Document:

EX-10.1

 Exhibit 10.1 

SECURITIES PURCHASE AGREEMENT 

THIS SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of March 5, 2021, is entered into by and among
Blackstone Private Credit Fund, a Delaware statutory trust (“Purchaser”), Purchaser’s investment adviser, Blackstone Credit BDC Advisors LLC, a Delaware limited liability company (“Adviser”) (solely for
purposes of Section 8), BCRED Twin Peaks LLC, a Delaware limited liability company (“Holdco”) (solely for purposes of Section 1(d)), Teacher Retirement System of Texas (solely for purposes of Section 1(c)), and Twin
Peaks Parent LLC, a Delaware limited liability company not affiliated with Purchaser or Adviser (“Seller”), that operates as a separately managed account. 

WHEREAS, Holdco is a wholly-owned subsidiary of Seller, that owns (a) loans and equity interests in various portfolio companies
(collectively, the “Direct Assets”) and (b) 100% of the limited liability company interests of each of BCRED Denali Peak Funding LLC (formerly GSO Downing Street LLC) (“Denali Peak”) and BCRED Siris Peak Funding LLC
(formerly GSO Stone Street LLC) (“Siris Peak,” and together with Denali Peak, the “Financing Subsidiaries”), each of which owns loans and equity interests in various portfolio companies (collectively, the
“Subsidiary Assets”); and 
 WHEREAS, the Direct Assets and Subsidiary Assets are set forth in Schedule 1 hereto
(collectively, the “Assets”); and 
 WHEREAS, Holdco, together with the Direct Assets, the Financing Subsidiaries
and the Subsidiary Assets, constitutes substantially all of Seller’s assets; and 
 WHEREAS, Denali Peak has entered into a Loan
Financing and Servicing Agreement with Deutsche Bank AG, New York Branch, as facility agent, and U.S. Bank National Association as collateral agent and custodian, dated as of October 11, 2018 (the “Denali Peak Facility”) and an
affiliate of the Adviser has obtained all necessary consents, approvals, waivers or authorizations under the Denali Peak Facility for the Transaction (as defined below); and 

WHEREAS, Siris Peak has entered into a Loan and Servicing Agreement with Société Generale as agent, Virtus Group LP as
collateral administrator and Citibank N.A. as collateral agent and custodian, dated as of October 11, 2018 (the “Siris Peak Facility”) and an affiliate of the Adviser has obtained all necessary consents, approvals, waivers or
authorizations under the Siris Peak Facility for the Transaction; and 
 WHEREAS, Seller, having obtained the requisite consent of
its members, desires to sell 100% of its interest in Holdco to Purchaser, and Purchaser desires to purchase such interests of Holdco; and 

WHEREAS, each of the Assets and the Assumed Liabilities (as defined below) have been fair valued as of the close of business of
the New York Stock Exchange within two business days of the date hereof in accordance with Purchaser’s valuation procedures, as approved by Purchaser’s board of trustees (the “Board”) and the members of Seller, and, upon
consideration of reports prepared by independent evaluators, such aggregate valuation (the “Holdco Fair Value”) has been mutually agreed upon by the Board and the members of Seller to serve as the purchase price for the Transaction
(as defined below); and 

  
 1 

 WHEREAS, the Board has determined, with respect to Purchaser, that the Transaction is
in the best interests of Purchaser and its shareholders and that the interests of its shareholders will not be diluted as a result of this Transaction; 

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, the
parties agree as follows: 
  

	1.	 Purchase and Sale of the Interests of Holdco. Subject to the terms and conditions set forth in this
Agreement: 

  

	 	a.	 Purchaser hereby purchases from Seller, and Seller hereby sells to Purchaser, free and clear of all mortgages,
liens, pledges, security interests, charges, claims, restrictions and encumbrances, other than those set forth in the limited liability company agreement of Holdco and under applicable securities laws, the right, title and interest in 100% of the
outstanding limited liability company interests of Holdco in exchange for an aggregate payment of $721,040,330 in cash (representing the Holdco Fair Value) in two installments, by wire transfer of immediately available funds in accordance with the
wire transfer instructions provided by Seller in writing (the “Transaction”). An initial payment shall be paid on the Closing Date in the amount of $694,255,232 and a final payment shall be paid within five (5) business days
following the Closing Date in the amount of $26,785,098. 

  

	 	b.	 The closing of the Transaction (the “Closing”) shall take place simultaneously with the
execution of this Agreement on the date of this Agreement (the “Closing Date”) at the offices of Simpson, Thacher & Bartlett LLP, 425 Lexington Avenue, New York, NY 10017 or remotely by exchange of documents and signatures
(or their electronic counterparts). The consummation of the transactions contemplated by this Agreement shall be deemed to occur at 12:01 a.m. on the Closing Date. 

 

	 	c.	 If within one hundred and twenty (120) days after the Closing, the Adviser, the Common Member (as defined
in the Seller’s limited liability company agreement) or any of their affiliates determine that there were errors in any of the inputs to Holdco Fair Value that impacted the determination of Holdco Fair Value, which could include, but are not
limited to, scrivener’s errors, trade errors, additional interest payments owed or returned under the Financing Facilities for the pre-Closing period, or any repayments, proceeds or distributions with
respect to the Assets during the pre-Closing Period (but excluding any changes to the fair market value determinations of the Assets set forth on Schedule 1, other than changes as a result of the foregoing
errors), then the Adviser or its affiliates may adjust, or the Common Member or its affiliates may cause the Adviser to adjust, the Holdco Fair Value to correct such error by providing a statement (the “Post-Closing Statement”) to
each of Purchaser, Seller and the Common Member describing the error and correction with reasonably detailed supporting documentation. The Adviser agrees to provide any such information that the Common Member reasonably requests in order to evaluate
the Holdco Fair Value determination. Purchaser, Seller, Common Member or, in the case where the Post-Closing Statement was issued with respect to the determination of an error 

  
 2 

	 	
by the Common Member, the Adviser may dispute the Post-Closing Statement by delivery of written notice thereof within fifteen (15) business days after delivery of the Post-Closing Statement.
The Adviser, Purchaser, Seller and the Common Member shall resolve in good faith any disputed adjustments within a period of fifteen (15) business days following delivery of any such notice. If the Post-Closing Statement provides that the
Holdco Fair Value at the Closing was understated, Purchaser shall pay to Seller the amount by which it was understated. If the Post-Closing Statement provides that the Holdco Fair Value at the Closing was overstated, Seller shall pay to
Purchaser the amount by which it was overstated. Any such adjustment amount shall be paid by wire transfer in immediately available funds to an account specified by the party to whom such payment is owed within five (5) business days after the
parties agree to the adjustment in the Post-Closing Statement. Any adjustment under this Section 1(c) shall not bear interest and shall be treated as an adjustment to the purchase price in Section 1(a) for tax purposes except as otherwise
required by law. 

  

	 	d.	 Any liabilities of Holdco, other than those referred to in Section 2(b)(ii) below, are hereby assigned by
Holdco to Seller at Closing, and Seller hereby assumes and accepts such liabilities at Closing. 

  

	2.	 Representations and Warranties. 

 

	 	a.	 Each of the parties hereby represents and warrants as of the date of this Agreement, that:

  

	 	i.	 The execution, delivery and performance of this Agreement by such party and the consummation of the Transaction
contemplated hereby are within such party’s corporate, limited liability company, limited partnership, or trust power and have been duly authorized by all necessary actions on the part of such party. Each such party is duly organized and
validly existing under the laws of its state of organization. This Agreement and each other Transaction Document (as such term is defined in the limited liability company agreement of Seller, dated the date hereof) has been duly and validly executed
by the party and constitutes the legal, valid and binding obligation of such party, enforceable against such party in accordance with its terms, except as enforceability may be limited by equitable principles or by bankruptcy, fraudulent conveyance
or insolvency laws affecting the enforcement of creditors’ rights generally. 

  

	 	ii.	 The execution, delivery and performance of this Agreement and each of the other Transaction Documents by such
party and the consummation of the Transaction contemplated hereby will not (i) violate any provision of law, statute, rule, regulation or executive order to which such party is subject; (ii) violate any judgment, order, injunction, writ or
decree of any court applicable to such party; or (iii) result in the breach of or conflict with any term, covenant, condition or provision of, or constitute a default under, any material commitment, contract or other agreement or instrument, to
which such party is or may be bound or affected. Any required consents or approvals with regard to the subject matter of this Agreement, each of the other Transaction Documents and the Transaction contemplated hereby (including, without limitation,
any consents or approvals required pursuant to applicable contractual or regulatory obligations) have been obtained by the party or otherwise waived on or prior to the date 

  
 3 

	 	
hereof. To the extent that any of the provisions set forth herein constitute an amendment, or to give full effect to the Transaction contemplated hereby any waiver or amendment is
required to be given or made, to any agreement, instrument or document of any entity referred to herein (including with respect to any applicable restrictions or prohibitions thereof), the parties hereby agree that such agreement, instrument or
document is hereby amended to effectuate the Transaction, and this Agreement shall constitute an amendment to such agreement, instrument or document. 

  

	 	iii.	 Each party has experience as an investor in securities of companies and has such knowledge and experience in
financial or business matters that it is capable of evaluating the merits and risks of this Transaction and protecting its own interests in connection with such Transaction. Each Party has adequate information concerning the Transaction and this
Agreement to make an informed decision regarding the Transaction and this Agreement. In connection with this Agreement, neither party has relied on and is not relying on any representation or warranty, express or implied, at law or in equity, in
respect of the other party except for the representations and warranties as are set forth in this Agreement and each of the other Transaction Documents. Each of Purchaser and Seller acknowledges that neither party has provided any investment advice
or opinion on whether the other party’s entry into this Agreement is prudent. 

  

	 	b.	 Seller hereby represents and warrants to Purchaser that: 

 

	 	i.	 Seller owns 100% of the limited liability company interests in Holdco, free and clear of all mortgages, liens,
pledges, security interests, charges, claims, restrictions and encumbrances, other than those set forth in the limited liability company agreement of Holdco and under applicable securities laws. Holdco owns 100% of the limited liability company
interests in each of Denali Peak and Siris Peak, free and clear of all mortgages, liens, pledges, security interests, charges, claims, restrictions and encumbrances, other than those set forth in each entity’s limited liability company
agreement, as applicable, and under applicable securities laws. Each of Holdco, Denali Peak and Siris Peak owns good and marketable title to all of the Assets identified on Schedule 1 under its name, respectively, free and clear of all mortgages,
liens, pledges, security interests, charges, claims, restrictions and encumbrances of any nature whatsoever, other than the liabilities set forth on Schedule 2 (collectively, the “Assumed Liabilities”), as applicable. Upon consummation of
the Transaction hereunder, the Purchaser shall own 100% of the limited liability company interests of Holdco, free and clear of all mortgages, liens, pledges, security interests, charges, claims, restrictions and encumbrances of any nature
whatsoever, and each of Holdco, Denali Peak and Siris Peak shall continue to own good and marketable title to all of the Assets identified on Schedule 1 under its name free and clear of all mortgages, liens, pledges, security interests, charges,
claims, restrictions and encumbrances of any nature whatsoever, other than the Assumed Liabilities, as applicable. 

  

	 	ii.	 Each of Holdco, Denali Peak and Siris Peak has no liabilities, known or unknown, contingent or non-contingent, other than (A) the Assumed Liabilities, as applicable, and (B) those incident to the maintenance of its existence as a limited liability company under the laws of Delaware.

  
 4 

	 	iii.	 To its actual knowledge, no material litigation or administrative proceeding or investigation of or before any
court or governmental body is presently pending (in which service of process has been received) or threatened against Holdco or any properties or assets held by it. Seller knows of no facts that might form the basis for the institution of such
proceedings which would materially and adversely affect its business and neither it nor Holdco are party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects its
business or its ability to consummate the Transaction. 

  

	 	iv.	 Holdco is treated as a disregarded entity for U.S. federal income tax purposes. 

 

	 	v.	 Each of Holdco and the Financing Subsidiaries is duly organized and validly existing under the laws of its
state of organization. The performance of this Agreement and the consummation of the Transaction contemplated hereby will not (i) violate any provision of law, statute, rule, regulation or executive order to which Holdco or either Financing
Subsidiary is subject; (ii) violate any judgment, order, injunction, writ or decree of any court applicable to Holdco or either Financing Subsidiary; or (iii) result in the breach of or conflict with any term, covenant, condition or
provision of, or constitute a default under, any material commitment, contract or other agreement or instrument, to which Holdco or either Financing Subsidiary is or may be bound or affected. The books and records of Holdco and each Finance
Subsidiary made available to Purchaser and/or its counsel are substantially true and correct and contain no material misstatements or omissions with respect to the operations of Holdco and each Finance Subsidiary. All information regarding the
Assets, liabilities and material contracts of Holdco and each Finance Subsidiary requested by Purchaser have been disclosed to Purchaser as of the date of this Agreement. 

 

	3.	 Indemnification. 

 

	 	a.	 Purchaser agrees to indemnify and hold harmless Seller and its officers from and against any and all losses,
claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which Seller and those officers may become subject, insofar as such loss, claim, damage,
liability or expense (or actions with respect thereto) arises out of or is based on any breach by Purchaser of any of its representations, warranties, covenants or agreements set forth in this Agreement, provided that such indemnification by
Purchaser is not (i) in violation of any applicable law or (ii) otherwise prohibited as a result of any applicable order or decree issued by any governing regulatory authority or court of competent jurisdiction. 

 

	 	b.	 Seller agrees to indemnify and hold harmless Purchaser and the members of the Board and its officers from and
against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which Purchaser and those Board members and officers may become
subject, insofar as such loss, claim, damage, liability or expense (or actions with respect 

  
 5 

	 	
thereto) arises out of or is based on any breach by Seller of any of its representations, warranties, covenants or agreements set forth in this Agreement, provided that such indemnification by
Seller is not (i) in violation of any applicable law or (ii) otherwise prohibited as a result of any applicable order or decree issued by any governing regulatory authority or court of competent jurisdiction. 

4. Further Assurances. Each of the parties, without further consideration, shall execute and deliver such documents and take such other
actions and cause its affiliates and/or subsidiaries to execute and deliver such documents and take such other actions as may be necessary to consummate more effectively the subject matter hereof. 

5. Confidentiality. Each of the parties agrees that this Agreement is confidential and that the contents hereof will be kept
confidential by each such party and its respective officers, directors, employees and/or advisors, as the case may be (except to the extent disclosure thereof is required by applicable law, regulation or legal process). 

6. Transfer Taxes. All transfer, documentary, sales, use, stamp, registration, value added and other such taxes and fees (including any
penalties and interest) incurred in connection with this Agreement and the documents to be delivered hereunder shall be borne and paid equally by the Purchaser and Seller when due. Seller shall, at its own expense, timely file any tax return or
other document with respect to such taxes or fees (and Purchaser shall cooperate with respect thereto as necessary). 
 7. Seller
Rights. Seller hereby agrees and acknowledges that, as of the sale, transfer, assignment or conveyance by Seller of Holdco and the Assets as set forth in this Agreement, Seller’s rights, title and interests with respect to Holdco and such
Assets shall terminate. 
 8. Expenses. All costs and expenses incurred in connection with this Agreement and each of the other
Transaction Documents and the transactions contemplated hereby and thereby shall be paid by Adviser. All such costs and expenses will not be borne directly or indirectly by Purchaser or Seller. 

9. Notices. All notices, demands and other communications to be given and delivered under or by reason of the provisions under this
Agreement shall be in writing and shall be deemed to have been given when personally delivered, mailed by first class mail (postage prepaid and return receipt requested), sent by electronic mail or facsimile, sent by telecopy or sent by reputable
overnight courier service. Notice to Seller and Holdco shall be addressed to Teacher Retirement System of Texas, 1000 Red River Street, Austin, Texas 78701, Attention: Ashley Baum or at such other address as Seller may designate by written notice to
Purchaser. Notice to Purchaser shall be addressed to Blackstone Private Credit Fund, 345 Park Avenue, 31st Floor, New York, New York 10154, Attention: Marisa Beeney, or at such other address and
to the attention of such other person as Purchaser may designate by written notice to Seller. 
 10. Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the respective successors, assigns, and legal representatives of each of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the
parties or their respective successors and assigns, any rights or benefits under or by reason of this Agreement. 

  
 6 

 11. Entire Agreement. It is expressly understood and agreed that this Agreement,
together with the other Transaction Documents, contains the entire agreement and understanding concerning the subject matter herein, and supersedes and replaces all prior negotiations and agreements between the parties, whether written or oral. It
is expressly understood and agreed that there have been no promises, agreements, warranties or inducements, not herein or therein expressed. The parties acknowledge that they have read this Agreement and have executed it without relying upon any
statements, representations, or warranties, written, or oral, not expressly set forth herein or in any other Transaction Document. 
 12.
Waiver, Modification and Amendment. No provision herein may be waived unless in writing signed by the party whose rights are thereby waived. Waiver of any one provision herein shall not be deemed to be a waiver of any other provision herein.
This Agreement may be modified or amended only by written agreement executed by all of the parties. 
 13. Governing Law. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to conflict of law principles, except for issues of Texas law referenced herein, which shall be governed by, and construed in
accordance with, the laws of the State of Texas, without regard to conflict of law principles. 
 14. Severability. If any provision
of this Agreement is held to be invalid, illegal or unenforceable by any applicable law or public policy, this Agreement shall be considered divisible and such provision shall be deemed inoperative to the extent it is deemed unenforceable so long as
the legal substance of the Transaction contemplated herein is not affected in any manner materially adverse to any party, and in all other respects this Agreement shall remain in full force and effect; provided, however, that if any
such provision may be made enforceable by limitation thereof, then such provision shall be deemed to be so limited and shall be enforceable to the maximum extent permitted by applicable law. 

15. Counterparts. This Agreement may be executed in any number of counterparts, including by electronic transmission (which may include
email or any other form of communication not directly involving the physical transmission of paper that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly reproduced in paper form by such a
recipient through an automated process), and each of such counterparts shall be deemed an original, and all when taken together shall constitute the Agreement. 

