INSERT NAME OF LENDER] (the “Lender”) and its registered assigns on the Final Maturity Date (as defined in the Revolving Credit Agreement hereinafter referred to) the principal sum of [DOLLAR AMOUNT] Dollars (or such lesser amount
as shall equal the aggregate unpaid principal amount of the Advances made by the Lender to the Borrower under the Revolving Credit Agreement), in immediately available funds and in lawful money of the United States, and to pay interest on the unpaid
principal amount of each such Advance, in like funds and money, from the Borrowing Date thereof until the principal amount thereof shall have been paid in full, at the rates per annum and on the dates provided in the Revolving Credit Agreement.
Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Revolving Credit Agreement. 
 This promissory note is a Note referred to in the Revolving Credit and Security Agreement dated as of May 8, 2012 (as from time to time amended, the “Revolving Credit Agreement”)
among the Borrower, as borrower, the Lender, as lender, the other lenders from time to time parties thereto, Natixis, New York Branch, as Facility Agent and The Bank of New York Mellon Trust Company, N.A., as collateral agent. The date and principal
amount of each Advance (and stated interest thereon) made to the Borrower and of each repayment of principal thereon shall be recorded by the Lender or its designee on Schedule I attached to this Note, and the aggregate unpaid principal amount
shown on such schedule shall be prima facie evidence of the principal amount owing and unpaid on the Advances made by the Lender. The failure to record or any error in recording any such amount on such schedule shall not, however, limit or otherwise
affect the obligations of the Borrower hereunder or under the Revolving Credit Agreement to repay the principal amount of the Advances together with all interest accrued thereon. 

Except as permitted by Section 12.06 of the Revolving Credit Agreement, this Note may not be participated by the Lender to any other
Person. Without limiting the generality of the foregoing, this Note may be participated in whole or in part only by registration of such participation on the Participant Register. 

Except as permitted by Section 12.06 of the Revolving Credit Agreement, this Note may not be assigned by the Lender to any other
Person. Without limiting the generality of the foregoing, this Note may be assigned or sold in whole or in part only by registration of such assignment or sale on the Register. 
 [Remainder of Page Intentionally Left Blank] 

  
 A-1

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

			
	TPG SL SPV, LLC
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-2

 SCHEDULE I 
 This Note evidences Advances made by [INSERT NAME OF LENDER], (the “Lender”) to TPG SL SPV, LLC (the “Borrower”) under the Revolving Credit and Security Agreement dated
as of May 8, 2012 among the Borrower, as borrower, the Lender, as lender, the other lenders from time to time parties thereto, Natixis, New York Branch, as Facility Agent, and The Bank of New York Mellon Trust Company, N.A., as collateral
agent, in the principal amounts and on the dates set forth below, subject to the payments and prepayments of principal set forth below: 
  

									
	 DATE
	  	PRINCIPAL
AMOUNT
ADVANCED	  	PRINCIPAL
AMOUNT PAID
OR PREPAID	  	PRINCIPAL
BALANCE
OUTSTANDING	  	NOTATION BY

  
 A-3

 EXHIBIT B 
 [FORM OF NOTICE OF BORROWING] 
 [Date] 

Natixis, New York Branch, 
 as Facility Agent

 9 West 57th Street 
 36th Floor

 New York, New York 10019 
 The
Lenders party to the Revolving 
 Credit Agreement referred to below 
 NOTICE OF BORROWING 
 This Notice of Borrowing is made pursuant to
Section 2.02 of that certain Revolving Credit and Security Agreement dated as of May 8, 2012 (as the same may from time to time be amended, supplemented, waived or modified, the “Revolving Credit Agreement”) among TPG SL
SPV, LLC, as borrower (the “Borrower”), the Lenders from time to time parties thereto (collectively, the “Lenders”), Natixis, New York Branch, as Facility Agent (the “Facility Agent”), and The Bank
of New York Mellon Trust Company, N.A., as collateral agent. Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Revolving Credit Agreement. 

