Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

MASTER LOAN SALE AGREEMENT 

among 
 NEWSTAR
FINANCIAL, INC., 
 as the Transferor, 

NEWSTAR COMMERCIAL LOAN DEPOSITOR 2016-1 LLC, 

as the Retention Holder, 

and 
 NEWSTAR COMMERCIAL
LOAN FUNDING 2016-1 LLC, 
 as the Issuer 

Dated as of March 2, 2016 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I             DEFINITIONS
	  	 	2	  
			
	 Section 1.1.
	  	Definitions	  	 	2	  
			
	 Section 1.2.
	  	Other Terms	  	 	5	  
			
	 Section 1.3.
	  	Computation of Time Periods	  	 	5	  
			
	 Section 1.4.
	  	Interpretation	  	 	5	  
			
	 Section 1.5.
	  	References	  	 	6	  
		
	 ARTICLE II           TRANSFER OF THE CONVEYED
COLLATERAL
	  	 	6	  
			
	 Section 2.1.
	  	Transfer of the Conveyed Collateral	  	 	6	  
			
	 Section 2.2.
	  	Conveyance of Initial Conveyed Collateral	  	 	10	  
			
	 Section 2.3.
	  	Acceptance of Initial Conveyed Collateral	  	 	11	  
			
	 Section 2.4.
	  	Conveyance of Subsequent Conveyed Collateral	  	 	11	  
			
	 Section 2.5.
	  	Optional Substitution of Collateral Obligations	  	 	12	  
			
	 Section 2.6.
	  	Administrative Convenience with respect to Acquisitions and Assignments	  	 	13	  
			
	 Section 2.7.
	  	Delivery of Documents	  	 	14	  
		
	 ARTICLE III          REPRESENTATIONS AND WARRANTIES
	  	 	14	  
			
	 Section 3.1.
	  	Representations and Warranties of the Transferor	  	 	14	  
			
	 Section 3.2.
	  	Representations and Warranties Regarding the Collateral Obligations	  	 	19	  
			
	 Section 3.3.
	  	Representations and Warranties of the Retention Holder	  	 	19	  
			
	 Section 3.4.
	  	Additional Representations and Warranties of the Retention Holder	  	 	22	  
			
	 Section 3.5.
	  	Representations and Warranties of the Issuer	  	 	23	  
		
	 ARTICLE IV         PERFECTION OF TRANSFER AND PROTECTION OF SECURITY
INTERESTS
	  	 	24	  
			
	 Section 4.1.
	  	Custody of Collateral Obligation	  	 	24	  
			
	 Section 4.2.
	  	Filing	  	 	25	  
			
	 Section 4.3.
	  	Changes in Name, Company Structure or Location	  	 	25	  
			
	 Section 4.4.
	  	Costs and Expenses	  	 	25	  
			
	 Section 4.5.
	  	Sale Treatment	  	 	25	  
			
	 Section 4.6.
	  	Separateness	  	 	26	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
		
	 ARTICLE V           COVENANTS
	  	 	26	  
			
	 Section 5.1.
	  	Covenants of the Transferor	  	 	26	  
			
	 Section 5.2.
	  	Covenants of the Retention Holder	  	 	27	  
		
	 ARTICLE VI         INDEMNIFICATION BY THE TRANSFEROR
	  	 	29	  
			
	 Section 6.1.
	  	Indemnification	  	 	29	  
			
	 Section 6.2.
	  	Liabilities to Obligors	  	 	29	  
			
	 Section 6.3.
	  	Operation of Indemnities	  	 	30	  
			
	 Section 6.4.
	  	Limitation on Liability	  	 	30	  
		
	 ARTICLE VII        OPTIONAL AND MANDATORY REPURCHASES
	  	 	30	  
			
	 Section 7.1.
	  	Optional Repurchases	  	 	30	  
			
	 Section 7.2.
	  	Mandatory Repurchases or Substitutions	  	 	31	  
			
	 Section 7.3.
	  	Reassignment of Substituted or Repurchased Collateral Obligations	  	 	31	  
			
	 Section 7.4.
	  	Repurchase and Substitution Limitations	  	 	32	  
		
	 ARTICLE VIII      MISCELLANEOUS
	  	 	32	  
			
	 Section 8.1.
	  	Amendment	  	 	32	  
			
	 Section 8.2.
	  	Governing Law	  	 	33	  
			
	 Section 8.3.
	  	Notices	  	 	34	  
			
	 Section 8.4.
	  	Severability of Provisions	  	 	34	  
			
	 Section 8.5.
	  	Third Party Beneficiaries	  	 	35	  
			
	 Section 8.6.
	  	Counterparts	  	 	35	  
			
	 Section 8.7.
	  	Headings	  	 	35	  
			
	 Section 8.8.
	  	No Bankruptcy Petition; Disclaimer	  	 	35	  
			
	 Section 8.9.
	  	Jurisdiction	  	 	35	  
			
	 Section 8.10.
	  	Prohibited Transactions with Respect to the Transferor	  	 	36	  
			
	 Section 8.11.
	  	No Partnership	  	 	36	  
			
	 Section 8.12.
	  	Successors and Assigns	  	 	36	  
			
	 Section 8.13.
	  	Duration of Agreement	  	 	36	  
			
	 Section 8.14.
	  	Limited Recourse	  	 	36	  

  
 ii 

			
	EXHIBIT A	  	Form of Subsequent Transfer Agreement
	SCHEDULE 1	  	Schedule of Initial Conveyed Collateral
	SCHEDULE 2	  	Notice Information

 THIS MASTER LOAN SALE AGREEMENT, dated as of March 2, 2016 (as amended, modified,
restated, or supplemented from time to time, this “Agreement”), is made by and among NEWSTAR FINANCIAL, INC., a Delaware corporation (in its capacity as transferor under this Agreement, together with its successors and
assigns in such capacity, the “Transferor”), NEWSTAR COMMERCIAL LOAN DEPOSITOR 2016-1 LLC, a Delaware limited liability company (together with its successors and assigns in such capacity, the “Retention
Holder”), and NEWSTAR COMMERCIAL LOAN FUNDING 2016-1 LLC, a Delaware limited liability company (together with its successors and assigns in such capacity, the “Issuer”). 

PREAMBLE 
 WHEREAS,
in the regular course of its business, the Transferor originates and/or otherwise acquires Collateral Obligations; 
 WHEREAS, the
Retention Holder desires to acquire from the Transferor on the Closing Date and the Issuer desires to acquire from the Retention Holder on the Closing Date the initial Collateral Obligations (the “Initial Collateral Obligations”)
listed on Schedule 1 hereto and may acquire from time to time thereafter certain additional Collateral Obligations (the “Additional Collateral Obligations”) and Substitute Collateral Obligations, together with certain related
property, as more fully described as the “Assets” in the Indenture, dated as of March 2, 2016 (as amended, modified, restated or supplemented from time to time, the “Indenture”), between the Issuer, as issuer, and
U.S. Bank National Association, as trustee (together with its successors and assigns in such capacity, the “Trustee”); 

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

WHEREAS, on the Initial Cut-Off Date the Transferor will agree to transfer to the Retention Holder on the Closing Date, and the
Retention Holder will agree to transfer to the Issuer on the Closing Date, all of its right, title and interest in the Initial Collateral Obligations, in each case other than Excluded Obligations; and 

WHEREAS, thereafter, the Issuer will from time to time acquire certain Additional Collateral Obligations and Substitute Collateral
Obligations hereunder, all pursuant to the applicable terms and conditions set forth herein and in the Indenture. 

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

ARTICLE I 
 DEFINITIONS

 Section 1.1. Definitions. 

Capitalized terms used but not otherwise defined herein shall have the meanings attributed to such terms in the Indenture. In addition, as
used herein, the following defined terms, unless the context otherwise requires, shall have the following meanings: 
 “Additional
Collateral Obligations”: The meaning assigned in the Preamble of this Agreement. 
 “Additional Conveyed
Collateral”: The meaning specified in Section 2.1(c). 
 “Agreement”: The meaning specified in the
introductory paragraph of this Agreement. 
 “Applicable Determination Date”: (i) With respect to the determination of
the Purchase Rate for use in the calculation of the Retention Holder Purchase Price, the applicable Cut-Off Date, (ii) with respect to the determination of the Purchase Rate for Retention Holder Seasoned Collateral Obligations for use in the
calculation of the Issuer Purchase Price with respect to (a) any Market Risk Collateral Obligation, the applicable Settlement Date, and (b) any Non-Market Risk Collateral Obligation, the applicable Cut-Off Date and (iii) with respect
to the determination of the Purchase Rate for Affiliate Originated Collateral Obligations for use in the calculation of the Issuer Purchase Price with respect thereto, the applicable Cut-Off Date. 

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

“Cut-Off Date”: With respect to the Initial Conveyed Collateral, the Initial Cut-Off Date, and with respect to any Collateral
Obligation that constitutes Subsequent Conveyed Collateral, the meaning specified in Section 2.1(c). 
 “Excluded
Obligations”: (i) With respect to the Retention Holder, Collateral Obligations that would not meet the eligibility criteria for inclusion as a “Collateral Obligation” as defined in the Indenture other than such eligibility
criteria with respect to Defaulted Obligations and Credit Risk Obligations which are included as Retention Holder Collateral Obligations hereunder, and (ii) with respect to the Issuer, Collateral Obligations that would not meet the eligibility
criteria for inclusion as a “Collateral Obligation” as defined in the Indenture. 
 “Indemnified Party”: The
meaning specified in Section 6.1. 
 “Indenture”: The meaning specified in the Preamble of this Agreement. 

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

“Initial Collateral Obligations”: The meaning specified in the Preamble of this Agreement. 

  
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 “Initial Conveyed Collateral”: The meaning specified in
Section 2.1(a). 
 “Initial Cut-Off Date”: March 2, 2016. 

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

“Issuer”: The meaning specified in the introductory paragraph of this Agreement. 

“Issuer Purchase Price”: With respect to any Collateral Obligation, (x) the product of (1) the Purchase Rate and
(2) the par value of such Collateral Obligation as of the Settlement Date minus (y) the product of (1) 100% minus the Purchase Rate and (2) the amount of any repayment of principal made with respect to such Collateral Obligation
on or after the applicable Cut-Off Date with respect to the Issuer and prior to the Settlement Date. 
 “Market Risk Collateral
Obligation”: As defined in Section 2.1(d). 
 “Non-Market Risk Collateral Obligation”: As defined in
Section 2.1(d). 
 “Noteless Collateral Obligation”: A Collateral Obligation with respect to which (a) the
related Underlying Documents do not require the Obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Collateral Obligation and (b) no Underlying Notes are outstanding with respect to the portion of
the Collateral Obligation transferred to the Issuer. 
 “Permitted Liens”: With respect to the interest of the Transferor,
the Retention Holder and the Issuer in the Collateral Obligations included in the Assets: (i) security interests, liens and other encumbrances in favor of the Retention Holder created pursuant to this Agreement and transferred to the Issuer
pursuant hereto, (ii) security interests, liens and other encumbrances in favor of the Issuer created pursuant to this Agreement, (iii) security interests, liens and other encumbrances in favor of the Trustee created pursuant to the
Indenture and/or this Agreement, (iv) with respect to agented Collateral Obligations, security interests, liens and other encumbrances in favor of the lead agent, the collateral agent or the paying agent on behalf of all holders of indebtedness
of such Obligor under the related facility, (v) with respect to any Equity Security, any security interests, liens and other encumbrances granted on such Equity Security to secure indebtedness of the related Obligor and/or any security
interests, liens and other rights or encumbrances granted under any governing documents or other agreement between or among or binding upon the Issuer as the holder of equity in such Obligor and (vi) security interests, liens and other
encumbrances, if any, which have priority over first priority perfected security interests in the Collateral Obligations or any portion thereof under the UCC or any other applicable law. 

“Purchase Rate”: With respect to any Collateral Obligation, a rate (expressed as a percentage of the outstanding principal
balance thereof) equal to the fair market value thereof, which will be as reasonably determined by the Collateral Manager, consistent with the Collateral Manager Standard and the Collateral Management Agreement without any third party valuation, on
the Applicable Determination Date (provided that the Collateral Manager may assume in 

  
 3 

 
good faith and in accordance with the Collateral Manager Standard that a Purchase Rate determined as set forth above for use in calculating the Retention Holder Purchase Price for a given
Retention Holder Seasoned Collateral Obligation is still correct with respect to calculating the Issuer Purchase Price for such Retention Holder Seasoned Collateral Obligation if there has been no material change since such initial determination
with regard to the credit of the related Obligor or, in the case of any Market Risk Collateral Obligation, with regard to the market price (determined by the Collateral Manager consistent with the Collateral Manager Standard without any third party
valuation) with respect to such Collateral Obligation) and set forth in the column “Retention Holder Purchase Rate” or “Issuer Purchase Rate”, as applicable, on Schedule 1 hereto (in the case of the Initial Conveyed Collateral)
or on Schedule I to the related Subsequent Transfer Agreement (in the case of Subsequent Conveyed Collateral). 
 “Repurchase and
Substitution Limit”: The meaning specified in Section 7.4. 
 “Required Loan Documents”: For each
Collateral Obligation, the items set forth below: 
 (i) (x) other than in the case of a Noteless Collateral Obligation or a
Participation Interest, the original or, if accompanied by a “lost note” affidavit and indemnity, a copy of the Underlying Note, endorsed by the prior holder of record, if any, either in blank or to the Trustee, which may be in the form of
an allonge or note power attached thereto (and evidencing an unbroken chain of endorsements from the prior holder(s) thereof, if any, evidenced in the chain of endorsements in blank or to the Trustee, subject to Section 2.6), with any
endorsement to the Trustee to be in the following form: “U.S. Bank National Association, its successors and assigns, as Trustee for the Secured Parties,” and (y) in the case of a Noteless Collateral Obligation or a Participation
Interest, a copy of each transfer document or assignment agreement, if applicable, relating to such Noteless Collateral Obligation or Participation Interest evidencing the assignment of such Noteless Collateral Obligation or Participation Interest
to the Transferor, if applicable, from the Transferor to the Retention Holder and from the Retention Holder to the Issuer (subject to Section 2.6); and 

(ii) originals or copies of any related loan agreement or credit agreement, to the extent applicable to the related Collateral
Obligation. 
 “Retention Holder”: The meaning specified in the introductory paragraph of this Agreement. 

“Retention Holder Formation Date”: January 27, 2016. 

“Retention Holder Purchase Price”: With respect to any Collateral Obligation, (x) the product of (1) the Purchase
Rate and (2) the par value of such Collateral Obligation as of the Settlement Date minus (y) the product of (1) 100% minus the Purchase Rate and (2) the amount of any repayment of principal made with respect to such Collateral
Obligation on or after the applicable Cut-Off Date with respect to the Retention Holder and prior to the Settlement Date. 

“Retention Holder Seasoned Collateral Obligation”: Any Collateral Obligation sold pursuant to and in accordance with this
Agreement that is not an Affiliate Originated Collateral Obligation. 

  
 4 

 “Settlement Date”: With respect to any Collateral Obligation: 

(i) in the case of any Initial Collateral Obligation, the Closing Date; 

(ii) in the case of any Collateral Obligation that constitutes Subsequent Conveyed Collateral, the Settlement Date specified in
the related Subsequent Transfer Agreement; provided that such Settlement Date shall be: 
 (1) for any Market Risk Collateral Obligation,
not earlier than two (2) Business Days after the related Cut-Off Date; 
 (2) for any Non-Market Risk Collateral Obligation, not
earlier than fifteen (15) Business Days after the related Cut-Off Date; and 
 (3) for any Affiliate Originated Collateral Obligation,
not earlier than the related Cut-Off Date. 
 “Subsequent Conveyed Collateral”: The meaning specified in
Section 2.1(c). 
 “Subsequent Transfer Agreement”: The meaning specified in Section 2.1(c). 

“Substitute Conveyed Collateral”: The meaning specified in Section 2.1(c). 

“Substitution Period”: The meaning specified in Section 2.5(b). 

“Transferor”: The meaning specified in the introductory paragraph of this Agreement. 

“Trustee”: The meaning specified in the Preamble of this Agreement. 

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

Section 1.2. Other Terms. 

All accounting terms used but not specifically defined herein shall be construed in accordance with generally accepted accounting principles
as in effect from time to time in the United States. 
 Section 1.3. Computation of Time Periods. 

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

In this Agreement, unless a contrary intention appears: 

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

  
 5 

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

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

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

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

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

Section 1.5. References. 

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

TRANSFER OF THE CONVEYED COLLATERAL 

Section 2.1. Transfer of the Conveyed Collateral. 

(a) Initial Transfer from the Transferor to the Retention Holder. Subject to and upon the terms and conditions set forth herein,
effective as of the Closing Date, the Transferor hereby sells, conveys and transfers to the Retention Holder all of the Transferor’s right, title and interest in, to and under the Initial Collateral Obligations and any related Assets

  
 6 

 
with respect thereto (the “Initial Conveyed Collateral”) for a purchase price on the Closing Date equal to the Retention Holder Purchase Price with respect thereto. The
consideration for the transfer of the Initial Conveyed Collateral from the Transferor to the Retention Holder shall consist of cash paid by the Retention Holder to the Transferor on the Closing Date and, to the extent that such cash so paid on the
Closing Date is less than the purchase price thereof, the difference shall be deemed a capital contribution from the Transferor to the Retention Holder on the Closing Date. 

(b) Initial Transfer from the Retention Holder to the Issuer. Subject to and upon the terms and conditions set forth herein, effective
as of the Closing Date, the Retention Holder hereby sells, conveys and transfers to the Issuer all of the Retention Holder’s right, title and interest in, to and under the Initial Conveyed Collateral for a purchase price on the Closing Date
equal to the Issuer Purchase Price with respect thereto. The consideration for the transfer of the Initial Conveyed Collateral from the Retention Holder to the Issuer shall consist of cash paid by the Issuer to the Retention Holder on the Closing
Date, the issuance by the Issuer to the Retention Holder of the Class D Notes and the Class E Notes and, to the extent that the cash so paid on the Closing Date and the fair market value of such Notes so issued to the Retention Holder on the Closing
Date is less than the purchase price relating to such transfer, the difference shall be deemed a capital contribution from the Retention Holder to the Issuer on the Closing Date. 

(c) Subsequent Transfers. Each of the Transferor, the Retention Holder and the Issuer agrees and acknowledges that (i) the
Retention Holder may, subject to the terms and conditions set forth herein, acquire Additional Collateral Obligations and related Assets with respect thereto (the “Additional Conveyed Collateral”) from the Transferor, and the Issuer
may, as permitted under the Indenture and subject to the terms and conditions set forth herein, acquire the Additional Conveyed Collateral from the Retention Holder, and (ii) the Issuer may acquire from the Retention Holder and the Retention
Holder may acquire from the Transferor, as permitted under the Indenture and subject to the terms and conditions set forth herein, Substitute Collateral Obligations and any related Assets as set forth in Section 2.5 and the Indenture
with respect thereto (the “Substitute Conveyed Collateral” and, together with the Additional Conveyed Collateral, the “Subsequent Conveyed Collateral”), in each case pursuant to a Subsequent Transfer Agreement,
substantially in the form of Exhibit A hereto, duly executed by each of the Transferor, the Retention Holder and the Issuer (each such agreement, a “Subsequent Transfer Agreement”). The parties hereto agree that each such
Subsequent Transfer Agreement will be deemed to become part of this Agreement as of the date of its execution (each such date, a “Cut-Off Date”) without further amendment hereof, provided that any sale of Subsequent Conveyed
Collateral shall be effective as of the Settlement Date specified in such Subsequent Transfer Agreement. The purchase price paid by the Retention Holder for any Subsequent Conveyed Collateral shall be an amount equal to the Retention Holder Purchase
Price with respect thereto, and the purchase price paid by the Issuer for any Subsequent Conveyed Collateral shall be an amount equal to the Issuer Purchase Price with respect thereto. 

(d) Conditions to Purchases. 

(i) The Transferor and the Retention Holder hereby acknowledge and agree that the Retention Holder has no obligation to acquire
any Collateral Obligation 

  
 7 

 
that is an Excluded Collateral Obligation under clause (i) of the definition thereof on the Settlement Date. The Retention Holder and the Issuer hereby acknowledge and agree that the Issuer
has no obligation to acquire any Collateral Obligation that is an Excluded Collateral Obligation under clause (ii) of the definition thereof on the Settlement Date. 

(ii) With respect to Retention Holder Seasoned Collateral Obligations, the Issuer may purchase such Collateral Obligations from
the Retention Holder, when and as permitted by the Indenture, only to the extent that either (x) the Settlement Date with respect thereto and the Applicable Determination Date for calculating the Purchase Rate for the Issuer Purchase Price
applicable thereto (any such Collateral Obligation, a “Market Risk Collateral Obligation”) in each case is not less than two (2) Business Days following the Cut-Off Date with respect thereto, or (y) the Settlement Date
with respect thereto is not less than fifteen (15) Business Days following the Cut-Off Date with respect thereto and the Issuer Purchase Price for such Collateral Obligation is determined using the Cut-Off Date as the Applicable Determination
Date for calculating the Purchase Rate applicable thereto (any such Collateral Obligation, a “Non-Market Risk Collateral Obligation”). 

(e) Each of the Transferor, the Retention Holder and the Issuer agrees that (i) the representations, warranties and covenants of the
Transferor and the Retention Holder set forth herein will run to and be for the benefit of the Retention Holder, the Issuer and the Trustee, as applicable, and (ii) either the Issuer or the Trustee may enforce, directly without joinder of the
Retention Holder, the repurchase obligations of the Transferor with respect to breaches of such representations, warranties and covenants as set forth herein. The parties hereto acknowledge and agree that the Trustee for the benefit of the Secured
Parties is a third party beneficiary of such representations, warranties and covenants. By its signature below, the Trustee hereby acknowledges such rights granted to it hereunder. 

(f) Each of the Transferor, the Retention Holder and the Issuer intends and agrees that (i) the transfer of the Conveyed Collateral by
the Transferor to the Retention Holder pursuant to this Agreement, and the transfer of the Conveyed Collateral by the Retention Holder to the Issuer pursuant to this Agreement is, in each and every case, intended to be an absolute sale, conveyance
and transfer of ownership of the applicable Conveyed Collateral rather than the mere granting of a security interest to secure a financing and (ii) such Conveyed Collateral shall not be part of the Transferor’s or the Retention
Holder’s respective estate in the event of a filing of a bankruptcy petition or other action by or against such Person under any Insolvency Law. In the event, however, that notwithstanding such intent and agreement, any of such transfers are
deemed to secure indebtedness, the Transferor hereby Grants to the Retention Holder, and the Retention Holder hereby Grants to the Issuer, as the case may be, a security interest in all of its right, title and interest in, to and under such Conveyed
Collateral (whether now existing or hereafter created) and the Issuer hereby further Grants such security interest to the Trustee for the benefit of the Secured Parties. For such purposes, this Agreement shall constitute a security agreement under
the UCC, securing the repayment of the purchase price paid hereunder and the obligations or interests represented by the Notes, in the order and priorities specified in, and subject to the other terms and conditions of, this Agreement and the
Indenture, together with such other obligations or interests as may arise hereunder and thereunder in favor of the parties hereto and thereto. 

  
 8 

 (g) If any such transfer of Conveyed Collateral by the Transferor to the Retention Holder
(whether Initial Conveyed Collateral transferred pursuant to Section 2.1(a) or Subsequent Conveyed Collateral transferred pursuant to Section 2.1(c)) is deemed to be the mere granting of a security interest to secure a
financing, the Retention Holder may, to secure the Retention Holder’s own obligations under this Agreement (to the extent that the transfer of Conveyed Collateral by the Retention Holder to the Issuer hereunder is deemed to be the mere granting
of a security interest to secure a financing), repledge and reassign to the Issuer (and the Issuer may repledge and reassign to the Trustee) (i) all or a portion of the Conveyed Collateral pledged to the Retention Holder by the Transferor and
with respect to which the Retention Holder has not released its security interest at the time of such pledge and assignment and (ii) all proceeds thereof. Such repledge and reassignment may be made with or without a repledge and reassignment by
the Retention Holder of its rights under any agreement with the Transferor, and without further notice to or acknowledgement from the Transferor. The Transferor hereby waives, to the extent permitted by applicable law, all claims, causes of action
and remedies, whether legal or equitable (including any right of setoff), against the Retention Holder or any assignee relating to such repledge and reassignment in connection with the transactions contemplated by this Agreement and the other
Transaction Documents. The Transferor and the Retention Holder shall file or shall cause to be filed a UCC-1 financing statement and UCC-3 financing statement amendments, as necessary, naming the Transferor as debtor, the Retention Holder as secured
party, the Issuer as assignee and the Trustee as re-assignee, listing all of the Conveyed Collateral pledged hereunder as collateral thereunder. 