*        
*        *        *        * 

  
 7 

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

			
	BLACKSTONE PRIVATE CREDIT FUND
		
	By:	 	/s/ Marisa J. Beeney
		 	Name:    Marisa J. Beeney
		 	 Title:      Chief Compliance Officer, Chief Legal

Officer and Secretary

  

			
	 TWIN PEAKS PARENT LLC
  

By: Teacher Retirement System of Texas, its Common Member

		
	By:	 	/s/ Ashley Baum
		 	Name:    Ashley Baum
		 	Title:      Director

  

			
	 TEACHER RETIREMENT SYSTEM OF TEXAS

(solely for purposes of Section 1(c))

		
	By:	 	/s/ Ashley Baum
		 	Name:    Ashley Baum
		 	Title:      Director

  

			
	 BLACKSTONE CREDIT BDC ADVISORS LLC

(solely for purposes of Section 8)

		
	By:	 	/s/ Marisa J. Beeney
		 	Name:    Marisa J. Beeney
		 	Title:      Authorized Person

  

			
	 BCRED TWIN PEAKS LLC

(solely for purposes of Section 1(d))

		
	By:	 	/s/ Marisa J. Beeney
		 	Name:    Marisa J. Beeney
		 	Title:      Authorized Person

 Schedule 1 
  

											
	 	 	 	 	 	 
	Issuer	 	Facility	 	Holdco (Debt
Par Value ($) /
Equity Shares)	 	Denali Peak
(Debt Par Value
($) / Equity
Shares)	 	Siris Peak (Debt
Par Value ($) /
Equity Shares)	 	Total (Debt Par
Value ($) /
Equity Shares)
	 	 	 	 	 	 
	
Abaco Energy Technologies LLC aka Basin Tools
	 	 Initial Term Loan
	 	 	 	
11,104,166.66
	 	 	 	
11,104,166.66

	 	 	 	 	 	 
	
Action Environmental Group Inc/The aka Interstate Waste Services, Inc
	 	 Delayed Draw Term Loan
	 	 	 	 	 	
1,578,075.00
	 	
1,578,075.00

	 	 	 	 	 	 
	
Action Environmental Group Inc/The aka Interstate Waste Services, Inc
	 	 Delayed Draw Term Loan Unfunded
	 	
1,110,000.00
	 	 	 	 	 	
1,110,000.00

	 	 	 	 	 	 
	
Action Environmental Group Inc/The aka Interstate Waste Services, Inc
	 	 Initial Term Loan
	 	 	 	
4,950,000.00
	 	
9,900,000.00
	 	
14,850,000.00

	 	 	 	 	 	 
	
Bungie Inc
	 	 Initial Term Loan
	 	 	 	
2,500,000.00
	 	 	 	
2,500,000.00

	 	 	 	 	 	 
	
Bution Holdco 2, Inc. aka ORS Medco
	 	 Term Loans
	 	 	 	
8,249,177.78
	 	 	 	
8,249,177.78

	 	 	 	 	 	 
	
Colony Holding Corp aka Colony Hardware Supply/Tailwind
	 	 Delayed Draw Term Loan
	 	
6,131,948.83
	 	
815,624.97
	 	
4,240,550.85
	 	
11,188,124.65

	 	 	 	 	 	 
	
Colony Holding Corp aka Colony Hardware Supply/Tailwind
	 	 Senior Secured Unitranche
	 	
8,287,649.15
	 	
12,251,508.76
	 	
25,686,694.71
	 	
46,225,852.62

	 	 	 	 	 	 
	
ConvergeOne Holdings Inc
	 	 Initial Term Loan (First Lien)
	 	 	 	
14,737,500.00
	 	
19,650,000.00
	 	
34,387,500.00

	 	 	 	 	 	 
	
Cook & Boardman Group LLC/The
	 	 Initial Term Loan
	 	
2,784,794.12
	 	
3,164,844.56
	 	 	 	
5,949,638.68

	 	 	 	 	 	 
	
Corfin Holdco, Inc.
	 	 Corfin Common Stock
	 	
52,143.00
	 	 	 	 	 	
52,143.00

	 	 	 	 	 	 
	
Corfin Holdings Inc.
	 	 Closing Date Term Loan
	 	 	 	 	 	
4,962,500.00
	 	
4,962,500.00

	 	 	 	 	 	 
	
Customink LLC
	 	 Term Loans
	 	 	 	
15,000,000.00
	 	
15,000,000.00
	 	
30,000,000.00

	 	 	 	 	 	 
	
Dominion Colour Corporation
	 	 First Lien Term Loan
	 	
16,511,047.76
	 	
12,631,197.11
	 	
10,104,957.71
	 	
39,247,202.58

	 	 	 	 	 	 
	
Donuts Inc
	 	 Revolver
	 	
2,019,230.78
	 	 	 	 	 	
2,019,230.78

	 	 	 	 	 	 
	
Donuts Inc
	 	 Unitranche Term Loan
	 	
70,332,168.13
	 	 	 	 	 	
70,332,168.13

	 	 	 	 	 	 
	
Eagle Midstream Canada Finance Inc aka Veresen
	 	 First Lien Term Loan
	 	 	 	
20,512,931.03
	 	
15,500,000.00
	 	
36,012,931.03

	 	 	 	 	 	 
	
Edifecs Inc
	 	 Closing Date Term Loans
	 	
5,000,000.00
	 	
19,959,182.00
	 	
5,000,000.00
	 	
29,959,182.00

	 	 	 	 	 	 
	
EIS Buyer LLC
	 	 Term Loan A
	 	 	 	
12,962,499.98
	 	 	 	
12,962,499.98

	 	 	 	 	 	 
	
Epoch Acquisition Inc aka Ernest Health
	 	 Closing Date Term Loan
	 	 	 	
11,270,000.00
	 	
15,144,062.51
	 	
26,414,062.51

	 	 	 	 	 	 
	
Epoch Acquisition Inc aka Ernest Health
	 	 Delayed Draw Term Loan
	 	 	 	
3,310,180.71
	 	 	 	
3,310,180.71

	 	 	 	 	 	 
	
GSO DL CoInvest CI LP
	 	 DL COINV LP Int
	 	
1,500,000.00
	 	 	 	 	 	
1,500,000.00

	 	 	 	 	 	 
	
GSO DL CO-INVEST EIS LP
	 	 DL COINV EIS LP Int
	 	
442,710.00
	 	 	 	 	 	
442,710.00

											
	 	 	 	 	 	 
	Issuer	 	Facility	 	Holdco (Debt
Par Value ($) /
Equity Shares)	 	Denali Peak
(Debt Par Value
($) / Equity
Shares)	 	Siris Peak (Debt
Par Value ($) /
Equity Shares)	 	Total (Debt Par
Value ($) /
Equity Shares)
	 	 	 	 	 	 
	
IEA Energy Services LLC aka Infrastructure and Energy Alternatives Inc
	 	 Refinanced Term Loan
	 	 	 	
2,889,077.88
	 	
4,066,109.52
	 	
6,955,187.40

	 	 	 	 	 	 
	
Jacuzzi Brands LLC
	 	 Delayed Draw Term Loan
	 	
504,059.76
	 	
6,258,552.38
	 	 	 	
6,762,612.14

	 	 	 	 	 	 
	
Jacuzzi Brands LLC
	 	 Initial Term Loan
	 	
22,214,718.80
	 	
12,096,848.11
	 	
12,096,848.11
	 	
46,408,415.02

	 	 	 	 	 	 
	
Jayhawk Buyer, LLC aka ProPharma
	 	 Delayed Draw Term Loan
	 	
1,666,666.67
	 	 	 	 	 	
1,666,666.67

	 	 	 	 	 	 
	
Jayhawk Buyer, LLC aka ProPharma
	 	 Delayed Draw TL - Unfunded
	 	
666,666.67
	 	 	 	 	 	
666,666.67

	 	 	 	 	 	 
	
Jayhawk Buyer, LLC aka ProPharma
	 	 Initial Term Loan
	 	 	 	
5,000,000.00
	 	
5,000,000.00
	 	
10,000,000.00

	 	 	 	 	 	 
	
JSS Holdings Inc aka Jet Support Service, Inc
	 	 Term Loan Facility
	 	
28,043,478.26
	 	 	 	 	 	
28,043,478.26

	 	 	 	 	 	 
	
Lasership, Inc.
	 	 Term Loan
	 	 	 	
11,787,974.72
	 	
9,084,870.27
	 	
20,872,844.99

	 	 	 	 	 	 
	
Lasership, Inc.
	 	 Third Amendment Term Loan
	 	
1,702,586.22
	 	 	 	 	 	
1,702,586.22

	 	 	 	 	 	 
	
Latham Pool Products, Inc. aka Latham Pools
	 	 Term Loan B
	 	 	 	
13,781,908.62
	 	
30,741,571.43
	 	
44,523,480.05

	 	 	 	 	 	 
	
Lindstrom LLC aka LindFast
	 	 Term Loan
	 	 	 	
10,855,625.00
	 	
18,750,625.00
	 	
29,606,250.00

	 	 	 	 	 	 
	
Livingston International Inc
	 	 Initial Term Loan (First Lien)
	 	 	 	
4,925,000.00
	 	
4,925,000.00
	 	
9,850,000.00

	 	 	 	 	 	 
	
Loar Acquisition 13, LLC
	 	 Loar Acquisition Common Units
	 	
2,890,586.00
	 	 	 	 	 	
2,890,586.00

	 	 	 	 	 	 
	
Loar Group Inc
	 	 Delayed Draw Term Loan, Amendment
No. 5
	 	 	 	
11,504,258.74
	 	 	 	
11,504,258.74

	 	 	 	 	 	 
	
Loar Group Inc
	 	 Delayed Draw TL
	 	 	 	
9,824,874.69
	 	
8,394,245.48
	 	
18,219,120.17

	 	 	 	 	 	 
	
Lytx Inc
	 	 Delayed Draw Term Loan
	 	
431,104.15
	 	 	 	 	 	
431,104.15

	 	 	 	 	 	 
	
Lytx Inc
	 	 Delayed Draw Term Loan Unfunded
	 	
1,303,085.56
	 	 	 	 	 	
1,303,085.56

	 	 	 	 	 	 
	
Lytx Inc
	 	 Initial Term Loan
	 	 	 	
4,957,697.59
	 	 	 	
4,957,697.59

	 	 	 	 	 	 
	
MAG DS Corp aka MAG Aerospace
	 	 Term Loan B
	 	
4,336,956.52
	 	 	 	 	 	
4,336,956.52

	 	 	 	 	 	 
	
Mode Holdings, L.P.
	 	 Mode
Class A-2 Units
	 	
1,076,923.00
	 	 	 	 	 	
1,076,923.00

	 	 	 	 	 	 
	
Mode Purchaser Inc
	 	 Closing Date Term Loan
	 	 	 	
17,368,750.00
	 	
17,368,750.00
	 	
34,737,500.00

	 	 	 	 	 	 
	
Monroe Capital Holdings LLC
	 	 Delayed Draw Term Loan
	 	
2,204,862.07
	 	 	 	 	 	
2,204,862.07

	 	 	 	 	 	 
	
Monroe Capital Holdings LLC
	 	 Delayed Draw Term Loan Unfunded
	 	
2,922,724.14
	 	 	 	 	 	
2,922,724.14

	 	 	 	 	 	 
	
Monroe Capital Holdings LLC
	 	 Initial Term Loan
	 	 	 	 	 	
14,870,000.00
	 	
14,870,000.00

	 	 	 	 	 	 
	
MRI Software LLC
	 	 Delayed TL
	 	
275,951.49
	 	 	 	 	 	
275,951.49

	 	 	 	 	 	 
	
MRI Software LLC
	 	 Delayed TL 2
	 	
1,663,167.47
	 	 	 	 	 	
1,663,167.47

	 	 	 	 	 	 
	
MRI Software LLC
	 	 Revolver
	 	
673,065.30
	 	 	 	 	 	
673,065.30

	 	 	 	 	 	 
	
MRI Software LLC
	 	 Second Amendment Term Loan
	 	
1,053,663.77
	 	 	 	 	 	
1,053,663.77

											
	 	 	 	 	 	 
	Issuer	 	Facility	 	Holdco (Debt
Par Value ($) /
Equity Shares)	 	Denali Peak
(Debt Par Value
($) / Equity
Shares)	 	Siris Peak (Debt
Par Value ($) /
Equity Shares)	 	Total (Debt Par
Value ($) /
Equity Shares)
	 	 	 	 	 	 
	
MRI Software LLC
	 	 Term Loan B
	 	
9,612,785.34
	 	 	 	 	 	
9,612,785.34

	 	 	 	 	 	 
	
Odyssey Holding Company LLC
	 	 Incremental Term Loans
	 	 	 	
9,356,776.80
	 	 	 	
9,356,776.80

	 	 	 	 	 	 
	
Odyssey Holding Company LLC
	 	 Senior Secured Unitranche
	 	 	 	
17,087,913.00
	 	
18,000,000.00
	 	
35,087,913.00

	 	 	 	 	 	 
	
Odyssey Holding Company LLC
	 	 Shoreline Incremental Term Loan
	 	
4,210,549.56
	 	 	 	 	 	
4,210,549.56

	 	 	 	 	 	 
	
PaySimple Inc aka EverCommerce
	 	 Delayed Draw Term Loan
	 	
448,972.07
	 	 	 	 	 	
448,972.07

	 	 	 	 	 	 
	
PaySimple Inc aka EverCommerce
	 	 Term Loan B
	 	 	 	 	 	
1,382,742.96
	 	
1,382,742.96

	 	 	 	 	 	 
	
Polymer Additives, Inc. aka Valtris
	 	 Term Loan B
	 	 	 	
13,074,131.34
	 	
17,659,649.09
	 	
30,733,780.43

	 	 	 	 	 	 
	
PSKW Intermediate, LLC aka ConnectiveRx
	 	 Term B Loan
	 	 	 	 	 	
22,331,250.00
	 	
22,331,250.00

	 	 	 	 	 	 
	
R1 Holdings LLC aka RoadOne/Bright Lights Partners LLC
	 	 Delayed Draw Term Loan B
	 	
4,903,241.89
	 	
3,664,163.83
	 	 	 	
8,567,405.72

	 	 	 	 	 	 
	
R1 Holdings LLC aka RoadOne/Bright Lights Partners LLC
	 	 First Lien Term Loan
	 	 	 	
13,755,000.00
	 	
14,582,853.50
	 	
28,337,853.50

	 	 	 	 	 	 
	
SG Acquisition Inc aka Safe Guard
	 	 Initial Term Loan
	 	 	 	 	 	
13,391,071.43
	 	
13,391,071.43

	 	 	 	 	 	 
	
Sorenson Communications, LLC
	 	 Term Loan B
	 	 	 	
10,989,499.53
	 	
10,989,499.53
	 	
21,978,999.06

	 	 	 	 	 	 
	
Spireon Inc
	 	 Initial Term Loan
	 	
4,870,087.30
	 	
20,094,342.94
	 	
18,088,053.29
	 	
43,052,483.53

	 	 	 	 	 	 
	
Tetra Technologies, Inc. aka Tetra Tech
	 	 Delayed Draw TL
	 	
2,621,410.95
	 	 	 	 	 	
2,621,410.95

	 	 	 	 	 	 
	
Tetra Technologies, Inc. aka Tetra Tech
	 	 Initial Committed Loan
	 	 	 	
11,435,859.83
	 	
14,138,881.29
	 	
25,574,741.12

	 	 	 	 	 	 
	
The GI Alliance Management, LLC
	 	 Delayed Draw Term Loan
	 	
647,514.16
	 	
8,429,999.63
	 	
11,991,295.99
	 	
21,068,809.78

	 	 	 	 	 	 
	
The GI Alliance Management, LLC
	 	 Delayed Draw Term Loan ASC
	 	
2,709,987.02
	 	
1,115,876.99
	 	
3,283,781.49
	 	
7,109,645.50

	 	 	 	 	 	 
	
The GI Alliance Management, LLC
	 	 Delayed Draw TL ASC (Amend
No. 4)
	 	
1,327,544.19
	 	 	 	 	 	
1,327,544.19

	 	 	 	 	 	 
	
The GI Alliance Management, LLC
	 	 Delayed Draw TL General (Amend
No. 4)
	 	
1,163,781.42
	 	
1,502,542.52
	 	 	 	
2,666,323.94

	 	 	 	 	 	 
	
The GI Alliance Management, LLC
	 	 Initial Term Loan
	 	
23,454,665.36
	 	
12,250,000.00
	 	
9,800,000.00
	 	
45,504,665.36

	 	 	 	 	 	 
	
Unified Door & Hardware Group LLC
	 	 Unitranche Term Loan
	 	
2,450,056.01
	 	
2,640,816.15
	 	
1,696,436.84
	 	
6,787,309.00

	 	 	 	 	 	 
	
Wolf Organization LLC/The aka Wolf Home Products
	 	 First Amendment Incremental Term
Loan
	 	 	 	 	 	
354,464.28
	 	
354,464.28

	 	 	 	 	 	 
	
Wolf Organization LLC/The aka Wolf Home Products
	 	 Second Amendment Incremental Term
Loan
	 	
1,149,796.87
	 	 	 	 	 	
1,149,796.87

	 	 	 	 	 	 
	
Wolf Organization LLC/The aka Wolf Home Products
	 	 Senior Secured Term Loan
	 	 	 	 	 	
4,240,714.29
	 	
4,240,714.29

 Cash and Other Assets 

 Schedule 2 

Assumed Liabilities 
 Denali Peak Facility 

Siris Peak Facility 
 The obligations under each Delayed Draw Term
Loan listed in Schedule 1EX-10.2.1

 Exhibit 10.2.1 

EXECUTION VERSION 
 LOAN
FINANCING AND SERVICING AGREEMENT 
 dated as of October 11, 2018 

GSO DOWNING STREET LLC, 
 as
Borrower 
 GSO DIRECT LENDING FUND-D LP, 

as Servicer 
 THE LENDERS FROM TIME
TO TIME PARTIES HERETO, 
 DEUTSCHE BANK AG, NEW YORK BRANCH, 

as Facility Agent 
 THE OTHER
AGENTS PARTIES HERETO, 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Collateral Agent and as Collateral Custodian 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I
	  		  			
			
		  	 DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	  	 Defined Terms
	  	 	1	 
	 Section 1.2
	  	 Other Definitional Provisions
	  	 	47	 
			
	 ARTICLE II
	  		  			
			
		  	 THE FACILITY, ADVANCE PROCEDURES AND NOTES
	  	 	48	 
			
	 Section 2.1
	  	 Advances
	  	 	48	 
	 Section 2.2
	  	 Funding of Advances
	  	 	49	 
	 Section 2.3
	  	 Notes
	  	 	50	 
	 Section 2.4
	  	 Repayment and Prepayments
	  	 	50	 
	 Section 2.5
	  	 Permanent Reduction of Facility Amount
	  	 	51	 
	 Section 2.6
	  	 Extension of Revolving Period
	  	 	51	 
	 Section 2.7
	  	 Calculation of Discount Factor
	  	 	51	 
	 Section 2.8
	  	 Increase in Facility Amount
	  	 	52	 
			
	 ARTICLE III
	  		  			
			
		  	 YIELD, UNDRAWN FEE, ETC.
	  	 	52	 
			
	 Section 3.1
	  	 Yield and Undrawn Fee
	  	 	52	 
	 Section 3.2
	  	 Yield Distribution Dates
	  	 	52	 
	 Section 3.3
	  	 Yield Calculation
	  	 	52	 
	 Section 3.4
	  	 Computation of Yield, Fees, Etc.
	  	 	53	 
			
	 ARTICLE IV
	  		  			
			
		  	 PAYMENTS; TAXES
	  	 	53	 
			
	 Section 4.1
	  	 Making of Payments
	  	 	53	 
	 Section 4.2
	  	 Due Date Extension
	  	 	53	 
	 Section 4.3
	  	 Taxes
	  	 	53	 

  
 -i- 

							
	 ARTICLE V
	  		  			
			
		  	 INCREASED COSTS, ETC.
	  	 	57	 
			
	 Section 5.1
	  	 Increased Costs, Capital Adequacy
	  	 	57	 
			
	 ARTICLE VI
	  		  			
			
		  	 EFFECTIVENESS; CONDITIONS TO ADVANCES
	  	 	59	 
			
	 Section 6.1
	  	 Effectiveness
	  	 	59	 
	 Section 6.2
	  	 Advances and Reinvestments
	  	 	60	 
	 Section 6.3
	  	 Transfer of Collateral Obligations and Permitted Investments
	  	 	62	 
			
	 ARTICLE VII
	  		  			
			
		  	 ADMINISTRATION AND MANAGEMENT OF COLLATERAL OBLIGATIONS
	  	 	63	 
			
	 Section 7.1
	  	 Retention and Termination of the Servicer
	  	 	63	 
	 Section 7.2
	  	 Resignation and Removal of the Servicer; Appointment of Successor Servicer
	  	 	63	 
	 Section 7.3
	  	 Duties of the Servicer
	  	 	65	 
	 Section 7.4
	  	 Representations and Warranties of the Servicer
	  	 	66	 
	 Section 7.5
	  	 Reserved
	  	 	68	 
	 Section 7.6
	  	 Covenants Relating to the Servicer
	  	 	68	 
	 Section 7.7
	  	 Reserved
	  	 	71	 
	 Section 7.8
	  	 Collateral Reporting
	  	 	71	 
	 Section 7.9
	  	 Reserved
	  	 	71	 
	 Section 7.10
	  	 Procedural Review of Collateral Obligations; Access to Servicer and Servicer’s
Records
	  	 	71	 
	 Section 7.11
	  	 Optional Sales
	  	 	72	 
	 Section 7.12
	  	 Repurchase or Substitution of Warranty Collateral Obligations
	  	 	74	 
			
	 ARTICLE VIII
	  		  			
			
		  	 ACCOUNTS; PAYMENTS
	  	 	74	 
			
	 Section 8.1
	  	 Accounts
	  	 	74	 
	 Section 8.2
	  	 Excluded Amounts
	  	 	76	 
	 Section 8.3
	  	 Distributions, Reinvestment and Dividends
	  	 	76	 
	 Section 8.4
	  	 Fees
	  	 	80	 
	 Section 8.5
	  	 Monthly Report
	  	 	80	 

  
 -ii- 

							
	 ARTICLE IX
	  		  			
			
		  	 REPRESENTATIONS AND WARRANTIES OF THE BORROWER
	  	 	81	 
			
	 Section 9.1
	  	 Organization and Good Standing
	  	 	81	 
	 Section 9.2
	  	 Due Qualification
	  	 	81	 
	 Section 9.3
	  	 Power and Authority
	  	 	81	 
	 Section 9.4
	  	 Binding Obligations
	  	 	81	 
	 Section 9.5
	  	 Security Interest
	  	 	82	 
	 Section 9.6
	  	 No Violation
	  	 	83	 
	 Section 9.7
	  	 No Proceedings
	  	 	83	 
	 Section 9.8
	  	 No Consents
	  	 	83	 
	 Section 9.9
	  	 Solvency
	  	 	83	 
	 Section 9.10
	  	 Compliance with Laws
	  	 	83	 
	 Section 9.11
	  	 Taxes
	  	 	83	 
	 Section 9.12
	  	 Monthly Report
	  	 	84	 
	 Section 9.13
	  	 No Liens, Etc.
	  	 	84	 
	 Section 9.14
	  	 Information True and Correct
	  	 	84	 
	 Section 9.15
	  	 Bulk Sales
	  	 	85	 
	 Section 9.16
	  	 Collateral
	  	 	85	 
	 Section 9.17
	  	 Selection Procedures
	  	 	85	 
	 Section 9.18
	  	 Indebtedness
	  	 	85	 
	 Section 9.19
	  	 No Injunctions
	  	 	85	 
	 Section 9.20
	  	 No Subsidiaries
	  	 	85	 
	 Section 9.21
	  	 ERISA Compliance
	  	 	85	 
	 Section 9.22
	  	 Investment Company Status
	  	 	85	 
	 Section 9.23
	  	 Set-Off, Etc.
	  	 	85	 
	 Section 9.24
	  	 Collections
	  	 	85	 
	 Section 9.25
	  	 Value Given
	  	 	86	 
	 Section 9.26
	  	 Regulatory Compliance
	  	 	86	 
	 Section 9.27
	  	 Separate Existence
	  	 	86	 
	 Section 9.28
	  	 Transaction Documents
	  	 	86	 
	 Section 9.29
	  	 Anti-Terrorism, Anti-Money Laundering
	  	 	86	 
	 Section 9.30
	  	 Similar Law
	  	 	87	 
			