 

	1.	The Borrower hereby requests that on             ,
            (the “Borrowing Date”) it receive Borrowings under the Revolving Credit Agreement in an aggregate principal amount of
            Dollars ($            ) (the “Requested Amount”). 

 

	2.	The Borrower hereby gives notice of its request for Advances in the aggregate principal amount equal to the Requested Amount to the Lenders and the Facility Agent
pursuant to Section 2.02 of the Revolving Credit Agreement and requests the Lenders to remit, or cause to be remitted, the proceeds thereof to the Principal Collection Subaccount in its respective Percentage of the Requested Amount.

  

	3.	The Borrower certifies that immediately after giving effect to the proposed Borrowing on the Borrowing Date each of the applicable conditions precedent set forth in
Section 3.02 of the Credit Agreement is satisfied, including: 

  

	 	(1)	in the case of the initial Borrowing under the Revolving Credit Agreement, the conditions precedent set forth in Section 3.01 shall have been fully
satisfied on or prior to the Borrowing Date referred to above; 

  

	 	(2)	immediately after the making of the Advance requested herein on the Borrowing Date, the aggregate outstanding principal amount of the Borrower Liabilities shall not
exceed the Total Commitment as in effect on such Borrowing Date; 

  
 B-1

	 	(3)	immediately after the making of such Advance on the Borrowing Date, each Coverage Test shall be satisfied and the Row Advance Rate that is in use at such time equals or
exceeds the Portfolio Advance Rate; 

  

	 	(4)	each of the representations and warranties of the Borrower contained in Article IV of the Revolving Credit Agreement and the other Facility Documents is true and
correct in all material respects as of such Borrowing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties are true and correct in all material
respects as of such earlier date); and 

  

	 	(5)	no Default or Event of Default described in Sections 6.01(c), (e) or (f) of the Revolving Credit Agreement shall have occurred and be continuing at the
time of the making of such Advance or shall result upon the making of such Advance. 

  

	 	(6)	the provisions of Section 10.02 have been satisfied as of the date of purchase in connection with any acquisition of additional Collateral Obligations with the
proceeds of the applicable Advance. 

 WITNESS my hand on this
            day of             ,             .

  

			
	 TPG SL SPV, LLC,

as Borrower

		
	By:	 	 
		 	Name:
		 	Title:

 cc: Collateral Agent 

  
 B-2

 EXHIBIT C 
 [FORM OF NOTICE OF PREPAYMENT] 
 Natixis, New York Branch, 

as Facility Agent 
 9 West 57th Street

 36th Floor 
 New York, New York 10019

 The Lenders party to the Revolving 

Credit Agreement referred to below 
 NOTICE OF PREPAYMENT 
 This Notice of Prepayment is made pursuant to
Section 2.05 of that certain Revolving Credit and Security Agreement dated as of May 8, 2012 among TPG SL SPV, LLC, as borrower (the “Borrower”), the lenders from time to time parties thereto (collectively, the
“Lenders”), Natixis, New York Branch, as Facility Agent and The Bank of New York Mellon Trust Company, N.A., as collateral agent (as the same may from time to time be amended, supplemented, waived or modified, the “Revolving
Credit Agreement”). Capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Revolving Credit Agreement. 

 

	1.	The Borrower hereby gives notice that on             ,
             (the “Prepayment Date”) it will make a prepayment under the Revolving Credit Agreement in the principal amount of
             Dollars ($            ) (the “Prepayment Amount”). 

 

	2.	The Borrower hereby gives notice of intent to prepay in the aggregate principal amount equal to the Prepayment Amount to the Lenders pursuant to Section 2.05 of
the Revolving Credit Agreement and will remit, or cause to be remitted, the proceeds thereof to the account of each Lender set forth in Schedule I hereto in an amount equal to its respective Percentage of the Prepayment Amount.

 WITNESS my hand on this              day of
            ,             . 