(h) If any such transfer of Conveyed Collateral by the Retention Holder to the Issuer (whether Initial Conveyed Collateral transferred
pursuant to Section 2.1(b) or Subsequent Conveyed Collateral transferred pursuant to Section 2.1(c)) is deemed to be the mere granting of a security interest to secure a financing, the Issuer may, to secure the Issuer’s
obligations under the Indenture, repledge and reassign to the Trustee for the benefit of the Secured Parties (i) all or a portion of the Conveyed Collateral pledged to the Issuer by the Retention Holder and with respect to which the Issuer has
not released its security interest at the time of such pledge and assignment and (ii) all proceeds thereof. Such repledge and reassignment may be made with or without a repledge and reassignment by the Issuer of its rights under any agreement
with the Retention Holder, and without further notice to or acknowledgment from the Retention Holder. The Retention Holder hereby waives, to the extent permitted by applicable law, all claims, causes of action and remedies, whether legal or
equitable (including any right of setoff), against the Issuer or any assignee relating to such repledge or reassignment in connection with the transactions contemplated by this Agreement and the other Transaction Documents. The Issuer and the
Retention Holder shall file or shall cause to be filed a UCC-1 financing statement and UCC-3 financing statement amendments, as necessary, naming the Retention Holder as debtor, the Issuer as secured party and the Trustee as assignee, listing all of
the Conveyed Collateral pledged hereunder as collateral thereunder. 
 (i) To the extent that (i) the consideration received by the
Transferor from the Retention Holder in exchange for any Conveyed Collateral and (ii) the consideration received by the Retention Holder from the Issuer for any Conveyed Collateral is less than the fair market value of such Conveyed Collateral,
the difference between such fair market value and the consideration so received shall be deemed to be a capital contribution by the Transferor to the Retention Holder (in the case of clause (i) above), and by the Retention Holder to the
Issuer (in 

  
 9 

 
the case of clause (ii) above), made on the related Settlement Date with respect to such Conveyed Collateral. For all purposes of this Agreement, any contributed Conveyed Collateral
shall be treated the same as the Conveyed Collateral sold for cash or other property including, without limitation, for purposes of Section 7.2. 

(j) Notwithstanding the provisions of this Agreement, the Issuer, so long as the applicable conditions set forth in the Indenture are met
(including, without limitation, the Portfolio Acquisition and Disposition Requirements and the EU Acquisition Test), may also purchase Collateral Obligations that are not Affiliate Originated Collateral Obligations or Retention Holder Seasoned
Collateral Obligations directly from the seller thereof in a secondary market purchase. 
 Section 2.2. Conveyance of Initial
Conveyed Collateral. 
 (a) On or before the Closing Date, the Transferor or the Retention Holder, as applicable, shall
deliver or cause to be delivered to the Trustee each of the documents, certificates and other items as follows: 
 (i)
officially certified recent evidence of due formation and good standing of the Transferor, the Retention Holder and the Issuer, in each case under the laws of the State of Delaware; 

(ii) a copy of resolutions adopted by the board of directors of NewStar Financial, Inc., in its capacity as Transferor, in its
capacity as the designated manager of the Retention Holder and in its capacity as designated manager of the Issuer, approving the execution, delivery and performance of this Agreement and the transactions contemplated hereunder, certified by a
Responsible Officer of NewStar Financial, Inc., in each such capacity; 
 (iii) evidence that the lien of the pledgee under
any credit facility to which any of the Initial Collateral Obligations is subject is released as to each such Initial Collateral Obligation; 

(iv) a UCC-1 financing statement and UCC-3 financing statement amendment, as necessary, naming the Transferor as debtor, the
Retention Holder as secured party, and the Issuer as assignee (and the Trustee as re-assignee for the benefit of the Secured Parties) and identifying the Conveyed Collateral as collateral for filing with the office of the Secretary of State for the
State of Delaware; a UCC financing statement naming the Retention Holder as debtor, the Issuer as secured party (and the Trustee as assignee for the benefit of the Secured Parties) and identifying the Conveyed Collateral as collateral for filing
with the office of the Secretary of State for the State of Delaware; and a UCC-1 financing statement naming the Issuer as debtor, the Trustee, for the benefit of the Secured Parties, as secured party and identifying the Conveyed Collateral or all
assets of the Issuer, as collateral for filing with the office of the Secretary of State for the State of Delaware; 
 (v) a
fully executed copy of each Transaction Document; and 
 (vi) all Opinions of Counsel required to be delivered pursuant to
Section 3.1(c) of the Indenture. 

  
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 (b) On or after the transfer of the Initial Conveyed Collateral by the Transferor to the
Retention Holder and by the Retention Holder to the Issuer, (i) the Transferor shall transfer to the Collection Account all Principal Proceeds and Interest Proceeds received with respect to such Initial Conveyed Collateral on and after the
Closing Date, (ii) each of the representations and warranties made by the Transferor pursuant to Article III applicable to the Initial Conveyed Collateral shall be true and correct as of the Closing Date, and (iii) each of the
Transferor and the Retention Holder, as applicable, shall, at its own expense, not later than the Closing Date, indicate in its records that ownership of the Initial Conveyed Collateral has been conveyed to the Transferor by any of its affiliates
who owned such Initial Conveyed Collateral and then conveyed by the Transferor to the Retention Holder and by the Retention Holder to the Issuer pursuant to this Agreement. 

Section 2.3. Acceptance of Initial Conveyed Collateral. 

On the Closing Date, upon satisfaction of the conditions set forth in Section 2.2 and subject to Section 2.1(d), the
Issuer hereby instructs the Retention Holder, and the Retention Holder hereby instructs the Transferor, and the Transferor hereby agrees to deliver, on behalf of the Issuer, the Initial Conveyed Collateral to the Trustee or, as required by
Section 2.7, to the Custodian, and such delivery thereto and acceptance by the Trustee or by the Custodian, as applicable, shall be deemed to be delivery to and acceptance by the Issuer and by the Retention Holder. 

Section 2.4. Conveyance of Subsequent Conveyed Collateral. 

(a) As and when permitted by the Indenture and subject to Section 2.1(d), this Section 2.4 and the satisfaction of the
conditions imposed under the Indenture with respect to the acquisition of Subsequent Conveyed Collateral, the Transferor may at its option (but shall not be obligated to) sell, convey and transfer to the Retention Holder (by delivery of an executed
Subsequent Transfer Agreement for settlement on the Settlement Date specified therein) all the right, title and interest of the Transferor in and to the Subsequent Conveyed Collateral identified on Schedule I thereto, in each and every case without
recourse other than as expressly provided herein and therein and the Retention Holder shall be required to purchase from the Transferor and sell, convey and transfer to the Issuer (by delivery of an executed Subsequent Transfer Agreement for
settlement on the Settlement Date specified therein) all the right, title and interest of the Retention Holder in and to the Subsequent Conveyed Collateral identified on Schedule I thereto, in each and every case without recourse other than as
expressly provided herein and therein. 
 (b) On or after the Settlement Date of the transfer of any Subsequent Conveyed Collateral by the
Transferor to the Retention Holder and by the Retention Holder to the Issuer, (i) the Transferor shall transfer to the Collection Account all Principal Proceeds and Interest Proceeds received with respect to such Subsequent Conveyed Collateral
on and after the related Settlement Date, (ii) each of the representations and warranties made by the Transferor pursuant to Article III applicable to such Subsequent Conveyed Collateral shall be true and

  
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correct as of the related Cut-Off Date and (iii) the Transferor shall, at its own expense, on or prior to the related Settlement Date, indicate in its records that ownership of the
Subsequent Conveyed Collateral identified in the Subsequent Transfer Agreement has been sold by the Transferor to the Retention Holder and by the Retention Holder to the Issuer pursuant to this Agreement. 

Section 2.5. Optional Substitution of Collateral Obligations. 

(a) Subject to any applicable provisions of Sections 12.3 and 12.4 of the Indenture, this Section 2.5, and the Repurchase and
Substitution Limit set forth in Section 7.4 of this Agreement, with respect to any Collateral Obligation as to which a Substitution Event has occurred, the Transferor may (but shall not be obligated to) either (x) convey to the
Retention Holder (and cause the Retention Holder to contemporaneously convey to the Issuer) one or more Collateral Obligations in exchange for such Collateral Obligation or (y) deposit into the Principal Collection Subaccount the Transfer
Deposit Amount with respect to such Collateral Obligation and then, prior to the expiration of the Substitution Period, convey to the Retention Holder (and cause the Retention Holder to convey to the Issuer) one or more Collateral Obligations in
exchange for the funds so deposited or a portion thereof. 
 (b) Any substitution pursuant to this Section 2.5 shall be
initiated by delivery of a Notice of Substitution, as set forth in the Indenture, by the Transferor to the Trustee, the Retention Holder, the Issuer and the Collateral Manager that the Transferor intends to substitute a Collateral Obligation
pursuant to this Section 2.5 and shall be completed prior to the earliest of: (x) the expiration of ninety (90) days after the delivery of such notice; (y) delivery of written notice to the Trustee from the Transferor
stating that the Transferor does not intend to convey any additional Substitute Collateral Obligations through the Retention Holder to the Issuer in exchange for any remaining amounts deposited in the Principal Collection Subaccount under clause
(a)(y) above; or (z) in the case of a Collateral Obligation which has become subject to a Specified Amendment, the effective date set forth in such Specified Amendment (such period described in clause (x), (y) or (z), as applicable,
being the “Substitution Period”). 
 (c) Each Notice of Substitution shall specify the Collateral Obligation to be
substituted, the reasons for such substitution and the Transfer Deposit Amount with respect to the Collateral Obligation. On the last day of any Substitution Period, any amounts previously deposited in accordance with Section 2.5(a)(y)
above which relate to such Substitution Period that have not been applied to purchase one or more Substitute Collateral Obligations or to fund the Revolver Funding Account if necessary with respect thereto shall be deemed to constitute Principal
Proceeds; provided that prior to the expiration of the related Substitution Period any such amounts shall not be deemed to be Principal Proceeds and shall remain in the Principal Collection Subaccount until applied to acquire Substitute
Collateral Obligations or to fund the Revolver Funding Account if necessary with respect thereto. 
 (d) The substitution of any Substitute
Collateral Obligation will be subject to the satisfaction of the Substitute Collateral Obligations Qualification Conditions as of the related Cut-Off Date for each such Collateral Obligation (after giving effect to such substitution). 

  
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 (e) With respect to any Substitute Collateral Obligations to be conveyed to the Retention Holder
by the Transferor as described in this Section 2.5, (i) the Transferor hereby sells, transfers, assigns, sets over and otherwise conveys to the Retention Holder, without recourse other than as expressly provided herein (and the
Retention Holder shall purchase through cash payment and/or by exchange of one or more related Collateral Obligations released by the Issuer to the Retention Holder and by the Retention Holder to the Transferor on the related Settlement Date), all
the right, title and interest of the Transferor in and to the Substitute Collateral Obligation and (ii) the Retention Holder hereby sells, transfers, assigns, sets over and otherwise conveys to the Issuer without recourse other than as
expressly provided herein (and the Issuer shall purchase through cash payment and/or by exchange of one or more related Collateral Obligations released by the Issuer to the Retention Holder on the related Settlement Date), all the right, title and
interest of the Retention Holder in and to the Substitute Collateral Obligation. 
 (f) To the extent any cash or other property received by
the Issuer from the Retention Holder in connection with a Substitution Event pursuant to this Section 2.5 exceeds the fair market value of the replaced Collateral Obligation, such excess shall be deemed a capital contribution from the
Retention Holder to the Issuer, and to the extent any cash or other property received by the Retention Holder from the Transferor in connection with a Substitution Event pursuant to this Section 2.5 exceeds the fair market value of the
replaced Collateral Obligation, such excess shall be deemed a capital contribution from the Transferor to the Retention Holder. 
 (g) The
Transferor and Retention Holder shall execute and deliver to the Issuer and the Trustee a Subsequent Transfer Agreement with respect to each Substitute Collateral Obligation and shall cooperate with the Collateral Manager and the Issuer so that they
may satisfy their respective obligations with respect to any substitution of Collateral Obligations pursuant to the Indenture. 
 (h) The
Transferor shall bear all transaction costs incurred in connection with a substitution of Collateral Obligations effected pursuant to this Agreement and the Indenture. 

Section 2.6. Administrative Convenience with respect to Acquisitions and Assignments. 

(a) The Transferor, the Retention Holder and the Issuer acknowledge and agree that, solely for administrative convenience, but without
limiting the Issuer’s ability to purchase Collateral Obligations directly from third parties as provided in Section 2.1(j), any document or assignment agreement (or, in the case of any Underlying Note, any chain of endorsement)
required to be executed and delivered in connection with (a) the acquisition of a Collateral Obligation as a lender at the closing thereof may be executed and delivered directly by the Issuer at the direction of the Transferor or of the
Retention Holder or (b) the transfer of a Collateral Obligation in accordance with the terms of related Underlying Documents may reflect that the Transferor or the Retention Holder (or any affiliate thereof or any third party from whom the
Transferor or the Retention Holder, as applicable, may purchase a Collateral Obligation) is assigning such Collateral Obligation directly to the Issuer. Nothing in any such document or assignment agreement (or, in the case of any Underlying Note,
nothing in such chain of endorsement) shall be deemed to impair the transfers of the related Collateral Obligations by the Transferor to the Retention Holder and the Retention Holder to the Issuer in accordance with the

  
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terms of this Agreement. Notwithstanding the provisions of this Agreement, the Issuer, so long as the EU Acquisition Test and the other conditions set forth in the Indenture are met, may also
acquire Collateral Obligations that are not Affiliate Originated Collateral Obligations or Retention Holder Seasoned Collateral Obligations directly from the seller thereof in a secondary market purchase. 

Section 2.7. Delivery of Documents. 

With respect to each Collateral Obligation transferred hereunder as part of the Conveyed Collateral, within five (5) Business Days after
the related Settlement Date (or on or prior to the Closing Date, with respect to the Initial Collateral Obligations), the Transferor, on behalf of the Retention Holder and the Issuer, will deliver or cause to be delivered to the Custodian, to the
extent not previously delivered, all Assets with respect to such Collateral Obligations in accordance with the definition of “Deliver”. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Transferor and the Retention Holder, as applicable, each makes, and upon execution of each Subsequent Transfer Agreement is deemed to
make, the following representations and warranties, on which the Retention Holder or the Issuer, as applicable, will rely in acquiring the Initial Conveyed Collateral and any Subsequent Conveyed Collateral on any applicable Cut-Off Date, and on
which, in each case, each of the parties hereto acknowledges and agrees that the Trustee, for the benefit of the Secured Parties, shall be entitled to rely as an express third party beneficiary as a condition of the Issuer entering into the
Transaction Documents to which it is a party and of the Noteholders purchasing the Notes. Each of the parties hereto acknowledges and agrees that such representations and warranties are being made by the Transferor for the benefit of the Retention
Holder, the Issuer and the Trustee, for the benefit of the Secured Parties, and by the Retention Holder for the benefit of the Issuer and the Trustee, for the benefit of the Secured Parties. 

Except as otherwise specifically set forth herein, the representations and warranties set forth in this Article III are given as of the
Closing Date or the related Settlement Date, as applicable, but shall survive the sale, transfer and assignment of the Conveyed Collateral to the Retention Holder and to the Issuer hereunder or under a Subsequent Transfer Agreement, as applicable.

 The representations and warranties set forth in Sections 3.1(j) and 3.4(a) may not be waived by any Person and shall survive the
termination of this Agreement. 
 Section 3.1. Representations and Warranties of the Transferor. 

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

(a) Organization and Good Standing. The Transferor is a corporation duly incorporated, validly existing and in good standing under the
laws of the State of Delaware, and has full power and authority to own its assets and to transact the business in which it is currently 

  
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engaged, and is duly qualified as a foreign corporation and is in good standing under the laws of each jurisdiction where its ownership or lease of property, the conduct of its business or the
performance of this Agreement or any other Transaction Document applicable to it would require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized or licensed would not have a material adverse
effect on the business operations, assets or financial condition of the Transferor or on the validity or enforceability of this Agreement or the provisions of any other Transaction Document applicable to the Transferor, or the performance by the
Transferor of its duties hereunder or thereunder. 
 (b) Authorization; Valid Sale; Binding Obligations. The Transferor has the power
and authority to make, execute, deliver and perform this Agreement and the other Transaction Documents to which it is a party and all of the transactions contemplated under this Agreement and the other Transaction Documents to which it is a party,
and had the power and authority to form the Retention Holder and the Issuer, to act as designated manager of each of the Retention Holder and the Issuer and to cause each of the Retention Holder and the Issuer to make, execute, deliver and perform
its respective obligations under this Agreement and the other Transaction Documents to which it is a party and has taken all necessary corporate action to authorize, on behalf of itself individually, the execution, delivery and performance of this
Agreement and the other Transaction Documents to which it is a party and to authorize as designated manager on behalf of the Retention Holder and of the Issuer the execution, delivery and performance of this Agreement and the other Transaction
Documents to which the Retention Holder or the Issuer, respectively, is a party. This Agreement and each Subsequent Transfer Agreement, if any, shall effect a valid sale (or contribution, as the case may be), transfer and assignment of, or Grant of
a security interest in, the Conveyed Collateral being so transferred, conveyed and assigned from the Transferor to the Retention Holder, enforceable against the Transferor and creditors of and purchasers from the Transferor. This Agreement and the
other Transaction Documents to which the Transferor is a party constitute the legal, valid and binding obligations of the Transferor enforceable in accordance with their terms, except as enforcement of such terms may be limited by bankruptcy,
reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and general principles of equity, whether considered in a suit at law or in equity. 

(c) No Consent Required. No consent of any other Person and no license, permit, order, approval or authorization of, exemption by,
notice or report to, or registration, filing or declaration with, any governmental authority or court or any other Person is required to be obtained by the Transferor in connection with this Agreement or any other Transaction Document to which it is
a party or the execution, delivery, performance, validity or enforceability of this Agreement or any other Transaction Document to which it is a party or the obligations imposed on the Transferor hereunder or under the terms of the Indenture or any
other Transaction Document to which it is a party other than those that have been obtained or made. 
 (d) No Violations. The
execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, will not violate its certificate of incorporation or bylaws
or any material requirement of law applicable to the Transferor, or constitute a material breach of any mortgage, indenture, contract or other agreement to which the Transferor is a party or by which the Transferor or any of the Transferor’s
properties may be bound, or 

  
 15 

 
result in the creation or imposition of any security interest, lien, charge, pledge or encumbrance of any kind upon any of its properties pursuant to the terms of any such mortgage, indenture,
contract or other agreement, other than as contemplated by the Transaction Documents. 
 (e) Litigation. No litigation or
administrative proceeding of or before any court, tribunal or governmental body is currently pending, or to the knowledge of the Transferor threatened, against the Transferor or any of its properties or with respect to this Agreement, the other
Transaction Documents to which it is a party or the Notes (i) that, if adversely determined, would in the reasonable judgment of the Transferor be expected to have a material adverse effect on (1) the business, properties, assets or
condition (financial or otherwise) of the Transferor or (2) the transactions contemplated by this Agreement or the other Transaction Documents to which the Transferor is a party or (ii) seeking to adversely affect the federal income tax or
other federal, state or local tax attributes of the Notes. 
 (f) Solvency. The Transferor, at the time of and after giving effect to
each conveyance of Conveyed Collateral hereunder and the transactions contemplated hereunder and under the Indenture and the other Transaction Documents, is solvent and is not aware of any pending insolvency. 

(g) Taxes. The Transferor has filed or caused to be filed all tax returns which, to its knowledge, are required to be filed by it and
has paid all taxes shown to be due and payable on such returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any governmental authority (other than any
amount of tax due, the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with generally accepted accounting principles have been provided on its books); no tax
lien has been filed and, to the Transferor’s knowledge, no claim is being asserted, with respect to any such tax, fee or other charge. 

(h) Place of Business; No Changes. The Transferor has not changed its name since 2004 or the State under whose laws it is formed,
whether by amendment of its certificate of incorporation, by reorganization or otherwise. 
 (i) Sale Treatment. Other than for tax
and accounting purposes, the Transferor has treated and will treat the conveyance of the Conveyed Collateral to the Retention Holder for all purposes as a sale by the Transferor and purchase by the Retention Holder on all of its relevant books and
records. 
 (j) Security Interest. 

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

  
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 (ii) Each Collateral Obligation conveyed hereunder constitutes or is evidenced by
a Financial Asset, an Instrument, a Certificated Security or a general intangible (as defined in the UCC). 
 (iii) The
Transferor, at the time of and before giving effect to each conveyance of Conveyed Collateral hereunder, owns or will own such Conveyed Collateral free and clear of any lien, claim or encumbrance of any Person (other than Permitted Liens and any
security interest therein which will be released contemporaneously with the conveyance of such Conveyed Collateral hereunder), and, upon the conveyance by the Transferor to the Retention Holder of any Conveyed Collateral pursuant to this Agreement
or any Subsequent Transfer Agreement, the Retention Holder will own such Conveyed Collateral free and clear of any and all liens, claims or encumbrances created by, or attaching to property of, the Transferor (other than Permitted Liens). 

(iv) The Transferor, at the time of and before giving effect to each conveyance of Conveyed Collateral hereunder, has received
or will have received all consents and approvals required by the terms of any Conveyed Collateral to the conveyance of such Conveyed Collateral hereunder to the Retention Holder. 

(v) The Transferor, at the time of and before giving effect to each conveyance of Conveyed Collateral hereunder, has caused or
will cause the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in such Conveyed Collateral granted to the Retention Holder
under this Agreement to the extent perfection can be achieved by filing a financing statement. 
 (vi) Other than the
conveyance to the Retention Holder and the security interest granted to the Retention Holder pursuant to this Agreement (and any security interest therein which will be released contemporaneously with the conveyance of such Conveyed Collateral
hereunder), the Transferor has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of such Conveyed Collateral. The Transferor has not authorized the filing of, and is not aware of, any financing statements against
the Transferor that include a description of collateral covering such Conveyed Collateral other than (1) any financing statement relating to the security interest Granted to the Retention Holder under this Agreement, (2) any financing
statement that has been, or that at the time of the conveyance of such Collateral Obligation will have been, terminated in its entirety or, if necessary, amended to release such Conveyed Collateral and (3) any financing statement that has been
filed to perfect a security interest which will be released contemporaneously with the conveyance of such Conveyed Collateral hereunder. The Transferor is not aware of the filing of any judgment, employee benefit or tax lien filings against it. 

(vii) On or prior to the Closing Date (with respect to the Initial Collateral Obligations) and within five (5) Business
Days after the related Settlement Date (with respect to any Subsequent Conveyed Collateral), copies (or originals, if required by the definition of “Required Loan Documents”) of the Required Loan Documents have been delivered to the
Custodian. 
 (viii) None of the Underlying Notes that constitute or evidence the Conveyed Collateral has any marks or
notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Retention Holder, the Issuer or in blank or to the Trustee. 

  
 17 

 (k) Value Given. The cash payments and corresponding increase in the Transferor’s
equity interest in the Retention Holder received by the Transferor in respect of the purchase price of all Conveyed Collateral conveyed hereunder constitutes reasonably equivalent value in consideration for the conveyance to the Retention Holder of
such Conveyed Collateral under this Agreement, such conveyance was not made for or on account of an antecedent debt owed by the Retention Holder to the Transferor, and such conveyance was not and is not voidable or subject to avoidance under any
Insolvency Law. 
 (l) No Defaults. The Transferor is not in default with respect to any order or decree of any court or any order,
regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or otherwise) or operations of it or its respective properties or
could reasonably be expected to have consequences that would materially and adversely affect its performance hereunder. 
 (m) Bulk
Transfer Laws. The transfer, assignment and conveyance of the Conveyed Collateral by the Transferor pursuant to this Agreement are not subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable
jurisdiction. 
 (n) Origination and Collection Practices. The origination and collection practices used with respect to each
Collateral Obligation have been in all material respects legal, proper, and customary in the Collateral Obligation origination and servicing business. 

(o) Lack of Intent to Hinder, Delay or Defraud. Neither the Transferor nor any of its Affiliates sold or will sell any interest in any
Conveyed Collateral with any intent to hinder, delay or defraud any of their respective creditors. 
 (p) Nonconsolidation. The
Transferor conducts, and will at all times conduct, its affairs such that neither the Retention Holder nor the Issuer would be substantively consolidated in the estate of the Transferor and their respective separate existences would not be
disregarded in the event of a bankruptcy of the Transferor (provided, however, the Transferor does not hereby agree to maintain the solvency of the Retention Holder or of the Issuer). 

(q) Accuracy of Information. All written factual information heretofore furnished by the Transferor for purposes of or in connection
with this Agreement or the other Transaction Documents to which the Transferor is a party, or any transaction contemplated hereby or thereby is, and all such written factual information hereafter furnished by the Transferor hereunder or thereunder
will be, true and accurate in all material respects, on or as of the date such information is stated or certified; provided that the Transferor shall not be responsible for any factual information furnished to it by any third party not
affiliated with it except to the extent that a Responsible Officer of the Transferor has actual knowledge that such factual information is inaccurate in any material respect. 