	 ARTICLE X
	  		  			
			
		  	 COVENANTS
	  	 	87	 
			
	 Section 10.1
	  	 Protection of Security Interest of the Secured Parties
	  	 	87	 
	 Section 10.2
	  	 Other Liens or Interests
	  	 	88	 
	 Section 10.3
	  	 Costs and Expenses
	  	 	88	 
	 Section 10.4
	  	 Reporting Requirements
	  	 	88	 
	 Section 10.5
	  	 Separate Existence
	  	 	89	 
	 Section 10.6
	  	 Hedging Agreements
	  	 	90	 
	 Section 10.7
	  	 Tangible Net Worth
	  	 	92	 

  
 -iii- 

							
	 Section 10.8
	  	 Taxes
	  	 	92	 
	 Section 10.9
	  	 Merger, Consolidation, Etc.
	  	 	92	 
	 Section 10.10
	  	 Deposit of Collections
	  	 	92	 
	 Section 10.11
	  	 Indebtedness; Guarantees
	  	 	93	 
	 Section 10.12
	  	 Collateral Obligation Limitations
	  	 	93	 
	 Section 10.13
	  	 Documents
	  	 	93	 
	 Section 10.14
	  	 Preservation of Existence
	  	 	93	 
	 Section 10.15
	  	 Limitation on Investments
	  	 	93	 
	 Section 10.16
	  	 Distributions
	  	 	93	 
	 Section 10.17
	  	 Performance of Borrower Assigned Agreements
	  	 	94	 
	 Section 10.18
	  	 Material Modifications
	  	 	94	 
	 Section 10.19
	  	 Further Assurances; Financing Statements
	  	 	94	 
	 Section 10.20
	  	 Obligor Payment Instructions
	  	 	95	 
	 Section 10.21
	  	 Delivery of Collateral Obligation Files
	  	 	95	 
	 Section 10.22
	  	 Beneficial Ownership Certification
	  	 	95	 
	 Section 10.23
	  	 Limitation on Purchases from Affiliates
	  	 	95	 
			
	 ARTICLE XI
	  		  			
			
		  	 THE COLLATERAL AGENT
	  	 	96	 
			
	 Section 11.1
	  	 Appointment of Collateral Agent
	  	 	96	 
	 Section 11.2
	  	 Monthly Reports
	  	 	96	 
	 Section 11.3
	  	 Collateral Administration
	  	 	96	 
	 Section 11.4
	  	 Removal or Resignation of Collateral Agent
	  	 	99	 
	 Section 11.5
	  	 Representations and Warranties
	  	 	100	 
	 Section 11.6
	  	 No Adverse Interest of Collateral Agent
	  	 	100	 
	 Section 11.7
	  	 Reliance of Collateral Agent
	  	 	101	 
	 Section 11.8
	  	 Limitation of Liability and Collateral Agent Rights
	  	 	101	 
	 Section 11.9
	  	 Tax Reports
	  	 	103	 
	 Section 11.10
	  	 Merger or Consolidation
	  	 	104	 
	 Section 11.11
	  	 Collateral Agent Compensation
	  	 	104	 
	 Section 11.12
	  	 Anti-Terrorism Laws
	  	 	104	 
			
	 ARTICLE XII
	  		  			
			
		  	 GRANT OF SECURITY INTEREST
	  	 	104	 
			
	 Section 12.1
	  	 Borrower’s Grant of Security Interest
	  	 	104	 
	 Section 12.2
	  	 Borrower Remains Liable
	  	 	106	 
	 Section 12.3
	  	 Release of Collateral
	  	 	106	 

  
 -iv- 

							
	 ARTICLE XIII
	  		  			
			
		  	 FACILITY TERMINATION EVENTS
	  	 	107	 
			
	 Section 13.1
	  	 Facility Termination Events
	  	 	107	 
	 Section 13.2
	  	 Effect of Facility Termination Event
	  	 	109	 
	 Section 13.3
	  	 Rights upon Facility Termination Event
	  	 	110	 
	 Section 13.4
	  	 Collateral Agent May Enforce Claims Without Possession of Notes
	  	 	110	 
	 Section 13.5
	  	 Collective Proceedings
	  	 	111	 
	 Section 13.6
	  	 Insolvency Proceedings
	  	 	111	 
	 Section 13.7
	  	 Delay or Omission Not Waiver
	  	 	112	 
	 Section 13.8
	  	 Waiver of Stay or Extension Laws
	  	 	112	 
	 Section 13.9
	  	 Limitation on Duty of Collateral Agent in Respect of Collateral
	  	 	112	 
	 Section 13.10
	  	 Power of Attorney
	  	 	113	 
			
	 ARTICLE XIV
	  		  			
			
		  	 THE FACILITY AGENT
	  	 	114	 
			
	 Section 14.1
	  	 Appointment
	  	 	114	 
	 Section 14.2
	  	 Delegation of Duties
	  	 	114	 
	 Section 14.3
	  	 Exculpatory Provisions
	  	 	114	 
	 Section 14.4
	  	 Reliance by Note Agents
	  	 	114	 
	 Section 14.5
	  	 Notices
	  	 	115	 
	 Section 14.6
	  	 Non-Reliance on Note Agents
	  	 	115	 
	 Section 14.7
	  	 Indemnification
	  	 	116	 
	 Section 14.8
	  	 Successor Note Agent
	  	 	116	 
	 Section 14.9
	  	 Note Agents in their Individual Capacity
	  	 	117	 
	 Section 14.10
	  	 Borrower Procedural Review
	  	 	117	 
			
	 ARTICLE XV
	  		  			
			
		  	 ASSIGNMENTS
	  	 	117	 
			
	 Section 15.1
	  	 Restrictions on Assignments
	  	 	117	 
	 Section 15.2
	  	 Documentation
	  	 	117	 
	 Section 15.3
	  	 Rights of Assignee
	  	 	117	 
	 Section 15.4
	  	 Assignment by Lenders
	  	 	118	 
	 Section 15.5
	  	 Registration; Registration of Transfer and Exchange
	  	 	118	 
	 Section 15.6
	  	 Mutilated, Destroyed, Lost and Stolen Notes
	  	 	119	 
	 Section 15.7
	  	 Persons Deemed Owners
	  	 	120	 
	 Section 15.8
	  	 Cancellation
	  	 	120	 
	 Section 15.9
	  	 Participations; Pledge
	  	 	120	 
	 Section 15.10
	  	 Reallocation of Advances
	  	 	121	 

  
 -v- 

							
	 ARTICLE XVI
	  		  			
			
		  	 INDEMNIFICATION
	  	 	121	 
			
	 Section 16.1
	  	 Borrower Indemnity
	  	 	121	 
	 Section 16.2
	  	 Reserved
	  	 	122	 
	 Section 16.3
	  	 Contribution
	  	 	122	 
	 Section 16.4
	  	 Net After-Tax Basis
	  	 	122	 
			
	 ARTICLE XVII
	  		  			
			
		  	 MISCELLANEOUS
	  	 	122	 
			
	 Section 17.1
	  	 No Waiver; Remedies
	  	 	122	 
	 Section 17.2
	  	 Amendments, Waivers
	  	 	122	 
	 Section 17.3
	  	 Notices, Etc.
	  	 	123	 
	 Section 17.4
	  	 Costs and Expenses
	  	 	124	 
	 Section 17.5
	  	 Binding Effect; Survival
	  	 	124	 
	 Section 17.6
	  	 Captions and Cross References
	  	 	124	 
	 Section 17.7
	  	 Severability
	  	 	125	 
	 Section 17.8
	  	 GOVERNING LAW
	  	 	125	 
	 Section 17.9
	  	 Counterparts
	  	 	125	 
	 Section 17.10
	  	 WAIVER OF JURY TRIAL
	  	 	125	 
	 Section 17.11
	  	 No Proceedings
	  	 	125	 
	 Section 17.12
	  	 Limited Recourse
	  	 	126	 
	 Section 17.13
	  	 ENTIRE AGREEMENT
	  	 	127	 
	 Section 17.14
	  	 Confidentiality
	  	 	127	 
	 Section 17.15
	  	 Non-Confidentiality of Tax Treatment
	  	 	128	 
	 Section 17.16
	  	 Replacement of Lenders
	  	 	128	 
	 Section 17.17
	  	 Consent to Jurisdiction
	  	 	129	 
	 Section 17.18
	  	 Acknowledgement and Consent to Bail-In of EEA
Financial Institutions
	  	 	129	 
	 Section 17.19
	  	 Lender Representation
	  	 	130	 
			
	 ARTICLE XVIII
	  		  			
			
		  	 COLLATERAL CUSTODIAN
	  	 	130	 
			
	 Section 18.1
	  	 Designation of Collateral Custodian
	  	 	130	 
	 Section 18.2
	  	 Duties of the Collateral Custodian
	  	 	130	 
	 Section 18.3
	  	 Delivery of Collateral Obligation Files
	  	 	132	 
	 Section 18.4
	  	 Collateral Obligation File Certification
	  	 	133	 
	 Section 18.5
	  	 Release of Collateral Obligation Files
	  	 	133	 
	 Section 18.6
	  	 Examination of Collateral Obligation Files
	  	 	135	 
	 Section 18.7
	  	 Lost Note Affidavit
	  	 	135	 
	 Section 18.8
	  	 Transmission of Collateral Obligation Files
	  	 	136	 

  
 -vi- 

							
	 Section 18.9
	  	 Merger or Consolidation
	  	 	136	 
	 Section 18.10
	  	 Collateral Custodian Compensation
	  	 	136	 
	 Section 18.11
	  	 Removal or Resignation of Collateral Custodian
	  	 	136	 
	 Section 18.12
	  	 Limitations on Liability
	  	 	137	 
	 Section 18.13
	  	 Collateral Custodian as Agent of Collateral Agent
	  	 	138	 

  
 -vii- 

			
	 EXHIBIT A
	  	Form of Note
	 EXHIBIT B
	  	Audit Standards
	 EXHIBIT C-1
	  	Form of Advance Request
	 EXHIBIT C-2
	  	Form of Reinvestment Request
	 EXHIBIT C-3
	  	Form of Asset Approval Request
	 EXHIBIT D
	  	Form of Monthly Report
	 EXHIBIT E
	  	Form of Approval Notice
	 EXHIBIT F-1
	  	Authorized Representatives of Servicer
	 EXHIBIT F-2
	  	Request for Release and Receipt
	 EXHIBIT F-3
	  	Request for Release of Request for Release and Receipt
	 EXHIBIT G-1
	  	U.S. Tax Compliance Certificate (Foreign Lender - non-Partnerships)
	 EXHIBIT G-2
	  	U.S. Tax Compliance Certificate (Foreign Participant - non-Partnerships)
	 EXHIBIT G-3
	  	U.S. Tax Compliance Certificate (Foreign Participants - Partnerships)
	 EXHIBIT G-4
	  	U.S. Tax Compliance Certificate (Foreign Lenders - Partnerships)
	 EXHIBIT H
	  	Schedule of Collateral Obligations Certification
		
	 SCHEDULE 1
	  	Diversity Score Calculation
	 SCHEDULE 2
	  	Moody’s Industry Classification Group List
	 SCHEDULE 3
	  	Collateral Obligations

  
 -viii- 

 LOAN FINANCING AND SERVICING AGREEMENT 

THIS LOAN FINANCING AND SERVICING AGREEMENT is made and entered into as of October 11, 2018, among GSO DOWNING STREET LLC, a Delaware
limited liability company (the “Borrower”), GSO DIRECT LENDING FUND-D LP, a Delaware limited partnership (the “Servicer”), each LENDER (as hereinafter defined) FROM TIME TO
TIME PARTY HERETO, the AGENTS for the Lender Groups (as hereinafter defined) from time to time parties hereto (each such party, in such capacity, together with their respective successors and permitted assigns in such capacity, an
“Agent”), U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent and Collateral Custodian (each as hereinafter defined), and DEUTSCHE BANK AG, NEW YORK BRANCH, as Facility Agent (in such capacity, together with its successors and
permitted assigns in such capacity, the “Facility Agent”). 
 RECITALS 

WHEREAS, the Borrower desires that each Lender extend financing on the terms and conditions set forth herein; and 

WHEREAS, each Lender desires to extend financing on the terms and conditions set forth herein. 

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

ARTICLE I 
 DEFINITIONS 

Section 1.1 Defined Terms. As used in this Agreement, the following terms have the following meanings: 

“1940 Act” means the Investment Company Act of 1940, as amended 

“Account” means the Unfunded Exposure Account, the Principal Collection Account and the Interest Collection Account, together
with any sub-accounts deemed appropriate or necessary by the Securities Intermediary, for convenience in administering such accounts. 

“Account Collateral” has the meaning set forth in Section 12.1(d). 

“Account Control Agreement” means the Securities Account Control Agreement, dated as of the Effective Date, by and between
the Borrower, as pledgor, the Collateral Agent on behalf of the Secured Parties, as secured party, and U.S. Bank National Association, as Securities Intermediary. 

 “Accrual Period” means, with respect to any Distribution Date, the period
from and including the previous Distribution Date (or, in the case of the first Distribution Date, from and including the Effective Date) through and including the day preceding such Distribution Date. 

“Adjusted Aggregate Eligible Collateral Obligation Balance” means, as of any date, the Aggregate Eligible Collateral
Obligation Amount minus the Excess Concentration Amount on such date. 
 “Advance” has the meaning set forth in
Section 2.1(a). 
 “Advance Date” has the meaning set forth in
Section 2.1(a). 
 “Advance Rate” with respect to any Eligible Collateral Obligation on any date
of determination that is a (a) First Lien Broadly Syndicated Loan, 75%, (b) First Lien Middle Market Loan, 72.5%, (c) Unitranche Loan, 70%, (d) FILO Loan, 65%, (e) Second Lien Loan, 30%, (f) Senior Secured Bond 65% or (g) Unsecured Bond
35%. 
 “Advance Request” has the meaning set forth in Section 2.2(a). 

“Adverse Claim” means any claim of ownership or any Lien, title retention, trust or other charge or encumbrance, or other
type of preferential arrangement having the effect or purpose of creating a Lien, other than Permitted Liens. 
 “Affected
Person” has the meaning set forth in Section 5.1. 
 “Affiliate” means, with respect to
a Person, any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person, or is a director or officer of such Person; provided that for purposes of determining whether any Collateral
Obligation is an Eligible Collateral Obligation or any Obligor is an Eligible Obligor, the term Affiliate shall not include any Affiliate relationship which may exist solely as a result of direct or indirect ownership of, or control by, a common
Financial Sponsor. For purposes of this definition, “control,” when used with respect to any specified Person means the possession, directly or indirectly, of the power to vote 20% or more of the voting securities of such Person or
to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agent” has the meaning set forth in the Preamble. 

“Aggregate Eligible Collateral Obligation Amount” means, as of any date, the sum of the Collateral Obligation Amounts for all
Eligible Collateral Obligations. 
 “Aggregate Funded Spread” means, as of any day, the sum of: (a) in the case of
each Eligible Collateral Obligation (including, for any Deferrable Collateral Obligation, only the required current cash pay interest thereon) that bears interest at a spread over a London interbank offered rate based index, (i) the sum of
(I) the stated interest rate spread on each such Collateral Obligation above such index plus (II) for each such Collateral Obligation that provides for a minimum index amount, the excess, if any, of such minimum index amount over such
index multiplied by (ii) the Collateral Obligation Amount of each such Collateral Obligation plus (b) in 

  
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the case of each Eligible Collateral Obligation (including, for any Deferrable Collateral Obligation, only the required current cash pay interest thereon) that bears interest at a spread over an
index other than a London interbank offered rate based index, (A) the excess for each such Collateral Obligation of the sum of such spread for each such Collateral Obligation and such index for each such Collateral Obligation over the LIBOR
Rate for such applicable period of time (which spread or excess may be expressed as a negative percentage) multiplied by (B) the Collateral Obligation Amount of each such Collateral Obligation plus (c) in the case of each
Eligible Collateral Obligation (including, for any Deferrable Collateral Obligation, only the required current cash pay interest thereon) that is a Fixed Rate Collateral Obligation, (x) the interest rate for such Collateral Obligation
minus the LIBOR Rate multiplied by (y) the Collateral Obligation Amount of each such Collateral Obligation. 

“Aggregate Notional Amount” shall mean, with respect to any date of determination, an amount equal to the sum of the notional
amounts or equivalent amounts of all outstanding Hedging Agreements, Replacement Hedging Agreements and Qualified Substitute Arrangements, each as of such date of determination. 

“Aggregate Unfunded Amount” shall mean, as of any date of determination, the sum of the unfunded commitments and all other
standby or contingent commitments associated with each Variable Funding Asset included in the Collateral as of such date. 

“Agreement” means this Loan Financing and Servicing Agreement, as it may be amended, restated, supplemented or otherwise
modified from time to time. 
 “Alternate Base Rate” means a fluctuating rate per annum as shall be in effect from
time to time, which rate shall be at all times equal to the highest of: 
 (a) the rate of interest announced publicly by
DBNY in New York, New York, from time to time as DBNY’s base commercial lending rate; 
 (b) 1⁄2 of one percent above the Federal Funds Rate; and 

(c) zero. 

“Amount Available” means, with respect to any Distribution Date, the sum of (a) the amount of Collections with respect
to the related Collection Period and any amounts paid into the Collection Account under any Hedging Agreement with respect to the Accrual Period ending on the day preceding such Distribution Date (excluding any Collections necessary to settle the
acquisition of Eligible Collateral Obligations), plus (b) any investment income earned on amounts on deposit in the Collection Account since the immediately prior Distribution Date (or since the Effective Date in the case of the first
Distribution Date), plus (c) any Repurchase Amounts deposited in the Collection Account with respect to the related Collection Period. 

“Applicable Law” means for any Person all existing and future laws, rules, regulations (including temporary and final income
tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Official Body applicable to such Person (including, without limitation, predatory and abusive lending laws, usury laws,
the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the 

  
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Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson Moss Warranty Act, the Federal Reserve Board’s Regulations “B” and
“Z”, the Servicemembers Civil Relief Act of 2003 and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and all other consumer credit laws and equal credit opportunity and disclosure laws) and applicable
judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction. 

“Applicable Margin” means (i) prior to the occurrence of any Facility Termination Event, 2.00% per annum and
(ii) after the Revolving Period, 2.25% per annum; provided that, during any period while a Facility Termination Event has occurred and is continuing, the Applicable Margin otherwise in effect shall be increased by the addition thereto of 2.00%
per annum. 
 “Appraised Value” means, with respect to any Asset Based Loan, the appraised value of the pro rata
portion of the underlying collateral securing such Collateral Obligation as determined by an Approved Valuation Firm. 
 “Approval
Notice” means, with respect to any Collateral Obligation, a copy of a notice executed by the Facility Agent in the form of Exhibit E, evidencing, among other things, the approval of the Facility Agent, in its sole discretion, of such
Collateral Obligation and the applicable Discount Factor, the jurisdiction (if other than the United States or any State thereof) of the applicable Obligor, the loan type and lien priority (including the division of any unitranche Loan), the
Effective LTV and the Original Effective LTV (if such Collateral Obligation is an Asset Based Loan), the Original Leverage Multiple, other non-cash charges included in EBITDA and each other item listed in
Section 6.2(h). 
 “Approved Valuation Firm” means, with respect to any Collateral Obligation,
any valuation firm either (a) specified on the related Asset Approval Request and approved on the related Approval Notice or (b) otherwise approved in writing by the Facility Agent in its reasonable discretion. 

“Asset Approval Request” means a notice in the form of Exhibit C-3 which
requests an Approval Notice with respect to one or more Collateral Obligations and shall include (among other things): 
 (a)
the proposed date of each related acquisition; 
 (b) the Servicer’s internal risk rating (including all other output
and related calculations) for each such Collateral Obligation; 
 (c) the Original Leverage Multiple (and attaching Original
Leverage Multiple, if any), and, if such Collateral Obligation is an Asset Based Loan, Original Effective LTV (and attaching Original Effective LTV, if any) for each such Collateral Obligation, measured as of the date of such notice; 

(d) each requested other non-cash charge to be included in EBITDA (if any); 

  
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 (e) a list, for each such Second Lien Loan, of any Liens permitted under the
applicable Underlying Instruments that are permitted to (i) secure borrowed money in excess of $500,000, whether individually or in the aggregate and (ii) rank in priority senior to or pari passu with such Second Lien Loan; 

(f) a related Schedule of Collateral Obligations; and 

(g) all Obligor Information. 