 

			
	 TPG SL SPV, LLC,

as Borrower

		
	By:	 	 
		 	Name:
		 	Title:

  
 C-1

 Schedule I 
 [Describe accounts of the Lenders] 

  
 C-2

 EXHIBIT D 
 [FORM OF ASSIGNMENT AND ACCEPTANCE] 
 Reference is made to the
Revolving Credit and Security Agreement dated as of May 8, 2012 (as amended, supplemented or otherwise modified from time to time, the “Revolving Credit Agreement”) among [INSERT NAME OF ASSIGNING LENDER] (the
“Assignor”), the other lenders from time to time parties thereto (together with the Assignor, the “Lenders”), The Bank of New York Mellon Trust Company, N.A., as Collateral Agent, Natixis, New York Branch, as
Facility Agent for the Lenders (in such capacity, together with its successors and assigns, the “Facility Agent”), and TPG SL SPV, LLC, as borrower (the “Borrower”). Capitalized terms used but not otherwise defined
herein shall have the respective meanings assigned to such terms in the Revolving Credit Agreement. 
 The Assignor and the
“Assignee” referred to on Schedule I hereto agree as follows: 
 1. As of the Effective Date (as defined
below), the Assignor hereby absolutely and unconditionally sells and assigns, without recourse, to the Assignee, and the Assignee hereby purchases and assumes, without recourse to or representation of any kind (except as set forth below) from
Assignor, an interest in and to the Assignor’s rights and obligations under the Revolving Credit Agreement and under the other Facility Documents equal to the percentage interest specified on Schedule I hereto, including the
Assignor’s percentage interest specified on Schedule I hereto of the outstanding principal amount of the Advances to the Borrower (such rights and obligations assigned hereby being the “Assigned Interests”). After giving
effect to such sale, assignment and assumption, the Assignee’s “Percentage” will be as set forth on Schedule I hereto. 
 2. The Assignor (i) represents and warrants that immediately prior to the Effective Date it is the legal and beneficial owner of the Assigned Interest free and clear of any Lien created by the
Assignor; (ii) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Facility Documents or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of, or the perfection or priority of any lien or security or ownership interest created or purported to be created under or in connection with, the Facility Documents or any other instrument or
document furnished pursuant thereto or the condition or value of the Assigned Interest, Collateral relating to the Borrower, or any interest therein; and (iii) makes no representation or warranty and assumes no responsibility with respect to
the condition (financial or otherwise) of the Borrower, the Facility Agent, the Investment Manager or any other Person, or the performance or observance by any Person of any of its obligations under any Facility Document or any instrument or
document furnished pursuant thereto. 
 3. The Assignee (i) confirms that it has received a copy of the Revolving Credit
Agreement and the other Facility Documents, together with copies of any financial statements delivered pursuant to Section 5.01 of the Revolving Credit Agreement and such other documents and information as it has deemed appropriate to make its
own credit analysis and decision to enter into this Assignment and Acceptance; (ii) agrees that it will, independently and 

  
 D-1

 
without reliance upon the Facility Agent, the Assignor, or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under or in connection with any of the Facility Documents; (iii) appoints and authorizes the Facility Agent to take such action as agent on its behalf and to exercise such powers and discretion under the
Facility Documents as are delegated to the Facility Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (iv) agrees that it will perform in accordance with their terms all of the
obligations that by the terms of the Facility Documents are required to be performed by it as a Lender. 
 [4. The Assignee, by
checking the box below, (i) acknowledges that it is required to be a Qualified Purchaser for purposes of the Investment Company Act at the time it becomes a Lender and on each date on which an Advance is made under the Revolving Credit
Agreement and (ii) represents and warrants to the Assignor, the Borrower and the Agents that the Assignee is a Qualified Purchaser: 
  

	 ̈	By checking this box, the Assignee represents and warrants that it is a Qualified Purchaser.] 

[SUBJECT TO CONFIRMATION THAT THE BORROWER IS RELYING ON 3(c)(7)] 

5. Following the execution of this Assignment and Acceptance, it will be delivered to the Facility Agent for acceptance and recording by
the Facility Agent. The effective date for this Assignment and Acceptance (the “Effective Date”) shall be the date of acceptance hereof by the Facility Agent, unless a later effective date is specified on Schedule I hereto.