  
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 (r) Investment Company Act. The Transferor is not required to register as an
“investment company” under the 1940 Act. 
 (s) Retention of Net Economic Interest Letter. Each representation of the
Transferor in the Retention of Net Economic Interest Letter is true and correct and the Transferor is not in breach of any of its obligations under the Retention of Net Economic Interest Letter. 

Section 3.2. Representations and Warranties Regarding the Collateral Obligations. 

The Transferor hereby represents to the Retention Holder, to the Issuer and to the Trustee for the benefit of the Secured Parties that
(i) each Collateral Obligation conveyed hereunder, as of the Closing Date or its related Settlement Date, as applicable, satisfies the definition of “Collateral Obligation” under the Indenture, and (ii) the information set forth
on Schedule 1 hereto or on Schedule I to any Subsequent Transfer Agreement, as applicable, and, to the extent such information is set forth therein, in the Schedule of Collateral Obligations under the Indenture is true and correct in all material
respects as of the Closing Date or as of the related Cut-off Date, as applicable. 
 Section 3.3. Representations and Warranties
of the Retention Holder. 
 By its execution of this Agreement and each Subsequent Transfer Agreement, the Retention Holder
represents and warrants that: 
 (a) Organization and Good Standing. The Retention Holder is a limited liability company duly
organized, validly existing and in good standing under the law of the State of Delaware, and has full power and authority to own its assets and to transact the business in which it is currently engaged, and is duly qualified as a foreign limited
liability company and is in good standing under the laws of each jurisdiction where its ownership or lease of property, the conduct of its business or the performance of this Agreement or any other Transaction Document applicable to it would require
such qualification, except for those jurisdictions in which the failure to be so qualified, authorized or licensed would not have a material adverse effect on the business operations, assets or financial condition of the Retention Holder or on the
validity or enforceability of this Agreement or the provisions of any other Transaction Document applicable to the Retention Holder, or the performance by the Retention Holder of its duties hereunder or thereunder. 

(b) Authorization; Valid Sale; Binding Obligations. The Retention Holder has the power and authority to make, execute, deliver and
perform this Agreement and the other Transaction Documents to which it is a party and all of the transactions contemplated under this Agreement and the other Transaction Documents to which it is a party, and has taken all necessary limited liability
company action to authorize the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. This Agreement and each Subsequent Transfer Agreement, if any, shall effect a valid sale (or
contribution, as the case may be), transfer and assignment of, or Grant of a security interest in, the Conveyed 

  
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Collateral being so transferred, conveyed and assigned from the Retention Holder to the Issuer, enforceable against the Retention Holder and creditors of and purchasers from the Retention Holder.
This Agreement and the other Transaction Documents to which the Retention Holder is a party constitute the legal, valid and binding obligations of the Retention Holder enforceable in accordance with their terms, except as enforcement of such terms
may be limited by bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and general principles of equity, whether considered in a suit at law or in equity. 

(c) No Consent Required. No consent of any other Person and no license, permit, order, approval or authorization of, exemption by,
notice or report to, or registration, filing or declaration with, any governmental authority or court or any other Person is required to be obtained by the Retention Holder in connection with this Agreement or any other Transaction Document to which
it is a party or the execution, delivery, performance, validity or enforceability of this Agreement or any other Transaction Document to which it is a party or the obligations imposed on the Retention Holder hereunder or under the terms of the
Indenture or any other Transaction Document to which it is a party other than those that have been obtained or made. 
 (d) No
Violations. The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party by the Retention Holder, and the consummation of the transactions contemplated hereby and thereby, will not violate
its limited liability company agreement or any material requirement of law applicable to the Retention Holder, or constitute a material breach of any mortgage, indenture, contract or other agreement to which the Retention Holder is a party or by
which the Retention Holder or any of the Retention Holder’s properties may be bound, or result in the creation or imposition of any security interest, lien, charge, pledge, preference, equity or encumbrance of any kind upon any of its
properties pursuant to the terms of any such mortgage, indenture, contract or other agreement, other than as contemplated by the Transaction Documents. 

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

(f) Solvency. The Retention Holder, at the time of and after giving effect to each conveyance of Conveyed Collateral hereunder and the
transactions contemplated hereunder and under the Indenture and the other Transaction Documents, is solvent and is not aware of any pending insolvency. 

(g) Taxes. The Retention Holder has filed or caused to be filed all tax returns which, to its knowledge, are required to be filed by it
and has paid all taxes shown to be due and payable on such returns or on any assessments made against it or any of its property and all other 

  
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taxes, fees or other charges imposed on it or any of its property by any governmental authority (other than any amount of tax due, the validity of which is currently being contested in good faith
by appropriate proceedings and with respect to which reserves in accordance with generally accepted accounting principles have been provided on its books); no tax lien has been filed and, to the Retention Holder’s knowledge, no claim is being
asserted, with respect to any such tax, fee or other charge. 
 (h) Place of Business; No Changes. The Retention Holder has not
changed its name or the State under whose laws it is formed, whether by amendment of its certificate of formation, by reorganization or otherwise. 

(i) Sale Treatment. Other than for tax and accounting purposes, the Retention Holder has treated and will treat each of (i) the
acquisition of the Conveyed Collateral from the Transferor and (ii) the conveyance of the Conveyed Collateral to the Issuer for all purposes as a purchase by the Retention Holder from the Transferor and a sale by the Retention Holder to the
Issuer on all of its relevant books and records. 
 (j) No Defaults. The Retention Holder is not in default with respect to any order
or decree of any court or any order, regulation or demand of any federal, state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition (financial or otherwise) or operations
of it or its respective properties or could reasonably be expected to have consequences that would materially and adversely affect its performance hereunder. 

(k) Bulk Transfer Laws. The transfer, assignment and conveyance of the Conveyed Collateral by the Retention Holder pursuant to this
Agreement are not subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction. 
 (l)
Lack of Intent to Hinder, Delay or Defraud. The Retention Holder did not and will not sell any interest in any Conveyed Collateral with any intent to hinder, delay or defraud any of its creditors. 

(m) Nonconsolidation. The Retention Holder conducts, and will at all times conduct, its affairs such that neither the Issuer nor the
Transferor would be substantively consolidated in the estate of the Retention Holder and their respective separate existences would not be disregarded in the event of the Retention Holder’s bankruptcy (provided, however, the
Retention Holder does not hereby agree to maintain the solvency of the Issuer). 
 (n) Accuracy of Information. All written factual
information heretofore furnished by the Retention Holder for purposes of or in connection with this Agreement or the other Transaction Documents to which the Retention Holder is a party, or any transaction contemplated hereby or thereby is, and all
such written factual information hereafter furnished by the Retention Holder hereunder or thereunder will be, true and accurate in all material respects, on or as of the date such information is stated or certified; provided that the
Retention Holder shall not be responsible for any factual information furnished to it by any third party not affiliated with it or the Transferor, except to the extent that a Responsible Officer of the Retention Holder has actual knowledge that such
factual information is inaccurate in any material respect. 

  
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 (o) Investment Company Act. The Retention Holder is not required to register as an
“investment company” under the 1940 Act. 
 (p) Retention of Net Economic Interest Letter. Each representation of the
Retention Holder in the Retention of Net Economic Interest Letter is true and correct and the Retention Holder is not in breach of any of its obligations under the Retention of Net Economic Interest Letter. 

Section 3.4. Additional Representations and Warranties of the Retention Holder. 

By its execution of this Agreement and each Subsequent Transfer Agreement, the Retention Holder additionally represents and warrants as of the
Closing Date or the related Settlement Date, as applicable, that: 
 (a) Security Interest. 

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

(ii) Each Collateral Obligation conveyed hereunder constitutes or is evidenced by a Financial Asset, an Instrument, a
Certificated Security or a general intangible (as defined in the UCC). 
 (iii) Upon the conveyance by the Retention Holder
to the Issuer of any Conveyed Collateral pursuant to this Agreement or any Subsequent Transfer Agreement, the Issuer will own such Conveyed Collateral free and clear of any and all liens, claims or encumbrances created by, or attaching to property
of, the Retention Holder (other than Permitted Liens). 
 (iv) The Retention Holder has received all consents and approvals
required by the terms of any Conveyed Collateral to the conveyance of such Conveyed Collateral hereunder to the Issuer. 

(v) The Retention Holder has caused the filing of all appropriate financing statements in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the security interest in such Conveyed Collateral granted to the Issuer under this Agreement to the extent perfection can be achieved by filing a financing statement. 

  
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 (vi) Other than the conveyance to the Issuer and the security interest granted to
the Issuer pursuant to this Agreement, the Retention Holder has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of such Conveyed Collateral. The Retention Holder has not authorized the filing of, and is not
aware of, any financing statements against the Retention Holder that include a description of such Conveyed Collateral other than any financing statement that has been terminated in its entirety or released as to such Conveyed Collateral. The
Retention Holder is not aware of the filing of any judgment, employee benefit or tax lien filings against it. 
 (vii) On or
prior to the Closing Date (with respect to the Initial Collateral Obligations) and within five (5) Business Days after the related Settlement Date (with respect to any Subsequent Conveyed Collateral), copies (or originals, if required by the
definition of “Required Loan Documents”) of the Required Loan Documents have been delivered to the Custodian. 

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

Section 3.5. Representations and Warranties of the Issuer. 

By its execution of this Agreement and each Subsequent Transfer Agreement, the Issuer represents and warrants to the Retention Holder and the
Transferor that: 
 (a) Organization and Good Standing. The Issuer is a limited liability company duly organized, validly existing
and in good standing under the laws of the State of Delaware and is duly qualified as a foreign limited liability company and is in good standing in each jurisdiction where the conduct of its business requires such license, qualification or good
standing, except where the failure to be so licensed or qualified or in good standing would not have a material adverse effect the ownership or use of its assets, the validity or enforceability of the Transaction Documents to which it is a party, or
the ability of the Issuer to perform its obligations hereunder or thereunder. 
 (b) Power and Authority. The Issuer has the power
and authority to execute and deliver the Transaction Documents and all other documents and agreements contemplated hereby and thereby to which it is a party, as well as to carry out the terms hereof and thereof. 

  
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 (c) Valid Execution; Binding Obligations. The Issuer has taken all necessary action,
including but not limited to all requisite limited liability company action, to authorize the execution, delivery and performance of the Transaction Documents and all other documents and agreements contemplated hereby and thereby to which it is a
party. When executed and delivered by the Issuer each of the Transaction Documents to which it is a party will constitute the legal, valid and binding obligation of the Issuer enforceable in accordance with its terms subject, as to enforcement, to
applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect affecting the enforcement of creditors rights in general, and except as such enforceability may be limited by general principles of equity
(whether considered in a suit at law or in equity). 
 (d) Authorizations. All authorizations, licenses, permits, certificates,
franchises, consents, approvals and undertakings which are required to be obtained by the Issuer under any applicable law which are material to (i) the conduct of its business, (ii) the ownership, use, operation or maintenance of its
properties or (iii) the performance by the Issuer of its obligations under or in connection with the Transaction Documents to which it is a party, have been received and all such authorizations, licenses, permits, certificates, franchises,
consents, approvals and undertakings are in full force and effect. 
 (e) No Violations. The execution, issuance and delivery of, and
performance by the Issuer of its obligations under, the Transaction Documents to which it is a party and any and all instruments or documents required to be executed or delivered by it pursuant to or in connection herewith or therewith were and are
within the powers of the Issuer and will not violate any provision of any law, regulation, decree or governmental authorization applicable to the Issuer or its limited liability company agreement, and will not violate or cause a default under any
provision of any contract, agreement, mortgage, indenture or other undertaking to which the Issuer is a party or which is binding upon the Issuer or any of its property or assets, and will not result in the imposition or creation of any lien, charge
or encumbrance upon any of the properties or assets of the Issuer pursuant to the provisions of any such contract, agreement, mortgage, indenture or undertaking, other than as specifically set forth in the Indenture. 

(f) Litigation. There are no legal, governmental or regulatory proceedings pending to which the Issuer is a party or to which any of
its property is subject, which if determined adversely to the Issuer would individually or in the aggregate have a material adverse effect on the performance by the Issuer of the Transaction Documents to which it is a party or the consummation of
the transactions contemplated hereunder or thereunder, and to the best of its knowledge, no such proceedings are threatened or contemplated. 

ARTICLE IV 
 PERFECTION
OF TRANSFER 
 AND PROTECTION OF SECURITY INTERESTS 

Section 4.1. Custody of Collateral Obligation. 

On or prior to the Closing Date (with respect to the Initial Collateral Obligations) and within five (5) Business Days after the related
Settlement Date (with respect to any Subsequent Conveyed Collateral), copies (or originals, if required by the definition of Required Loan Documents) of the Required Loan Documents shall be delivered by the Transferor to the Custodian. 

  
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 Section 4.2. Filing. 

On or prior to the Closing Date, the Transferor shall cause the UCC-1 financing statement(s) and UCC-3 financing statement amendment, if
necessary, referred to in Section 2.2(a)(iv) hereof to be filed. Notwithstanding the obligation of the Transferor set forth in the preceding sentence, each of the Transferor, the Retention Holder and the Issuer hereby authorizes the
Collateral Manager to prepare and file, at the expense of the Collateral Manager, such UCC financing statements (including but not limited to renewal or continuation statements) and amendments or supplements thereto or other instruments as the
Collateral Manager may from time to time deem necessary or appropriate in order to perfect and maintain the security interests granted hereunder in accordance with the UCC. 

Section 4.3. Changes in Name, Company Structure or Location. 

(a) During the term of this Agreement, neither the Transferor nor the Retention Holder shall change its name, organizational structure,
existence, state of formation or location without first giving at least thirty (30) days’ prior written notice to the Trustee and the Collateral Manager. 

(b) If any change in the Transferor’s or the Retention Holder’s name, organizational structure, existence, state of formation,
location or other action would make any financing or continuation statement or notice of ownership interest or lien relating to any Conveyed Collateral seriously misleading within the meaning of applicable provisions of the UCC or any title statute,
the Transferor or the Retention Holder, as applicable, no later than ten (10) Business Days after the effective date of such change, shall file such amendments as may be required to preserve and protect the Retention Holder’s, the
Issuer’s and the Trustee’s respective interests in the Conveyed Collateral. 
 Section 4.4. Costs and Expenses.

 Under the Collateral Management Agreement, the Issuer will be obligated to pay or reimburse the Collateral Manager for all reasonable
costs and disbursements in connection with the perfection and the maintenance of perfection, as against all third parties, of the Retention Holder’s, Issuer’s and Trustee’s respective right, title and interest in and to the Conveyed
Collateral (including, without limitation, the security interests provided for in the Indenture). 
 Section 4.5. Sale
Treatment. 
 Other than for tax and accounting purposes, each of the Transferor and the Retention Holder and the Retention Holder
and the Issuer, as applicable, shall treat the conveyance of Conveyed Collateral made hereunder for all purposes as a sale by the Transferor and purchase by the Retention Holder and as a sale by the Retention Holder and purchase by the Issuer, as
applicable, on all of its relevant books and records. 

  
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 Section 4.6. Separateness. 

The Transferor agrees to take or refrain from taking or engaging in (with respect to the Retention Holder and the Issuer) and the Retention
Holder agrees to take or refrain from taking or engaging in (with respect to the Transferor and the Issuer) each of the actions or activities specified in the “substantive consolidation” opinion of Dechert LLP (including any certificates
delivered in connection therewith) delivered on the Closing Date, upon which the conclusions and opinions therein are based (provided, however, the Transferor does not hereby agree to maintain the solvency of the Retention Holder or of
the Issuer and the Retention Holder does not hereby agree to maintain the solvency of the Issuer). 
 ARTICLE V 

COVENANTS 

Section 5.1. Covenants of the Transferor. 

The Transferor makes the following covenants, on which the Retention Holder will rely in conveying the Initial Conveyed Collateral on the
Closing Date (and any Subsequent Conveyed Collateral on any applicable Cut-Off Date) to the Issuer, and on which the Transferor acknowledges and agrees that the Issuer and the Trustee, for the benefit of the Secured Parties, each shall be entitled
to rely as an express third party beneficiary as a condition of the Issuer and the Trustee entering into the Transaction Documents to which each of them is a party and as a condition to the Noteholders purchasing the Notes. The Retention Holder
acknowledges that such covenants are being made by the Transferor for the benefit of the Issuer and for the benefit of the Trustee, for the benefit of the Secured Parties. 

(a) Corporate Existence. During the term of this Agreement, the Transferor will keep in full force and effect its existence, rights and
franchises as a corporation or other entity with limited liability under the laws of the jurisdiction of its incorporation and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Agreement, the other Transaction Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated
hereby. In addition, all transactions and dealings between the Transferor and the Retention Holder will be conducted on an arm’s length basis. 

(b) Collateral Obligations Not to Be Evidenced by Promissory Notes. The Transferor will take no action, nor permit any action to be
taken, to cause any Collateral Obligation not originally evidenced by a promissory note to be evidenced by an Instrument, except in connection with the enforcement or collection of such Collateral Obligation. In the event that any Collateral
Obligation not originally evidenced by a promissory note is evidenced by an Instrument, the Transferor shall deliver such Instrument to the Custodian. 

(c) Security Interests. Except as expressly provided herein, the Transferor will not sell, pledge, assign or transfer to any other
Person, or grant, create, incur, assume or suffer to exist any lien on, any Conveyed Collateral. The Transferor will promptly notify the Retention Holder, the Issuer and the Trustee of the existence of any such lien on any Conveyed Collateral;

  
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and the Transferor shall defend the respective right, title and interest of the Retention Holder and the Issuer in, to and under the Conveyed Collateral against all claims of third parties;
provided that nothing in this Section 5.1(c) shall prevent or be deemed to prohibit the Transferor from suffering to exist Permitted Liens upon any of the Conveyed Collateral. The Transferor shall promptly take all actions
required (including, but not limited to, all filings and other acts necessary or advisable under the UCC of each relevant jurisdiction) in order to continue (subject to Permitted Liens) the first-priority perfected security interest of the Retention
Holder in all Conveyed Collateral which has not been released pursuant to the Indenture. 
 (d) Compliance with Law. The Transferor
hereby agrees to comply in all material respects with all requirements of law applicable to it except where the failure to do so would not have a material adverse effect on the Issuer. 

(e) Location. The Transferor shall not move its jurisdiction of incorporation outside of the State of Delaware without thirty
(30) days’ prior written notice to the Retention Holder, the Issuer and the Trustee. 
 (f) Merger or Consolidation of the
Transferor. 
 (i) Any Person into which the Transferor may be merged, consolidated or converted, or any Person resulting
from such merger, consolidation or conversion to which the Transferor is a party, or any Person succeeding by acquisition or transfer of substantially all of the assets and the business of the Transferor shall be the successor to the Transferor
hereunder and the other Transaction Documents to which the Transferor is a party, without execution or filing of any paper or any further act on the part of any of the parties hereto, notwithstanding anything herein to the contrary. 

(ii) Upon the merger, consolidation or conversion of the Transferor or transfer of substantially all of its assets and its
business as described in this Section 5.1(f), the Transferor shall provide the Retention Holder, the Trustee, the Issuer and each Rating Agency notice of such merger, consolidation, conversion or transfer of substantially all of the
assets and business within thirty (30) days after completion of the same. 
 (g) Retention of Net Economic Interest Letter. The
Transferor shall perform its obligations under the Retention of Net Economic Interest Letter and, upon a Responsible Officer of the Transferor becoming aware thereof, shall promptly notify the Issuer of any breach of a representation, warranty or
agreement contained in the Retention of Net Economic Interest Letter. 
 (h) Affiliate Originated Collateral Obligations. The
Transferor shall identify to the Issuer each of the Collateral Obligations sold or transferred by it to the Retention Holder and by the Retention Holder to the Issuer hereunder that are Affiliate Originated Collateral Obligations. 

Section 5.2. Covenants of the Retention Holder. 

The Retention Holder makes the following covenants, on which the Transferor and the Issuer will rely in connection with the conveyance of the
Initial Conveyed Collateral on the 

  
 27 

 
Closing Date (and any Subsequent Conveyed Collateral on the applicable Settlement Date) to the Retention Holder and the Issuer, and on which the Retention Holder acknowledges and agrees the
Issuer and the Trustee for the benefit of the Secured Parties each shall be entitled to rely as an express third party beneficiary as a condition of the Issuer and the Trustee entering into the Transaction Documents to which each of them is a party
and as a condition to the Noteholders purchasing the Notes. Each of the Transferor and the Issuer acknowledges that such covenants are being made by the Retention Holder for the benefit of the Transferor, the Issuer and the Trustee for the benefit
of the Secured Parties. 
 (a) Limited Liability Company Existence. During the term of this Agreement, the Retention Holder will keep
in full force and effect its existence, rights and franchises as a limited liability company under the laws of the jurisdiction of its organization and will obtain and preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the other Transaction Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and
the transactions contemplated hereby. In addition, all transactions and dealings between (i) the Retention Holder and the Transferor, and (ii) the Retention Holder and the Issuer will be conducted on an arm’s length basis. 

(b) Collateral Obligations Not to Be Evidenced by Promissory Notes. The Retention Holder will take no action, nor permit any action to
be taken, to cause any Collateral Obligation not originally evidenced by a promissory note to be evidenced by an Instrument, except in connection with the enforcement or collection of such Collateral Obligation. In the event that any Collateral
Obligation not originally evidenced by a promissory note is evidenced by an Instrument, the Retention Holder shall deliver such Instrument to the Custodian. 

(c) Security Interests. Except as expressly provided herein, the Retention Holder will not sell, pledge, assign or transfer to any
other Person, or grant, create, incur, assume or suffer to exist any lien on any Conveyed Collateral. The Retention Holder will promptly notify the Transferor, the Issuer and the Trustee of the existence of any such lien on any Conveyed Collateral;
and the Retention Holder shall defend the respective right, title and interest of the Issuer in, to and under the Conveyed Collateral against all claims of third parties; provided that nothing in this Section 5.2(c) shall prevent
or be deemed to prohibit the Grant of the Conveyed Collateral to the Trustee under the Indenture. The Retention Holder shall promptly take all actions required (including, but not limited to, all filings and other acts necessary or advisable under
the UCC of each relevant jurisdiction) in order to continue (subject to any Permitted Lien) the first-priority perfected security interest of the Issuer in all Conveyed Collateral which has not been released pursuant to the Indenture. 

(d) Compliance with Law. The Retention Holder hereby agrees to comply in all material respects with all requirements of law applicable
to it except where the failure to do so would not have a material adverse effect on the Issuer. 
 (e) Location. The Retention Holder
shall not move its jurisdiction of formation outside of the State of Delaware without thirty (30) days’ prior written notice to the Issuer and the Trustee. 

(f) Retention of Net Economic Interest Letter. The Retention Holder shall perform its obligations under the Retention of Net Economic
Interest Letter and, upon a Responsible Officer of the Retention Holder becoming aware thereof, shall promptly notify the Issuer of any breach of a representation, warranty or agreement contained in the Retention of Net Economic Interest Letter.

  
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 ARTICLE VI 

INDEMNIFICATION BY THE TRANSFEROR 

Section 6.1. Indemnification. 

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

Section 6.2. Liabilities to Obligors. 

Except with respect to the funding commitment assumed by the Issuer with respect to any Delayed Drawdown Collateral Obligation or Revolving
Collateral Obligation and customary obligations assumed by lenders in syndicated loans relating to indemnification of agents, workout expenses, and other reimbursable expenses for the preservation of collateral, the Transferor hereby acknowledges
and agrees that no obligation or liability of the Transferor to any Obligor under any of the Collateral Obligations is intended to be assumed by the Retention Holder, the Issuer, the Trustee or the Noteholders under or as a result of this Agreement,
any Subsequent Transfer Agreement and the transactions contemplated hereby and under the other Transaction Documents, and the Trustee for the benefit of the Secured Parties is expressly named as a third party beneficiary of this Agreement for
purposes of this Section 6.2. 

  
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 Section 6.3. Operation of Indemnities. 

If the Transferor has made any indemnity payments to any Indemnified Party pursuant to this Article VI and such Indemnified Party
thereafter collects any amounts from others in connection with the same matter or matters that gave rise to such indemnity payments, such Indemnified Party will repay such amounts collected to the Transferor up to and including the amount of such
indemnity payments. 
 Section 6.4. Limitation on Liability. 

The Transferor shall be liable under this Agreement only to the extent of the obligations specifically undertaken by the Transferor under this
Agreement. The Transferor and any member, manager, director, officer, employee or agent of the Transferor may rely in good faith on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising
hereunder. The Transferor and any member, manager, director, officer, employee or agent of the Transferor shall be reimbursed by the Retention Holder or by the Issuer (subject to the availability of funds in accordance with the Priority of
Payments), as applicable, for any liability or expense incurred by reason of the Retention Holder’s or the Issuer’s willful misfeasance, bad faith or negligence (except errors in judgment) in the performance of its respective duties
hereunder, or by reason of reckless disregard of its obligations and duties hereunder. The Transferor shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this
Agreement or the other Transaction Documents and that in its opinion may involve it in any expense or liability. 
 ARTICLE VII 

OPTIONAL AND MANDATORY REPURCHASES 

Section 7.1. Optional Repurchases. 