“Asset Based Loan” means any Loan which the Servicer identifies on the related Asset Approval Request that (i) was
underwritten primarily on the appraised value of the assets securing such Loan and (ii) is governed by a borrowing base. 

“Assigned Participation Interest” means a participation interest in a loan that would, at the time of acquisition or the
Borrower’s commitment to acquire the same, satisfy each of the following criteria: (i) such participation would constitute an Eligible Collateral Obligation were it acquired directly, (ii) the seller of the participation is the lender
on the subject loan, (iii) the aggregate participation in the loan does not exceed the principal amount or commitment of such loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a
greater interest than the seller holds in the loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full at the time of its acquisition, (vi) the participation provides
the participant all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation and (vii) is elevated within 30 days of the related
Cut-Off Date. 
 “Available Funds” has the meaning set forth in
Section 17.12. 
 “Average Life” means, as of any day and with respect to any Collateral
Obligation, the quotient obtained by dividing (i) the sum of the products of (a) the number of years (rounded up to the nearest one hundredth thereof) from such day to the respective dates of each successive Scheduled Collateral
Obligation Payment of principal on such Collateral Obligation multiplied by (b) the respective amounts of principal of such Scheduled Collateral Obligation Payments by (ii) the sum of all successive Scheduled Collateral Obligation
Payments of principal on such Collateral Obligation. 
 “Bail-In Action” means the
exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. § 101, et
seq., as amended. 
 “Base Rate” for any Advance means a rate per annum equal to the LIBOR Rate for such
Advance or portion thereof; provided, that in the case of 

  
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 (a) any day on or after the first day on which a Committed Lender shall have
notified the Facility Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Official Body asserts that it is unlawful, for such Committed Lender to fund such
Advance at the Base Rate set forth above (and such Committed Lender shall not have subsequently notified the Facility Agent that such circumstances no longer exist), or 

(b) any period in the event the LIBOR Rate is not reasonably available to any Lender for such period, 

the “Base Rate” shall be a floating rate per annum equal to the Alternate Base Rate in effect on each day of such period. 

“Basel III Regulation” shall mean, with respect to any Affected Person, any rule, regulation or guideline applicable to such
Affected Person and arising directly or indirectly from (a) any of the following documents prepared by the Basel Committee on Banking Supervision of the Bank of International Settlements: (i) Basel III: International Framework for
Liquidity Risk Measurement, Standards and Monitoring (December 2010), (ii) Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems (June 2011), (iii) Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring
Tools (January 2013), or (iv) any document supplementing, clarifying or otherwise relating to any of the foregoing, or (b) any accord, treaty, statute, law, rule, regulation, guideline or pronouncement (whether or not having the force of
law) of any governmental authority implementing, furthering or complementing any of the principles set forth in the foregoing documents of strengthening capital and liquidity, in each case as from time to time amended, restated, supplemented or
otherwise modified. Without limiting the generality of the foregoing, “Basel III Regulation” shall include Part 6 of the European Union regulation on prudential requirements for credit institutions and investment firms (the
“CRR”) and any law, regulation, standard, guideline, directive or other publication supplementing or otherwise modifying the CRR. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial
Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading
Association and Securities Industry and Financial Markets Association. 
 “Beneficial Ownership Regulation” means 31 C.F.R.
§ 1010.230. 
 “Bond” means a Senior Secured Bond or an Unsecured Bond. 

“Borrower” has the meaning set forth in the Preamble. 

“Borrower Assigned Agreements” has the meaning set forth in Section 12.1(c). 

“Borrowing Base” means, on any day of determination, (i) the product of the lower of (a) the Weighted Average
Advance Rate and (b) the Maximum Portfolio Advance Rate multiplied by the Adjusted Aggregate Eligible Collateral Obligation Balance plus (ii) the amount on deposit in the Principal Collection Account minus
(iii) the Aggregate Unfunded Amount plus (iv) the amount on deposit in the Unfunded Exposure Account. 

  
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 “Borrowing Base Condition” means, both before and after giving pro forma
effect to any such distribution, (i) with respect to any distribution permitted under Sections 10.16(a)(A)(1) and 10.16(a)(A)(2), the Borrowing Base is greater than or equal to the Advances outstanding, and
(ii) with respect to any distribution permitted under Sections 10.16(a)(A)(3) and 10.16(a)(A)(4), the Borrowing Base is greater than or equal to 110% of the Advances outstanding. 

“Business Day” means any day that is not (i) a Saturday or, Sunday, (ii) any other day on which banking
institutions in New York, New York or the city in which the offices of the Collateral Agent or Collateral Custodian are located are authorized or obligated by law, executive order or government decree to remain closed or (iii) if the applicable
Business Day relates to the advance or continuation of, or payment of an Advance bearing interest at the LIBOR Rate or the determination of the LIBOR Rate, days on which banks are dealing in Dollar deposits in the interbank eurodollar market in
London, England are closed. All references to any “day” or any particular day of any “calendar month” shall mean calendar day unless otherwise specified. 

“Capped Fees/Expenses” means, at any time, the Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses
such that the aggregate amount of such Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses paid to the Collateral Agent or the Collateral Custodian under the Transaction Documents in any calendar year do not exceed the sum
of (i) 0.03% per annum of the Aggregate Eligible Collateral Obligation Amount plus (ii) $100,000. 
 “Cause” means,
with respect to an Independent Manager, (i) acts or omissions by such Independent Manager that constitute willful disregard of such Independent Manager’s duties as set forth in the Borrower’s organizational documents, (ii) that
such Independent Manager has engaged in or has been charged with, or has been convicted of, fraud or other acts constituting a crime under any law applicable to such Independent Manager, (iii) that such Independent Manager is unable to perform
his or her duties as Independent Manager due to death, disability or incapacity, or (iv) that such Independent Manager no longer meets the definition of Independent Manager. 

“Change of Control” means any of (a) the Equityholder shall no longer be the sole equityholder of the Borrower (free and
clear of any liens), (b) GSO Direct Lending Fund-D Associates LLC or an Affiliate thereof shall not be the general partner of the Equityholder and (c) GSO Holdings I L.L.C. or an Affiliate thereof shall
no longer be the sole owner of the general partner of the Equityholder. 
 “Charges” means (i) all federal, state,
county, city, municipal, local, foreign or other governmental taxes (including taxes owed to the PBGC at the time due and payable); (ii) all levies, assessments, charges, or claims of any governmental entity or any claims of statutory
lienholders, the nonpayment of which could give rise by operation of law to a Lien on the Collateral Obligations or any other property of the Borrower and (iii) any such taxes, levies, assessment, charges or claims which constitute a lien or
encumbrance on any property of the Borrower. 

  
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 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” has the meaning set forth in Section 12.1. 

“Collateral Agent” means U.S. Bank National Association, solely in its capacity as Collateral Agent, together with its
successors and permitted assigns in such capacity. 
 “Collateral Agent and Collateral Custodian Fee Letter” means that
certain letter agreement among the Collateral Agent and Collateral Custodian, the Securities Intermediary and the Borrower, as the same may be amended, supplemented or otherwise modified by the parties thereto with the consent of the Facility Agent.

 “Collateral Agent Fees and Expenses” has the meaning set forth in Section 11.11. 

“Collateral Custodian” means U.S. Bank National Association, solely in its capacity as collateral custodian, together with
its successors and permitted assigns in such capacity. 
 “Collateral Custodian Fees and Expenses” has the meaning set
forth in Section 18.10. 
 “Collateral Database” has the meaning set forth in
Section 11.3(a)(i). 
 “Collateral Obligation” means a Loan, a Bond or Participation Interest
therein owned by the Borrower, excluding the Retained Interest thereon. 
 “Collateral Obligation Amount” means for any
Collateral Obligation, as of any date of determination, an amount equal to the product of (i) the Discount Factor of such Collateral Obligation at such time multiplied by (ii) the Principal Balance of such Collateral Obligation at
such time. 
 The Collateral Obligation Amount of any Collateral Obligation that ceases to be (or otherwise is not) an Eligible Collateral
Obligation shall be zero. 
 “Collateral Obligation File” means, with respect to each Collateral Obligation as identified
on the related Document Checklist, (i) if the Collateral Obligation includes a promissory note, (x) an original, executed copy of such promissory note, or (y) in the case of a lost promissory note, a copy of such executed promissory
note accompanied by an original executed affidavit and indemnity endorsed by the Borrower in blank, in each case with respect to clause (x) or clause (y) with an unbroken chain of endorsements from each prior holder of such promissory note
to the Borrower or in blank (unless such note is in bearer form, in which case delivery alone shall suffice), or (z) in the case of a noteless Collateral Obligation, a copy of each executed document or instrument evidencing the assignment of
such Collateral Obligation to the Borrower, (ii) copies (as indicated on the Schedule of Collateral Obligations and the related Document Checklist) of any related loan agreement, security agreement, mortgage, moveable or immoveable hypothec,
deed of hypothec, guarantees, note purchase agreement, intercreditor and/or subordination agreement, each to the extent in the possession of the Borrower, (iii) copies 

  
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of the file-stamped (or the electronic equivalent of) UCC financing statements and continuation statements (including amendments or modifications thereof)
authorized by the Obligor thereof or by another Person on the Obligor’s behalf in respect of such Collateral Obligation, and (iv) any other document included by the Servicer on the related Document Checklist. 

“Collateral Obligation Schedule” means the list of Collateral Obligations set forth on Schedule 3,
as the same may be updated by the Borrower (or the Servicer on behalf of the Borrower) from time to time. 
 “Collateral Quality
Tests” means, collectively or individually as the case may be, the Minimum Diversity Test, the Minimum Weighted Average Spread Test, the Minimum Weighted Average Coupon Test and the Maximum Weighted Average Life Test. 

“Collection Account” means, collectively, the Principal Collection Account and the Interest Collection Account. 

“Collection Period” means, with respect to the first Distribution Date, the period from and including the Effective Date to
and including the Determination Date preceding the first Distribution Date; and thereafter, the period from but excluding the Determination Date preceding the previous Distribution Date to and including the Determination Date preceding the current
Distribution Date. 
 “Collections” means the sum of all Interest Collections and all Principal Collections received with
respect to the Collateral. 
 “Commercial Paper Rate” for Advances means, to the extent a Conduit Lender funds such
Advances by issuing commercial paper, the sum of (i) the weighted average of the rates at which commercial paper notes of such Conduit Lender issued to fund such Advances (which shall include commissions of placement agents and dealers,
incremental carrying costs incurred with respect to its commercial paper maturing on dates other than those on which corresponding funds are received by the Conduit Lender and costs or other borrowings by the Conduit Lender (other than under any
related support facility) may be sold by any placement agent or commercial paper dealer selected by such Conduit Lender, as agreed in good faith between each such agent or dealer and such Conduit Lender; provided, that if the rate (or rates)
as agreed between any such agent or dealer and such Conduit Lender for any Advance is a discount rate (or rates), then such rate shall be the rate (or if more than one rate, the weighted average of the rates) resulting from converting such discount
rate (or rates) to an interest-bearing equivalent rate per annum plus, without duplication (ii) any and all reasonable costs and expenses of any issuing and paying agent or other Person responsible
for the administration of such Conduit Lender’s commercial paper program in connection with the preparation, completion, issuance, delivery or payment of commercial paper issued to fund the making or maintenance of any Advance. Each Conduit
Lender shall notify the Facility Agent of its Commercial Paper Rate applicable to any Advance promptly after the determination thereof. 

  
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 “Commitment” means, for each Committed Lender, (a) prior to the
Facility Termination Date, the commitment of such Committed Lender to make Advances to the Borrower in an amount not to exceed, in the aggregate, the amount set forth opposite such Committed Lender’s name on Annex B or pursuant to the
assignment executed by such Committed Lender and its assignee(s) and delivered pursuant to Article XV (as such Commitment may be reduced as set forth in Section 2.5), and (b) on and after the
earlier to occur of (i) Facility Termination Date and (ii) the end of the Revolving Period, such Committed Lender’s pro rata share of all Advances outstanding. 

“Committed Lenders” means, for any Lender Group, the Persons executing this Agreement in the capacity of a “Committed
Lender” for such Lender Group (or an assignment hereof) in accordance with the terms of this Agreement. 

“Competitor” means (a) any Person primarily engaged in the business of private investment management as a business
development company, mezzanine fund, private debt fund, hedge fund or private equity fund, which is in direct or indirect competition with the Borrower, the Servicer, the sub-advisor of the Servicer, or any
Affiliate thereof that is an investment advisor, (b) any Person controlled by, or controlling, or under common control with, a Person referred to in clause (a) above, or (c) any Person for which a Person referred to in clause
(a) above serves as an investment advisor with discretionary investment authority. 
 “Conduit Advance Termination
Date” means, with respect to a Conduit Lender, the date of the delivery by such Conduit Lender to the Borrower of written notice that such Conduit Lender elects, in its sole discretion, to permanently cease funding Advances hereunder. 

“Conduit Lender” means any Person that shall become a party to this Agreement in the capacity as a “Conduit Lender”
and any assignee of any of the foregoing. 
 “Contractual Obligation” means with respect to any Person, any provision of
any securities issued by such Person or any mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or to which either is subject. 

“Corporate Trust Office” means the applicable designated corporate trust office of the Collateral Agent, the Securities
Intermediary or the Collateral Custodian, as applicable, specified on Annex A, or such other address within the United States as it may designate from time to time by notice to the Facility Agent. 

“Cost of Funds Rate” means, for any Accrual Period and any Lender, the rate determined as set forth below: 

(a) With respect to each Conduit Lender and each day of such Accrual Period, such Conduit Lender’s Commercial Paper Rate
for such day; provided, that if and to the extent that, and only for so long as, a Conduit Lender at any time determines in good faith that it is unable to raise or is precluded or prohibited from raising, or that it is not advisable to raise, funds
through the issuance of commercial paper notes in the commercial paper market of the United States to finance its making or maintenance of its portion of any Advance or any portion thereof (which determination may be based on any allocation method
employed in good faith by such Conduit Lender), upon notice from such Conduit Lender to the Agent for its Lender Group and the Facility Agent, such Conduit Lender’s portion of such Advance shall bear interest at a rate per annum equal to the
Base Rate. 

  
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 (b) With respect to each Committed Lender, the Base Rate 

“Cut-Off Date” means, with respect to each Collateral Obligation, the date such
Collateral Obligation becomes a part of the Collateral. 
 “DBNY” means Deutsche Bank AG, New York Branch, and its
successors. 
 “Defaulted Collateral Obligation” means any Collateral Obligation as to which any one of the following
events has occurred: 
 (a) any Scheduled Collateral Obligation Payment or part thereof is unpaid more than 2 Business Days
beyond the grace period (if any) permitted by the related Underlying Instrument; 
 (b) an Insolvency Event occurs with
respect to the Obligor thereof; 
 (c) the Servicer or the Borrower has actual knowledge of a default as to the payment of
principal and/or interest that has occurred and continues for more than two Business Days on another loan or other debt obligation of the same Obligor that is (a) senior or pari passu in right of payment to such Collateral Obligation,
(b) either a full recourse obligation of the Obligor or secured by the same collateral securing such Collateral Obligation and (c) in an amount (whether separately or in the aggregate) in excess of $250,000; 

(d) such Collateral Obligation has (x) a public rating by Standard & Poor’s of “CC” or below, or
“SD” or (y) a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD” or, in each case, had such ratings before they were withdrawn by Standard & Poor’s or
Moody’s, as applicable; 
 (e) the Servicer or the Borrower has actual knowledge that such Collateral Obligation is
pari passu or junior in right of payment as to the payment of principal and/or interest to another debt obligation of the same issuer which has (i) a public rating by Standard & Poor’s of “CC” or below, or
“SD” or (ii) a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD”, and in each case such other debt obligation remains outstanding (provided that both the Collateral
Obligation and such other debt obligation are full recourse obligations of the applicable Obligor); 
 (f) a Responsible
Officer of the Servicer or the Borrower has received written notice or has actual knowledge that a default has occurred under the Underlying Instruments, any applicable grace period has expired and the holders of such Collateral Obligation have
accelerated the repayment of such Collateral Obligation (but only until such default is cured or waived) in the manner provided in the Underlying Instruments; 

  
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 (g) with respect to any Related Collateral Obligation, (i) the
Equityholder or any of its subsidiaries fails to comply with any funding obligation under such Variable Funding Asset, and (ii) the Equityholder fails to notify the Facility Agent prior to such failure to fund and in reasonable detail that, to
the knowledge of the Equityholder, such failure to comply was not solely as a result of the Equityholder’s or such subsidiary’s inability to fund such obligation; or 

(h) the Servicer determines, in its sole discretion, in accordance with the Servicing Standard, that all or a material portion
of such Collateral Obligation is not collectible or otherwise places such Collateral Obligation on non-accrual status. 

“Deferrable Collateral Obligation” means a Collateral Obligation that by its terms permits the deferral or capitalization of
payment of accrued and unpaid interest. 
 “Determination Date” means the last day of each calendar month, or if such day
is not a Business Day, the next succeeding Business Day. 
 “DIP Loan” means any Loan made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having the priority allowed by either Section 364(c) or 364(d) of the Bankruptcy Code and fully
secured by senior Liens. 
 “Discount Factor” means, with respect to each Collateral Obligation and as of any date of
determination pursuant to Section 2.7, the value (expressed as a percentage of par) of such Collateral Obligation as determined by the Facility Agent in its sole discretion in accordance with
Section 2.7. 
 “Distribution Date” means the
15th day of each February, May, August and November, or if such date is not a Business Day, the next succeeding Business Day, commencing in May 2019. 

“Diversity Score” means, as of any day, a single number that indicates collateral concentration in terms of both issuer and
industry concentration, calculated as set forth in Schedule 1 hereto, as such diversity scores shall be updated at the option of the Facility Agent in its sole discretion if Moody’s publishes revised criteria and the
application of such revised criteria to this facility is necessary to avoid an increased regulatory capital charge for the Facility Agent or its Affiliates that are Lenders hereunder. 

“Document Checklist” means an electronic or hard copy list delivered by the Borrower (or by the Servicer on behalf of the
Borrower) to the Collateral Custodian that identifies each of the documents contained in each Collateral Obligation File and whether such document is an original or a copy and whether a hard copy or electronic copy will be delivered to the
Collateral Custodian related to a Collateral Obligation and includes the name of the Obligor with respect to such Collateral Obligation, in each case as of the related Funding Date. 

“Dodd-Frank Regulation” means, with respect to any Affected Person, any rule, regulation or guideline applicable to such
Affected Person and arising directly or indirectly from the Dodd-Frank Wall Street Reform and Consumer Protection Act and all laws, regulations requests, rules, guidelines or directives thereunder or issued in connection therewith. 

“Dollar(s)” and the sign “$” mean lawful money of the United States of America. 

  
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 “EBITDA” means, with respect to any period and any Collateral Obligation,
the meaning of “EBITDA,” “Adjusted EBITDA” or any comparable definition in the Underlying Instruments for each such Collateral Obligation. In any case that “EBITDA,” “Adjusted EBITDA” or such comparable
definition is not defined in such Underlying Instruments, an amount, for the related Obligor and any of its parents or Subsidiaries that are obligated with respect to such Collateral Obligation pursuant to its Underlying Instruments (determined on a
consolidated basis without duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus interest expense, income taxes, depreciation, amortization and, to the extent reported pursuant to the related
Underlying Instruments and set forth on the related Approval Notice or otherwise approved by the Facility Agent in its sole discretion, other non-cash charges that were deducted in determining earnings from
continuing operations for such period and, to the extent approved by the Facility Agent on a Collateral Obligation by Collateral Obligation basis, any other costs and expenses reducing earnings and other extraordinary
non-recurring costs and expenses for such period (to the extent deducted in determining earnings from continuing operations for such period). 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country
which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent; 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution to the extent such public administrative authority or Person has the authority to exercise Write-Down and
Conversion Powers. 
 “Effective Advance Rate” means, on any date of determination, (a) the Advances outstanding on
such date divided by (b) the sum of (i) the Adjusted Aggregate Eligible Collateral Obligation Balance on such date plus (ii) the amount of Principal Collections on deposit in the Principal Collection Account on such date
minus (iii) the Aggregate Unfunded Amount on such date plus (iv) the amount on deposit in the Unfunded Exposure Account on such date. 

“Effective Date” has the meaning set forth in Section 6.1. 

“Effective Equity” means, as of any day, the greater of (x) the sum of the Principal Balances of all Eligible Collateral
Obligations minus (ii) the outstanding principal amount of all Advances and (y) $0. 
 “Effective LTV” means,
with respect to any Asset Based Loan as of any date of determination, the product of (i) the Principal Balance of such Collateral Obligation divided by (ii) the Appraised Value of such Collateral Obligation as of such date of
determination. 