 6. Upon such acceptance and recording by the Facility Agent, as of the Effective Date, (i) the Assignee shall be a party
to and bound by the provisions of the Revolving Credit Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a Lender thereunder and under any other Facility Document, (ii) without limiting
the generality of the foregoing, the Assignee expressly acknowledges and agrees to its obligations of indemnification to the Agents pursuant to and as provided in Section 11.04 thereof, and (iii) the Assignor shall, to the extent provided
in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Revolving Credit Agreement and under any other Facility Document. 
 7. Upon such acceptance and recording by the Facility Agent, from and after the Effective Date, the Borrower shall make all payments under the Revolving Credit Agreement in respect of the Assigned
Interest to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Revolving Credit Agreement and the Assigned Interests for periods prior to the Effective Date directly between themselves. 

8. This Assignment and Acceptance shall be governed by, and construed in accordance with, the laws of the State of New York. 

9. This Assignment and Acceptance may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one 

  
 D-2

 
and the same agreement. Delivery of an executed counterpart of Schedule I to this Assignment and Acceptance by telecopier shall be effective as a delivery of a manually executed counterpart
of this Assignment and Acceptance. 
 IN WITNESS WHEREOF, the Assignor and the Assignee have caused Schedule I to this
Assignment and Acceptance to be executed by their officers thereunto duly authorized as of the date specified thereon. 

  
 D-3

 Schedule I 
  

							
	 Percentage interest

transferred by Assignor:
	 		 	___%
			
	 Assignor:
	 		 	 [INSERT NAME OF ASSIGNOR],
                 as Assignor

				
		 		 	By:	 	 
		 		 		 	Authorized Signatory,
			
	 Assignee:
	 		 	 [INSERT NAME OF ASSIGNEE]
                 as Assignee

				
		 		 	By:	 	 
		 		 		 	Authorized Signatory

  

			
	 Accepted this              day
of

	
	
                        
        ,             

	
	 NATIXIS, NEW YORK BRANCH,

as Facility Agent

		
	By:	 	 
		 	Authorized Signatory
		
	By:	 	 
		 	Authorized Signatory
	
	 [Consented to this              day
of

	
	
                        
        ,             

	
	
[            ],

as Borrower

		
	By:	 	 
		 	 Name:

		 	 Title:]1

  
  

	1 	 Insert in an Assignment and Acceptance if Borrower consent is required 

  
 D-4

 EXHIBIT E 
 [FORM OF ACCOUNT CONTROL AGREEMENT] 
 (see Account Control Agreement)

  
 E-1

 EXHIBIT F 
 APPROVED APPRAISAL FIRMS 
 A. G. Edwards & Sons, Inc. 

Bank of America 
 Barclays Capital 

Cantor Fitzgerald 
 CIBC World Markets

 Citigroup 
 Credit
Research & Trading 
 Credit Suisse 
 Dabney Flannigan 
 Delaware Bay, Inc. 
 Deloitte & Touche 
 Deutsche Bank 
 Dresdner Kleinwort Wasserstein 
 Duff & Phelps 

Ernst & Young 
 Goldman Sachs &
Co. 
 Houlihan Lokey Howard & Zukin 
 J.P. Morgan Chase 
 Jefferies & Company, Inc. 

KPMG International 
 Lazard Freres 

Lincoln Partners Advisors, an affiliate of Lincoln International 
 Morgan Stanley 
 PriceWaterhouseCoopers 
 Raymond James 
 TD Securities 
 The Blackstone Group 
 Union Bank 
 Wells Fargo 
 William Blair & Company 

  
 F-1

 EXHIBIT G 
 RETENTION OF NET ECONOMIC INTEREST LETTER 
 TPG Specialty Lending, Inc.