In addition to the right to substitute for any Collateral Obligations that become subject to a Substitution Event, the Transferor shall have
the right, but not the obligation, to repurchase from the Retention Holder and cause the Retention Holder to repurchase from the Issuer and convey to the Transferor any such Collateral Obligation subject to the Repurchase and Substitution Limit and
the applicable provisions set forth in Sections 12.3 and 12.4 of the Indenture. In the event of such a repurchase, the Transferor shall deposit in the Collection Account an amount equal to the Transfer Deposit Amount for such Collateral Obligation
(or applicable portion thereof) as of the date of such repurchase (with the amount of the Transfer Deposit Amount representing the outstanding principal balance of the repurchased Collateral Obligation being deposited into the Principal Collection
Subaccount and the amount of the Transfer Deposit Amount representing accrued interest being deposited into the Interest Collection Subaccount, regardless of whether such amounts are deemed to be capital contributions). The Transferor, the Retention
Holder and the Issuer and, at the written direction of the Issuer, the Trustee, shall execute and deliver such instruments, consents or other 

  
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documents and perform all acts reasonably requested by the Transferor or by the Collateral Manager in order to effect the transfer and release of any of the Issuer’s and Retention
Holder’s interests in the Collateral Obligations (together with the Assets related thereto) that are being repurchased and the release thereof from the lien of the Indenture and from any security interests therein granted pursuant to this
Agreement. To the extent any cash or other property received by the Issuer from the Retention Holder in connection with such a repurchase exceeds the fair market value of the repurchased Collateral Obligation, such excess shall be deemed a capital
contribution from the Retention Holder to the Issuer, and to the extent any cash or other property received by the Retention Holder from the Transferor in connection with such a repurchase exceeds the fair market value of the repurchased Collateral
Obligation, such excess shall be deemed a capital contribution from the Transferor to the Retention Holder. 
 Section 7.2.
Mandatory Repurchases or Substitutions. 
 Upon discovery by a Responsible Officer of the Collateral Manager of a breach
of any representation or warranty set forth in Section 3.2 which materially and adversely affects the value of the Collateral Obligations or the interest therein of the Noteholders or which materially and adversely affects the interests
of the Noteholders in the related Collateral Obligations in the case of a representation and warranty relating to a particular Collateral Obligation (each such Collateral Obligation, an “Ineligible Collateral Obligation”), the
Collateral Manager shall give prompt written notice of such breach or failure to the parties hereunder and the Trustee. Within 30 days of the earlier of the discovery by a Responsible Officer of the Transferor of any such breach or its receipt of
notice of any such breach, the Transferor shall (a) promptly cure such breach in all material respects, (b) purchase the Collateral Obligation by depositing in the Collection Account, within such 30-day period, an amount equal to the
Transfer Deposit Amount of such Collateral Obligation or (c) remove such Collateral Obligation from the Issuer and substitute therefor one or more Substitute Collateral Obligations satisfying the criteria listed under Section 2.5 of
this Agreement and Section 12.3 of the Indenture by not later than 30 days after notice or such discovery of such breach. The Repurchase and Substitution Limit will not apply to any Ineligible Collateral Obligation that is repurchased or
substituted by the Transferor in connection with a mandatory repurchase or substitution. Such repurchase and substitution obligations constitute the sole remedy available for a breach of Section 3.2. 

Section 7.3. Reassignment of Substituted or Repurchased Collateral Obligations. 

Upon (a) receipt by the Trustee for deposit in the Collection Account of the Transfer Deposit Amount, in the case of any repurchased
Collateral Obligation or (b) upon the Settlement Date related to a Substitute Collateral Obligation described in Section 2.5, the Issuer hereby assigns to the Retention Holder and the Retention Holder hereby assigns to the
Transferor all of the Issuer’s (or Retention Holder’s, as applicable) right, title and interest in the Collateral Obligation being repurchased or substituted (together with the Assets related thereto) without recourse, representation or
warranty. Such reassigned Collateral Obligation (together with the Assets related thereto) shall no longer thereafter be deemed a part of the Assets and shall be deemed released from the security interests created by this Agreement. 

  
 31 

 Section 7.4. Repurchase and Substitution Limitations. 

At all times, (a) the Aggregate Principal Balance of all Collateral Obligations that are Substitute Collateral Obligations plus
(b) the Aggregate Principal Balance related to all Collateral Obligations that have been repurchased by the Transferor hereunder pursuant to its right of optional repurchase or substitution and not subsequently applied to purchase a Substitute
Collateral Obligation may not exceed an amount equal to 15% of the Net Purchased Loan Balance; provided that clause (b) above shall not include (A) the Principal Balance related to any Collateral Obligation that is repurchased by
the Transferor in connection with a proposed Specified Amendment to such Collateral Obligation so long as (x) the Transferor certifies in writing to the Collateral Manager and the Trustee that such purchase is, in the commercially reasonable
business judgment of the Transferor, necessary or advisable in connection with the restructuring of such Collateral Obligation and such restructuring is expected to result in a Specified Amendment to such Collateral Obligation, and (y) the
Collateral Manager certifies in writing to the Trustee that the Collateral Manager either would not be permitted to or would not elect to enter into such Specified Amendment pursuant to the Collateral Manager Standard or any provision of the
Indenture or the Collateral Management Agreement, (B) the purchase price of any Collateral Obligations or, for the avoidance of doubt, any Equity Securities sold by and at the option of the Issuer to the Transferor pursuant to
Section 12.1(d) or Section 12.1(g) of the Indenture as described in Section 12.1(g)(i) of the Indenture, or (C) the Principal Balance related to any Ineligible Collateral Obligation that is repurchased or substituted by
Transferor in connection with a mandatory repurchase or substitution thereof pursuant to Section 7.2. The foregoing provisions in this paragraph constitute the “Repurchase and Substitution Limit”. 

ARTICLE VIII 

MISCELLANEOUS 

Section 8.1. Amendment. 

(a) This Agreement may be amended or waived from time to time by the parties hereto by written agreement, with prior written notice to the
Trustee, but without consent of the Noteholders, to (i) cure any ambiguity or to correct or supplement any provisions herein, (ii) comply with any changes in the Code, (iii) enable the Issuer or Retention Holder to rely upon any
exemption from registration under the Securities Act or the 1940 Act, (iv) enable the Issuer, Retention Holder or Transferor to comply with any applicable securities law or Retention Requirement Laws (including the regulations implementing such
laws), (v) conform this Agreement to the final Offering Circular, (vi) comply with any statute, rule, regulation, or technical or interpretive guidance enacted, effective, or issued by regulatory agencies of the United States federal
government or any Member State of the European Economic Area or otherwise under European law, after the Closing Date that are applicable to the Issuer, the Notes or the transactions contemplated by the Indenture or by the final Offering Circular,
including, without limitation, any applicable Retention Requirement Laws, Final U.S. Risk Retention Rules, securities laws or Dodd-Frank and all rules, regulations, and technical or interpretive guidance thereunder, or as may otherwise be required
so that the Issuer is not a “covered fund” as defined in the Volcker Rule; and (vii) evidence the succession of another Person to the Issuer, Retention Holder or Transferor, as applicable and the assumption by any such successor
Person of the covenants of the Issuer, Retention Holder or Transferor, as applicable herein. Any other 

  
 32 

 
amendment or waiver to this Agreement shall be subject to the consent of a Majority of the Controlling Class and to the consent of a Majority of the Interests; provided that no such
amendment or waiver shall reduce in any manner the amount of, or delay the timing of, any amounts received on Collateral Obligations which are required to be distributed on any Note without the consent of the related Noteholder, or change the rights
or obligations of any other party hereto without the consent of such party. 
 (b) Prior to the execution of any such amendment or waiver,
the Transferor shall furnish to the Trustee and the Trustee shall furnish to each Rating Agency and each Noteholder written notification of the substance of such proposed amendment or waiver, together with a copy thereof. 

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

(d) Prior to the execution of any amendment to this Agreement, the Issuer and the Trustee shall be entitled to receive and rely upon an
Opinion of Counsel (which Opinion of Counsel may rely upon a certificate from a Responsible Officer of the Issuer or of the Collateral Manager with respect to factual matters and with respect to the effect of any such amendment or waiver on the
economic interests of the Issuer, the Noteholders or the Holders of any Interests) stating that the execution of such amendment is authorized or permitted by this Agreement. The Trustee may, but shall not be obligated to, consent to any such
amendment that affects such Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 (e) The Trustee, by its
signature below, acknowledges and agrees to be bound by the provisions of this Section 8.1. 
 Section 8.2. Governing
Law. 
 (a) This Agreement shall be construed in accordance with, and this Agreement and all matters arising out of or
relating in any way whatsoever (whether in contract, tort or otherwise) to this Agreement shall be governed by, the law of the State of New York without reference to its conflicts of laws provisions (other than Section 5-1401 of the New York
General Obligations Law). 
 (b) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. Each party hereto (i) certifies that no representative, agent or attorney of any other party has represented,
expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by, among other
things, the mutual waivers and certifications in this Section 8.2(b). 

  
 33 

 Section 8.3. Notices. 

Unless expressly provided otherwise herein, all notices, demands, certificates, requests, directions and communications hereunder shall be in
writing and shall be effective (a) upon receipt when sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt,
(b) one (1) Business Day after delivery to any overnight courier, (c) on the date personally delivered to a Responsible Officer of the party to which sent, (d) on the date transmitted by legible facsimile transmission with a
confirmation of receipt, or (e) upon receipt when transmitted by electronic transmission, in all cases addressed to the recipient at such recipient’s address for notices set forth in Schedule 2. 

Any party may change the address, telecopy number, or email address to which communications or copies directed to such party are to be sent by
giving notice to the other parties of such change of address, telecopy number, or email address in conformity with the provisions of this Section 8.3 for the giving of notice. 

Unless the parties hereto otherwise agree, (i) notices and other communications sent to an e-mail address shall be deemed received upon
the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgment), and (ii) notices or communications posted to
an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and
identifying the website address therefor, provided, that if any such notice or other communication is not sent or posted during normal business hours, such notice or communication shall be deemed to have been sent at the opening of business
on the next Business Day; provided, further, that if in any instance the intended recipient declines or opts out of the receipt acknowledgment, then such notice or communication shall be deemed to have been received on the Business Day
sent or posted, if sent or posted during normal business hours on such Business Day, or if otherwise, at the opening of business on the next Business Day. 

Section 8.4. Severability of Provisions. 

If one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever prohibited or held
invalid or unenforceable, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the
other provisions of this Agreement and any such prohibition, invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant, agreement, provision or term in any other jurisdiction. 

  
 34 

 Section 8.5. Third Party Beneficiaries. 

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

Section 8.6. Counterparts. 

This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by
e-mail (.pdf) or facsimile transmission), each of which will be deemed an original, and all of which together constitute one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by e-mail (.pdf) or facsimile
shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 8.7. Headings.

 The headings of the various Sections herein are for convenience of reference only and shall not define or limit any of the terms or
provisions hereof. 
 Section 8.8. No Bankruptcy Petition; Disclaimer. 

(a) Each of the Transferor and the Retention Holder covenants and agrees that, prior to the date that is one year and one day after the
satisfaction and discharge of the Indenture or, if longer, the applicable preference period then in effect plus one day, it will not institute against the Retention Holder (in the case of the Transferor), or the Issuer (in the case of the Transferor
or the Retention Holder), or join any other Person in instituting against the Retention Holder or the Issuer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under the laws of the
United States or any state of the United States. 
 (b) The provisions of this Section 8.8 shall be for the third party benefit
of those entitled to rely thereon, including the Trustee for the benefit of the Secured Parties, and shall survive the termination of this Agreement. 

Section 8.9. Jurisdiction. 

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

  
 35 

 Section 8.10. Prohibited Transactions with Respect to the Transferor.

 The Transferor shall not: 

(a) Provide credit to any Noteholder for the purpose of enabling such Noteholder to purchase Notes; or 

(b) Purchase any Notes in an agency or trustee capacity. 

Section 8.11. No Partnership. 

Nothing herein contained shall be deemed or construed to create a co-partnership or joint venture between the parties hereto. 

Section 8.12. Successors and Assigns. 

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

 Section 8.13. Duration of Agreement. 

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

Section 8.14. Limited Recourse. 

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

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 36 

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

			
	NEWSTAR FINANCIAL, INC.
		
	By:	 	

	Name:	 	John J. Frishkopf
	Title:	 	Treasurer
	
	NEWSTAR COMMERCIAL LOAN DEPOSITOR 2016-1 LLC
	
	By: NewStar Financial, Inc., its Designated Manager
		
	By:	 	

	Name:	 	John J. Frishkopf
	Title:	 	Treasurer
	
	NEWSTAR COMMERCIAL LOAN FUNDING 2016-1 LLC
	
	By: NewStar Financial, Inc., its Designated Manager
		
	By:	 	

	Name:	 	John J. Frishkopf
	Title:	 	Treasurer

			
	Acknowledged and Agreed:
	
	U.S BANK NATIONAL ASSOCIATION
	Not in its individual capacity, but solely as the Trustee
		
	By:	 	

	Name:	 	Jack Lindsay
	Title:	 	Vice President

 SCHEDULE 1 

SCHEDULE OF INITIAL CONVEYED COLLATERAL 
  

																	
	 Issuer
	  	 Facility
	  	Affiliate
Originated
Collateral
Obligation
(Yes/No)?	  	Par Amount	 	  	Retention
Holder
Purchase
Rate	 	 	Issuer
Purchase
Rate	 
	 1A Smart Start LLC
	  	 CP Funding
	  	Yes	  	 	5,250,000.00	  	  	 	99.0778	% 	 	 	99.0778	% 
	 ABG Operating, LLC
	  	 CP Funding
	  	Yes	  	 	5,250,000.00	  	  	 	99.1412	% 	 	 	99.1412	% 
	 Acxiom It Outsourcing, LP
	  	 CP Funding
	  	Yes	  	 	5,250,000.00	  	  	 	99.1177	% 	 	 	99.1177	% 
	 Aerostructures Acq. LLC (Atlas)
	  	CP Funding	  	Yes	  	 	1,476,562.50	  	  	 	99.2047	% 	 	 	99.2047	% 
	 Airxcel
	  	CP Funding	  	Yes	  	 	3,347,796.87	  	  	 	99.2574	% 	 	 	99.2574	% 
	 American Achievement Corporation
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	98.6249	% 	 	 	98.6249	% 
	 AmeriLife Group, LLC
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0862	% 	 	 	99.0862	% 
	 Ansira Holdings, LLC
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0761	% 	 	 	99.0761	% 
	 Assured Agencies / Neace Lukens
	  	CP Funding	  	Yes	  	 	3,712,518.54	  	  	 	98.5768	% 	 	 	98.5768	% 
	 AWP, Inc
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.1236	% 	 	 	99.1236	% 
	 Bartlett Holdings, Inc
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.1052	% 	 	 	99.1052	% 
	 Belk, Inc.
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	89.3234	% 	 	 	89.3234	% 
	 Bendon, Inc.
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.1542	% 	 	 	99.1542	% 
	 Bestop, Inc.
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	98.6478	% 	 	 	98.6478	% 
	 Bracket Global LLC
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.4763	% 	 	 	99.4763	% 
	 Camin Cargo Control, Inc.
	  	CP Funding	  	Yes	  	 	1,990,000.00	  	  	 	99.1082	% 	 	 	99.1082	% 
	 Catapult Learning LLC
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.1196	% 	 	 	99.1196	% 
	 Charter NEX US Holdings, Inc.
	  	CP Funding	  	Yes	  	 	1,215,876.07	  	  	 	99.1441	% 	 	 	99.1441	% 
	 Dent Wizard Int’l
	  	CP Funding	  	Yes	  	 	480,003.43	  	  	 	100.0000	% 	 	 	100.0000	% 
	 DiversiTech
	  	CP Funding	  	Yes	  	 	2,985,000.00	  	  	 	99.1212	% 	 	 	99.1212	% 
	 Driven Performance Brands
	  	CP Funding	  	Yes	  	 	5,060,937.50	  	  	 	99.0952	% 	 	 	99.0952	% 
	 Dwyer Acquisition Parent, Inc
	  	CP Funding	  	Yes	  	 	939,031.25	  	  	 	99.1731	% 	 	 	99.1731	% 
	 Gold Standard Baking
	  	CP Funding	  	Yes	  	 	4,477,500.00	  	  	 	99.5661	% 	 	 	99.5661	% 
	 Higginbotham Insurance Agency, Inc.
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0389	% 	 	 	99.0389	% 
	 Integro USA Inc.
	  	CP Funding	  	Yes	  	 	670,555.56	  	  	 	96.1848	% 	 	 	96.1848	% 
	 Integro USA Inc.
	  	CP Funding	  	Yes	  	 	4,429,444.44	  	  	 	96.1848	% 	 	 	96.1848	% 
	 International Medical Group
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0679	% 	 	 	99.0679	% 
	 Jackson Hewitt
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	98.2306	% 	 	 	98.2306	% 
	 Jensen Hughes, Inc
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0358	% 	 	 	99.0358	% 
	 Margaritaville Enterprises
	  	CP Funding	  	Yes	  	 	1,812,929.36	  	  	 	99.1624	% 	 	 	99.1624	% 
	 Mercer Advisors, Inc.
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	98.9505	% 	 	 	98.9505	% 
	 Nielsen & Bainbridge, LLC
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.1440	% 	 	 	99.1440	% 
	 Nobel Learning Communities, Inc.
	  	CP Funding	  	Yes	  	 	2,190,937.50	  	  	 	99.1414	% 	 	 	99.1414	% 
	 Ohio Transmission Corp.
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0693	% 	 	 	99.0693	% 
	 Parfums de Coeur
	  	CP Funding	  	Yes	  	 	5,147,343.75	  	  	 	99.0902	% 	 	 	99.0902	% 
	 Pittsburgh Glass Works (PGW)
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0447	% 	 	 	99.0447	% 
	 Plaskolite, LLC
	  	CP Funding	  	Yes	  	 	5,100,000.00	  	  	 	99.0443	% 	 	 	99.0443	% 
	 Plaze, Inc.
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.5413	% 	 	 	99.5413	% 
	 Power Products, LLC (f/k/a Actuant Electrical)
	  	CP Funding	  	Yes	  	 	1,696,002.95	  	  	 	99.2140	% 	 	 	99.2140	% 
	 PrimeLine Utility Services LLC
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0404	% 	 	 	99.0404	% 
	 Process Equipment
	  	CP Funding	  	Yes	  	 	2,429,666.67	  	  	 	99.6401	% 	 	 	99.6401	% 
	 Product Quest Manufacturing, LLC
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0958	% 	 	 	99.0958	% 
	 Quality Solutions Inc
	  	CP Funding	  	Yes	  	 	3,779,764.71	  	  	 	98.9518	% 	 	 	98.9518	% 
	 Ravn Air Group, Inc.
	  	CP Funding	  	Yes	  	 	5,092,968.75	  	  	 	99.5467	% 	 	 	99.5467	% 
	 Rogue Wave Software, Inc.
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0725	% 	 	 	99.0725	% 
	 Rough Country, LLC
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.1387	% 	 	 	99.1387	% 
	 Ruffalo Noel Levitz, LLC
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.1750	% 	 	 	99.1750	% 
	 Sabre Industries
	  	CP Funding	  	Yes	  	 	3,955,075.19	  	  	 	99.4393	% 	 	 	99.4393	% 
	 Sitel Worldwide Corporation
	  	CP Funding	  	Yes	  	 	5,112,187.50	  	  	 	99.0745	% 	 	 	99.0745	% 
	 SouthWest Dealer Services
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.1848	% 	 	 	99.1848	% 
	 Specialty Brands Holding
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	100.0000	% 	 	 	100.0000	% 
	 Stafford Logistics, Inc.
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0886	% 	 	 	99.0886	% 
	 The Original Cakerie
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0504	% 	 	 	99.0504	% 
	 Transplace Texas, LP
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0766	% 	 	 	99.0766	% 
	 Trinity Consultants Holdings, Inc.
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0639	% 	 	 	99.0639	% 
	 Universal Fiber Systems
	  	CP Funding	  	Yes	  	 	5,250,000.00	  	  	 	99.0663	% 	 	 	99.0663	% 
	 Veresen Midstream LP
	  	CP Funding	  	Yes	  	 	481,325.18	  	  	 	99.1753	% 	 	 	99.1753	% 
	 Vidaris
	  	CP Funding	  	Yes	  	 	704,791.67	  	  	 	99.1606	% 	 	 	99.1606	% 
	 Winchester Electronics
	  	CP Funding	  	Yes	  	 	500,000.00	  	  	 	98.8223	% 	 	 	98.8223	% 

 SCHEDULE 2 

NOTICE INFORMATION 
 Transferor:

 NewStar Financial, Inc. 
 500 Boylston Street, Suite 1250

 Boston, Massachusetts 02116 
 Attention: Brian Forde 

Facsimile No.: (617) 848-4373 
 Email:
operations@newstarfin.com 
 Retention Holder: 
 NewStar
Commercial Loan Depositor 2016-1 LLC 
 c/o NewStar Financial, Inc. 

500 Boylston Street, Suite 1250 
 Boston, Massachusetts 02116 

Attention: Brian Forde 
 Facsimile No.: (617) 848-4373 

Email: operations@newstarfin.com 
 Issuer: 

NewStar Commercial Loan Funding 2016-1 LLC 
 c/o NewStar
Financial, Inc. 
 500 Boylston Street, Suite 1250 
 Boston,
Massachusetts 02116 
 Attention: Brian Forde 
 Facsimile No.:
(617) 848-4373 
 Email: operations@newstarfin.com 

Collateral Manager: 
 NewStar Financial, Inc. 

500 Boylston Street, Suite 1250 
 Boston, Massachusetts 02116 

Attention: Brian Forde 
 Facsimile No.: (617) 848-4373 

Email: operations@newstarfin.com 
 Trustee: 

U.S. Bank National Association 
 One Federal Street, 3rd Floor

 Boston, Massachusetts 02110 
 Attention: NewStar Commercial
Loan Funding 2016-1 LLC (Jack Lindsay) 
 Facsimile No.: (855) 869-2187 

Email: jack.lindsay@usbank.com 

 EXHIBIT A 

FORM OF SUBSEQUENT TRANSFER AGREEMENT 

                 , 20     

This Subsequent Transfer Agreement (this “Agreement”), dated as of
                 , 20    (the “Cut-Off Date”), is made by and among NEWSTAR FINANCIAL, INC. (the “Transferor”),
NEWSTAR COMMERCIAL LOAN DEPOSITOR 2016-1 LLC (the “Retention Holder”) and NEWSTAR COMMERCIAL LOAN FUNDING 2016-1 LLC (the “Issuer”). Capitalized terms used but not defined herein have the respective meanings
attributed to such terms in that certain Master Loan Sale Agreement, dated as of March 2, 2016 (such agreement as amended, restated, supplemented or modified from time to time, the “Master Loan Sale Agreement”), among the
Transferor, the Retention Holder and the Issuer. 
 Subject to and upon the terms and conditions set forth in the Master Loan Sale
Agreement, in exchange for good and valuable consideration, the adequacy of which is duly acknowledged by the Transferor and the Retention Holder, the Transferor hereby sells, conveys and transfers, in exchange for good and valuable consideration,
the adequacy of which is duly acknowledged, to the Retention Holder, effective as of             , 20    1 (the
“Settlement Date”) all of the Transferor’s right, title and interest in, to and under the Subsequent Conveyed Collateral identified in Schedule I hereto. 

Subject to and upon the terms and conditions set forth in the Master Loan Sale Agreement, the Retention Holder hereby sells, conveys and
transfers, in exchange for good and valuable consideration, the adequacy of which is duly acknowledged, to the Issuer, effective as of the Settlement Date, all of the Retention Holder’s right, title and interest in, to and under the Subsequent
Conveyed Collateral identified in Schedule I hereto. 
 By its execution of this Agreement each of the parties hereto makes the
representations and warranties set forth in Article III of the Master Loan Sale Agreement, as applicable, as of the Cut-Off Date and the provisions of Section 8.14 of the Master Loan Sale Agreement are hereby incorporated herein by reference.

 [Remainder of page intentionally left blank.] 

 

	1 	For any Market Risk Collateral Obligation (other than an Affiliate Originated Collateral Obligation), the Settlement Date must be not earlier than two (2) Business Days after the Cut-Off Date. 

For any Non-Market Risk Collateral Obligation (other than an Affiliate Originated Collateral Obligation), the Settlement Date must be not earlier than fifteen
(15) Business Days after the Cut-Off Date. 
 For any Affiliate Originated Collateral Obligation or, so long as the EU Acquisition Test is met, any
other Collateral Obligations, the Settlement Date must be not earlier than the Cut-Off Date. 
 If the EU Acquisition Test is met, the Issuer may buy
Collateral Obligations directly from the seller thereof in the secondary market or may buy Collateral Obligations under the Master Loan Sale Agreement without going through the seasoning period. 