  
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 “Eligible Account” means (i) a segregated trust account or (ii) a
segregated direct deposit account, in each case, maintained with a securities intermediary or trust company organized under the laws of the United States of America, or any of the States thereof, or the District of Columbia, having a certificate of
deposit, short term deposit or commercial paper rating of at least A-1 by Standard & Poor’s and P-1 by Moody’s. In either case, such depository
institution or trust company shall have been approved by the Facility Agent, acting in its reasonable discretion, by written notice to the Borrower. DBNY and U.S. Bank National Association are deemed to be acceptable securities intermediaries to the
Facility Agent. 
 “Eligible Collateral Obligation” means, on any Measurement Date, each Collateral Obligation that
satisfies the following conditions (unless otherwise waived by the Facility Agent and the Majority Lenders (provided, that if there is more than one Lender on such Measurement Date, at least two Lenders) in their respective sole discretion on the
applicable Approval Notice; provided, that the Borrower shall be permitted, at its sole expense and effort, to replace any Lender that has not consented to any such proposed waiver in accordance with
Section 17.16(b)): 
 (a) the Facility Agent in its sole discretion has delivered an Approval
Notice with respect to such Collateral Obligation; 
 (b) such Collateral Obligation is a First Lien Loan, a FILO Loan, a
Second Lien Loan, a Unitranche Loan or a Bond; 
 (c) such Collateral Obligation is not a Defaulted Collateral Obligation;

 (d) such Collateral Obligation is not an Equity Security and is not convertible into an Equity Security at the option of
the applicable Obligor or any other Person other than the Borrower; 
 (e) such Collateral Obligation is not a Structured
Finance Obligation, an Unsecured Loan or participation interest (unless it is a Participation Interest); 
 (f) such
Collateral Obligation is denominated in Dollars and is not convertible by the Obligor thereof into any currency other than Dollars; 

(g) such Collateral Obligation is not a single-purpose real estate based loan (unless the related real estate is a hotel,
casino or other operating company), a construction loan or a project finance loan; 
 (h) such Collateral Obligation is not a
lease (including a financing lease); 
 (i) if such Collateral Obligation is a Deferrable Collateral Obligation, it provides
for periodic payments of interest thereon in cash no less frequently than semi-annually and the portion of interest required to be paid in cash under the terms of the related Underlying Instruments results in the outstanding principal amount of such
Collateral Obligation having an effective rate of current interest paid in cash on such day of not less than (i) if such Deferrable Collateral Obligation is a Fixed Rate Collateral Obligation, 3.00% per annum over the LIBOR Rate or
(ii) otherwise, 3.00% per annum over the applicable index rate; 

  
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 (j) reserved; 

(k) such Collateral Obligation is not incurred or issued in connection with a merger, acquisition, consolidation, sale of all
or substantially all of the assets of a Person, restructuring or similar transaction, which obligation or security by its terms is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other
refinancings (other than any additional borrowing or refinancing if one or more financial institutions has provided the issuer of such obligation or security with a binding written commitment to provide the same, so long as (i) such commitment
is equal to the outstanding principal amount of such Collateral Obligation and (ii) such committed replacement facility has a maturity of at least one year and cannot be extended beyond such one year maturity pursuant to the terms thereof);

 (l) such Collateral Obligation is not a trade claim; 

(m) such Collateral Obligation does not have either (x) a public rating by Standard & Poor’s of “CCC-” or below or (y) a Moody’s probability of default rating (as published by Moody’s) of “Caa3” or below; 

(n) the Obligor with respect to such Collateral Obligation is an Eligible Obligor; 

(o) such Collateral Obligation is not Margin Stock; 

(p) such Collateral Obligation is not a security or swap transaction that has payments associated with either payments of
interest on and/or principal of a reference obligation or the credit performance of a reference obligation; 
 (q) such
Collateral Obligation provides for the periodic payment of cash interest; 
 (r) such Collateral Obligation is not subject to
substantial non-credit related risk, as determined by the Servicer in accordance with the Servicing Standard, other than non-credit related risks that have previously
been disclosed to the Facility Agent during the process of obtaining an Approval Notice with respect to such Collateral Obligation; 

(s) the acquisition of which will not cause the Borrower to be deemed to own 5.0% or more of any class of voting securities of
any Obligor or 25.0% or more of the total equity of any Obligor or any securities that are immediately convertible into or immediately exercisable or exchangeable for 5.0% or more of any class of voting securities of any Obligor or 25.0% or more of
the total equity of any Obligor, in each case as determined by the Servicer; 
 (t) the Underlying Instrument for which does
not contain confidentiality provisions that restrict the ability of the Facility Agent to exercise its rights under the Transaction Documents, including, without limitation, its rights to review such debt obligation or participation, the Underlying
Instrument and related documents and credit approval file; 

  
 -15- 

 (u) the acquisition of which is not in violation of Regulations T, U or X of
the FRS Board; 
 (v) such Collateral Obligation is capable of being transferred to and owned by the Borrower (whether
directly or by means of a security entitlement) and of being pledged, assigned or novated by the owner thereof or of an interest therein (a) subject to customary qualifications for instruments similar to such Collateral Obligation, to the
Facility Agent, (b) subject to customary qualifications for instruments similar to such Collateral Obligation, to any assignee of the Facility Agent permitted or contemplated under this Agreement, (c) subject to customary qualifications
for instruments similar to such Collateral Obligation, to any Person at any foreclosure or strict sale or other disposition initiated by a secured creditor in furtherance of its security interest, and (d) subject to customary qualifications for
instruments similar to such Collateral Obligation, to commercial banks, financial institutions, offshore and other funds (in each case, including transfer permitted by operation of the Uniform Commercial Code); 

(w) the proceeds of such Loan will not be used to finance activities of the type engaged in by businesses classified under
NAICS Codes 2361 (Residential Building Construction), 2362 (Nonresidential Building Construction), 2371 (Utility System Construction), or 2372 (Land Subdivision); 

(x) the Related Security for such Collateral Obligation is primarily located in the United States or an Eligible Jurisdiction;

 (y) if such Collateral Obligation is an Assigned Participation Interest, such Assigned Participation Interest has been
elevated to a full assignment within the earlier to occur of (x) thirty (30) days of the related Cut-Off Date and (y) two (2) Business Days following the occurrence of an Unmatured Facility
Termination Event or a Facility Termination Event; and 
 (z) if such Collateral Obligation is a Participation Interest, the
seller thereof has (x) long-term unsecured ratings of at least “Baa1” by Moody’s and “BBB+” by S&P and (y) short-term unsecured ratings of at least “A-1” by
S&P and “P-1” by Moody’s. 
 “Eligible Jurisdiction” means
Australia, Canada, Cayman Islands, Germany, Ireland, Luxembourg, New Zealand, Sweden, Switzerland, The Netherlands, the United Kingdom and the United States. 

“Eligible Obligor” means, on any day, any Obligor that (i) is a business organization (and not a natural person) that is
duly organized and validly existing under the laws of, the United States or any State thereof (or any other Eligible Jurisdiction), (ii) is a legal operating entity or holding company, (iii) is not an Official Body and (iv) is not an
Affiliate of, or controlled by, the Borrower, the Servicer or the Equityholder. 
 “Eligible Successor” means an
entity (1) that is legally qualified and has the capacity to act as Servicer under this Agreement in the assumption of all of the responsibilities, duties and obligations of the Servicer under this Agreement and (2) the appointment of
which will not cause either of the Borrower or the pool of Collateral Obligation to become required to register under the provisions of the 1940 Act. 

  
 -16- 

 “Enterprise Value Loan” means any Loan that is not an Asset Based Loan.

 “Environmental Laws” means any and all foreign, federal, state and local laws, statutes, ordinances, rules, regulations,
permits, licenses, approvals, interpretations and orders of courts or any other Official Body, relating to the protection of human health or the environment, including requirements pertaining to the manufacture, processing, distribution, use,
treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials. Environmental Laws include the Comprehensive Environmental Response, Compensation, and Liability Act (42
U.S.C. § 9601 et seq.), the Hazardous Material Transportation Act (49 U.S.C. § 331 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the Federal
Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.), the Safe
Drinking Water Act (42 U.S.C. § 300, et seq.), the Environmental Protection Agency’s regulations relating to underground storage tanks (40 C.F.R. Parts 280 and 281), and the Occupational Safety and Health Act (29 U.S.C.
§ 651 et seq.), and the rules and regulations thereunder, each as amended or supplemented from time to time. 

“Equityholder” means GSO Direct Lending Fund-D LP, a Delaware limited partnership,
together with its permitted successors and assigns. 
 “Equity Cure Notice” means a notice from the Borrower to the
Facility Agent which satisfies each of the following conditions: 
 (a) such notice is delivered to the Facility Agent not
later than two (2) Business Days after the occurrence of an event specified in Section 13.1(e) or (q), as applicable; 

(b) such notice sets forth evidence reasonably satisfactory to the Facility Agent that (i) the Equityholder has rights
pursuant to its organizational documents to call capital from its investors in an aggregate amount sufficient to cure the event specified in clause (a) and (ii) the Equityholder has made a capital call on its investors in an aggregate amount
sufficient (when aggregated with other available cash of the Equityholder) to cure such event, and the proceeds of such capital call will be paid by the Equityholder to the Borrower; and 

(c) not more than one (1) other Equity Cure Notice has been delivered within the previous twelve (12) calendar
months. 
 “Equity Security” means any asset that is not a First Lien Loan, a Second Lien Loan, a Bond or a Permitted
Investment. 
 “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time. 

  
 -17- 

 “EU Bail-In Legislation Schedule”
means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Exceptions” has the meaning set forth in Section 18.4(b). 

“Excess Concentration Amount” means, as of the most recent Measurement Date (and after giving effect to all Collateral
Obligations to be purchased or sold by the Borrower on such date), the sum, without duplication, of the following amounts, in each case multiplied by the Discount Factor applicable to each such individual Collateral Obligation: 

(a) the excess, if any and without duplication, of the sum of the Principal Balances of all Collateral Obligations that are
(x) Second Lien Loans (excluding the portion of any Unitranche Loan or FILO Loan that is deemed to be a Second Lien Loan) or (y) Unsecured Bonds, over 15% of the Excess Concentration Measure; 

(b) the excess, if any and without duplication, of the sum of the Principal Balances of all Collateral Obligations that are
Second Lien Loans solely because they are the portion of a Unitranche Loan designated as such by the Facility Agent on the related Approval Notice over 15% of the Excess Concentration Measure; 

(c) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are obligations of any single
Obligor (other than an Obligor described in the following proviso) over 5% of the Excess Concentration Measure; provided, that with respect to any three Obligors that represent Principal Balances of all Collateral Obligations in excess of all
other single Obligors), the sum of the Principal Balances of all Collateral Obligations that are obligations of each of such Obligors may be up to 7.0% of the Excess Concentration Measure; 

(d) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations in any single Moody’s Industry
Classification (other than a Moody’s Industry Classification described in the following proviso) over 15% of the Excess Concentration Measure; provided that (x) the sum of the Principal Balances of all Collateral Obligations with
Obligors in the largest Moody’s Industry Classification, may be up to 30.0% of the Excess Concentration Measure and (y) the sum of the Principal Balances of all Collateral Obligations with Obligors in the second largest Moody’s
Industry Classification may be up to 20.0% of the Excess Concentration Measure; provided further, subject to the above limitation, that the sum of the Principal Balances of all Eligible Collateral Obligations with Obligors in (x)
“Utilities: Oil & Gas” and “Corp-Energy: Oil & Gas” Moody’s Industry Classifications may be up to an aggregate 10% of the Excess Concentration Measure and (y) “Corp-Metals & Mining” Moody’s Industry Classifications may be up to an aggregate 10% of the Excess Concentration Measure; 

(e) the excess, if any, of the sum of the Principal Balances of all Loans that are Fixed Rate Collateral Obligations that are
not subject to a qualifying Hedging Agreement pursuant to Section 10.6 over 10% of the Excess Concentration Measure; 

  
 -18- 

 (f) the excess, if any, of the sum of the Principal Balances of all
Collateral Obligations which have an Obligor organized in country other than the United States over 10% of the Excess Concentration Measure; 

(g) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations which have an Obligor with either or
both of (x) a public rating by Standard & Poor’s of “CCC” or (y) a Moody’s probability of default rating (as published by Moody’s) of “Caa2” over 10% of the Excess Concentration Measure; 

(h) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are DIP Loans over 10% of the
Excess Concentration Measure; 
 (i) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations
that are Non-Assigned Participation Interests over 5% of the Excess Concentration Measure; 

(j) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Senior Secured Bonds over
15% of the Excess Concentration Measure; 
 (k) the excess, if any, of the sum of the Principal Balances of all Collateral
Obligations that are Variable Funding Assets over 10% of the Excess Concentration Measure; 
 (l) the excess, if any, of the
sum of the Principal Balances of all Collateral Obligations that are Assigned Participation Interests over 5.0% of the Excess Concentration Measure; 

(m) the excess, if any, of the sum of the Collateral Obligation Amounts of all Collateral Obligations that are Deferrable
Collateral Obligations over 10.0% of the Excess Concentration Measure; and 
 (n) the excess, if any, of the sum of the
Collateral Obligation Amounts of all Collateral Obligations that have Purchase Prices of less than 60.0% (expressed as a percentage of par), over 15.0% of the Excess Concentration Measure. 

“Excess Concentration Measure” means (a) during the Ramp-up Period, the Target
Portfolio Amount, and (b) after the Ramp-up Period, the sum of (x) the Principal Balances of all Collateral Obligations, (y) all Principal Collections on deposit in the Principal Collection
Account and (z) all amounts on deposit in the Unfunded Exposure Account. 
 “Excess Funds” means, as of any date of
determination and with respect to any Conduit Lender, funds of such Conduit Lender not required, after giving effect to all amounts on deposit in its commercial paper account, to pay or provide for the payment of (i) all of its matured and
maturing commercial paper notes on such date of such determination and (ii) the principal of and interest on all of its loans outstanding on such date of such determination. 

  
 -19- 

 “Excluded Amounts” means (i) any amount received in the Collection
Account with respect to any Collateral Obligation, which amount is attributable to the reimbursement of payment by the Borrower of any Tax, fee or other charge imposed by any Official Body on such Collateral Obligation or on any Related Security,
(ii) any interest or fees (including origination, agency, structuring, management or other up-front fees) that are for the account of the applicable Person from whom the Borrower purchased such Collateral
Obligation, (iii) any reimbursement of insurance premiums, (iv) any escrows relating to Taxes, insurance and other amounts in connection with Collateral Obligations which are held in an escrow account for the benefit of the Obligor and the
secured party pursuant to escrow arrangements under Underlying Instruments, (v) any amount deposited into the Collection Account in error or (vi) payments by the Obligors of indemnification obligations and reimbursements for actually
incurred out-of-pocket expenses, in each case that are not received in lieu of principal, interest or fees owed under the related Underlying Instruments. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws
of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case
of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Obligations pursuant to a law in effect on the date on which (i) such Lender acquires such
interest in the Obligations (other than pursuant to Section 17.16) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 4.3, amounts with
respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 4.3(f) and (d) any Taxes imposed under FATCA. 
 “Executive
Officer” means, with respect to the Borrower, the Servicer or the Equityholder, the Chief Executive Officer, the Chief Operating Officer, the Executive Vice President of such Person or any other Person included on the incumbency of the
Borrower, Servicer or Equityholder, as applicable, delivered pursuant to Section 6.1(g) and, with respect to any other Person, the President, Chief Financial Officer, Executive Vice President or any Vice President. 

“Extension Request” has the meaning set forth in Section 2.6. 

“Facility” means the loan facility to be provided to the Borrower pursuant to, and in accordance with, this Agreement. 

“Facility Agent” has the meaning set forth in the Preamble. 

“Facility Amount” means (a) prior to the end of the Revolving Period, $150,000,000, unless this amount is permanently
reduced pursuant to Section 2.5 or increased pursuant to Section 2.8, in which event it means such lower or higher amount and (b) from and after the end of the Revolving Period, the
Advances outstanding. 

  
 -20- 

 “Facility Termination Date” means the earlier of (i) the date that is
twenty-four months after the last day of the Revolving Period and (ii) the effective date on which the facility hereunder is terminated pursuant to Section 13.2. 

“Facility Termination Event” means any of the events described in Section 13.1. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any
intergovernmental agreement entered into in connection with such sections of the Code and any legislation, law, regulation or practice enacted or promulgated pursuant to such intergovernmental agreement. 

“Federal Funds Rate” means, for any period, the greater of (a) 0.0% and (b) a fluctuating rate per annum equal
for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business
Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Facility
Agent from three federal funds brokers of recognized standing selected by it. 
 “Fee Letter” has the meaning set forth in
Section 8.4. 
 “Fees” has the meaning set forth in Section 8.4. 

“FILO Loan” means any Loan that (i) becomes, by its terms, subordinate in right of payment to one or more other
obligations of the related Obligor, in each case issued under the same Underlying Instruments as such Loan, in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of
collateral, which security interest is validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable Underlying Instruments that are reasonable for similar loans, and liens accorded priority by law in
favor of any Official Body), and (iii) the Servicer determines in good faith that the value of the collateral or the enterprise value securing the Loan on or about the time of origination or acquisition by the Borrower equals or exceeds the
outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral; provided that any Loan that would otherwise be a FILO Loan hereunder but has, on
any date of determination, (a) a Leverage Multiple that attaches less than 1.25x of leverage of such Obligor, as reasonably determined by the Facility Agent, and (b) all such obligations that are senior to such Loan is less than an amount
equal to the product of (i) 25% multiplied by (ii) the aggregate principal amount of senior tranches of such credit facility (including any such revolving tranche or senior tranche as well as the “first lien” tranche acquired by the
Borrower) shall be deemed to be a First Lien Loan for all purposes hereunder; provided that if such Loan has a Leverage Multiple that attaches greater than 2.5x of leverage of such Obligor, such Loan shall be deemed to be a Second Lien Loan
for all purposes hereunder. 

  
 -21- 

 “Financial Sponsor” means any Person, including any Subsidiary of such
Person, whose principal business activity is acquiring, holding, and selling investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate management, books and records and bank
accounts, whose operations are not integrated with one another and whose financial condition and creditworthiness are independent of the other companies so owned by such Person. For the avoidance of doubt, each of GSO Capital Partners LP and The
Blackstone Group L.P. and their respective Affiliates, investment funds and investment vehicles controlled, managed or advised, directly or indirectly, by GSO Capital Partners LP, The Blackstone Group L.P. or any of their respective Affiliates shall
be deemed to be a Financial Sponsor. 
 “First Lien Loan” means any Loan that (i) is not (and is not expressly
permitted by its terms to become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of collateral,
which security interest is validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable credit agreement that are reasonable for similar loans, and liens accorded priority by law in favor of any Official
Body), and (iii) the Servicer determines in good faith that the value of the collateral for such loan or the enterprise value securing the loan on or about the time of acquisition equals or exceeds the outstanding principal balance of the loan
plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by a first priority Lien over the same collateral. For the avoidance of doubt, DIP Loans shall constitute First Lien Loans. 

“First Lien Broadly Syndicated Loan” means any Loan that satisfied the requirements of a First Lien Loan and that (i) is
a broadly syndicated commercial loan, (ii) as of the Cut-off Date, has a tranche size of $200,000,000 or greater, (iii) the relevant Obligor has an EBITDA for the prior twelve calendar months of at
least $50,000,000 (after giving pro forma effect to any acquisition in connection therewith) and (iv) it is (A) rated by both S&P and Moody’s (or the relevant Obligor is rated by both S&P and Moody’s) and such ratings are
not lower than “B3” by Moody’s and “B-” by S&P and (B) actively quoted by at least two (2) Approved Broker Dealers and such quotes have been determined with respect to
such Loan by Loan X Mark-It Partners, Loan Pricing Corporation or another nationally recognized pricing service. 

“First Lien Middle Market Loan” means any Loan that satisfies the requirements of a First Lien Loan and is a (a) Loan
(other than a First Lien Broadly Syndicated Loan), excluding the Retained Interest thereon or (b) a Loan that was a First Lien Broadly Syndicated Loan on the related Cut-Off Date which, pursuant to this
clause (b), no longer satisfies any of the following: (1) the criteria set forth in clause (iv)(B) of the definition thereof or (2) with respect to clause (iii) of the definition thereof, the relevant Obligor fails to have an EBITDA
for the prior twelve calendar months of at least $50,000,000 (after giving pro forma effect to any acquisition in connection therewith). 

  
 -22- 

 “First Out Loan” means any First Lien Loan that, in any bankruptcy,
reorganization, arrangement, insolvency, moratorium, post-event of default scenario or liquidation proceedings, is senior in right of payment to (and documented under the same Underlying Instruments as) a FILO Loan to the same Obligor. 