 301 Commerce Street 
 Suite 3300 
 Fort Worth, TX 76102 

[DATE] 
 Natixis, New York Branch 

9 West 57th Street, 36th Floor 
 New York, New
York 10019 
 Attention: Yazmin Vasconez 
 Versailles Assets LLC 
 c/o Global Securitization Services LLC 

68 South Service Road, Suite 120 
 Melville, NY
11747 
 Attention: Andrew Stidd 
 TPG
SL SPV, LLC 
 850 Library Avenue, Suite 204-F 
 Newark, Delaware 19711 
  

	 	Re:	Retention of Net Economic Interest 

 This letter is being delivered in connection with the Revolving Credit and Security Agreement dated as of May 8, 2012 (the “Credit Agreement”), among TPG SL SPV, LLC, as borrower
(the “Borrower”), Natixis, New York Branch, as facility agent (the “Facility Agent”) and The Bank of New York Mellon Trust Company, N.A., as collateral agent (the “Collateral Agent”). All capitalized terms
used but not defined herein have the respective meanings give to such terms in the Credit Agreement as in effect on the date hereof. 
 The undersigned Retention Provider, acting in its capacity as originator, hereby agrees for the benefit of the addressees of this letter and each other Lender that is a credit institution: 

 

	a.	that it has and will retain, on an ongoing basis, a material net economic interest which, in any event, shall not be less than 5% (or such higher or lower amount as
notified by the Facility Agent to, and agreed by, the Retention Provider as may be required by Article 

 Retention of Net
Economic Interest Letter 

  
 G-1

	 	
122a of the CRD; provided that the Retention Provider shall have no obligation to agree to any such higher amount that results in the net economic interest required to be retained by the
Retention Provider to exceed 40% of the nominal value of the Collateral calculated based on the Aggregate Principal Balance of all of the Collateral Obligations and the principal amount of all Eligible Investments, in each case at the time of
determination without taking into account any deduction pursuant to the proviso to the definition of “Principal Balance” of any Collateral Obligation or any deduction or discount in respect of the purchase price paid therefor by the
Borrower as of such date of determination) of the nominal value of the Collateral calculated based on the Aggregate Principal Balance of all of the Collateral Obligations and the principal amount of all Eligible Investments, in each case at the time
of determination without taking into account any deduction pursuant to the proviso to the definition of “Principal Balance” of any Collateral Obligation or any deduction or discount in respect of the purchase price paid for such Collateral
Obligation or Eligible Investment by the Borrower; 

  

	b.	that it will retain the net economic interest referred to in clause (a) above by retention of the first loss tranche and, if necessary, other tranches having the
same or a more severe risk profile than those transferred or sold to investors (being the Lenders) and not maturing any earlier than those transferred or sold to investors; 

 

	c.	confirms that the retention of the net economic interest will be measured at the origination (being the occasion of each origination or acquisition of a Collateral
Obligation or Eligible Investment) and shall be maintained on an ongoing basis. The retention of such net economic interest shall not be subject to any credit risk mitigation or any short positions or any other hedge that is prohibited by Article
122a of the CRD; and 

  

	d.	agrees that it will take such further actions and provide such information as may be reasonably requested by any Lender or the Facility Agent so as to ensure compliance
with the provisions of Article 122a of the CRD, so long as any such Lender or the Facility Agent, as applicable, agrees to keep confidential such information provided to it by the Retention Provider in accordance with the terms and conditions of
Section 12.09 of the Credit Agreement, provided that any such Lender or the Facility Agent may share such information with any Authority (including any bank regulatory agency) as may be necessary to ensure compliance with the provisions of
Article 122a of the CRD. 

 As used in this letter, the terms “retention of net economic interest”,
“original lender”, “originator”, “credit instititutions”, “securitisation position”, “securitisations”, “ongoing basis”, “securitised exposures” and “tranche” shall have
the meanings given thereto for the purposes of Article 122a of the CRD and in the guidelines to Article 122a published on December 31, 2010 by the European Banking Authority (formerly the Committee of European Banking Supervisors). 

The representations, warranties, covenants and agreements of the Retention Provider herein are being made, delivered and agreed to solely
for purposes of compliance with Article 122a of the CRD and for no other purpose and by acceptance of this letter, each of the addressees expressly acknowledges the same. 
 [Remainder of page intentionally left blank] 

  
 G-2

 
			
	 Very Truly Yours,
  

TPG Specialty Lending, Inc.

		
	By:	 	 
		 	Name:
		 	Title:

  
 G-3

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