  
 1 

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

			
	NEWSTAR FINANCIAL, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	NEWSTAR COMMERCIAL LOAN DEPOSITOR 2016-1 LLC
	
	By: NewStar Financial, Inc., its Designated Manager
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	NEWSTAR COMMERCIAL LOAN FUNDING 2016-1 LLC
		
	By:	 	NewStar Financial, Inc., its Designated Manager
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-2 

 Schedule I 

to Subsequent Transfer Agreement 

Subsequent Conveyed Collateral 
  

													
	 Issuer
	  	 Facility
	  	 Affiliate

Originated
Collateral
Obligation

(Yes/No)?
	  	 Retention Holder
	  	 Issuer

	  	  	  	 Applicable
Determination

Date Par
 Amount
	  	 Purchase

Rate
	  	 Applicable
Determination

Date Par
 Amount
	  	 Purchase

Rate

		  		  		  		  		  		  	
		  		  		  		  		  		  	
		  		  		  		  		  		  	

  
 A-3EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

COLLATERAL MANAGEMENT AGREEMENT 

Dated March 2, 2016 
 by and
between 
 NEWSTAR COMMERCIAL LOAN FUNDING 2016-1 LLC, 

as Issuer 
 and 

NEWSTAR FINANCIAL, INC., 
 as
Collateral Manager 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 1.
	 	 Definitions
	  	 	1	  
			
	 Section 2.
	 	 General Duties and Authority of the Collateral Manager
	  	 	6	  
			
	 Section 3.
	 	 Purchase and Sale Transactions; Brokerage
	  	 	11	  
			
	 Section 4.
	 	 Additional Activities of the Collateral Manager
	  	 	14	  
			
	 Section 5.
	 	 Conflicts of Interest
	  	 	16	  
			
	 Section 6.
	 	 Records; Confidentiality
	  	 	18	  
			
	 Section 7.
	 	 Obligations of Collateral Manager
	  	 	19	  
			
	 Section 8.
	 	 Compensation
	  	 	20	  
			
	 Section 9.
	 	 Benefit of the Agreement
	  	 	22	  
			
	 Section 10.
	 	 Limits of Collateral Manager Responsibility
	  	 	22	  
			
	 Section 11.
	 	 No Joint Venture
	  	 	23	  
			
	 Section 12.
	 	 Term; Termination
	  	 	24	  
			
	 Section 13.
	 	 Assignments
	  	 	25	  
			
	 Section 14.
	 	 Removal for Cause
	  	 	27	  
			
	 Section 15.
	 	 Obligations of Resigning or Removed Collateral Manager
	  	 	29	  
			
	 Section 16.
	 	 Representations and Warranties
	  	 	29	  
			
	 Section 17.
	 	 Limited Recourse; No Petition
	  	 	32	  
			
	 Section 18.
	 	 Notices
	  	 	33	  
			
	 Section 19.
	 	 Binding Nature of Agreement; Successors and Assigns
	  	 	34	  
			
	 Section 20.
	 	 Entire Agreement; Amendment
	  	 	35	  
			
	 Section 21.
	 	 Governing Law
	  	 	35	  
			
	 Section 22.
	 	 Submission to Jurisdiction
	  	 	35	  
			
	 Section 23.
	 	 Waiver of Jury Trial
	  	 	35	  
			
	 Section 24.
	 	 Conflict with the Indenture
	  	 	36	  
			
	 Section 25.
	 	 Subordination; Assignment of Agreement
	  	 	36	  
			
	 Section 26.
	 	 Indulgences Not Waivers
	  	 	36	  
			
	 Section 27.
	 	 Costs and Expenses
	  	 	36	  
			
	 Section 28.
	 	 Third Party Beneficiary
	  	 	37	  
			
	 Section 29.
	 	 Titles Not to Affect Interpretation
	  	 	37	  
			
	 Section 30.
	 	 Execution in Counterparts
	  	 	37	  
			
	 Section 31.
	 	 Provisions Separable
	  	 	37	  

 COLLATERAL MANAGEMENT AGREEMENT 

THIS COLLATERAL MANAGEMENT AGREEMENT (as amended, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of March 2, 2016, is entered into by and between NEWSTAR COMMERCIAL LOAN FUNDING 2016-1 LLC, a Delaware limited liability company (the “Issuer”), and NEWSTAR FINANCIAL, INC., a Delaware corporation, as collateral
manager (together with its successors and permitted assigns, the “Collateral Manager”). 
 WITNESSETH: 

WHEREAS, the Notes will be issued pursuant to an Indenture to be dated as of the date hereof (the “Indenture”), between the
Issuer and U.S. Bank National Association, as trustee (the “Trustee”); 
 WHEREAS, the Issuer intends to pledge all
Collateral Obligations and the other Assets, all as set forth in the Indenture, to the Trustee as security for the Issuer’s obligations under the Indenture; 

WHEREAS, the Issuer desires to appoint NewStar Financial, Inc. as the Collateral Manager to provide the services described herein and NewStar
Financial, Inc. desires to accept such appointment; 
 WHEREAS, the Indenture authorizes the Issuer to enter into this Agreement, pursuant
to which the Collateral Manager agrees to perform, on behalf of the Issuer, certain investment management duties with respect to the acquisition, administration and disposition of Assets in the manner and on the terms set forth herein and to perform
such additional duties as are consistent with the terms of this Agreement and the Indenture as the Issuer may from time to time reasonably request; and 

WHEREAS, the Collateral Manager has the capacity to provide the services required hereby and is prepared to perform such services upon the
terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual agreements herein set forth and of other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Definitions. 

(a) As used in this Agreement: 

“Advisers Act” shall mean the Investment Advisers Act of 1940, as amended. 

“Affiliate Transaction” shall have the meaning set forth in Section 5(a). 

“Aggregate Collateral Management Fees” shall have the meaning set forth in Section 8(a). 

  
 1 

 “Aggregate Senior Collateral Management Fee” shall have the meaning set forth in
Section 8(a). 
 “Aggregate Subordinate Collateral Management Fee” shall have the meaning set forth in
Section 8(a). 
 “Agreement” shall have the meaning set forth in the preamble. 

“Cause” shall have the meaning set forth in Section 14(a). 

“Client” shall mean, with respect to any specified Person, any Person or account for which the specified Person provides
investment management services or investment advice. Solely for the purposes of this Agreement, the term “Client” includes one or more direct or indirect wholly owned subsidiaries of the Collateral Manager or of its affiliates which the
Collateral Manager or such affiliate treats as a proprietary account and not as a client for purposes of the Advisers Act. 

“Closing Date Assets” shall mean the Collateral Obligations acquired by the Issuer on the Closing Date. 

“Collateral Management Fees” shall have the meaning set forth in Section 8(a). 

“Collateral Manager” shall have the meaning set forth in the preamble. 

“Collateral Manager Breaches” shall have the meaning set forth in Section 10(a). 

“Collateral Manager Information” shall mean the Collateral Manager Offering Circular Information and any information in any
amendment or supplement to the Final Offering Circular that supplements or amends any of the Collateral Manager Offering Circular Information. 

“Collateral Manager Notes” shall mean any Notes owned by the Collateral Manager, an Affiliate thereof, or any account, fund,
client or portfolio established and controlled by the Collateral Manager or an Affiliate thereof or for which the Collateral Manager or an Affiliate thereof acts as the investment adviser or with respect to which the Collateral Manager or an
Affiliate thereof exercises discretionary control thereover. 
 “Collateral Manager Offering Circular Information” shall
mean the information concerning the Collateral Manager in the Final Offering Circular set forth under the headings “Risk Factors—Risks Relating to the Collateral Manager”, “Risk Factors—Relating to Certain Conflicts of
Interest—Certain Conflicts of Interest Relating to the Collateral Manager and its Affiliates”, and “The Collateral Manager”. 

“Collateral Manager Standard” shall mean the standard of care set forth in Section 2(a). 

“Collateral Principal Amount” shall mean, as of any date of determination, the sum of (a) the Aggregate Principal
Balance of the Collateral Obligations (other than Defaulted Obligations except as otherwise expressly set forth herein or in the other Transaction Documents) and (b)

  
 2 

 
without duplication, the amounts on deposit in any Account (including Eligible Investments therein) representing Principal Proceeds; provided that for purposes of calculating the
Concentration Limitations, Defaulted Obligations shall be included in the Collateral Principal Amount with a Principal Balance equal to the Defaulted Obligation Balance thereof. 

“Cumulative Deferred Senior Management Fee” shall have the meaning set forth in Section 8(a). 

“Cumulative Deferred Subordinate Management Fee” shall have the meaning set forth in Section 8(a). 

“Current Deferred Senior Management Fee” shall have the meaning set forth in Section 8(a). 

“Current Deferred Subordinate Management Fee” shall have the meaning set forth in Section 8(a). 

“Expenses” shall have the meaning set forth in Section 10(b). 

“Fee Basis Amount” shall mean, as of any date of determination, the sum of (a) the Collateral Principal Amount,
(b) the Aggregate Principal Balance of all Defaulted Obligations and (c) the aggregate amount of all Principal Financed Accrued Interest and Principal Financed Capitalized Interest. 

“Final Offering Circular” shall mean the Final Offering Circular, dated as of February 25, 2016, with respect to the
Notes. 
 “Indemnified Party” shall have the meaning set forth in Section 10(b). 

“Indenture” shall have the meaning set forth in the recitals hereto. 

“Independent” shall mean, as to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of
accountants or lawyers, and any member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any
Affiliate of such Person, and (ii) is not connected with such Person as an officer, employee, promoter, underwriter, voting trustee, partner, manager, director or Person performing similar functions. “Independent” when used with
respect to any accountant may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above, the accountant is independent with respect to such Person within the meaning of Rule 101 of the Code
of Professional Conduct of the American Institute of Certified Public Accountants. For purposes of this definition, no manager, director or independent review party of any Person will fail to be Independent solely because such Person acts as an
independent manager, independent director or independent review party thereof or of any such Person’s affiliates. Any pricing service, certified public accountant or legal counsel that is required to be Independent of another Person under the
Indenture must satisfy the criteria above with respect to the Issuer, the Collateral Manager and their Affiliates. 

  
 3 

 “Independent Review Party” shall have the meaning set forth in
Section 5(b). 
 “Instrument of Acceptance” shall have the meaning set forth in Section 12(c). 

“Intercreditor Agreement” shall mean the Intercreditor and Concentration Account Administration Agreement (Wachovia Deposit
Account), dated as of February 15, 2007, by and among U.S. Bank National Association, as account custodian and as secured party, Wachovia Capital Markets, LLC, as administrative agent of a credit facility, NewStar Financial, Inc., as
originator, as original servicer, as collateral manager and as concentration account servicer, NewStar CP Funding LLC, as seller under a credit facility, U.S. Bank National Association, as trustee for various facilities, NewStar Trust 2005-1, as an
issuer, NewStar Short-Term Funding LLC, as a borrower, NewStar Credit Opportunities Funding I Ltd., as seller under a credit facility, IXIS Financial Products Inc., as administrative agent of a credit facility and as an investor agent, NewStar
Warehouse Funding 2005 LLC, as an issuer, NewStar Structured Finance Opportunities, LLC, as an Issuer, NewStar Commercial Loan Trust 2006-1, as an issuer, NewStar Concentration LLC, as account titleholder, each party that from time to time executes
and delivers a joinder thereto and Wachovia Bank, National Association, as concentration account bank, as amended from time to time in accordance with the terms thereof. 

“Internal Policies” shall have the meaning set forth in Section 3(c). 

“Issuer” shall have the meaning set forth in the preamble. 

“Losses” shall have the meaning set forth in Section 10(b). 

“Material Adverse Effect” shall mean, with respect to any event or circumstance, a material adverse effect on (a) the
business, financial condition (other than the performance of the Assets) or operations of the Issuer, taken as a whole, (b) the validity or enforceability of the Indenture, this Agreement or the Issuer’s Limited Liability Company Agreement
or (c) the existence, perfection, priority or enforceability of the Trustee’s lien on the Assets. 
 “Offering
Circulars” shall mean, collectively, the Final Offering Circular and the Preliminary Offering Circulars. 
 “Organizational
Instruments” shall mean the memorandum and articles of association or certificate of incorporation and bylaws (or the comparable documents for the applicable jurisdiction), in the case of a corporation, or the partnership agreement, in the
case of a partnership, or the certificate of formation and limited liability company agreement (or the comparable documents for the applicable jurisdiction), in the case of a limited liability company. 

“Owner” shall mean, with respect to any Person, any direct or indirect shareholder, member, partner or other equity or
beneficial owner thereof. 
 “Preliminary Offering Circulars” shall mean (i) the Preliminary Offering Circular, dated
January 27, 2016, with respect to the Notes and (ii) the Second Preliminary Offering Circular, dated February 11, 2016, with respect to the Notes. 

  
 4 

 “Registered Investment Adviser” shall mean a Person duly registered as an
investment adviser in accordance with and pursuant to Section 203 of the Advisers Act. 
 “Related Person” shall mean,
with respect to any Person, the owners of the equity interests therein, directors, officers, employees, personnel, managers, agents and professional advisors thereof. 

“Responsible Officer” shall mean, with respect to any Person, any duly authorized director, officer or manager of such Person
with direct responsibility for the administration of the applicable agreement and also, with respect to a particular matter, any other duly authorized director, officer or manager of such Person to whom such matter is referred because of such
director’s, officer’s or manager’s knowledge of and familiarity with the particular subject. Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority of any Person
to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice to the contrary. 

“Section 28(e)” shall have the meaning set forth in Section 3(b). 

“Senior Collateral Management Fee” shall have the meaning set forth in Section 8(a). 

“Senior Collateral Management Fee Shortfall Amount” shall have the meaning set forth in Section 8(a). 

“Statement of Cause” shall have the meaning set forth in Section 14(a). 

“Subordinate Collateral Management Fee” shall have the meaning set forth in Section 8(a). 

“Subordinate Collateral Management Fee Shortfall Amount” shall have the meaning set forth in Section 8(a). 

“Supermajority” shall mean, with respect to any Class of Notes, the holders of at least 66-2/3% of the Aggregate Outstanding
Amount of the Notes of such Class. 
 “Termination Notice” shall have the meaning set forth in Section 14(a).

 “Transaction” shall mean any action taken by the Collateral Manager on behalf of the Issuer with respect to the Assets,
including, without limitation, (i) selecting the Collateral Obligations and Eligible Investments to be acquired, sold, terminated or otherwise disposed of by the Issuer, (ii) investing and reinvesting the Assets, (iii) amending,
waiving and/or taking any other action commensurate with managing the Assets and (iv) instructing the Trustee with respect to any acquisition, disposition or tender of, or Offer with respect to, a Collateral Obligation, Equity Security,
Eligible Investment or other assets received in respect thereof in the open market or otherwise by the Issuer. 
 “Trustee”
shall have the meaning set forth in the recitals hereto. 

  
 5 

 “Valuation” shall mean, with respect to any Collateral Obligation or Equity
Security, a recent (as determined by the Collateral Manager in its commercially reasonable business judgment in accordance with the Collateral Manager Standard) valuation of the fair market value of such Collateral Obligation or Equity Security
established by (i) reference to a third-party pricing service such as LoanX or LPC or other service selected by the Collateral Manager in accordance with the Collateral Manager Standard; provided that if a fair market value is available
from more than one pricing service, the highest such value so obtained shall be used, or (ii) if data for such Collateral Obligation or Equity Security is not available from such a pricing service, an analysis performed by a
nationally-recognized valuation firm to establish a fair market value of such Collateral Obligation or Equity Security which reflects the price that would be paid by a willing buyer to a willing seller of such Collateral Obligation or Equity
Security in an expedited sale on an arm’s-length basis. 
 (b) Capitalized terms used but not otherwise defined herein shall have the
respective meanings assigned thereto in the Indenture. The following rules apply to the use of defined terms and the interpretation of this Agreement: (i) the singular includes the plural and the plural includes the singular;
(ii) “or” is not exclusive (unless preceded by “either”) and “include” and “including” are not limiting; (iii) unless the context otherwise requires, references to agreements shall be deemed to mean
and include such agreements as the same may be amended, supplemented, waived and otherwise modified from time to time; (iv) a reference to a law includes any amendment or modification to such law and any rules or regulations issued thereunder
or any law enacted in substitution or replacement therefor; (v) a reference to a Person includes its successors and assigns; (vi) a reference to a Section without further reference is to the relevant Section of this Agreement;
(vii) the headings of the Sections and subsections are for convenience and shall not affect the meaning of this Agreement; (viii) “writing”, “written” and comparable terms refer to printing, typing, lithography and
other shall mean of reproducing words in a visible form (including telefacsimile and electronic mail); (ix) “hereof”, “herein”, “hereunder” and comparable terms refer to the entire instrument in which such terms
are used and not to any particular article, section or other subdivision thereof or attachment thereto; and (x) references to any gender include any other gender, masculine, feminine or neuter, as the context requires. 

Section 2. General Duties and Authority of the Collateral Manager. 

(a) NewStar Financial, Inc. is hereby appointed as Collateral Manager of the Issuer for the purpose of performing certain investment
management functions including, without limitation, supervising and directing the investment and reinvestment of the Collateral Obligations and Eligible Investments and performing certain administrative and advisory functions on behalf of the Issuer
in accordance with the applicable provisions of this Agreement, the Master Loan Sale Agreement, and the Indenture, and NewStar Financial, Inc. hereby accepts such appointment. The Collateral Manager will perform its obligations hereunder, under the
Master Loan Sale Agreement and under the Indenture with reasonable care and in good faith, (i) using a degree of skill and attention no less than that which the Collateral Manager exercises with respect to comparable assets that it may manage
for itself and its Clients and which is consistent with the customary and usual collateral management practices that a prudent collateral manager of national recognition in the United States would use to manage comparable assets for

  
 6 

 
its own account and for the account of others, and (ii) in accordance with the Collateral Manager’s existing practices and procedures with respect to investing in assets of the nature
and character of the Assets. To the extent not inconsistent with the foregoing, the Collateral Manager will follow its customary standards, policies and procedures in performing its duties under this Agreement, the Master Loan Sale Agreement and the
Indenture. 
 (b) Subject to Section 2(a), Section 2(c)(i), Section 2(e), Section 5,
Section 7 and Section 10 and to the applicable provisions of the Indenture, the Collateral Manager shall, and is hereby authorized to: 

(i) select the Collateral Obligations and Eligible Investments to be acquired, sold, terminated or otherwise disposed of by the Issuer; 

(ii) invest and reinvest the Assets as provided in the Indenture; 

(iii) instruct the Trustee with respect to any acquisition, disposition or tender of, or Offer with respect to, a Collateral Obligation,
Equity Security, Eligible Investment or other assets received in respect thereof in the open market or otherwise by the Issuer; and 
 (iv)
perform all other tasks and take all other actions that any of the Indenture, the Master Loan Sale Agreement or this Agreement specify are to be taken by the Collateral Manager. 

The Collateral Manager shall, and is hereby authorized to, perform its obligations hereunder and under the Indenture and the Master Loan Sale
Agreement in a manner which is consistent with the terms hereof and the applicable terms of the Indenture and the Master Loan Sale Agreement. The Collateral Manager will not be bound to comply with any supplement to the Indenture, however, until it
has received a copy of any such supplement from the Issuer or the Trustee and unless the Collateral Manager has consented thereto, as provided in the Indenture. 

Notwithstanding anything to the contrary in this Section 2(b), none of the services performed by the Collateral Manager shall
result in or be construed as resulting in an obligation to perform any of the following: (i) the Collateral Manager acting repeatedly or continuously as an intermediary in securities for the Issuer; (ii) the Collateral Manager providing
investment banking services to the Issuer; or (iii) the Collateral Manager having direct contact with, or actively soliciting or finding, outside investors to invest in the Issuer. 

(c) Subject to the provisions concerning its general duties and obligations as set forth in paragraphs (a) and (b) above and the
terms of the Indenture, the Collateral Manager shall provide, and is hereby authorized to provide, the following services to the Issuer: 

(i) The Collateral Manager shall perform the investment-related duties and functions (including, without limitation, the furnishing of Issuer
Orders and Responsible Officer’s certificates) as are expressly required hereunder and under the Indenture with regard to acquisitions, sales or other dispositions of Collateral Obligations, Equity Securities, Eligible Investments and other
assets permitted to be acquired or sold under, and subject to, the Indenture 

  
 7 

 
(including any proceeds received by way of Offers, workouts and restructurings of assets owned by the Issuer) and shall comply with the requirements in the Indenture. The Collateral Manager shall
have no obligation to perform any other duties other than as expressly specified herein, in the Indenture or in the Master Loan Sale Agreement as applicable to it, and the Collateral Manager shall be subject to no implicit obligations of any kind.
The Issuer hereby irrevocably (except as provided below) appoints the Collateral Manager as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with the
performance of its duties provided for in this Agreement, in the Indenture or in the Master Loan Sale Agreement, including, without limitation, the following powers: (A) to give or cause to be given any necessary receipts or acquittance for
amounts collected or received hereunder or thereunder, (B) to make or cause to be made all necessary transfers of the Collateral Obligations, Equity Securities and Eligible Investments in connection with any acquisition, sale, termination or
other disposition made pursuant hereto and the Indenture and the Master Loan Sale Agreement, (C) to execute (under hand, under seal or as a deed) and deliver or cause to be executed and delivered on behalf of the Issuer all necessary or
appropriate bills of sale, assignments, agreements and other instruments in connection with any such acquisition, sale, termination or other disposition and (D) to execute (under hand, under seal or as a deed) and deliver or cause to be
executed and delivered on behalf of the Issuer any consents, votes, proxies, waivers, notices, amendments, modifications, agreements, instruments, orders or other documents in connection with or pursuant to this Agreement, the Master Loan Sale
Agreement, or the Indenture relating to any Collateral Obligation, Equity Security or Eligible Investment. The Issuer hereby ratifies and confirms all that such attorney-in-fact (or any substitute) shall lawfully do hereunder and pursuant hereto and
authorizes such attorney-in-fact to exercise full discretion and act for the Issuer in the same manner and with the same force and effect as the members, managers or officers of the Issuer might or could do in respect of the performance of such
services, as well as in respect of all other things the Collateral Manager deems necessary or incidental to the furtherance or conduct of such services, subject in each case to the other terms of this Agreement. The Issuer hereby authorizes such
attorney-in-fact, in its sole discretion (but subject to applicable law and the provisions of this Agreement and the Indenture), to take all actions that it considers reasonably necessary and appropriate in respect of the Assets, this Agreement, the
Indenture and the other Transaction Documents. Nevertheless, if so requested by the Collateral Manager or by a purchaser of any Collateral Obligation or Eligible Investment, the Issuer shall ratify and confirm any such sale, termination or other
disposition by executing and delivering to the Collateral Manager or such purchaser all proper bills of sale, assignments, releases, powers of attorney, proxies, other orders and other instruments as may reasonably be designated in any such request.
Except as otherwise set forth and provided for herein, this grant of power of attorney is coupled with an interest, and it shall survive and not be affected by the subsequent dissolution or bankruptcy of the Issuer. Notwithstanding anything herein
to the contrary, the appointment herein of the Collateral Manager as the Issuer’s agent and attorney-in-fact shall automatically cease and terminate upon any termination of this Agreement or upon the effective date of the appointment of a
successor Collateral Manager following the resignation of the Collateral Manager pursuant to Section 12 or any removal of the Collateral Manager pursuant to Section 14. Each of the Collateral Manager and the Issuer shall take
such other actions, and furnish such certificates, opinions and other documents, as may be reasonably requested by the other party hereto in order to effectuate the purposes of this Agreement and to facilitate compliance with applicable laws and
regulations and the terms of this Agreement, the Indenture and the Master Loan Sale Agreement. 