“Fitch” means Fitch Ratings, Inc., Fitch Ratings Ltd. and their subsidiaries, including Derivative Fitch Inc. and Derivative
Fitch Ltd. and any successor thereto. 
 “Fixed Rate Collateral Obligation” means any Collateral Obligation that bears a
fixed rate of interest. 
 “Foreign Lender” means a Lender that is not a “United States person” as defined in
Section 7701(a)(30) of the Code. 
 “FRS Board” means the Board of Governors of the Federal Reserve System and, as
applicable, the staff thereof. 
 “Fundamental Amendment” means any amendment, modification, waiver or supplement of or to
this Agreement that would have a material and adverse effect on any Lender and (a) increase or extend the term of the Commitments (other than an increase in the Commitment of another Lender or the addition of a new Lender) or change the
Facility Termination Date, (b) extend the date fixed for the payment of principal of or interest on any Advance or any fee hereunder, in each case owing to such Lender, (c) reduce the amount of any such payment of principal or interest
owing to such Lender, (d) reduce the rate at which interest is payable to such Lender or any fee is payable hereunder to such Lender, excluding in each case, any such reduction as a result of a full or partial waiver of interest or fees
accruing at a default rate imposed during a Facility Termination Event or a result of a waiver of a Facility Termination Event), (e) release any material portion of the Collateral, except in connection with dispositions permitted hereunder,
(f) alter the terms of Section 2.4(a), Section 8.3, or Section 17.2 or any related definitions or provisions in a manner that would alter the effect of such Sections,
(g) modify the definition of the “Required Lenders” or “Majority Lenders” or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify
any provision hereof, (h) modify the definition of the terms “Advance Rate”, “Borrowing Base”, “Eligible Collateral Obligation”, “Eligible Jurisdiction”, “Excess Concentration Amount”,
“Facility Termination Date”, “First Lien Loan”, “First Lien Middle Market Loan”, “First Lien Broadly Syndicated Loan”, “Second Lien Loan”, “Unitranche Loan”, “FILO Loan”,
“Fundamental Amendment”, “Maximum Portfolio Advance Rate”, “Revaluation Diversion Event” or “Minimum Equity Condition”, or any defined term used therein, in each case in a manner which would have the effect of
making more credit available to the Borrower, or make such provision less restrictive on the Borrower in any other material fashion, (i) extend the Revolving Period or (j) modify the form or details of the Monthly Report in a manner that
reduces the reporting requirements. 
 “Funding Date” means any Advance Date or any Reinvestment Date, as applicable. 

“GAAP” means generally accepted accounting principles in the United States, which are applicable to the circumstances as of
any day. 

  
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 “Hazardous Materials” means all materials subject to any Environmental Law,
including materials listed in 49 C.F.R. § 172.101, materials defined as hazardous pursuant to § 101(14) of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, flammable, explosive or
radioactive materials, hazardous or toxic wastes or substances, lead-based materials, petroleum or petroleum distillates or asbestos or material containing asbestos, polychlorinated biphenyls, radon gas, urea
formaldehyde and any substances classified as being “in inventory”, “usable work in process” or similar classification that would, if classified as unusable, be included in the foregoing definition. 

“Hedge Breakage Costs” means, with respect to each Hedge Counterparty upon the early termination of any Hedge Transaction
with such Hedge Counterparty, the net amount, if any, payable by the Borrower to such Hedge Counterparty for the early termination of that Hedge Transaction or any portion thereof. 

“Hedge Counterparty” means (a) DBNY and its Affiliates and (b) any other entity that (i) on the date of
entering into any Hedge Transaction (x) is an interest rate swap dealer that has been approved in writing by the Facility Agent, and (y) has a long-term unsecured debt rating of not less than
“A” by S&P, not less than “A2” by Moody’s and not less than “A” by Fitch (if such entity is rated by Fitch) (the “Long-term Rating Requirement”)
and a short-term unsecured debt rating of not less than “A-1” by S&P, not less than “P-1” by Moody’s
and not less than “Fl” by Fitch (if such entity is rated by Fitch) (the “Short-term Rating Requirement”), and (ii) in a Hedging Agreement (x) consents to the
assignment hereunder of the Borrower’s rights under the Hedging Agreement to the Facility Agent on behalf of the Secured Parties and (y) agrees that in the event that Moody’s, S&P or Fitch reduces its long-term unsecured debt rating below the Long-term Rating Requirement or reduces it short-term debt rating below the Short-term Rating Requirement, it shall either collateralize its obligations in a manner reasonably satisfactory to the Facility Agent, or transfer its rights and obligations under each Hedging Agreement (excluding,
however, any right to net payments or Hedge Breakage Costs under any Hedge Transaction, to the extent accrued to such date or to accrue thereafter and owing to the transferring Hedge Counterparty as of the date of such transfer) to another entity
that meets the requirements of clauses (b)(i) and (b)(ii) hereof and has entered into a Hedging Agreement with the Borrower on or prior to the date of such transfer. 

“Hedge Transaction” means each interest rate swap, index rate swap or interest rate cap transaction or comparable derivative
arrangement between the Borrower and a Hedge Counterparty that is entered into pursuant to Section 10.6 and is governed by a Hedging Agreement. 

“Hedging Agreement” means the agreement between the Borrower and a Hedge Counterparty that governs one or more Hedge
Transactions entered into by the Borrower and such Hedge Counterparty pursuant to Section 10.6, which agreement shall consist of a “Master Agreement” in a form published by the International Swaps and Derivatives
Association, Inc., together with a “Schedule” thereto, and each “Confirmation” thereunder confirming the specific terms of each such Hedge Transaction or a “Confirmation” that incorporates the terms of such a
“Master Agreement” and “Schedule.” 

  
 -24- 

 “Increased Costs” means collectively, any increased cost, loss or liability owing
to the Facility Agent and/or any other Affected Person under Article V of this Agreement. 

“Indebtedness” means, with respect to any Person, at any day, without duplication: (i) all obligations of such Person for
borrowed money; (ii) all obligations of such Person evidenced by bonds, debentures, notes, deferrable securities or other similar instruments; (iii) all obligations of such Person to pay the deferred purchase price of property or services,
except trade accounts payable arising in the ordinary course of business; (iv) all obligations of such Person as lessee under capital leases; (v) all non-contingent obligations of such Person to
reimburse or prepay any bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance or similar instrument; (vi) all debt of others secured by a Lien on any asset of such Person, whether or not such debt is
assumed by such Person; and (vii) all debt of others guaranteed by such Person and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss
other than any unfunded commitments of the Borrower with respect to Variable Funding Assets. 
 “Indemnified Amounts” has
the meaning set forth in Section 16.1. 
 “Indemnified Party” has the meaning set forth in
Section 16.1. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on
or with respect to any payment made by or on account of any obligation of the Borrower under any Transaction Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Independent Accountants” means a firm of nationally recognized independent certified public accountants. 

“Independent Manager” means an individual who has prior experience as an independent director, independent manager or
independent member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, Puglisi & Associates, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management
Company, Lord Securities Corporation, Global Securitization Services, LLC or, if none of those companies is then providing professional Independent Managers, another nationally-recognized company reasonably approved by the Required Lenders, in each
case that is not an Affiliate of the Borrower and that provides professional Independent Managers and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Manager and is not, and
has never been, and will not while serving as Independent Manager be, any of the following: 
 (a) a member, partner,
equityholder, manager, director, officer or employee of the Borrower, the Equityholder, or any of their respective equityholders or Affiliates (other than as an Independent Manager of the Borrower or an Affiliate of the Borrower that is not in the
direct chain of ownership of the Borrower and that is required by a creditor to be a single purpose bankruptcy remote entity; provided that such Independent Manager is employed by a company
that routinely provides professional Independent Managers or managers in the ordinary course of its business); 

  
 -25- 

 (b) a creditor, supplier or service provider (including provider of
professional services) to the Borrower, the Equityholder, or any of their respective equityholders or Affiliates (other than a nationally-recognized company that routinely provides professional Independent Managers and other corporate services to
the Borrower, the Equityholder or any of their respective Affiliates in the ordinary course of its business); 
 (c) a family
member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or 

(d) a Person that controls (whether directly, indirectly or otherwise) any of (a), (b) or (c) above. 

“Insolvency Event” means, with respect to any Person, (a) the entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s
affairs, or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60
days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in
an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of
its property, or the making by such Person of any general assignment for the benefit of creditors, or such Person shall admit in writing its inability to pay its debts as such debts become due, or the taking of action by such Person in furtherance
of any of the foregoing. 
 “Instrument” has the meaning given such term in the UCC. 

“Interest Collections” means, with respect to the Collateral following the applicable
Cut-Off Date, (i) all payments and collections owing to the Borrower in its capacity as lender and attributable to interest on any Collateral Obligation or other Collateral, including scheduled payments
of interest and payments of interest relating to principal prepayments, all guaranty payments attributable to interest and proceeds of any liquidations, sales, dispositions or securitizations attributable to interest on such Collateral Obligation or
other Collateral, (ii) any commitment, ticking, upfront, underwriting, origination or amendment fees received in respect of any Collateral Obligation (including any proceeds received by the Borrower as a result of exercising any Warrant Asset
at any time), (iii) all payments received by the Borrower pursuant to any Hedging Agreement that is an interest rate cap transaction and (iv) the earnings on Interest Collections in the Collection Account that are invested in Permitted
Investments, in each case other than Retained Interests. 

  
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 “Interest Collection Account” means a segregated, non-interest bearing securities account (within the meaning of Section 8-501 of the UCC) number 191996-201, which is created and
maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties, which is
established and maintained pursuant to Section 8.1(a). 
 “Interest Rate” means, for any Accrual
Period and any Lender, a rate per annum equal to the sum of (a) the Applicable Margin and (b) the Cost of Funds Rate for such Accrual Period and such Lender. 

“IRS” means the United States Internal Revenue Service. 

“Lender” means each Conduit Lender, each Committed Lender and each Uncommitted Lender, as the context may require. 

“Lender Group” means each Lender and related Agent from time to time party hereto. 

“Leverage Multiple” means, with respect to any Collateral Obligation for the most recent relevant period of time for which
the Borrower has received the financial statements of the relevant Obligor, the ratio of (i) Indebtedness of the relevant Obligor (other than Indebtedness of such Obligor that is junior in terms of payment or lien subordination (including
unsecured Indebtedness) to Indebtedness of such Obligor held by the Borrower) less unrestricted cash of the relevant Obligor to (ii) EBITDA of such Obligor (as such calculation may be updated in connection with a modification of such Collateral
Obligation described in clause (j) of the definition of “Material Modification”). 
 “LIBOR Rate” shall
mean, with respect to any Accrual Period, the greater of (a) 0.0% and (b) the rate per annum shown by the BLOOMBERG PROFESSIONAL Service as the ICE Benchmark Administration Limited London interbank offered rate for deposits in U.S.
dollars for a period equal to such Accrual Period as of 11:00 a.m., London time, two Business Days prior to the first day of such Accrual Period; provided, that in the event no such rate is shown, the LIBOR Rate shall be the rate per
annum based on the rates at which Dollar deposits for a period equal to such Accrual Period are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service or such other page as may replace the LIBOR page on that service for
the purpose of displaying London interbank offered rates of major banks as of 11:00 a.m., London time, two Business Days prior to the first day of such Accrual Period (it being understood that if at least two such rates appear on such page, the rate
will be the arithmetic mean of such displayed rates); provided, further, that in the event fewer than two such rates are displayed, or if no such rate is relevant, the LIBOR Rate shall be a rate per annum at which deposits in
Dollars are offered by the principal office of the Facility Agent in London, England to prime banks in the London interbank market at 11:00 A.M. (London time) two Business Days before the first day of such Accrual Period for delivery on such first
day and for a period equal to such Accrual Period. 
 “Lien” means any security interest, lien, charge, pledge, preference,
equity or encumbrance of any kind, including tax liens, mechanics’ liens and any liens that attach by operation of law. 

“Loan” means any commercial loan. 

  
 -27- 

 “Majority Lenders” means, at any time, Required Lenders; provided
that, in addition to the foregoing, if there are more than two (2) Lenders at such time, at least two (2) Lenders shall be required to constitute “Majority Lenders”. 

“Make-Whole Fee” means a fee equal to the positive difference (if any) of (x) the product of (1) the Applicable
Margin multiplied by (2) the average daily Commitment of the applicable Lender Group during the related Accrual Period multiplied by (3) Make-Whole Fee Percentage minus (y) the product of (1) the
Applicable Margin multiplied by (2) the daily average Advances funded by the applicable Lender Group during such Accrual Period minus (z) the Undrawn Fee accrued during such Accrual Period with respect to the amount of the
unutilized Commitment for which a Make-Whole Fee is owing pursuant to the foregoing clauses (x) and (y). 
 “Make-Whole Fee
Percentage” means on any day (a) prior to the six-month anniversary of the Effective Date, 50% and (b) thereafter until the end of the Revolving Period, 75%. The Make-Whole Fee shall be
computed on the basis of the actual number of days (including the first day but excluding the last day) occurring during the period for which the Make-Whole Fee is payable over a year comprised of 360 days. 

“Margin Stock” means “Margin Stock” as defined under Regulation U issued by the FRS Board. 

“Material Action” means an action to institute proceedings to have the Borrower be adjudicated bankrupt or insolvent, to file
any insolvency case or proceeding, to institute proceedings under any applicable insolvency law, to seek relief under any law relating to relief from debts or the protection of debtors, or consent to the institution of bankruptcy or insolvency
proceedings against the Borrower or file a petition seeking, or consent to, reorganization or relief with respect to the Borrower under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the Borrower or a substantial part of its property, or make any assignment for the benefit of creditors of the Borrower, or admit in writing the Borrower’s inability to
pay its debts generally as they become due, or take action in furtherance of any such action. 
 “Material Adverse Effect”
means a material adverse effect on: (a) the assets, operations, properties, financial condition, or business of the Borrower or the Servicer taken as a whole; (b) the ability of the Borrower or the Servicer to perform its obligations under
this Agreement or any of the other Transaction Documents; (c) the validity or enforceability of this Agreement, any of the other Transaction Documents, or the rights and remedies of the Secured Parties hereunder or thereunder taken as a whole;
or (d) the aggregate value of the Collateral or on the collateral assignments and Liens granted by the Borrower in this Agreement taken as a whole. 

“Material Modification” means any amendment or waiver of, or modification or supplement to, any Underlying Instrument
governing a Collateral Obligation which: 
 (a) reduces or forgives any or all of the principal amount due under such
Collateral Obligation; 

  
 -28- 

 (b) (i) waives one or more interest payments (other than any incremental
interest accrued due to a default or event of default with respect to such Collateral Obligation), (ii) permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Collateral Obligation (other than any
deferral or capitalization already allowed by the terms of any Deferrable Collateral Obligation as of the related Cut-Off Date) or (iii) reduces the spread or coupon payable on such Collateral Obligation
unless (x) the Servicer certifies that such reduction results from an increase in the credit quality of the related Obligor and (y) such reduction (when taken together with all other reductions with respect to such Collateral Obligation)
is by less than 10% of the spread or coupon payable as of the related Cut-Off Date; 

(c) contractually or structurally subordinates such Collateral Obligation by operation of (i) any priority of payment
provisions, (ii) turnover provisions, (iii) the transfer of assets in order to limit recourse to the related Obligor or (iv) the granting of Liens on any of the collateral securing such Collateral Obligation, each that requires the
consent of the Borrower or any lenders thereunder; 
 (d) either (i) extends the maturity date of such Collateral
Obligation by more than 120 days past the maturity date as of the related Cut-Off Date or (ii) extends the amortization schedule with respect thereto; 

(e) substitutes, alters or releases the Related Security securing such Collateral Obligation and such substitution, alteration
or release, individually or in the aggregate and as determined in the Facility Agent’s reasonable discretion, materially and adversely affects the value of such Collateral Obligation; 

(f) results in any less financial information in respect of reporting frequency, scope or otherwise being provided with respect
to the related Obligor or reduces the frequency or total number of any appraisals required thereunder that, in each case, has a material adverse effect on the ability of Servicer or the Facility Agent (as determined by the Facility Agent in its
reasonable discretion) to make any determinations or calculations required or permitted hereunder; provided, however, that it shall not be a Material Modification if any such amendment, waiver, modification or supplement grants an extension (or
extensions) of not more than 30 days of the time for delivery of quarterly or annual financial statements or grants an extension (or extensions) of the time for delivery of, or waives delivery of, financial statements other than quarterly and annual
financial statements; 
 (g) results in any change in the currency or composition of any payment of interest or principal to
any currency other than that in which such Collateral Obligation was originally denominated unless the related currency risk is mitigated by a Hedging Agreement acceptable to the Facility Agent in its reasonable discretion; 

(h) with respect to an Asset Based Loan, results in a material (as determined by the Facility Agent in its reasonable
discretion) change to or grants material (as determined by the Facility Agent in its reasonable discretion) relief from the borrowing base or any related definition; 

  
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 (i) with respect to an Asset Based Loan, any of (i) if the Borrower has
the authority to change the appraiser with respect to such Asset Based Loan as set forth on the related Asset Approval Request, the appraiser is changed to a Person other than an Approved Valuation Firm without the prior written consent of the
Facility Agent, (ii) the frequency of the appraisals is reduced from the frequency set forth on the related Asset Approval Request or (iii) the related appraiser changes the metric for valuing the collateral of such Loan other than in
accordance with its ordinary practices, and such change results in an increase in the value of the collateral for such Asset Based Loan; or 

(j) results in a modification of the calculation of EBITDA for any Obligor during any period hereunder, by including any other non-cash charges that were deducted in determining earnings of such Obligor from continuing operations for such period, unless (w) such modification or non-cash charges
were set forth on the related Approval Notice, (x) such modification or non-cash charges were otherwise approved by the Facility Agent in its sole discretion, (y) the Servicer continues to calculate
the EBITDA of such Obligor without giving effect to such modification for all purposes under this Agreement, or if the Servicer elects to calculate the EBITDA of such Obligor after giving effect to such modification, the Servicer shall recalculate
the Original Leverage Multiple for such Collateral Obligation by giving pro forma effect to such modification of the calculation of EBITDA or (z) both (1) at the time of such modification, the Equityholder and its Subsidiaries did not
collectively possess an ability to prevent the effectiveness of such modification and (2) no Revaluation Event described in clause (g) of the definition thereof occurs with respect to such Collateral Obligation as a result of such
modification 
 provided that, for the avoidance of doubt, “Material Modification” shall not include any change to
the base rate in respect of a Collateral Obligation from LIBOR to an alternative rate, including any applicable spread or payment frequency adjustments thereto that in the Servicer’s commercially reasonable judgment is consistent with the
successor for LIBOR. 
 “Maximum Portfolio Advance Rate” means: 

 

					
	 Diversity Score
	  	Maximum Portfolio Advance
Rate	 
	 Any score for 120 days after the Effective Date
	  	 	50.0	% 
	 Greater than or equal to 6 but less than or equal to 10
	  	 	60.0	% 
	 Greater than 10 but less than or equal to 15
	  	 	62.5	% 
	 Greater than 15 but less than or equal to 20
	  	 	65.0	% 
	 Greater than 20
	  	 	67.5	% 

  
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 “Maximum Weighted Average Life Test” means a test that will be satisfied on
any day if the Weighted Average Life of all Eligible Collateral Obligations included in the Collateral is less than or equal to 6.0 years. 

“Measurement Date” means each of the following, as applicable: (i) the Effective Date; (ii) each Determination
Date, (iii) each Funding Date; (iv) the date of any repayment or prepayment pursuant to Section 2.4; (v) the date that the Servicer has actual knowledge of the occurrence of any Revaluation Event with respect to
any Collateral Obligation; (vi) the date of any optional repurchase or substitution pursuant to Section 7.12; (vii) the date of any Optional Sale; and (viii) the date the Diversity Score first is equal to or
greater than 6. 
 “Minimum Diversity Test” means a test that will be satisfied on any date of determination if the
Diversity Score of all Eligible Collateral Obligations included in the Collateral is equal to or greater than (x) 6, during the Ramp-up Period, and (y) 10, thereafter; provided that no such Minimum Diversity
Test shall be required within 120 days of the Effective Date. 
 “Minimum Equity Condition” means a test that will be
satisfied on any date of determination if the Effective Equity is greater than as specified in the applicable row under the “Minimum Equity Condition” column below: 
  

			
	 Advances Outstanding/Time
	  	 Minimum Equity Condition

		
	Initial Advances outstanding	  	Greater of (i) $15,000,000 and (ii) the largest two Obligors
		
	Earlier of (i) 120 days and (ii) the Advances outstanding are equal to $100,000,000	  	Greater of (i) $20,000,000 and (ii) the largest three Obligors
		
	Earlier of (i) 180 days and (ii) the Advances outstanding are equal to $150,000,000	  	Greater of (i) $25,000,000 and (ii) the largest four Obligors

 “Minimum Weighted Average Coupon Test” means a test that will be satisfied on any date of
determination if the Weighted Average Coupon on such date is equal to or greater than 6.50%. 
 “Minimum Weighted Average Spread
Test” means a test that will be satisfied on any day if the Weighted Average Spread of all Eligible Collateral Obligations included in the Collateral on such day is equal to or greater than 5.5% 

“Monthly Report” means a report prepared by the Collateral Agent, on behalf of the Borrower, substantially in the form of
Exhibit D. 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor thereto. 