  
 8 

 (ii) The Collateral Manager shall instruct the Issuer with respect to the acquisition of
Collateral Obligations by the Issuer in accordance with the Indenture. 
 (iii) Pursuant to the terms of this Agreement and subject to any
applicable terms of the Indenture, the Collateral Manager shall monitor the Assets on behalf of the Issuer on an ongoing basis and shall provide or cause to be provided to the Issuer all reports, schedules and other data reasonably available to the
Collateral Manager that the Issuer is required to prepare and deliver or cause to be prepared and delivered under the Indenture, in such forms and containing such information required thereby, in reasonably sufficient time for such required reports,
schedules and data to be reviewed and delivered by or on behalf of the Issuer to the parties entitled thereto under the Indenture. The obligation of the Collateral Manager to furnish such reports, schedules and other data is subject to the
Collateral Manager’s timely receipt of necessary information, reports, schedules and other data from the Person responsible for the delivery or preparation thereof (including without limitation, Obligors of the Collateral Obligations, the
Rating Agencies and the Trustee) and to any confidentiality restrictions with respect thereto. The Collateral Manager shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing reasonably believed by it to be genuine and to have been signed or sent by a Person that the Collateral Manager has no reason to believe is not duly authorized. The Collateral Manager also may rely
upon any statement made to it orally or by telephone and made by a Person the Collateral Manager has no reason to believe is not duly authorized, and shall not incur any liability for relying thereon. The Collateral Manager is entitled to rely on
any other information furnished to it by third parties that it reasonably believes in good faith to be genuine. 
 (iv) The Collateral
Manager, on behalf of the Issuer, shall be responsible for obtaining, to the extent reasonably practicable and to the extent such information is readily available to it, any information concerning whether a Collateral Obligation is a Discount
Obligation or has become a Defaulted Obligation, a Credit Risk Obligation, a Current Pay Obligation or a Credit Improved Obligation. 
 (v)
The Collateral Manager may, subject to and in accordance with the Indenture, as agent of the Issuer and on behalf of the Issuer, direct the Trustee to take any of the following actions with respect to a Collateral Obligation, Equity Security or
Eligible Investment, as applicable: 
 (A) purchase or otherwise acquire such Collateral Obligation or Eligible Investment;

 (B) retain such Collateral Obligation, Equity Security or Eligible Investment; 

(C) sell or otherwise dispose of such Collateral Obligation, Equity Security or Eligible Investment (including any assets
received by way of Offers, workouts and restructurings on assets owned by the Issuer) in the open market or otherwise; 

  
 9 

 (D) if applicable, tender such Collateral Obligation, Equity Security or
Eligible Investment; 
 (E) if applicable, consent to or refuse to consent to any proposed amendment, modification,
restructuring, exchange or waiver; 
 (F) retain or dispose of any securities or other property (if other than cash)
received by the Issuer; 
 (G) waive any default with respect to any Defaulted Obligation; 

(H) vote to accelerate the maturity of any Defaulted Obligation; 

(I) participate in a committee or group formed by creditors of an issuer or a borrower under a Collateral Obligation, Equity
Security or Eligible Investment; 
 (J) after or in connection with the payment in full of all amounts owed under the Notes
and the termination without replacement of the Indenture or in connection with any redemption of the Notes, advise the Issuer as to when, in the view of the Collateral Manager, it would be in the best interest of the Issuer to liquidate the
Issuer’s investment portfolio (and, if applicable, after discharge of the Indenture) and render such assistance as may be necessary or required by the Issuer in connection with such liquidation or any actions necessary to effectuate a
redemption of the Notes; 
 (K) advise and assist the Issuer with respect to the valuation of the Assets, to the extent
required or permitted by the Indenture; 
 (L) provide strategic and financial planning (including advice on utilization of
assets), financial statements and other similar reports; 
 (M) negotiate, modify or amend any indebtedness of the Issuer as
authorized by the Indenture in connection with an additional issuance of Notes, a Refinancing, or a Re-Pricing; and 
 (N)
exercise any other rights or remedies with respect to such Collateral Obligation, Equity Security or Eligible Investment as provided in the Underlying Documents of the Obligor or issuer of such Assets or the other documents governing the terms of
such Assets or take any other action consistent with the terms of this Agreement or the Indenture which the Collateral Manager reasonably determines to be in the best interests of the Issuer. 

  
 10 

 (vi) The Collateral Manager may, upon request of the Issuer, retain accounting (including tax
accounting), tax, counsel and other professional services on behalf of the Issuer as may be needed by the Issuer. 
 (vii) In connection
with the acquisition of any Collateral Obligation by the Issuer, the Collateral Manager shall prepare, on behalf of the Issuer, the information required to be delivered to the Trustee pursuant to the Indenture. 

(viii) Where the Collateral Manager executes on behalf of the Issuer an agreement or instrument pursuant to which any security interest over
any assets of the Issuer is created or released, the Collateral Manager shall promptly give written notice thereof to the Issuer and shall provide the Issuer with such information and/or copy documentation in respect thereof as the Issuer may
reasonably require. 
 (d) In performing its duties hereunder and when exercising its discretion and judgment in connection with any
transactions involving the Assets, the Collateral Manager shall carry out any reasonable written directions of the Issuer for the purpose of the Issuer’s compliance with its Organizational Instruments and the Indenture; provided that
such directions are not inconsistent with any provision of this Agreement or the Indenture by which the Collateral Manager is bound or prohibited by applicable law. 

(e) In providing services hereunder, the Collateral Manager may, without the consent of any Person, delegate to third parties (including
without limitation its affiliates) the duties assigned to the Collateral Manager under this Agreement, and employ third parties (including without limitation its affiliates) to render advice (including investment advice), to provide services to
arrange for trade execution and otherwise provide assistance to the Issuer, and to perform any of the Collateral Manager’s duties under this Agreement; provided that the Collateral Manager shall not (i) delegate investment advice
responsibilities including, without limitation, asset selection, credit review and the negotiation and determination of the acquisition price of a Collateral Obligation, to non-affiliates or (ii) be relieved of any of its duties hereunder
regardless of the performance of any services by third parties, including affiliates. 
 Section 3. Purchase and Sale Transactions;
Brokerage. 
 (a) The Collateral Manager, subject to and in accordance with the Indenture and the Master Loan Sale Agreement, as
applicable, hereby agrees that it shall cause any Transaction to be conducted on terms and conditions negotiated on an arm’s-length basis (except as otherwise expressly required by the Indenture or the Master Loan Sale Agreement) and in
accordance with applicable law. Except as expressly permitted under the Indenture, no Assets (other than any Delayed Drawdown Collateral Obligations or Revolving Collateral Obligations) shall be purchased if such Assets may give rise to any
obligation or liability on the Issuer’s part to the Obligor or issuer thereof to take any action or make any payment other than at the Issuer’s option. 

(b) To the extent required by applicable law, the Collateral Manager will seek to obtain best execution (but shall have no obligation to
obtain the lowest price available) for all 

  
 11 

 
orders placed with respect to any Transaction, in a manner permitted by law and in a manner it believes to be in the best interests of the Issuer. Subject to the preceding sentence, the
Collateral Manager may, in the allocation of business, select brokers and/or dealers with whom to effect trades on behalf of the Issuer and may open cash trading accounts with such brokers and dealers (provided that none of the Assets may be
credited to, held in or subject to the lien of the broker or dealer with respect to any such account). In addition, subject to the first sentence of this paragraph, the Collateral Manager may, in the allocation of business, take into consideration
research and other brokerage services furnished to the Collateral Manager or its affiliates by brokers and dealers which are not affiliates of the Collateral Manager; provided that the Collateral Manager in good faith believes that the
compensation for such services rendered by such brokers and dealers complies with the requirements of Section 28(e) of the Securities Exchange Act of 1934, as amended (“Section 28(e)”), or in the case of principal or fixed
income transactions for which the “safe harbor” of Section 28(e) is not available, the amount of the spread charged is reasonable in relation to the value of the research and other brokerage services provided. Such services may be
used by the Collateral Manager in connection with its other advisory activities or investment operations. The Collateral Manager may aggregate sales and purchase orders placed with respect to the Assets with similar orders being made simultaneously
for itself, its affiliates or other accounts managed by the Collateral Manager or by affiliates of the Collateral Manager, if in the Collateral Manager’s reasonable judgment such aggregation shall result in an overall economic benefit to the
Issuer, taking into consideration the advantageous selling or purchase price, brokerage commission or other expenses, as well as the availability of such obligations or securities on any other basis. In accounting for such aggregated order price,
commissions and other expenses may be apportioned on a weighted average basis. The Issuer acknowledges and agrees that (i) the determination by the Collateral Manager of any benefit to the Issuer will be subjective and will represent the
Collateral Manager’s evaluation at the time that the Issuer will be benefited by relatively better purchase or sale prices, lower brokerage commissions, lower transaction costs and expenses and beneficial timing of transactions or any
combination of any of these and/or other factors and (ii) the Collateral Manager shall be fully protected with respect to any such determination to the extent the Collateral Manager acts in accordance with the Collateral Manager Standard. 

(c) The Collateral Manager may, from time to time, be presented with investment opportunities that fall within the investment objectives of
the Issuer, of the Collateral Manager and its affiliates, of Clients of the Collateral Manager or its affiliates and of Persons with whom the Collateral Manager has entered into co-investment arrangements. In such circumstances, the Collateral
Manager expects to allocate such opportunities among the Collateral Manager, its affiliates, Clients of the Collateral Manager or its affiliates and any other Persons with whom the Collateral Manager has entered into any co-investment arrangement,
as applicable, in accordance with the allocation policy of the Collateral Manager, as such policy may be amended from time to time, and on a basis that the Collateral Manager determines in good faith is appropriate taking into consideration such
factors as any allocation and/or co-investment policy agreed to with any such Persons, as applicable, and the contractual and legal duties owed to such Persons, as applicable, the primary investment mandates of each, the capital available to each,
any restrictions on investment applicable thereto, the sourcing of the transaction, the size of the transaction, the amount of potential follow-on investing that may be required for such investment and the other investments held by each, the
relation of such opportunity to the investment 

  
 12 

 
strategy thereof, reasons of portfolio balance, the remaining investment or reinvestment period thereof and any other consideration deemed relevant by the Collateral Manager in good faith. The
Collateral Manager will seek to allocate investment opportunities across the Persons for which such opportunities are appropriate in a manner that is fair and equitable over time and consistent with (1) its internal conflict of interest and
allocation policies (as the same may be amended from time to time, the “Internal Policies”), (2) any allocation and/or co-investment policy or agreement entered into with any such Person, as each may be amended from time to
time, and (3) the requirements of applicable law. 
 (d) The Collateral Manager may effect Transactions where the Collateral Manager
causes a Transaction to be effected between the Issuer and another Client of the Collateral Manager or any of its affiliates at any time that the Collateral Manager believes such Transaction to be fair to the Issuer and the other such party
involved. The Collateral Manager may direct the Issuer to acquire or dispose of Collateral Obligations in trades between the Issuer and other Clients of the Collateral Manager or its affiliates in accordance with applicable contractual and
regulatory requirements. In such case, the Collateral Manager and such affiliates may have a potentially conflicting division of loyalties and responsibilities regarding the Issuer and the other parties to such trade. Under certain circumstances,
the Collateral Manager and its affiliates may determine that it is appropriate to avoid such conflicts by purchasing or selling a Collateral Obligation at a fair value that has been calculated pursuant to the Collateral Manager’s valuation
procedures to another Client of the Collateral Manager or such affiliates. 
 (e) The Collateral Manager may effect Transactions where the
Issuer may invest in loans and securities of Obligors or issuers in which the Collateral Manager and/or its affiliates have a debt, equity or participation interest or may acquire Collateral Obligations from the Collateral Manager or one of its
affiliates, in each case in accordance with applicable law, which may include, (a) in connection with the Issuer’s purchase of Closing Date Assets on the Closing Date, the Collateral Manager obtaining the consent and approval of or on
behalf of the Issuer by receiving the consent of the investors purchasing an interest in the Notes on the Closing Date as described in the section in the Final Offering Circular titled “Risk Factors—Relating to the Collateral
Obligations—Related Persons; Purchase Price of Closing Date Assets and Certain Additional Collateral Obligations Prior to the Effective Date”, and (b) in connection with the Issuer’s purchase of additional Collateral Obligations
after the Closing Date (other than the acquisition of any Collateral Obligation whose acquisition by the Issuer is consented to by the investors as described in clause (a)), the Collateral Manager, if required by applicable law or otherwise at its
discretion, obtaining the consent and approval thereto of the Issuer or of the Independent Review Party, if any, on behalf of the Issuer, in either case prior to engaging in any such transactions between the Issuer and the Collateral Manager or its
affiliates. 
 (f) In addition, in the future and with the prior blanket authorization of the Issuer, which can be revoked at any time
thereafter, the Collateral Manager may enter into agency cross transactions where it or any of its Affiliates acts as broker for the Issuer and for the other party to the transaction, to the extent permitted under applicable law. To the extent that
any such transactions are Affiliate Transactions, the Collateral Manager shall if required by applicable law and otherwise in its discretion may obtain the written consent to such transaction of the Issuer or of the Independent Review Party
appointed by the Issuer, if any. However, the Issuer will be barred from acquiring debt assets issued by Portfolio Companies. 
 (g) The
Issuer acknowledges and agrees that the Collateral Manager or any of its affiliates may acquire or sell Assets, for its own account or for the accounts of its Clients, without either requiring or precluding the acquisition or sale of such Assets for
the account of the Issuer. Such investments may be the same or different from those made on behalf of the Issuer. The Issuer acknowledges that, subject to the provisions of the Indenture, the Collateral Manager and its affiliates may enter into, for
their own accounts or for the accounts of others, credit default swaps relating to Obligors and issuers with respect to the Collateral Obligations and Eligible Investments included in the Assets. 

  
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 Section 4. Additional Activities of the Collateral Manager. 

Nothing herein shall prevent the Collateral Manager or any of its affiliates from engaging in other businesses, or from rendering services of
any kind to the Issuer, the Trustee, the Initial Purchaser, the Placement Agents, any Holder or their respective Affiliates or any other Person or entity regardless of whether such business is in competition with the Issuer or otherwise. Without
prejudice to the generality of the foregoing, partners, members, managers, shareholders, directors, officers, employees and agents of the Collateral Manager, affiliates of the Collateral Manager, and the Collateral Manager may: 

(a) serve as managers or directors (whether supervisory or managing), officers, employees, members, shareholders, partners, agents, nominees
or signatories for the Issuer or any affiliate thereof, or for any Obligor or issuer in respect of any of the Collateral Obligations, Equity Securities or Eligible Investments or any affiliate thereof, to the extent permitted by their respective
Organizational Instruments and Underlying Documents, as from time to time amended, or by any resolutions duly adopted by or on behalf of Issuer, its affiliates or any Obligor or issuer in respect of any of the Collateral Obligations, Eligible
Investments or Equity Securities (or any affiliate thereof) pursuant to their respective Organizational Instruments or otherwise; 
 (b)
receive fees for services of whatever nature, including, without limitation, origination, closing, structuring and other fees, rendered to the Obligor or issuer in respect of any of the Collateral Obligations, Eligible Investments or Equity
Securities or any affiliate thereof; 
 (c) be retained to provide services unrelated to this Agreement to the Issuer or its affiliates and
be paid therefor, on an arm’s-length basis; 
 (d) be a secured or unsecured creditor of, or hold a debt obligation of or equity
interest in, the Issuer or any affiliate thereof or any Obligor or issuer of any Collateral Obligation, Eligible Investment or Equity Security or any affiliate thereof; 

(e) subject to any applicable provisions in Section 3 or Section 5, sell any Collateral Obligation or Eligible
Investment to, or purchase or acquire any Collateral Obligation or Equity Security from, the Issuer while acting in the capacity of principal or agent; 

  
 14 

 (f) arrange, structure, originate or syndicate, act as a distributor of or make a market in any
Collateral Obligation, Equity Security or Eligible Investment; 
 (g) serve as a member of any “creditors’ board”,
“creditors’ committee” or similar creditor group with respect to any Collateral Obligation, Eligible Investment or Equity Security; or 

(h) act as collateral manager, portfolio manager, investment manager and/or investment adviser or sub-adviser for Persons issuing securities
backed by loans and other assets similar to the Assets, collateralized loan obligation vehicles, separately managed accounts, private funds or other pooled investment vehicles and other similar investment vehicles owned in whole or in part by any of
the Collateral Manager, any affiliate thereof, any other Related Person or any nonaffiliated third party. 
 As a result, such individuals
and Persons may possess information relating to Obligors and issuers of Collateral Obligations that is (a) not known to or (b) known but restricted as to its use by the individuals at the Collateral Manager responsible for monitoring the
Collateral Obligations and performing the other obligations of the Collateral Manager under this Agreement. Each of such ownership and other relationships may result in securities laws restrictions on transactions in such securities by the Issuer
and otherwise create conflicts of interest for the Issuer. The Issuer acknowledges and agrees that, in all such instances, the Collateral Manager and its affiliates may in their discretion make investment recommendations and decisions that may be
the same as or different from those made with respect to the Issuer’s investments and they have no duty, in making or managing such investments, to act in a way that is favorable to the Issuer. 

The Issuer acknowledges that the Collateral Manager does not expect to maintain information barriers with respect to confidential
communications which restrict the Collateral Manager from purchasing securities for itself, its affiliates or its Clients. The officers, employees or affiliates of the Collateral Manager may possess information relating to Obligors and issuers of
Collateral Obligations that is not known to the individuals at the Collateral Manager responsible for monitoring the Collateral Obligations and performing the other obligations under this Agreement. The Collateral Manager may from time to time come
into possession of material non-public information that limits the ability of the Collateral Manager to effect a transaction for the Issuer, and the Issuer’s investments may be constrained as a consequence of the Collateral Manager’s
inability to use such information for advisory purposes or otherwise to effect transactions that otherwise may have been initiated on behalf of the Issuer. 

The Collateral Manager in its discretion may not, or if required by applicable law will not, direct the Trustee to acquire or sell Collateral
Obligations, Equity Securities or Eligible Investments issued by (i) Persons of which the Collateral Manager, any of its affiliates or any of its officers, directors or employees are directors or officers, (ii) Persons of which the
Collateral Manager, or any of its respective affiliates act as principal or (iii) Persons about which the Collateral Manager or any of its affiliates have material non-public information which the Collateral Manager deems would prohibit it from
advising as to the trading of such obligations or securities in accordance with applicable law. 

  
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 It is understood that the Collateral Manager and any of its affiliates may engage in any other
business and furnish investment management and advisory services to others, including Persons which may have investment policies similar to those followed by the Collateral Manager with respect to the Assets and which may own obligations or
securities of the same class, or which are of the same type, as the Collateral Obligations or the Eligible Investments or other obligations or securities of the Obligors or issuers of the Collateral Obligations or the Eligible Investments. The
Collateral Manager will be free, in its sole discretion, to make recommendations to others, or effect transactions on behalf of itself or for others, which may be the same as or different from those effected with respect to the Assets. Nothing in
the Indenture or this Agreement shall prevent the Collateral Manager or any of its affiliates, acting either as principal or agent on behalf of others, from buying or selling, or from recommending to or directing any other account to buy or sell, at
any time, obligations or securities of the same kind or class, or obligations or securities of a different kind or class of the same Obligor or issuer, as those directed by the Collateral Manager to be purchased or sold on behalf of the Issuer. It
is understood that, to the extent permitted by applicable law, the Collateral Manager, its Owners, their affiliates or their respective Related Persons or any member of their families or a Person or entity advised by the Collateral Manager may have
an interest in a particular transaction or in obligations or securities of the same kind or class, or obligations or securities of a different kind or class of the same Obligor or issuer, as those whose acquisition or sale the Collateral Manager may
direct hereunder. If, in light of market conditions and investment objectives, the Collateral Manager determines that it would be advisable to purchase the same Collateral Obligation both for the Issuer, the Collateral Manager, any of its
affiliates, any Client of the Collateral Manager or of its affiliates and any other Person with whom the Collateral Manager has entered into any co-investment arrangement, as applicable, the Collateral Manager will allocate such investment
opportunities across such Person for which such opportunities are appropriate consistent with (i) its Internal Policies, (ii) any allocation and/or co-investment policy or agreement entered into with any such Person, as applicable, as each
may be amended from time to time, and (iii) any applicable requirements of the Advisers Act. The Issuer agrees that, in the course of managing the Collateral Obligations held by the Issuer, the Collateral Manager may consider its relationships
with its Clients (including Obligors and issuers) and its affiliates. The Collateral Manager may decline to make a particular investment for the Issuer in view of such relationships. 

The Issuer acknowledges and agrees that the Collateral Manager and its affiliates may make and/or hold investments on behalf of themselves or
on behalf of their respective Clients in an Obligor’s or issuer’s obligations or securities that may be pari passu, senior or junior in ranking to an investment in such Obligor’s or issuer’s obligations or securities made
and/or held by the Issuer, or otherwise may have interests different from or adverse to those of the Issuer and may consider such interests in the course of managing the Collateral Obligations held by the Issuer. 

Section 5. Conflicts of Interest. 

(a) Subject to compliance with any applicable laws and regulations and subject to this Agreement and the applicable provisions of the Master
Loan Sale Agreement and the Indenture, the Collateral Manager may direct the Trustee to acquire a Collateral Obligation from, or sell a 

  
 16 

 
Collateral Obligation or Equity Security to, the Collateral Manager, any of its affiliates or any Client of Collateral Manager or any of its affiliates for fair market value (or as may be
otherwise expressly required in the Transaction Documents (but in no event for less than fair market value) in connection with the repurchase or substitution of a Collateral Obligation by the Transferor under the Master Loan Sale Agreement). Fair
market value will be determined as follows in connection with any sale by the Issuer to the Collateral Manager, an Affiliate of the Collateral Manager, or an Affiliate of the Issuer: any Collateral Obligation or Equity Security sold by the Issuer to
an Affiliate shall be sold at a price equal to the value determined either (i) by reference to bids for such Collateral Obligation or Equity Security from three unaffiliated loan market participants (or, if the Collateral Manager is unable to
obtain bids from three such participants, then such lesser number of unaffiliated loan market participants from which the Collateral Manager can obtain bids using efforts consistent with the Collateral Manager Standard), or (ii) if the
Collateral Manager is unable to obtain any bids for such Collateral Obligation or Equity Security from an unaffiliated loan market participant, the value determined as the bid side market value of such Collateral Obligation or Equity Security either
(A) as reasonably determined by the Collateral Manager (so long as the Collateral Manager is a Registered Investment Adviser) consistent with the Collateral Manager Standard, which value shall be consented to by the Issuer through the
Independent Review Party, if any, when required or permitted pursuant to this Agreement and certified by the Collateral Manager to the Trustee or (B) as determined by a Valuation obtained by the Collateral Manager with respect thereto. The
Collateral Manager shall if required by applicable law and otherwise in its discretion may obtain the written consent of the Issuer or of the Independent Review Party appointed by the Issuer, if any, as provided herein if any such transaction
requires the consent of the Issuer under Section 206(3) of the Advisers Act (an “Affiliate Transaction”) or as may be otherwise requested by the Collateral Manager. The Issuer acknowledges that an affiliate of the Collateral
Manager will hold or beneficially own all or a portion of the outstanding Interests and certain Classes (or Class) of Notes, that the Collateral Manager, its affiliates, or Clients of the Collateral Manager or of its affiliates may acquire Notes or
Interests and that any such investment may give rise to conflicts of interest between the Collateral Manager’s duties to the Issuer under this Agreement and such other interests. In these and other circumstances, the interests of the Issuer
and/or the Holders with respect to matters as to which the Collateral Manager is advising the Issuer may conflict with the interests of the Collateral Manager, its affiliates or their respective Clients. The Issuer hereby acknowledges that various
potential and actual conflicts of interest may exist with respect to the Collateral Manager as described herein, in any other Transaction Document or in the Final Offering Circular; provided that nothing in this Section 5 shall be
construed as altering the duties of the Collateral Manager referred to in this Agreement. 
 (b) The Issuer, at its option, may appoint an
Independent third party to act on behalf of the Issuer (such party, an “Independent Review Party”) with respect to Affiliate Transactions or other actual or potential conflicts of interest relating to the Collateral Manager, its
affiliates and any other Related Persons. Decisions of any Independent Review Party shall be binding on the Collateral Manager, the Issuer, the Holders of the Notes and the beneficial owners thereof and the Holders of the Interests. 

(c) Any Independent Review Party (i) shall be an Independent Person selected by the Issuer (or at the request of the Issuer, selected by
the Collateral Manager), (ii) when requested to 

  
 17 

 
do so by the Collateral Manager, shall be required to assess the potential conflicts and merits of each applicable Affiliate Transaction and either grant or withhold consent to such Affiliate
Transaction in its sole judgment and (iii) shall be Independent with respect to the Issuer, the Collateral Manager and their respective Affiliates and not be (A) affiliated with the Issuer (other than as a Holder or beneficial owner of a
Note or as a passive investor in the Issuer or an affiliate of the Issuer) or the Collateral Manager or (B) involved in the daily management and control of the Issuer or the Collateral Manager. 

(d) The Issuer (i) shall be responsible for any fees relating to the services provided by any Independent Review Party and shall
reimburse any Independent Review Party for such Independent Review Party’s out-of-pocket expenses and (ii) may indemnify such Independent Review Party to the maximum extent permitted by law, subject to terms and conditions satisfactory to
the Collateral Manager. 
 Section 6. Records; Confidentiality. 