  
 -31- 

 “Moody’s Industry Classification” means the industry classifications
set forth in Schedule 2 hereto, as such industry classifications shall be updated at the option of the Facility Agent in its sole discretion if Moody’s publishes revised industry classifications and the application of
such revised industry classifications to this facility is necessary to avoid an increased regulatory capital charge for the Facility Agent or its Affiliates that are Lenders hereunder. 

“Non-Assigned Participation Interest” means a participation interest in a loan that
would, at the time of acquisition or the Borrower’s commitment to acquire the same, satisfy each of the following criteria: (i) such participation would constitute an Eligible Collateral Obligation were it acquired directly, (ii) the
seller of the participation is the lender on the subject loan, (iii) the aggregate participation in the loan does not exceed the principal amount or commitment of such loan, (iv) such participation does not grant, in the aggregate, to the
participant in such participation a greater interest than the seller holds in the loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full at the time of its acquisition,
and (vi) the participation provides the participant all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation. 

“Note” means a promissory grid note, in the form of Exhibit A, made payable to the order of an Agent, on behalf of the
related Lenders. 
 “Note Agent” has the meaning set forth in Section 14.1. 

“Note Register” has the meaning set forth in Section 15.5(a). 

“Note Registrar” has the meaning set forth in Section 15.5(a). 

“Obligations” means all obligations (monetary or otherwise) of the Borrower to the Lenders, the Agents, the Collateral Agent,
the Collateral Custodian, the Securities Intermediary, the Facility Agent or any other Affected Person or Indemnified Party arising under or in connection with this Agreement, the Notes and each other Transaction Document. 

“Obligor” means any Person that owes payments under any Loan and, solely for purposes of calculating the Excess Concentration
Amount pursuant to clause (b) or (c) of the definition thereof, any Obligor that is an Affiliate of another Obligor shall be treated as the same Obligor. 

“Obligor Information” means, with respect to any obligor, (i) the legal name and address and, if available to the
Servicer using commercially reasonable efforts, tax identification number of such Obligor, (ii) the jurisdiction in which such Obligor is domiciled, (iii) the audited financial statements for the three prior fiscal years of such Obligor
(or such shorter period of time for which such audited financial statements have been prepared and are available, unless the Servicer has notified the Facility Agent that such audited financial statements are unavailable and the Facility Agent has,
in its sole discretion, waived the requirement to deliver such audited financial statements), (iv) the Servicer’s internal credit memo with respect to the Obligor and the related Collateral Obligation and any
non-privileged updates or supplements to such memo, which memo is expected to include (a) an executive deal summary setting forth the purpose and terms of the loan transaction underlying the related
Collateral Obligation, (b) a company overview of the Obligor including sources and uses, pro-forma capitalization and organizational chart and corporate structure, (c) indicative terms of the related
Collateral Obligation(s), (d) an 

  
 -32- 

 
overview of the industry of such Obligor, (e) a summary of historical financial statements and performance of such Obligor, (f) a valuation and comparables, (g) a company forecast
of such Obligor including plans related to capital expenditures, (h) the business model, company strategy and names of known peers of such Obligor, (i) the shareholding pattern and details of the management team of such Obligor and
(j) details of any banking facilities and the debt maturity schedule of such Obligor; provided that the items set forth in clauses (a) through (j) above shall not be required with respect to each such internal credit memo but are
indicative of the expected contents of such internal credit memos prepared by the Servicer generally; and (v) such other information reasonably available to the Servicer as the Facility Agent may reasonably request; provided, further,
that to the extent any of the above information is unavailable, the Servicer will notify the Facility Agent of such missing information, and the Facility Agent may, in its sole discretion, provide a waiver with respect to such information. 

“Officer’s Certificate” means a certificate signed by an Executive Officer. 

“Official Body” means any government or political subdivision or any agency, authority, regulatory body, bureau, central
bank, commission, department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic. 

“Opinion of Counsel” means a written opinion of independent counsel reasonably acceptable in form and substance and from
counsel acceptable to the Facility Agent. 
 “Optional Sale” has the meaning set forth in
Section 7.11. 
 “Original Effective LTV” means, with respect to any Collateral Obligation, the
Effective LTV of such Collateral Obligation as calculated by the Facility Agent in accordance with the definitions of Effective LTV and the definitions used therein and set forth in the related Approval Notice. 

“Original Leverage Multiple” means, with respect to any Collateral Obligation, the Leverage Multiple applicable to such
Collateral Obligation as calculated by the Servicer and approved by the Facility Agent in accordance with the definition of Leverage Multiple and the definitions used therein and set forth in the related Approval Notice (as such calculation may be
updated in connection with a modification of such Collateral Obligation described in clause (j) of the definition of “Material Modification”). 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a
security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in the Obligations or any Transaction Document). 

  
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 “Other Taxes” means all present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Transaction Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment pursuant to Section 17.16). 

“Participant” has the meaning set forth in Section 15.9. 

“Participant Register” has the meaning set forth in Section 15.9. 

“Participation Interest” means an Assigned Participation Interest and a Non-Assigned
Participation Interest. 
 “PBGC” means the Pension Benefit Guaranty Corporation and its successors and assigns. 

“Permitted Investment” means, at any time: 

(a) direct interest-bearing obligations of, and
interest-bearing obligations guaranteed as to timely payment of principal and interest by, the United States or any agency or instrumentality of the United States, the obligations of which are backed by the
full faith and credit of the United States; 
 (b) demand or time deposits in, certificates of deposit of, demand notes of,
or bankers’ acceptances issued by any depository institution or trust company organized under the laws of the United States or any State thereof (including any federal or state branch or agency of a
non-U.S. depository institution or trust company) and subject to supervision and examination by federal and/or state banking authorities (including, if applicable, the Collateral Agent, the Securities
Intermediary or Facility Agent or any agent thereof acting in its commercial capacity); provided, that the short-term unsecured debt obligations of such depository institution or trust company at the
time of such investment, or contractual commitment providing for such investment, are rated at least “A-1” by Standard & Poor’s and
“P-1” by Moody’s; 
 (c) repurchase obligations pursuant to a written
agreement (i) with respect to any obligation described in clause (a) above, where the Securities Intermediary has taken actual or constructive delivery of such obligation in accordance with
Article VIII of this Agreement, and (ii) entered into with (x) the Securities Intermediary or (y) the corporate trust department of a depository institution or trust company organized under the laws of the
United States or any State thereof, the deposits of which are insured by the Federal Deposit Insurance Corporation and the short-term unsecured debt obligations of which are rated at least “A-1” by Standard & Poor’s and “P-1” by Moody’s (including, if applicable, the Facility Agent, Collateral Agent or any agent thereof
acting in its commercial capacity); 
 (d) securities bearing interest or sold at a discount issued by any corporation
incorporated under the laws of the United States or any State whose long-term unsecured debt obligations are assigned one of the two highest long-term ratings by each
Rating Agency at the time of such investment or contractual commitment providing for such investment; provided, that securities issued by any particular corporation will not be Permitted Investments to the extent that an investment therein will
cause the then outstanding principal amount of securities issued by such corporation and held in the Accounts collectively to exceed 10% of the value of Permitted Investments held in such account (with Permitted Investments held in such accounts
valued at par); 

  
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 (e) commercial paper that (i) is payable in United States dollars and
(ii) is rated at least “A-1” by Standard & Poor’s and “P-1” by Moody’s; 

(f) units of money market funds rated in the highest credit rating category by each Rating Agency; 

(g) U.S. Dollars; or 

(h) any other demand or time deposit, obligation, security or investment (including a hedging arrangement) as may be acceptable
to the Facility Agent, as evidenced by a writing to that effect. 
 Permitted Investments may be purchased by or through the Securities
Intermediary or any of its Affiliates. All Permitted Investments shall be held in the name of the Securities Intermediary. No Permitted Investment shall have an “f”, “r”, “p”, “pi”, “q”,
“sf” or “t” subscript affixed to its Standard & Poor’s rating. Any such investment may be made or acquired from or through the Collateral Agent or the Facility Agent or any of their respective affiliates, or any
entity for whom the Collateral Agent or the Facility Agent or any of their respective affiliates provides services and receives compensation (so long as such investment otherwise meets the applicable requirements of the foregoing definition of
Permitted Investment at the time of acquisition); provided, that notwithstanding the foregoing, Permitted Investments may only include obligations or securities that constitute cash equivalents for purposes of the rights and assets in
paragraph (c)(8)(i)(B) of the exclusions from the definition of “covered fund” for purposes of the Volcker Rule. 

“Permitted Lien” means (i) the Lien in favor of the Collateral Agent for the benefit of the Secured Parties,
(ii) Liens for Taxes and mechanics’ or suppliers’ liens for services or materials supplied, in either case, not yet due and payable and for which adequate reserves have been established in accordance with GAAP, (iii) as to
Related Security (1) the Lien in favor of the Borrower herein and (2) any Liens on the Related Security permitted pursuant to the applicable Underlying Instruments and (iv) as to agented Loans, Liens in favor of the agent on behalf of
all the lenders of the related Obligor. 
 “Person” means an individual, partnership, corporation (including a business
trust), joint stock company, limited liability company, trust, unincorporated association, joint venture, government or any agency or political subdivision thereof or any other entity. 

“Prepayment Fee” means a nonrefundable fee equal to (a) 1.0% from the Effective Date to but excluding October 11, 2019,
(b) 0.50% from and including the Effective Date to October 11, 2019 to October 9, 2020, and (c) thereafter, 0.00%. 

  
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 “Primary Servicer Fee” means with respect to any Distribution Date, the fee
payable to the Servicer or successor servicer (as applicable) for services rendered during the related Collection Period, which shall be equal to one-fourth of the product of (i) the Primary Servicer Fee
Percentage multiplied by (ii) the average of the values of the aggregate Collateral Obligation Amount of the Eligible Collateral Obligations on the first day and the last day of the related Collection Period. For the avoidance of doubt, the
Servicer may waive or defer the payment of any Primary Servicer Fee in its sole discretion. 
 “Primary Servicer Fee
Percentage” means 0.45%. 
 “Principal Balance” means with respect to any Collateral Obligation and as of any
date, the lower of (x) the Purchase Price paid by the Borrower for such Collateral Obligation and (y) the outstanding principal balance of such Collateral Obligation, exclusive of (x) any deferred or capitalized interest on any
Deferrable Collateral Obligation that is deferred or capitalized after the Cut-Off Date applicable to such Deferrable Collateral Obligation and (y) any unfunded amounts with respect to any Variable
Funding Asset; provided, that for purposes of calculating the “Principal Balance” of any Deferrable Collateral Obligation, principal payments received on such Collateral Obligation shall first be applied to reducing or eliminating
any outstanding deferred or capitalized interest; provided, further, that the “Principal Balance” of any revolving loan as of any date shall be equal to the outstanding principal balance thereof plus amounts on deposit in
respect thereof in the Unfunded Exposure Account. The “Principal Balance” of any Equity Security shall be zero. 

“Principal Collections” means any and all amounts of collections received with respect to the Collateral other than Interest
Collections and Excluded Amounts, including (but not limited to) (i) all collections attributable to principal on such Collateral, (ii) the earnings on Principal Collections in the Collection Account that are invested in Permitted Investments,
(iii) all payments received by the Borrower pursuant to any Hedging Agreement that is an interest rate swap or index rate swap transaction and (iv) all Repurchase Amounts, in each case other than Retained Interests. 

“Principal Collection Account” means a segregated, non-interest bearing securities
account (within the meaning of Section 8-501 of the UCC) number 191996-202, which is created and maintained on the books and records of the Securities Intermediary
entitled “Principal Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties, which is established and maintained pursuant to
Section 8.1(a). 
 “Proceeding” means any voluntary or involuntary insolvency, bankruptcy,
receivership, custodianship, liquidation, dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with similar powers or any other proceeding for the liquidation,
dissolution or other winding up of a Person. 
 “Purchase Price” means, with respect to any Collateral Obligation, the
actual price paid by the Borrower for such Collateral Obligation minus all Principal Collections described in clause (i) of the definition thereof in respect of such Collateral Obligation. 

“Ramp-up Period” means the period from and including the Effective Date to the
earlier of (i) the first date on which the sum of the Aggregate Eligible Collateral Obligation Amount equals or is greater than the Target Portfolio Amount and (ii) the six-month anniversary of the
Effective Date. 

  
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 “Rating Agencies” means Standard & Poor’s and Moody’s.

 “Recipient” means (a) the Facility Agent, (b) any Agent, (c) any Lender and (d) any other recipient
of a payment hereunder. 
 “Records” means the Collateral Obligation File for any Collateral Obligation and all other
documents, books, records and other information prepared and maintained by or on behalf of the Borrower with respect to any Collateral Obligation and the Obligors thereunder, including all documents, books, records and other information prepared and
maintained by the Borrower or the Servicer with respect to such Collateral Obligation or Obligors. 
 “Reinvestment” has
the meaning given in Section 8.3(b). 
 “Reinvestment Date” has the meaning given in
Section 8.3(b). 
 “Reinvestment Request” has the meaning given in
Section 8.3(b). 
 “Related Collateral Obligation” means any Collateral Obligation where the
Equityholder or any Subsidiary of the Equityholder owns a Variable Funding Asset pursuant to the same Underlying Instruments; provided that any such asset will cease to be a Related Collateral Obligation once all commitments by the
Equityholder or any such Subsidiary to make advances or fund such Variable Funding Asset to the related Obligor expire or are irrevocably terminated or reduced to zero. 

“Related Committed Lender” means, with respect to any Uncommitted Lender, each Committed Lender in its Lender Group. 

“Related Property” means, with respect to a Collateral Obligation, any property or other assets designated and pledged or
mortgaged as collateral to secure repayment of such Collateral Obligation, including, without limitation, any pledge of the stock, membership or other ownership interests in the related Obligor or its subsidiaries, all Warrant Assets with respect to
such Collateral Obligation and all proceeds from any sale or other disposition of such property or other assets. 
 “Related
Security” means, with respect to each Collateral Obligation: 
 (a) any Related Property securing a Collateral
Obligation, all payments paid in respect thereof and all monies due, to become due and paid in respect thereof accruing after the applicable Advance Date and all liquidation proceeds thereof; 

(b) all guaranties, indemnities and warranties, insurance policies, financing statements and other agreements or arrangements
of whatever character from time to time supporting or securing payment of any such indebtedness; 

  
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 (c) all Collections with respect to such Collateral Obligation and any of
the foregoing; 
 (d) any guarantees or similar credit enhancement for an Obligor’s obligations under any Collateral
Obligation, all UCC financing statements or other filings relating thereto, including all rights and remedies, if any, against any Related Security, including all amounts due and to become due to the Borrower thereunder and all rights, remedies,
powers, privileges and claims of the Borrower thereunder (whether arising pursuant to the terms of such agreement or otherwise available to the Borrower at law or in equity); 

(e) all Records with respect to such Collateral Obligation and any of the foregoing; and 

(f) all recoveries and proceeds of the foregoing. 

“Replacement Hedging Agreement” means one or more Hedging Agreements, which in combination with all other Hedging Agreements
then in effect, after giving effect to any planned cancellations of any presently outstanding Hedging Agreements satisfy the Borrower’s covenant contained in Section 10.6, of this Agreement to maintain Hedging
Agreements. 
 “Reporting Date” means the 10th calendar day of each calendar month, or if such day is not a Business Day, the next succeeding Business Day. 

“Repurchase Amount” means, for any Warranty Collateral Obligation for which a payment or substitution is being made pursuant
to Section 7.12 as of any time of determination, the sum of (i) the greater of (a) an amount equal to the purchase price paid by the Borrower for such Collateral Obligation (excluding purchased accrued interest
and original issue discount) less all payments of principal received in connection with such Collateral Obligation since the date it was added to the Collateral and (b) the Collateral Obligation Amount of such Collateral Obligation,
(ii) any accrued and unpaid interest thereon since the last Distribution Date and (iii) all Hedge Breakage Costs owed to any relevant Hedge Counterparty for any termination of one or more Hedge Transactions, in whole or in part, as
required by the terms of any Hedging Agreement, incurred in connection with such payment or repurchase and the termination of any Hedge Transactions in whole or in part in connection therewith. 

“Repurchased Collateral Obligation” means, with respect to any Collection Period, any Collateral Obligation as to which the
Repurchase Amount has been deposited in the Collection Account by or on behalf of the Borrower or the Servicer, as applicable, on or before the immediately prior Reporting Date and any Collateral Obligation purchased by the Equityholder pursuant to
the Sale Agreement as to which the Repurchase Amount has been deposited in the Collection Account by or on behalf of the Equityholder. 

“Request for Release and Receipt” means a form substantially in the form of Exhibit
F-2 completed and signed by the Servicer. 
 “Required Lenders” means, at any
time, Lenders holding Advances aggregating greater than 50% of all Advances outstanding or if there are no Advances outstanding, Lenders holding Commitments aggregating greater than 50% of all Commitments. 

  
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 “Responsible Officer” means, with respect to any Person, any duly
authorized officer or authorized signatory, as applicable, of such Person or of the general partner, administrative manager or managing member of such Person with direct responsibility for the administration of this Agreement and also, with respect
to a particular matter, any other duly authorized officer or authorized signatory, as applicable, of such Person or of the general partner, administrative manager or managing member of such Person to whom such matter is referred because of such
officer’s or authorized signatory’s knowledge of familiarity with the particular subject and with respect to the Collateral Agent, Collateral Custodian or Securities Intermediary, an officer to whom a corporate trust matter is referred
because of such Person’s knowledge of and familiarity with the particular subject and having direct responsibility for the administration of this transaction. 

“Retained Interest” means, with respect to any Collateral Obligation included in the Collateral, (a) such obligations to
provide additional funding with respect to such Collateral Obligation that have been retained by the other lender(s) of such Collateral Obligation, (b) all of the rights and obligations, if any, of the agent(s) under the Underlying Instruments,
(c) any unused commitment fees associated with the additional funding obligations that are being retained in accordance with clause (a) above, and (d) any agency or similar fees associated with the rights and obligations of the
agent(s) that are being retained in accordance with clause (b) above. 
 “Revaluation Diversion Event” means an event
that shall occur (and be deemed continuing at all times thereafter) if, at any time after the end of the Revolving Period (a) the sum of all decreases in the Collateral Obligation Amount (solely as a result of (x) decreases in the related
Discount Factor pursuant to Section 2.7(b) or (y) any such Collateral Obligation becoming a Defaulted Collateral Obligation) first equals or exceeds the product of (A) 7.5% multiplied by (B) the Adjusted Aggregate
Eligible Collateral Obligation Balance as of the first Business Day after the end of the Revolving Period and (b) a Revaluation Event shall occur with respect to two (2) or more Collateral Obligations after the end of the Revolving Period.

 “Revaluation Event” means each occurrence of any of the following with respect to any Collateral Obligation during the
time such Collateral Obligation is Collateral: 
 (a) the occurrence of a default as to the payment of principal and/or
interest has occurred and is continuing with respect to such Collateral Obligation (after giving effect to the shorter of any grace period applicable thereto and five (5) Business Days from the due date); 

(b) the Borrower, the Facility Agent or the Servicer obtains actual knowledge that a default as to the payment of principal
and/or interest has occurred and is continuing (after giving effect to any grace period applicable thereto) with respect to another debt obligation of the same Obligor that is (i) secured by the same collateral, (ii) senior to or pari
passu with in right of payment to such Collateral Obligation and (iii) in an amount in excess of $250,000; 
 (c)
the occurrence of an Insolvency Event with respect to any related Obligor; 

  
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 (d) the Servicer determines, in its sole discretion, in accordance with the
Servicing Standard, that all or a portion of such Collateral Obligation is not collectible or otherwise places such Collateral Obligation on non-accrual status; 

(e) the occurrence (without the prior approval of the Facility Agent) of a Material Modification with respect to such
Collateral Obligation; 
 (f) the Obligor thereunder fails to deliver to the Borrower or the Servicer any financial reporting
information as required by the Underlying Instruments of such Collateral Obligation (including any grace periods thereunder) but in no event less frequently than quarterly, that in each case has an adverse effect on the ability of the Servicer or
the Facility Agent (as determined by the Facility Agent in its reasonable discretion) to make any determinations or calculations required hereunder; provided, however, that the Borrower (or the Servicer on its behalf) may, on a single occasion (or
any other additional occasions approved by the Facility Agent in its sole discretion) with respect to any Obligor, grant an extension of up to 30 days for the delivery of such financial statements by such Obligor; or 

(g) with respect to any Enterprise Value Loan, the Leverage Multiple with respect to such Collateral Obligation increases by 1x
or more over the Original Leverage Multiple with respect to such Collateral Obligation; provided that each subsequent increase of an additional 1x over the applicable Original Leverage Multiple shall be an additional Revaluation Event; 

(h) with respect to any Asset Based Loan, (A) the Borrower fails (or fails to cause the Obligor) to retain an Approved
Valuation Firm to re-calculate the Appraised Value of (x) with respect to any such Asset Based Loan that has intellectual property, equipment or real property, as the case may be, in its borrowing base,
the collateral securing such Asset Based Loan that at least once every twelve (12) months that such Loan is included in the Collateral (subject to a 30 day grace period with respect to any such review) and (y) with respect to all other
Asset Based Loans included in the Collateral, the collateral securing such Loan at least once every six (6) months that such Loan in included in the Collateral (subject to a 30 day grace period with respect to any such review) or (B) the
Borrower (or the related Obligor, as applicable) changes the Approved Valuation Firm with respect to any Asset Based Loan that or the related Approved Valuation Firm changes the metric for valuing the collateral of such Loan, each without the
written approval of the Facility Agent; or 
 (i) with respect to any Asset Based Loan, the Effective LTV of such Collateral
Obligation increases by more than an amount equal to 15% of the Original Effective LTV of such Collateral Obligation; provided that each subsequent increase of an additional 15% over the applicable Original Effective LTV shall be an
additional Revaluation Event. 
 “Revolving Loan” means a Collateral Obligation that specifies a maximum aggregate amount
that can be borrowed by the related Obligor and permits such Obligor to re-borrow any amount previously borrowed and subsequently repaid during the term of such Collateral Obligation. 