The Collateral Manager shall maintain or cause to be maintained appropriate books of account and records relating to its services performed
hereunder, and such books of account and records shall be accessible for inspection by representatives of the Issuer, the Trustee and the Independent accountants appointed by the Collateral Manager on behalf of the Issuer pursuant to Article X of
the Indenture at any time during normal business hours and upon not less than three (3) Business Days’ prior notice. The Collateral Manager shall keep confidential any and all information obtained in connection with the services rendered
hereunder and shall not disclose any such information to non-affiliated third parties (excluding any Holders of the Notes or Holders of the Interests) except (a) with the prior written consent of the Issuer, (b) such information as any
Rating Agency shall reasonably request in connection with its rating of the Notes or supplying credit ratings or estimates on any obligation included in the Assets, (c) in connection with establishing trading or investment accounts or otherwise
in connection with effecting Transactions on behalf of the Issuer, (d) as required by (i) applicable law, regulation, court order, or a request by a governmental regulatory agency with jurisdiction over the Collateral Manager or any of its
affiliates, (ii) the rules or regulations of any self-regulating organization, body or official having jurisdiction over the Collateral Manager or any of its affiliates or (iii) the Irish Stock Exchange, (e) to its professional
advisors (including, without limitation, legal, tax and accounting advisors), (f) such information as shall have been publicly disclosed other than in known violation of this Agreement, the Master Loan Sale Agreement, or the provisions of the
Indenture or shall have been obtained by the Collateral Manager on a non-confidential basis, (g) such information as is necessary or appropriate to disclose so that the Collateral Manager may perform its duties hereunder, under the Indenture or
any other Transaction Document or (h) general performance information which may be used by the Collateral Manager, its affiliates or Owners in connection with their marketing activities. Notwithstanding the foregoing, it is agreed that
(i) the Collateral Manager may disclose (1) that it is serving as collateral manager of the Issuer, (2) the nature, aggregate principal amount and overall performance of the Issuer’s Assets, (3) the amount of earnings on the
Assets, and (4) such other information about the Issuer, the Assets, the Notes and the Interests as is customarily disclosed by managers of collateralized loan obligations, and (2) each of the Collateral Manager’s respective
employees, representatives or other agents may disclose to any and all 

  
 18 

 
Persons, without limitation of any kind, the United States federal income tax treatment and United States federal income tax structure of the transactions contemplated by the Indenture, this
Agreement and the related documents and all materials of any kind (including opinions and other tax analyses) that are provided to them relating to such United States federal income tax treatment and United States income tax structure. For purposes
of this Section 6, the Holders of the Notes and the Holders of the Interests shall not be considered “non-affiliated third parties.” 

Section 7. Obligations of Collateral Manager. 

In accordance with the Collateral Manager Standard, the Collateral Manager shall take care to avoid taking any action that would
(a) materially adversely affect the status of the Issuer for purposes of United States federal or state law, or other law applicable to the Issuer, (b) not be permitted by the Issuer’s Organizational Instruments, copies of which the
Collateral Manager acknowledges the Issuer has provided to the Collateral Manager, (c) violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Issuer, including, without limitation, actions which
would violate any United States federal, state or other applicable securities law that is known by the Collateral Manager to be applicable to it and, in each case, the violation of which would have a Material Adverse Effect on the Issuer or have a
material adverse effect on the ability of the Collateral Manager to perform its obligations hereunder, (d) require registration of the Issuer or the pool of Assets as an “investment company” under Section 8 of the 1940 Act, or
(e) knowingly and willfully adversely affect the interests of the Holders of the Notes or the Holders of the Interests in the Assets in any material respect (other than (i) as expressly permitted hereunder, under the Master Loan Sale
Agreement or under the Indenture or (ii) in connection with any action taken in the ordinary course of business of the Collateral Manager in accordance with its fiduciary duties to its Clients). If the Collateral Manager is directed by the
Issuer or the requisite Holders of the Notes or Holders of the Interests, as applicable, to take any action which would, or could reasonably be expected to, in each case in its reasonable business judgment, have any such consequences, the Collateral
Manager shall promptly notify the Issuer that such action would, or could reasonably be expected to, in each case in its reasonable business judgment, have one or more of the consequences set forth above and shall not take such action unless the
Issuer then requests the Collateral Manager to do so and both a Majority of the Controlling Class and a Majority of the Interests have consented thereto in writing. Notwithstanding any such request, the Collateral Manager may, in its sole
discretion, choose not to take such action unless (1) arrangements satisfactory to it are made to insure or indemnify the Collateral Manager, affiliates of the Collateral Manager and stockholders, partners, members, managers, directors,
officers or employees of the Collateral Manager or such affiliates from any liability and expense it may incur as a result of such action and (2) if the Collateral Manager so requests in respect of a question of law, the Issuer delivers to the
Collateral Manager an opinion of counsel (from outside counsel satisfactory to the Collateral Manager) that the action so requested does not violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Issuer
or over the Collateral Manager. Neither the Collateral Manager, its affiliates, nor stockholders, partners, members, managers, directors, officers or employees of the Collateral Manager or of its affiliates shall be liable to the Issuer or any other
Person, except as provided in Section 10. Notwithstanding anything contained in this Agreement to the contrary, any indemnification or insurance by the Issuer provided for in this Section 7 or Section 10 shall be
payable out of the 

  
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Assets in accordance with the Priority of Payments, and the Collateral Manager may take into account such Priority of Payments in determining whether any proposed indemnity arrangements
contemplated by this Section 7 are satisfactory. 
 Section 8. Compensation. 

(a) As compensation for its performance of its obligations as Collateral Manager under this Agreement and the Indenture, the Collateral
Manager will be entitled to receive on each Payment Date (in accordance with the Priority of Payments) (i) a fee, which will accrue quarterly in arrears on each Payment Date (prorated for the related Interest Accrual Period), in an amount equal
to 0.25% per annum (calculated on the basis of the actual number of days in the applicable Collection Period divided by 360) of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date (the “Senior
Collateral Management Fee”), and (ii) a fee, which will accrue quarterly in arrears on each Payment Date (prorated for the related Interest Accrual Period), in an amount equal to 0.375% per annum (calculated on the basis of the
actual number of days in the applicable Collection Period divided by 360) of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date (the “Subordinate Collateral Management Fee” and, together
with the Senior Collateral Management Fee, the “Collateral Management Fees”); provided that the Collateral Management Fees due on any Payment Date shall not include any such fees (or any portion thereof) that have been waived
or deferred by the Collateral Manager pursuant to this Section 8(a) or Section 8(b) of this Agreement no later than the Determination Date immediately prior to such Payment Date. The Collateral Management Fee will be payable
on each Payment Date to the extent of the funds available for such purpose in accordance with the Priority of Payments. 
 The Senior
Collateral Management Fee is payable on each Payment Date only to the extent that sufficient Interest Proceeds or Principal Proceeds are available in accordance with the Priority of Payments. To the extent the Senior Collateral Management Fee is not
paid on a Payment Date due to insufficient Interest Proceeds or Principal Proceeds (and such fee was not voluntarily deferred or waived by the Collateral Manager), the Senior Collateral Management Fee due on such Payment Date (or the unpaid portion
thereof, as applicable, the “Senior Collateral Management Fee Shortfall Amount”) will be automatically deferred for payment on the succeeding Payment Date, with interest, in accordance with the Priority of Payments. Interest on
Senior Collateral Management Fee Shortfall Amounts shall accrue at LIBOR + 0.25% for the period beginning on the first Payment Date on which the related Senior Collateral Management Fee was due (and not paid) through the Payment Date on which such
Senior Collateral Management Fee Shortfall Amount (including accrued interest) is paid. 
 At the option of the Collateral Manager, by
written notice to the Trustee, no later than the Determination Date immediately prior to such Payment Date, on each Payment Date, (i) all or a portion of the Senior Collateral Management Fee or the Senior Collateral Management Fee Shortfall
Amount (including accrued interest) due and owing on such Payment Date may be deferred for payment on a subsequent Payment Date, without interest (the “Current Deferred Senior Management Fee”) and (ii) all or a portion of the
previously deferred Senior Collateral Management Fees or Senior Collateral Management Fee Shortfall Amounts (including accrued interest) (collectively, the “Cumulative Deferred Senior Management Fee”) may be declared due

  
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and payable and will be payable in accordance with the Priority of Payments. At such time as the Notes are redeemed in whole in connection with an Optional Redemption (other than a Refinancing)
or a Tax Redemption, without duplication, all accrued and unpaid Senior Collateral Management Fees, Current Deferred Senior Management Fees, Cumulative Deferred Senior Management Fees and Senior Collateral Management Fee Shortfall Amounts
(collectively, the “Aggregate Senior Collateral Management Fee”) shall be due and payable to the Collateral Manager. 
 The
Subordinate Collateral Management Fee is payable on each Payment Date only to the extent that sufficient Interest Proceeds or Principal Proceeds are available in accordance with the Priority of Payments. To the extent the Subordinate Collateral
Management Fee is not paid on a Payment Date due to insufficient Interest Proceeds or Principal Proceeds (and such fee was not voluntarily deferred or waived by the Collateral Manager), the Subordinate Collateral Management Fee due on such Payment
Date (or the unpaid portion thereof, as applicable, the “Subordinate Collateral Management Fee Shortfall Amount”) will be automatically deferred for payment on the succeeding Payment Date, with interest, in accordance with the
Priority of Payments. Interest on the Subordinate Collateral Management Fee Shortfall Amounts shall accrue at LIBOR + 0.25% for the period beginning on the first Payment Date on which the related Subordinate Collateral Management Fee was due (and
not paid) through the Payment Date on which such Subordinate Collateral Management Fee Shortfall Amount (including accrued interest) is paid. 

At the option of the Collateral Manager, by written notice to the Trustee, no later than the Determination Date immediately prior to such
Payment Date, on each Payment Date, (i) all or a portion of the Subordinate Collateral Management Fee or the Subordinate Collateral Management Fee Shortfall Amount (including accrued interest) due and owing on such Payment Date may be deferred
for payment on a subsequent Payment Date, without interest (the “Current Deferred Subordinate Management Fee”) and (ii) all or a portion of the previously deferred Subordinate Collateral Management Fees or Subordinate
Collateral Management Fee Shortfall Amounts (including accrued interest) (collectively, the “Cumulative Deferred Subordinate Management Fee”) may be declared due and payable and will be payable in accordance with the Priority of
Payments. At such time as the Notes are redeemed in whole in connection with an Optional Redemption (other than a Refinancing) or a Tax Redemption, without duplication, all accrued and unpaid Subordinate Collateral Management Fees, Current Deferred
Subordinate Management Fees, Cumulative Deferred Subordinate Management Fees and Subordinate Collateral Management Fee Shortfall Amounts (collectively, the “Aggregate Subordinate Collateral Management Fee” and, together with the
Aggregate Senior Collateral Management Fee, the “Aggregate Collateral Management Fees”) shall be due and payable to the Collateral Manager. 

(b) The Collateral Manager may, in its sole discretion (but shall not be obligated to), elect to waive all or any portion of the Collateral
Management Fees or the Aggregate Collateral Management Fees payable to the Collateral Manager on any Payment Date. Any such election shall be made by the Collateral Manager delivering written notice thereof to the Trustee no later than the
Determination Date immediately prior to such Payment Date. Any election to waive the Collateral Management Fees or the Aggregate Collateral Management Fees may also be made by written standing instructions to the Trustee; provided that such
standing instructions may be rescinded by the Collateral Manager at any time. 

  
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 (c) Except as otherwise set forth herein and in the Indenture, the Collateral Manager will
continue to serve as collateral manager under this Agreement notwithstanding that the Collateral Manager will not have received amounts due it under this Agreement because sufficient funds were not then available hereunder to pay such amounts in
accordance with the Priority of Payments. 
 (d) If this Agreement is terminated for any reason, or the Collateral Manager resigns or is
removed, (i) Collateral Management Fees calculated as provided in Section 8(a) shall be prorated for any partial period elapsing from the last Payment Date on which such Collateral Manager received the Collateral Management Fees to
the effective date of such termination, resignation or removal and (ii) any unpaid Cumulative Deferred Senior Management Fees or Cumulative Deferred Subordinate Management Fees shall be determined as of the effective date of such termination,
resignation or removal and, in each case, shall be due and payable on each Payment Date following the effective date of such termination, resignation or removal in accordance with the Priority of Payments until paid in full. Otherwise, such
Collateral Manager shall not be entitled to any further compensation for further services but shall be entitled to receive any expense reimbursement accrued to the effective date of termination, resignation or removal and any indemnity amounts owing
(or that may become owing) under this Agreement. Any Aggregate Collateral Management Fees, expense reimbursement and indemnities owed to such Collateral Manager or owed to any successor Collateral Manager on any Payment Date shall be paid pro
rata based on the amount thereof then owing to each such Person, subject to the Priority of Payments. 
 Section 9. Benefit of
the Agreement. 
 The Collateral Manager shall perform its obligations hereunder, under the Master Loan Sale Agreement and under the
Indenture in accordance with the terms of this Agreement and the terms of the Master Loan Sale Agreement and the Indenture applicable to it. The Collateral Manager agrees and consents to the provisions contained in Section 15.1(f) of the
Indenture. In addition, the Collateral Manager acknowledges the pledge under the granting clause of the Indenture. 
 Section 10.
Limits of Collateral Manager Responsibility. 
 (a) None of the Collateral Manager, its affiliates, its Owners or their respective
Related Persons nor any Independent Review Party assumes any responsibility under this Agreement other than the Collateral Manager assumes responsibility to render the services required to be performed by it hereunder, and under the terms of the
Indenture and the Master Loan Sale Agreement applicable to it. The Collateral Manager shall not be responsible for any action or inaction of the Issuer or the Trustee in following or declining to follow any advice, recommendation or direction of the
Collateral Manager including as set forth in Section 7. The Indemnified Parties (as defined below) shall not be liable to the Issuer, the Trustee, any Holder of Notes, any Holder of Interests, the Initial Purchaser, the Placement Agents,
any of their 

  
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respective affiliates, Owners or Related Persons or any other Persons for any act, omission, error of judgment, mistake of law, or for any claim, loss, liability, damage, judgment, assessment,
settlement, cost, or other expense (including attorneys’ fees and expenses and court costs) arising out of any investment, or for any other act or omission in the performance of the Collateral Manager’s obligations under or in connection
with this Agreement or the terms of any other Transaction Document applicable to the Collateral Manager, incurred as a result of actions taken or recommended or for any omissions of the Collateral Manager, or for any decrease in the value of the
Assets, except the Collateral Manager shall be liable (i) by reason of acts or omissions constituting bad faith, willful misconduct or gross negligence in the performance of its duties hereunder and under the terms of the Indenture or
(ii) with respect to the Collateral Manager Information, as of the date made, containing any untrue statement of a material fact or omitting to state a material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading (the preceding clauses (i) and (ii) collectively referred to for purposes of this Section 10 as “Collateral Manager Breaches”). The Collateral Manager shall not be liable
for any consequential, punitive, exemplary or treble damages or lost profits hereunder or under the Indenture. Nothing contained herein shall be deemed to waive any liability which cannot be waived under applicable state or federal law or any rules
or regulations adopted thereunder. 
 (b) The Issuer shall indemnify and hold harmless the Collateral Manager, its affiliates and Owners and
their respective Related Persons and the Independent Review Party, if any, (each, an “Indemnified Party”) from and against any and all losses, claims, damages, judgments, assessments, costs or other liabilities (collectively,
“Losses”) and will promptly reimburse each such Indemnified Party for all reasonable fees and expenses incurred by an Indemnified Party with respect thereto (including reasonable fees and expenses of counsel) (collectively,
“Expenses”) arising out of or in connection with the issuance of the Notes (including, without limitation, any untrue statement of material fact contained in the Offering Circulars, or 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, other than Collateral Manager Information), the transactions contemplated by the Offering Circulars, the
Indenture or this Agreement and any acts or omissions of any such Indemnified Party; provided that such Indemnified Party shall not be indemnified for any Losses or Expenses incurred as a result of any Collateral Manager Breach.
Notwithstanding anything contained herein to the contrary, the obligations of the Issuer under this Section 10 to indemnify any Indemnified Party for any Losses or Expenses are non-recourse obligations of the Issuer payable solely out of
the Assets in accordance with the Priority of Payments. 
 Section 11. No Joint Venture. 

The Issuer and the Collateral Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them
such partners or joint venturers or impose any liability as such on either of them. The Collateral Manager shall be deemed, for all purposes herein, an independent contractor and shall, except as otherwise expressly provided herein or in the
Indenture or authorized by the Issuer from time to time, have no authority to act for or represent the Issuer in any way or otherwise be deemed an agent of the Issuer. It is acknowledged that neither the Collateral Manager nor any of its affiliates
has provided or shall provide any tax, accounting or legal advice or assistance to the Issuer or any other Person in connection with the transactions contemplated hereby. 

  
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 Section 12. Term; Termination. 

(a) This Agreement shall commence as of the date first set forth above and shall continue in force until the first of the following occurs:
(i) the final liquidation of the Assets and the final distribution of the proceeds of such liquidation to the Holders of the Notes and the Holders of the Interests, (ii) the payment in full of the Notes and the satisfaction and discharge
of the Indenture in accordance with its terms or (iii) the early termination of this Agreement with respect to the Collateral Manager in accordance with Section 12(c), in connection with the resignation of such Collateral Manager
pursuant to Section 12(b) or in connection with the removal of such Collateral Manager pursuant to Section 14. 

(b) Subject only to clause (c) below, the Collateral Manager may resign upon ninety (90) days’ prior written notice to
the Issuer (or such shorter notice as is acceptable to the Issuer), the Holders and the Trustee; provided that the Collateral Manager shall have the right to resign immediately upon the effectiveness of any material change in applicable law
or regulations which renders the performance by the Collateral Manager of its duties hereunder or under the Indenture to be a violation of such law or regulation. 

(c) Notwithstanding the provisions of clause (b) above, no resignation or removal of the Collateral Manager or termination of this
Agreement with respect to such Collateral Manager in connection with such resignation or removal shall be effective until the date as of which a successor Collateral Manager shall have been appointed in accordance with Section 12(d) or
Section 12(e) and shall have accepted all of the Collateral Manager’s duties and obligations pursuant to this Agreement in writing (an “Instrument of Acceptance”) and shall have assumed such duties and obligations.

 (d) Promptly after notice of any removal under Section 14 or any resignation of the Collateral Manager that is to take place
while any of the Notes are Outstanding, the Issuer shall transmit copies of such notice to the Trustee (which shall forward a copy of such notice to the Holders) and each Rating Agency and shall appoint a successor Collateral Manager, at the
direction of a Majority of the Interests, which (i) has demonstrated an ability to professionally and competently perform duties similar to those imposed upon the Collateral Manager hereunder, (ii) is legally qualified and has the capacity
to assume all of the responsibilities, duties and obligations of the Collateral Manager hereunder and under the applicable terms of the Indenture, (iii) does not cause or result in the Issuer becoming, or require the pool of Assets to be
registered as, an investment company under the 1940 Act, (iv) with respect to which the Global Rating Agency Condition has been satisfied and (v) has been approved by a Majority of the Controlling Class. 

(e) If (i) a Majority of the Interests fails to nominate a successor within thirty (30) days of initial notice of the resignation or
removal of the Collateral Manager or (ii) a Majority of the Controlling Class does not approve the proposed successor nominated by the Holders of the Interests within twenty (20) days of the date of the notice of such nomination, then a
Majority of 

  
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the Controlling Class shall, within sixty (60) days of the failure described in clauses (i) or (ii) of this sentence, as the case may be, nominate a successor
Collateral Manager that meets the criteria set forth in Section 12(d). If a Majority of the Interests approves such Controlling Class nominee, such nominee shall become the Collateral Manager. If no successor Collateral Manager is
appointed within ninety (90) days (or, in the event of a change in applicable law or regulation which renders the performance by the Collateral Manager of its duties under this Agreement or the Indenture to be a violation of such law or
regulation, within thirty (30) days) following the termination or resignation of the Collateral Manager, any of the Collateral Manager, a Majority of the Interests and a Majority of the Controlling Class shall have the right to petition a court
of competent jurisdiction to appoint a successor Collateral Manager, in any such case whose appointment shall become effective after such successor has accepted its appointment and without the consent of any Holder of any Note or any Holder of any
Interest. 
 (f) The successor Collateral Manager shall be entitled to the Collateral Management Fees set forth in Section 8(a)
(except such portion of the Collateral Management Fees due and payable to the former Collateral Manager as set forth in Section 8(d)) and no compensation payable to such successor Collateral Manager shall be greater than as set forth in
Section 8(a) without the prior written consent of 100% of the Holders of each Class of Notes, including Collateral Manager Notes, and of 100% of the Holders of the Interests. Upon the later of the expiration of the applicable notice
periods with respect to termination specified in this Section 12 or in Section 14 and the acceptance of its appointment hereunder by the successor Collateral Manager, all authority and power of the Collateral Manager
hereunder, whether with respect to the Assets or otherwise, shall automatically and without action by any Person or entity pass to and be vested in the successor Collateral Manager. The Issuer, the Trustee and the successor Collateral Manager shall
take such action (or the Issuer shall cause the outgoing Collateral Manager to take such action) consistent with this Agreement and as shall be necessary to effect any such succession. 

(g) If this Agreement is terminated pursuant to this Section 12, such termination shall be without any further liability or
obligation of either party to the other, except as provided in clause (h) below. 
 (h) Sections 6, 10, 15,
17, 21, 22, 23 and 25 shall survive any termination of this Agreement pursuant to this Section 12 or Section 14. 

Section 13. Assignments. 

(a) Except as otherwise provided in this Section 13, the Collateral Manager may not assign or delegate (except as provided in
Section 2(e)) its rights or responsibilities under this Agreement without (i) satisfaction of the Global Rating Agency Condition with respect thereto and (ii) obtaining the consent of the Issuer and the consent of a Majority of
the Controlling Class and a Majority of the Interests (voting separately). The Collateral Manager shall not be required to obtain such consents or satisfy such condition with respect to a change of control transaction that is deemed to be an
assignment within the meaning of Section 202(a)(1) of the Advisers Act at the time of any such transaction; provided that, if the Collateral Manager is a Registered Investment Adviser, the Collateral Manager shall if required by
applicable law and otherwise in 

  
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its discretion may obtain the consent of the Issuer or of the Independent Review Party, if any, on behalf of the Issuer, in a manner consistent with SEC Staff interpretations of
Section 205(a)(2) of the Advisers Act, to any such transaction. For the avoidance of doubt, consent by the Issuer or by any Independent Review Party shall be presumed to be granted should the Issuer or such Independent Review Party fail to
object within a reasonable period following appropriate notice by the Collateral Manager of an actual, potential or intended change of control transaction. 

(b) The Collateral Manager may without satisfaction of the Global Rating Agency Condition, without obtaining the consent of any Holder and, so
long as such assignment does not constitute an “assignment” for purposes of Section 205(a)(2) of the Advisers Act during such time as the Collateral Manager is a Registered Investment Adviser, without obtaining the prior consent of
the Issuer or of the Independent Review Party, if any, on behalf of the Issuer if such consent is not then required by applicable law, (1) assign any of its rights or obligations under this Agreement to an Affiliate; provided that such
Affiliate (i) has demonstrated an ability to professionally and competently perform duties similar to those imposed upon the Collateral Manager pursuant to this Agreement, (ii) has the legal right and capacity to act as Collateral Manager
under this Agreement, and (iii) shall not cause the Issuer or the pool of Assets to become required to register under the provisions of the 1940 Act or (2) enter into (or have its parent, if any, enter into) any consolidation or
amalgamation with, or merger with or into, conversion, or transfer of all or substantially all of its assets to, another entity; provided that, at the time of such consolidation, amalgamation, merger, conversion or transfer the resulting,
surviving or transferee entity assumes all the obligations of the Collateral Manager under this Agreement generally and the other entity has substantially the same investment personnel managing the Issuer’s Assets; provided,
further, that such action does not cause the Issuer to be subject to tax in any jurisdiction; provided, further, that the Collateral Manager shall deliver prior notice to the Rating Agencies of any assignment or other action
made pursuant to this sentence. Upon the execution and delivery of any such assignment by the assignee, the Collateral Manager will be released from further obligations pursuant to this Agreement except with respect to its obligations and agreements
arising under Section 10, 12(g), 17, 21 through 23, and 25 in respect of acts or omissions occurring prior to such assignment and except with respect to its obligations under Section 15
after such assignment. 
 (c) This Agreement shall not be assigned by the Issuer without (i) the prior written consent of (A) the
Collateral Manager, (B) a Majority of the Interests and (C) a Majority of each Class of Notes (voting separately) and (ii) satisfaction of the Global Rating Agency Condition, except in the case of assignment by the Issuer (1) to
an entity which is a successor to the Issuer permitted under the Indenture, in which case such successor entity shall be bound hereunder and by the terms of said assignment in the same manner as the Issuer is bound hereunder or (2) to the
Trustee as contemplated by the granting clause of the Indenture. The Issuer has assigned its rights, title and interest in (but not its obligations under) this Agreement to the Trustee pursuant to the Indenture; and the Collateral Manager by its
signature below agrees to, and acknowledges, such assignment. Upon assignment by the Issuer, the Issuer shall use reasonable efforts to cause such assignee to execute and deliver to the Collateral Manager such documents as the Collateral Manager
shall consider reasonably necessary to effect fully such assignment. 
 (d) The Issuer shall provide the Rating Agencies and the Trustee
(who shall provide a copy of such notice to the Controlling Class) with notice of any assignment pursuant to this Section 13. 

  
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 Section 14. Removal for Cause. 

(a) The Collateral Manager may be removed for Cause upon ten (10) Business Days’ prior written notice by the Issuer
(“Termination Notice”) at the direction of a Supermajority of the Controlling Class. Simultaneous with its direction to the Issuer to remove the Collateral Manager for Cause, a Supermajority of the Controlling Class shall give to
the Issuer a written statement setting forth the reason for such removal (“Statement of Cause”). The Issuer shall deliver to the Trustee (who shall deliver a copy of such notice to the Holders) a copy of the Termination Notice and
the Statement of Cause within five (5) Business Days of receipt. No such removal shall be effective (A) until the date as of which a successor Collateral Manager shall have been appointed in accordance with Sections 12(d) and
(e) and delivered an Instrument of Acceptance to the Issuer and the removed Collateral Manager and the successor Collateral Manager shall have effectively assumed all of the Collateral Manager’s duties and obligations and
(B) unless the Statement of Cause has been delivered to the Issuer as set forth in this Section 14(a). “Cause” shall mean any of the following: 

(i) the Collateral Manager shall willfully and intentionally violate or breach any material provision of this Agreement or the Indenture
applicable to it (not including a willful and intentional breach that results from a good faith dispute regarding reasonable alternative courses of action or interpretation of instructions); 

(ii) the Collateral Manager shall breach any provision of this Agreement or any terms of the Indenture applicable to it (other than as covered
by clause (i) and it being understood that failure to meet any Concentration Limitation, Collateral Quality Test or Coverage Test is not a breach for purposes of this clause (ii)), which breach would reasonably be expected to have
a material adverse effect on any Class of Noteholders and shall not cure such breach (if capable of being cured) within thirty (30) days after the earlier to occur of a Responsible Officer of the Collateral Manager receiving notice or having
actual knowledge of such breach, unless, if such breach is remediable, the Collateral Manager has taken action commencing the cure thereof within such thirty (30) day period that the Collateral Manager believes in good faith will remedy such
breach within sixty (60) days after the earlier to occur of a Responsible Officer receiving notice or having actual knowledge thereof; 

(iii) the failure of any representation, warranty, certification or statement made or delivered by the Collateral Manager in or pursuant to
this Agreement or the Indenture to be correct in any material respect when made which failure (A) would reasonably be expected to have a material adverse effect on any Class of Noteholders and (B) is not corrected by the Collateral Manager
within thirty (30) days of a Responsible Officer of the Collateral Manager receiving notice of such failure, unless, if such failure is remediable, the Collateral Manager has taken action commencing the cure thereof within such thirty
(30) day period that the Collateral Manager believes in good faith will remedy such failure within sixty (60) days after the earlier to occur of a Responsible Officer receiving notice thereof or having actual knowledge thereof; 

  
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 (iv) the Collateral Manager is wound up or dissolved or there is appointed over it or a
substantial part of its assets a receiver, administrator, administrative receiver, trustee or similar officer; or the Collateral Manager (A) ceases to be able to, or admits in writing its inability to, pay its debts as they become due and
payable, or makes a general assignment for the benefit of, or enters into any composition or arrangement with, its creditors generally; (B) applies for or consents (by admission of material allegations of a petition or otherwise) to the
appointment of a receiver, trustee, assignee, custodian, liquidator or sequestrator (or other similar official) of the Collateral Manager or of any substantial part of its properties or assets in connection with any winding up, liquidation,
reorganization or other relief under any bankruptcy, insolvency, receivership or similar law, or authorizes such an application or consent, or proceedings seeking such appointment are commenced without such authorization, consent or application
against the Collateral Manager and continue undismissed for sixty (60) days; (C) authorizes or files a voluntary petition in bankruptcy, or applies for or consents (by admission of material allegations of a petition or otherwise) to the
application of any bankruptcy, reorganization, arrangement, readjustment of debt, insolvency, dissolution, or similar law, or authorizes such application or consent, or proceedings to such end are instituted against the Collateral Manager without
such authorization, application or consent and are approved as properly instituted and remain undismissed for sixty (60) days or result in adjudication of bankruptcy or insolvency or the issuance of an order for relief; or (D) permits or
suffers all or any substantial part of its properties or assets to be sequestered or attached by court order and the order (if contested in good faith) remains undismissed for sixty (60) days; 

(v) the occurrence and continuation of an Event of Default pursuant to Section 5.1(a), (b) or (c) of the Indenture that results
primarily from any material breach by the Collateral Manager of its duties under this Agreement or under the Indenture which breach or default is not cured within any applicable cure period; or 

(vi) (A) the occurrence of an act by the Collateral Manager that constitutes fraud or criminal activity in the performance of its obligations
under this Agreement (as determined pursuant to a final adjudication by a court of competent jurisdiction) or the Collateral Manager being indicted for a criminal offense materially related to its business of providing asset management services, or
(B) any Responsible Officer of the Collateral Manager primarily responsible for the performance by the Collateral Manager of its obligations under this Agreement (in the performance of his or her investment management duties) is indicted for a
criminal offense materially related to the business of the Collateral Manager providing asset management services and continues to have responsibility for the performance by the Collateral Manager under this Agreement for a period of ten
(10) days after such indictment. 
 (b) If any of the events specified in clauses (a)(i) through (vi) of this
Section 14 shall occur, the Collateral Manager shall give prompt written notice thereof to the Issuer, the Holders, the Trustee and each Rating Agency; provided that if any of the events specified in Section 14(a)(iv)
shall occur, the Collateral Manager shall give written notice thereof to the Issuer, the Trustee and each Rating Agency immediately upon the Collateral Manager’s becoming aware of the occurrence of such event. A Majority of each Class of Notes,
voting separately by Class, and a Majority of the Interests, may waive any event described in Section 14(a)(i), (ii), (iii), (v) or (vi) as a basis for termination of this Agreement and removal of
the Collateral Manager under this Section 14. In no event will the Trustee be required to determine whether or not Cause exists for the removal of the Collateral Manager. 

(c) If the Collateral Manager is removed pursuant to this Section 14, the Issuer shall have, in addition to the rights and
remedies set forth in this Agreement, all of the rights and remedies available with respect thereto at law or equity. 

  
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 Section 15. Obligations of Resigning or Removed Collateral Manager. 

(a) On, or as soon as practicable after, the date any resignation or removal is effective, the Collateral Manager shall (at the Issuer’s
expense): 
 (i) deliver to the Issuer or to such other Person as the Issuer shall instruct all property and documents of the Issuer or
otherwise relating to the Assets then in the custody of the Collateral Manager; 
 (ii) deliver to the Trustee an accounting with respect
to the books and records delivered to the Trustee or the successor Collateral Manager appointed pursuant to Section 12; 

(iii) agree to cooperate with all reasonable requests related to any proceedings, even after its resignation or removal, which arise in
connection with this Agreement or the Indenture, assuming the Collateral Manager has received an indemnity in form reasonably satisfactory to the Collateral Manager from an entity reasonably satisfactory to the Collateral Manager, and expense
reimbursement reasonably satisfactory to the Collateral Manager; and 
 (iv) to the extent such payments are then being made into the
Concentration Account, direct the Obligors and loan agents under the Collateral Obligations to make payments with respect to the Collateral Obligations directly to the Collection Account. 

(b) Notwithstanding such resignation or removal, the Collateral Manager shall remain liable for its obligations under Section 10
and its acts or omissions giving rise thereto and for any expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable attorneys’ fees) in respect of or arising out of a Collateral Manager
Breach, subject to the limitations of liability set forth in Section 10. 
 Section 16. Representations and
Warranties. 
 (a) The Issuer hereby represents and warrants to the Collateral Manager as follows: 

(i) The Issuer has been duly organized and is validly existing under the laws of the jurisdiction of its organization, has the full power and
authority to own its assets and the securities proposed to be owned by it and included in the Assets and to transact the business in which it is presently engaged and is duly qualified under the laws of each jurisdiction where its ownership or lease
of property, the conduct of its business or the performance of this Agreement, the Indenture, the Master Loan Sale Agreement and the Notes require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized
or licensed would not have a Material Adverse Effect on the Issuer. 

  
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 (ii) The Issuer has full power and authority to execute, deliver and perform all of its
obligations under this Agreement, the Indenture, the Master Loan Sale Agreement and the Notes and has taken all necessary action to authorize this Agreement and the execution and delivery of this Agreement and the performance of all obligations
imposed upon it hereunder, and, as of the Closing Date, will have taken all necessary action to authorize the Indenture, the Master Loan Sale Agreement and the Notes and the execution, delivery and performance of this Agreement, the Indenture, the
Master Loan Sale Agreement and the Notes and the performance of all obligations imposed upon it thereunder. No consent of any other Person including, without limitation, the Holders of Interests and creditors of the Issuer, and no license, permit,
approval or authorization of, exemption by, notice or report to, or registration, filing (other than any filings pursuant to the UCC required under the Indenture and necessary to perfect any security interest granted thereunder) or declaration with,
any governmental authority is required by the Issuer in connection with the execution, delivery, performance, validity or enforceability of this Agreement, the Indenture, the Master Loan Sale Agreement or the Notes or the obligations imposed upon
the Issuer hereunder and thereunder. This Agreement has been, and each instrument and document to which the Issuer is a party required hereunder or under the Indenture, the Master Loan Sale Agreement or the Notes will be, executed and delivered by a
Responsible Officer of the Issuer, and this Agreement constitutes, and each instrument or document required hereunder to which the Issuer is a party, when executed and delivered hereunder, will constitute, the legally valid and binding obligation of
the Issuer enforceable against the Issuer in accordance with its terms, subject, as to enforcement, (A) to the effect of bankruptcy, receivership, insolvency, winding-up or similar laws affecting generally the enforcement of creditors’
rights as such laws would apply in the event of any bankruptcy, receivership, insolvency, winding-up or similar event applicable to the Issuer and (B) to general equitable principles (whether enforceability of such principles is considered in a
proceeding at law or in equity). 
 (iii) The execution, delivery and performance of this Agreement and the documents and instruments
required hereunder and under the Indenture and the Master Loan Sale Agreement will not violate any provision of any existing law or regulation binding on the Issuer, or any order, judgment, award or decree of any court, arbitrator or governmental
authority binding on the Issuer, or the Organizational Instruments of, or any securities issued by, the Issuer or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Issuer is a party or by which
the Issuer or any of its assets may be bound, the violation of which would have a Material Adverse Effect on the Issuer, and will not result in or require the creation or imposition of any lien on any of its property, assets or revenues pursuant to
the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking (other than the lien of the Indenture). 

(iv) The Issuer is not in violation of its Organizational Instruments or in breach or violation of or in default under any contract or
agreement to which it is a party or by which it or any of its property may be bound, or any applicable statute or any rule, regulation or order of any court, government agency or body having jurisdiction over the Issuer or its properties, the breach
or violation of which or default under which would have a material adverse effect on the validity or enforceability of this Agreement or the provisions of the Indenture applicable to the Issuer, or the performance by the Issuer of its duties
hereunder or thereunder. 
 (v) The Issuer acknowledges receipt of the Collateral Manager’s Form ADV, Part 2A at or prior to execution
of this Agreement, as well as Part 2B reflecting relevant Collateral Manager personnel, as required by the Advisers Act. The Issuer acknowledges such Form ADV, Part 2A includes a description of the Collateral Manager’s proxy voting policies.
The Issuer understands that it may receive a copy of such proxy voting policies as well as information as to how the Collateral Manager has voted proxies, if any, related to securities held by the Issuer by contacting the Collateral Manager. 

  
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 (b) The Collateral Manager hereby represents and warrants to the Issuer, as of the date hereof,
as follows: 
 (i) The Collateral Manager is a corporation duly incorporated and validly existing and in good standing under the laws of
the jurisdiction of its incorporation and has full power and authority to own its assets and to transact the business in which it is currently engaged, and is duly qualified to do business and is in good standing under the laws of each jurisdiction
where the performance of this Agreement would require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized or licensed would not have a material adverse effect on the ability of the Collateral
Manager to perform its obligations under this Agreement and the provisions of the Indenture and the Master Loan Sale Agreement applicable to the Collateral Manager, or on the validity or enforceability of this Agreement and the provisions of the
Indenture and the Master Loan Sale Agreement applicable to the Collateral Manager. 
 (ii) The Collateral Manager has full power and
authority to execute and deliver this Agreement and to perform all of its obligations required hereunder and under the provisions of the Indenture and the Master Loan Sale Agreement applicable to the Collateral Manager, and has taken all necessary
action to authorize this Agreement on the terms and conditions hereof and the execution and delivery of this Agreement and the performance of all obligations required hereunder and under the terms of the Indenture and the Master Loan Sale Agreement
applicable to the Collateral Manager. No consent of any other Person, including, without limitation, equityholders and creditors of the Collateral Manager, and no license, permit, approval or authorization of, exemption by, notice or report to, or
registration, filing or declaration with, any governmental authority is required by the Collateral Manager hereof in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this Agreement or the
obligations imposed on the Collateral Manager hereunder or under the terms of the Indenture and of the Master Loan Sale Agreement applicable to the Collateral Manager other than those which have been obtained or made. No representation is made
herein with respect to the requirements of state securities laws or regulations. This Agreement has been executed and delivered by a Responsible Officer of the Collateral Manager, and this Agreement constitutes the valid and legally binding
obligation of the Collateral Manager enforceable against the Collateral Manager in accordance with its terms, subject, as to enforcement, (A) to the effect of bankruptcy, insolvency, winding-up or similar laws affecting generally the
enforcement of creditors’ rights as such laws would apply in the event of any 

  
 31 

 
bankruptcy, receivership, insolvency, winding-up or similar event applicable to the Collateral Manager and (B) to general equitable principles (whether enforceability of such principles is
considered in a proceeding at law or in equity). 
 (iii) The execution, delivery and performance of this Agreement and the terms of the
Indenture and of the Master Loan Sale Agreement applicable to the Collateral Manager will not violate any provision of any existing law or regulation binding on the Collateral Manager (except that no representation is made herein with respect to the
requirements of state securities laws or regulations), or any order, judgment, award or decree of any court, arbitrator or governmental authority binding on the Collateral Manager, or the Organizational Instruments of, or any securities issued by,
the Collateral Manager or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Collateral Manager is a party or by which the Collateral Manager or any of its assets may be bound, the violation of
which would have a material adverse effect on the business, operations, assets or financial condition of the Collateral Manager or which would reasonably be expected to materially adversely affect its ability to perform its obligations hereunder or
under the Indenture or the Master Loan Sale Agreement. 
 (iv) There is no charge, investigation, action, suit or proceeding before or by
any court pending or, to the actual knowledge of the Collateral Manager, threatened, that, if determined adversely to the Collateral Manager, would have a material adverse effect upon the performance by the Collateral Manager of its duties under
this Agreement or the provisions of the Indenture or of the Master Loan Sale Agreement applicable to the Collateral Manager. 
 (v) The
Collateral Manager Offering Circular Information in the Final Offering Circular, as of the date of the Final Offering Circular and the Closing Date, does not contain 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. 
 (vi)
The only entities with rights with respect to any funds in the Concentration Account are and will be parties to the Intercreditor Agreement, and the Collateral Manager does not currently, and will not, act on behalf of any of its Affiliates who are
not parties to the Intercreditor Agreement to flow funds with respect to Other Assets (as defined in the Intercreditor Agreement) through the Concentration Account. 

(c) The Collateral Manager makes no representation, express or implied, with respect to the Issuer or the disclosure with respect to the
Issuer. 
 (d) The Collateral Manager is registered as an Investment Adviser pursuant to Section 203 of the Advisers Act. 

Section 17. Limited Recourse; No Petition. 

The Collateral Manager hereby agrees that it shall not institute against, or join any other Person in instituting against, the Issuer any
bankruptcy, reorganization, arrangement, insolvency, 

  
 32 

 
moratorium or liquidation proceedings or other proceedings under United States federal or state or other bankruptcy or similar laws until at least one year (or, if longer, the applicable
preference period then in effect) plus one day after payment in full of all Notes issued under the Indenture; provided that nothing in this Section 17 shall preclude the Collateral Manager from (A) taking any action prior to
the expiration of such applicable preference period in (x) any case or proceeding voluntarily filed or commenced by the Issuer or (y) any insolvency proceeding filed or commenced against the Issuer by any Person other than the Collateral
Manager or (B) commencing against the Issuer or any of its properties any legal action that is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding. The Collateral Manager hereby acknowledges and
agrees that the Issuer’s obligations hereunder will be solely the limited liability company obligations of the Issuer, and that the Collateral Manager will not have any recourse to any of the Affiliates of the Issuer or any of the shareholders,
partners, managers, members, officers or employees of the Issuer or of any Affiliate of the Issuer with respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection with any Transactions contemplated hereby.
Notwithstanding any other provisions hereof or of any other Transaction Document, recourse in respect of any obligations of the Issuer to the Collateral Manager hereunder or thereunder will be limited to the Assets as applied in accordance with the
Priority of Payments pursuant to the Indenture and, on the exhaustion of the Assets, all claims against the Issuer arising from this Agreement, the Indenture or any other Transaction Document or any Transactions contemplated hereby or thereby shall
be extinguished and shall not revive. This Section 17 shall survive the termination of this Agreement for any reason whatsoever. 

Section 18. Notices. 

Unless expressly provided otherwise herein, all notices, demands, certificates, requests, directions and communications hereunder shall be in
writing and shall be effective (a) upon receipt when sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt,
(b) one (1) Business Day after delivery to any overnight courier, (c) on the date personally delivered to a Responsible Officer of the party to which sent, (d) on the date transmitted by legible facsimile transmission with a
confirmation of receipt, or (e) upon receipt when transmitted by electronic mail transmission, in all cases addressed to the recipient at such recipient’s address for notices as set forth below: 

(a) If to the Issuer: 
 NewStar
Commercial Loan Funding 2016-1 LLC 
 c/o NewStar Financial, Inc. 

500 Boylston Street, Suite 1250 

Boston, Massachusetts 02116 

Attention: Brian Forde 

Facsimile No. (617) 848-4373 

Email: operations@newstarfin.com 

  
 33 

 (b) If to the Collateral Manager: 

NewStar Financial, Inc. 
 500
Boylston Street, Suite 1250 
 Boston, Massachusetts 02116 

Attention: Brian Forde 

Facsimile No. (617) 848-4373 

Email: operations@newstarfin.com 

(c) If to the Trustee: 
 U.S.
Bank National Association 
 One Federal Street, 3rd Floor 

Boston, Massachusetts 02110 

Attention: NewStar Commercial Loan Funding 2016-1 LLC (Jack Lindsay) 

Facsimile No. (855) 869-2187 

Email: jack.lindsay@usbank.com 

(d) If to the Holders: 
 At
their respective addresses set forth in the Register, as applicable. 
 Any party may change the address, telecopy number, or email address
to which communications or copies directed to such party are to be sent by giving notice to the other parties of such change of address, telecopy number, or email address in conformity with the provisions of this Section 18 for the
giving of notice. 
 Unless the parties hereto otherwise agree, (i) notices and other communications sent to an e-mail address shall be
deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgment), and (ii) notices or
communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication
is available and identifying the website address therefor, provided, that if any such notice or other communication is not sent or posted during normal business hours, such notice or communication shall be deemed to have been sent at the opening of
business on the next Business Day; provided, further, that if in any instance the intended recipient declines or opts out of the receipt acknowledgment, then such notice or communication shall be deemed to have been received on the Business Day sent
or posted, if sent or posted during normal business hours on such Business Day, or if otherwise, at the opening of business on the next Business Day. 

Section 19. Binding Nature of Agreement; Successors and Assigns. 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns as
provided herein. 

  
 34 

 Section 20. Entire Agreement; Amendment. 

This Agreement, the Indenture and the Master Loan Sale Agreement contain the entire agreement and understanding among the parties hereto with
respect to the subject matter hereof, and supersede all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The
express terms hereof and thereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing executed by
each of the parties hereto. Neither the Issuer nor the Collateral Manager will enter into any agreement amending, modifying or terminating this Agreement without satisfaction of the Global Rating Agency Condition and obtaining the consent of a
Majority of the Controlling Class and a Majority of the Interests (voting separately); provided that no such Global Rating Agency Condition or consent will be required in connection with any amendment hereto the sole purpose of which is to
(i) correct inconsistencies, typographical or other errors, defects or ambiguities or (ii) conform this Agreement to the Final Offering Circular or the Indenture (as it may be amended from time to time). The Issuer shall provide the
Holders with notice of any amendment of this Agreement. 
 Section 21. Governing Law. 

THIS AGREEMENT SHALL BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICTS OF LAWS PROVISIONS (OTHER THAN SECTION
5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW), provided that nothing herein shall be construed in a manner that is inconsistent with the Advisers Act to the extent the Advisers Act is applicable. 

Section 22. Submission to Jurisdiction. 

Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in the Borough
of Manhattan in The City of New York in any action or proceeding arising out of or relating this Agreement, and hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State or
Federal court. Each party hereto hereby irrevocably waives, to the fullest extent that it may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. Each party hereto irrevocably consents to the service
of any and all process in any action or proceeding by the mailing or delivery of copies of such process to it the address set forth in Section 18. Each party hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 Section 23.
Waiver of Jury Trial. 
 EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING. 

  
 35 

 Section 24. Conflict with the Indenture. 

In respect of any conflict between the terms of this Agreement and the Indenture or actions required under the terms of the Indenture and the
terms of this Agreement, the terms of the Indenture shall control. 
 Section 25. Subordination; Assignment of Agreement. 

The Collateral Manager agrees that the payment of all amounts to which it is entitled pursuant to this Agreement shall be subordinated to the
extent set forth in, and the Collateral Manager agrees to be bound by the provisions of, Article XI of the Indenture as if the Collateral Manager were a party to the Indenture and hereby consents to the assignment of this Agreement as provided in
Section 15.1 of the Indenture. 
 Section 26. Indulgences Not Waivers. 

Neither the failure nor any delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right,
remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party
asserted to have granted such waiver. 
 Section 27. Costs and Expenses. 

Except as otherwise agreed to by the parties hereto, the costs and expenses (including the fees and disbursements of counsel and accountants)
of the Collateral Manager and of the Issuer incurred in connection with the negotiation and preparation of and the execution of this Agreement and any amendment hereto, and all matters incidental thereto, shall be borne by the Issuer. The Issuer
will pay or reimburse the Collateral Manager for expenses including fees and out-of-pocket expenses reasonably incurred by the Collateral Manager in connection with the services provided by the Collateral Manager under this Agreement, the Indenture
or the Master Loan Sale Agreement, including with respect to (a) legal advisers, consultants, rating agencies, accountants (including tax accountants), brokers and other professionals retained by the Issuer or the Collateral Manager (on behalf
of the Issuer), (b) asset pricing and asset rating services, compliance services and software, and accounting, programming and data entry services directly related to the management of the Assets, (c) all taxes, regulatory and governmental
charges (not based on the income of the Collateral Manager), insurance premiums or expenses, (d) any and all costs and expenses incurred in connection with the acquisition or disposition of investments on behalf of the Issuer (whether or not
actually consummated) and management thereof, including attorneys’ fees and disbursements, (e) any fees, expenses or other amounts payable to any Rating Agency, (f) expenses and fees relating to any issuance of additional Notes,
redemption, Refinancing or Re-Pricing, as applicable, by the Issuer, (g) any extraordinary costs and expenses incurred by the Collateral Manager in the performance of its obligations under this Agreement and the Indenture and (h) as
otherwise agreed upon by the Issuer and the Collateral Manager. In 

  
 36 

 
addition, the Issuer will pay or reimburse the costs and expenses (including fees and disbursements of counsel and accountants) of the Collateral Manager and the Issuer incurred in connection
with or incidental to the entering into of this Agreement or any amendment thereof. The fees and expenses payable to the Collateral Manager on any Payment Date are payable in accordance with the Priority of Payments. 

Section 28. Third Party Beneficiary. 

The parties hereto agree that the Trustee on behalf of the Secured Parties shall be a third party beneficiary of this Agreement, and shall be
entitled to rely upon and enforce such provisions of this Agreement to the same extent as if it were a party hereto. 
 Section 29.
Titles Not to Affect Interpretation. 
 The titles of paragraphs and subparagraphs contained in this Agreement are for convenience
only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 

Section 30. Execution in Counterparts. 

This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by
e-mail (.pdf) or facsimile transmission), each of which will be deemed an original, and all of which together constitute one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by e-mail (.pdf) or facsimile
shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 31. Provisions Separable. 

The provisions of this Agreement are independent of and separable from each other, and no provision shall be affected or rendered invalid or
unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

  
 37 

 IN WITNESS WHEREOF, the parties hereto have executed this Collateral Management Agreement as of
the date first written above. 
  

			
	NEWSTAR COMMERCIAL LOAN FUNDING 2016-1 LLC, as Issuer
		
	By:	 	NewStar Financial, Inc., its Designated Manager
		
	By:	 	

		 	  

	Name:	 	John J. Frishkopf
	Title:	 	Treasurer

 IN WITNESS WHEREOF, the parties hereto have executed this Collateral Management Agreement as of
the date first written above. 
  

			
	 NEWSTAR FINANCIAL, INC., 
 as
Collateral Manager

		
	By:	 	

		 	  

	Name:	 	John J. Frishkopf
	Title:	 	Treasurer

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