  
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 “Revolving Period” means the period of time starting on the Effective Date
and ending on the earliest to occur of (i) October 11, 2021 or, if such date is extended pursuant to Section 2.6, the date mutually agreed upon by the Borrower and each Agent, (ii) the date on which the
Facility Amount is terminated in full pursuant to Section 2.5 or (iii) the occurrence of a Facility Termination Event. 

“Sale Agreement” means the Sale and Contribution Agreement, dated as of the date hereof, by and between the Equityholder, as
seller, and the Borrower, as purchaser. 
 “Schedule of Collateral Obligations” means the list or lists of Collateral
Obligations attached to each Asset Approval Request. Each such schedule shall identify the assets that will become Collateral Obligations, shall set forth such information with respect to each such Collateral Obligation as the Borrower or the
Facility Agent may reasonably require and shall supplement any such schedules attached to previously-delivered Asset Approval Requests. 

“Scheduled Collateral Obligation Payment” means each periodic installment payable by an Obligor under a Collateral Obligation
for principal and/or interest in accordance with the terms of the related Underlying Instrument. 
 “Second Lien Loan”
means any Loan (including any portion of a loan designated as “Second Lien Loan” by the Facility Agent in the related Approval Notice) that (i) is not (and that by its terms is not permitted to become) subordinate in right of payment
to any other obligation of the related Obligor other than a First Lien Loan with respect to the liquidation of such Obligor or the collateral for such Loan and (ii) is secured by a valid second priority perfected Lien to or on specified
collateral securing the related Obligor’s obligations under the Loan, which Lien is not subordinate to the Lien securing any other debt for borrowed money other than a First Lien Loan on such specified collateral (subject to Liens permitted
under the applicable Underlying Instrument that are reasonable for similar loans and, if permitted to secure borrowed money in excess of $500,000 and rank in priority senior to or pari passu with such Second Lien Loan, whether individually or
in the aggregate, are set forth on the related Asset Approval Request); provided that, if, as of any date, the portion of a FILO Loan or Unitranche Loan designated as a “Second Lien Loan” by the Facility Agent improves such that the
Leverage Multiple with respect to such portion as of such date is lower than the related Original Leverage Multiple, the Servicer may present such change to the Facility Agent who may re-determine the
designation in its sole discretion. 
 “Secondary Servicer Fee” means with respect to any Distribution Date, the fee
payable to the Servicer or successor Servicer (as applicable) for services rendered during the related Collection Period, which shall be equal to one-fourth of the product of (i) the Secondary Servicer
Fee Percentage multiplied by (ii) the average of the values of the aggregate Collateral Obligation Amount of the Eligible Collateral Obligations on the first day and the last day of the related Collection Period. For the avoidance of doubt, the
Servicer may waive or defer the payment of any Secondary Servicer Fee in its sole discretion. 

  
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 “Secondary Servicer Fee Percentage” means 0.30%. 

“Secured Indebtedness” means, with respect to a Person as of a given date, all Indebtedness of such Person outstanding on
such date that is secured in any manner by any Lien on any property. 
 “Secured Parties” means, collectively, the
Collateral Agent, the Collateral Custodian, the Securities Intermediary, each Lender, the Facility Agent, each Agent, each other Affected Person, Indemnified Party and Hedge Counterparty and their respective permitted successors and assigns. 

“Secured Recourse Indebtedness” means Secured Indebtedness in respect of which recourse for payment is to all assets of a
Person, provided that Secured Indebtedness that is only recourse to all assets of a Person as a result of customary exceptions to non-recourse liability such as fraud, misapplication of funds, environmental
indemnities, and other similar exceptions shall not be deemed to be Secured Recourse Indebtedness. 
 “Securities
Intermediary” means the Collateral Agent, or any subsequent institution acceptable to the Facility Agent at which the Accounts are kept. 

“Senior Secured Bond” means a debt security (that is not a loan) that is (a) issued by a corporation, limited liability
company, partnership or trust and (b) secured by a valid first priority perfected security interest on specified collateral. 

“Servicer” means initially GSO Direct Lending Fund-D LP or any successor servicer
appointed pursuant to this Agreement. 
 “Servicer Event of Default” means the occurrence of one of the following events:

 (a) any failure by the Servicer to deposit or credit, or to deliver for deposit, in the Collection Account any amount
required hereunder to be so deposited, credited or delivered or to make any required distributions therefrom; 
 (b) failure
on the part of the Servicer duly to observe or to perform in any respect any other covenant or agreement of the Servicer which failure continues unremedied for a period of 30 days (if such failure can be remedied) after the date on which written
notice of such failure shall have been given to the Servicer by the Borrower, the Collateral Agent or the Facility Agent (with a copy to each Agent); 

(c) the occurrence of an Insolvency Event with respect to the Servicer; 

(d) any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other
writing delivered pursuant hereto shall prove to be incorrect as of the time when the same shall have been made (i) which incorrect representation, warranty or statement has a material and adverse effect on (1) the validity, enforceability
or collectability of any other Transaction Document or (2) the rights and remedies of any Secured Party with respect to matters arising under this Agreement or any other Transaction Document, and (ii) within 30 days after written notice
thereof shall have been given to the Servicer by the Borrower, the Collateral Agent or the Facility Agent, the circumstance or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or
otherwise cured; 

  
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 (e) a Facility Termination Event occurs; 

(f) the failure of the Servicer to make any payment when due (after giving effect to any related grace period) under one or
more agreements for borrowed money to which it is a party in an aggregate amount in excess of $5,000,000, individually or in the aggregate; or (ii) the occurrence of any event or condition that has resulted in or permits the acceleration of
such recourse debt, whether or not waived; 
 (g) the rendering against the Servicer of one or more final, non-appealable judgments, decrees or orders for the payment of money in excess of $5,000,000, individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied and in effect for any
period of more than sixty (60) consecutive days without a stay of execution; 
 (h) a Change of Control occurs; 

(i) the Servicer shall be indicted, or any of its senior executive officers shall be convicted, of a criminal offense under the
laws of the United States or a state thereof or the laws of any other jurisdiction in which it conducts business, materially related to the Servicer’s asset management business, unless, in the case of a conviction of a senior executive officer
of the Servicer, such senior executive officer has, within 30 days after such occurrence, been removed from performing work in fulfillment of the Servicer’s obligations under this Agreement; or 

(j) GSO Direct Lending Fund-D LP or another affiliate of GSO Capital Partners LP ceases
to be the Servicer. 
 “Servicing Standard” means, with respect to any Collateral Obligations, to service and administer
such Collateral Obligations on behalf of the Secured Parties (including in respect of any exercise of discretion) with reasonable care (i) using a similar degree of care, skill and attention as it employs with respect to similar collateral that
which the Servicer or GSO Capital Partners LP exercises with respect to comparable assets and/or portfolios that such Person manages for itself and others having similar investment objectives and restrictions and (ii) to the extent not
inconsistent with clause (i), the Servicer’s or GSO Capital Partners LP’s customary standards, policies and procedures. 

“Similar Law” means any federal, state or local law, regulation or other legal constraint that is materially similar to the
fiduciary and/or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code. 
 “Solvent” means
as to any Person at any time, having a state of affairs such that all of the following conditions are met: (a) the fair value of the property of such Person is greater than the amount of such Person’s liabilities (including disputed,
contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of Section 101(32) of the 

  
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Bankruptcy Code; (b) the present fair saleable value of the property of such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the
probable liability of such Person on its debts and other liabilities as they become absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and
unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities
mature; and (e) such Person is not engaged in a business or a transaction, and does not propose to engage in a business or a transaction, for which such Person’s property assets would constitute unreasonably small capital. 

“Standard & Poor’s” means S&P Global Ratings and any successor thereto. 

“Structured Finance Obligation” means any obligation owing or issued by a special purpose vehicle and secured directly by,
referenced to, or representing ownership of, a pool of receivables or other financial assets of any Obligor, including collateralized debt obligations and mortgage-backed securities, including (but not limited to) collateral debt obligations,
collateral loan obligations, asset backed securities and commercial mortgage backed securities or any resecuritization thereof. 

“Subsidiary” means, with respect to any Person, a corporation, partnership or other entity of which such Person and/or its
other Subsidiaries own, directly or indirectly, such number of outstanding shares as have more than 50% of the ordinary voting power for the election of directors. 

“Substituted Collateral Obligation” means, with respect to any Collection Period, any Warranty Collateral Obligation with
respect to which the Equityholder has substituted in a replacement Eligible Collateral Obligation pursuant to Section 7.12 and the Sale Agreement. 

“Tangible Net Worth” means, with respect to any Person, the consolidated net worth of such Person and its consolidated
Subsidiaries calculated in accordance with GAAP after subtracting therefrom the aggregate amount of the intangible assets of such Person and its consolidated Subsidiaries, including, without limitation, goodwill, franchises, licenses, patents,
trademarks, tradenames, copyrights and service marks. 
 “Target Portfolio Amount” means $250,000,000. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Official Body, including any interest, additions to tax or penalties applicable thereto. 

“Transaction Documents” means this Agreement, the Notes, the Sale Agreement, the Collateral Agent and Collateral Custodian
Fee Letter, each Fee Letter, the Account Control Agreement, and the other documents to be executed and delivered in connection with this Agreement, specifically excluding from the foregoing, however, Underlying Instruments delivered by the Borrower
or the Servicer in connection with this Agreement. 

  
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 “UCC” means the Uniform Commercial Code as from time to time in effect in
the applicable jurisdiction or jurisdictions. 
 “Uncommitted Lender” means any Conduit Lender designated as an
“Uncommitted Lender” for any Lender Group and any of its assignees. 
 “Underlying Instrument” means the loan
agreement, credit agreement or other customary agreement pursuant to which a Collateral Obligation has been created or issued and each other agreement that governs the terms of or secures the obligations represented by such Collateral Obligation or
of which the holders of such Collateral Obligation are the beneficiaries. 
 “Undrawn Fee” a fee payable pursuant to
Section 3.1(b) for each day of the related Collection Period during the Revolving Period equal to the product of (x) the difference between the aggregate Commitments on such day minus the aggregate
principal amount of outstanding Advances on such day, times (y) the Undrawn Fee Rate times (z) 1/360. 
 “Undrawn
Fee Rate” means, (a) beginning on the Effective Date and ending on January 11, 2019, 0.0%, (b) from January 11, 2019 to April 11, 2019, 0.25% and (c) thereafter, 0.50%. 

“Unfunded Exposure Account” means the account designated as the Unfunded Exposure Account in, and which is established and
maintained pursuant to, Section 8.1(a). 
 “Unfunded Exposure Shortfall” has the meaning set
forth in Section 8.1(a). 
 “Unitranche Loan” means any First Lien Loan (including First Lien
Broadly Syndicated Loans and First Lien Middle Market Loans) or FILO Loan that (i)(A) has an attaching Leverage Multiple of equal or greater than 4.0x, (B) is not a First Out Loan and (C) has a portion of such loan designated as a
“Second Lien Loan” by the Facility Agent in the related Approval Notice. 
 “Unmatured Facility Termination
Event” means any event that, if it continues uncured, will, with lapse of time or notice or lapse of time and notice, constitute a Facility Termination Event. 

“Unmatured Servicer Event of Default” means any event that, if it continues uncured, will, with lapse of time or notice or
lapse of time and notice, constitute a Servicer Event of Default. 
 “Unsecured Bond” means any bond that is (a) not
secured by a pledge of collateral and (b) senior or pari passu in right of payment to any other unsecured indebtedness of the related Obligor. 

“Unsecured Loan” means any loan that is (a) not secured by a pledge of collateral and (b) senior or pari
passu in right of payment to any other unsecured indebtedness of the related Obligor. 
 “USA Patriot Act” means the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107 56. 

  
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 “U.S. Borrower” means a Borrower that is a “United States person”
as defined in Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning assigned to such
term in Section 4.3(f). 
 “Variable Funding Asset” means any Revolving Loan or other asset that
by its terms may require one or more future advances to be made to the related Obligor by any lender thereon or owner thereof. 

“Volcker Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and
regulations thereunder. 
 “Warrant Asset” means any equity purchase warrants or similar rights convertible into or
exchangeable or exercisable for any equity interests received by the Borrower as an “equity kicker” from the Obligor in connection with a Collateral Obligation. 

“Warranty Collateral Obligation” has the meaning set forth in Section 7.12. 

“Weighted Average Advance Rate” means, as of any date of determination with respect to all Eligible Collateral Obligations
included in the Adjusted Aggregate Eligible Collateral Obligation Balance, the number obtained by (i) summing the products obtained by multiplying (a) the Advance Rate of each such Eligible Collateral Obligation by (b) such
Eligible Collateral Obligation’s contribution to the Adjusted Aggregate Eligible Collateral Obligation Balance and (ii) dividing such sum by the Adjusted Aggregate Eligible Collateral Obligation Balance. 

“Weighted Average Coupon” means, as of any day with respect to all Eligible Collateral Obligations included in the Adjusted
Aggregate Eligible Collateral Obligation Balance, the number expressed as a percentage obtained by dividing (i) the sum for each Eligible Collateral Obligation (including, for any Deferrable Collateral Obligation, only the required current cash
pay interest thereon) that is a Fixed Rate Collateral Obligation of (x) the interest rate for each such Collateral Obligation minus the LIBOR Rate multiplied by (y) the Collateral Obligation Amount of each such Collateral Obligation by
(ii) the Adjusted Aggregate Eligible Collateral Obligation Balance for Fixed Rate Collateral Obligations. 
 “Weighted Average
Life” means, as of any day with respect to all Eligible Collateral Obligations included in the Collateral, the number of years following such date obtained by (i) summing the products obtained by multiplying (a) the Average
Life at such time of each such Eligible Collateral Obligation by (b) the Collateral Obligation Amount of such Collateral Obligation and (ii) dividing such sum by the aggregate Collateral Obligation Amounts of all Eligible Collateral
Obligations included in the Collateral. 
 “Weighted Average Spread” means, as of any day, the number expressed as a
percentage equal to (i) the Aggregate Funded Spread divided by (ii) the Aggregate Eligible Collateral Obligation Amount (excluding any interest that has been deferred and capitalized on any Deferrable Collateral Obligation). 

“Withholding Agent” means the Borrower, the Facility Agent, and the Servicer. 

  
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 “Write-Down and Conversion Powers” means, with respect to any EEA
Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule. 

“written” or “in writing” (and other variations thereof) means any form of written communication or a
communication by means of email, telex, telecopier device, telegraph or cable. 
 “Yield” means, with respect to any
period, the daily interest accrued on Advances during such period as provided for in Article III. 
 Section 1.2 Other
Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement have the meanings as so defined herein when used in the Notes or any other Transaction Document, certificate, report or other document made
or delivered pursuant hereto or thereto. 
 (b) Each term defined in the singular form in Section 1.1 or elsewhere
in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement, the Notes or any other Transaction Document, certificate, report or other document made or delivered pursuant hereto or thereto, and each
term defined in the plural form in Section 1.1 shall mean the singular thereof when the singular form of such term is used herein or therein. 

(c) The words “hereof,” “herein,” “hereunder” and similar terms when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement, the term “including” means “including without limitation,” and article, section, subsection, schedule and exhibit references herein are references to
articles, sections, subsections, schedules and exhibits to this Agreement unless otherwise specified. 
 (d) The following terms which are
defined in the Uniform Commercial Code in effect in the State of New York on the date hereof are used herein as so defined: Accounts, Certificated Securities, Chattel Paper, Control, Documents, Equipment, Financial Assets, Funds-Transfer system, General Intangibles, Indorse and Indorsed, Instruments, Inventory, Investment Property, Proceeds, Securities Accounts, Securities Intermediary, Security Certificates, Security Entitlements,
Security Interest and Uncertificated Securities. 
 (e) For the avoidance of doubt, on each Measurement Date, the Borrower shall cause the
Servicer to re-determine the status of each Eligible Collateral Obligation as of such calculation date and to provide notice of any change in the status of any Eligible Collateral Obligation to the Collateral
Agent and, as a consequence thereof, (A) Collateral Obligations that were previously Eligible Collateral Obligations on a prior Measurement Date may be excluded from the Aggregate Eligible Collateral Obligation Amount on such Measurement Date
and (B) Collateral Obligations that were previously excluded from the Aggregate Eligible Collateral Obligation Amount on a prior Measurement Date may, upon receipt of a related Approval Notice, be included in the Aggregate Eligible Collateral
Obligation Amount on such Measurement Date. 

  
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 (f) Unless otherwise specified, each reference in this Agreement or in any other Transaction
Document to a Transaction Document shall mean such Transaction Document as the same may from time to time be amended, restated, supplemented or otherwise modified in accordance with the terms of the Transaction Documents. 

(g) All calculations required to be made hereunder with respect to the Collateral Obligations and the Borrowing Base (including, without
limitation, to determine whether an Unmatured Facility Termination Event or Facility Termination Event shall have occurred) shall be made on a trade date basis and after giving effect to (x) all purchases or sales to be entered into on such
trade date and (y) all Advances requested to be made on such trade date plus the balance of all unfunded Advances to be made in connection with the Borrower’s purchase of previously requested (and approved) Collateral Obligations. 

(h) For all purposes under this Agreement, “knowledge” shall mean actual knowledge after reasonable inquiry. 

(i) Notwithstanding anything to the contrary set forth in this Agreement, each reference to notice being delivered to both the Facility Agent
and the Collateral Agent shall mean notice delivered by the applicable party to the Collateral Agent, who shall then promptly deliver notice to the Facility Agent; provided that each Advance Request and each voluntary prepayment notice shall
be delivered by the Borrower to the Facility Agent, the Collateral Agent and each Agent (in the manner and at the times specified in the relevant provisions of this Agreement), and, in doing so, the Borrower shall be entitled to rely solely on the
information contained in the Note Register and on Annex A and shall have no liability for any errors or omissions in either thereof. 

ARTICLE II 
 THE FACILITY, ADVANCE
PROCEDURES AND NOTES 
 Section 2.1 Advances. (a) On the terms and subject to the conditions set forth in this Agreement,
each Lender Group hereby agrees to make advances to or on behalf of the Borrower (individually, an “Advance” and collectively the “Advances”) from time to time on any date (each such date on which an Advance is
made, an “Advance Date”) during the period from the Effective Date to the end of the Revolving Period; provided that there shall be no more than two (2) Advance Dates during any calendar week. 

(b) Under no circumstances shall any Lender make an Advance if, after giving effect to such Advance and any purchase of Eligible Collateral
Obligations in connection therewith, the aggregate outstanding principal amount of all Advances would exceed the lower of (i) the Facility Amount and (ii) the Borrowing Base on such day. Subject to the terms of this Agreement, during the
Revolving Period, the Borrower may borrow, reborrow, repay and prepay (subject to the provisions of Section 2.4) one or more Advances. 

  
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 Section 2.2 Funding of Advances. (a) Subject to the satisfaction of the
conditions precedent set forth in Section 6.2, the Borrower may request Advances hereunder by giving notice to the Facility Agent, each Agent and the Collateral Agent of the proposed Advance at or prior to 10:00 a.m., New York City time,
at least (x) in the case of Advances of more than 20% of the then-current Facility Amount, thirty-five (35) days or (y) in the case of Advances up to 20% of the then-current Facility Amount, two (2) Business Days prior to the
proposed Advance Date. Such notice (herein called the “Advance Request”) shall be in the form of Exhibit C-1 and shall include (among other things) the proposed Advance Date and amount
of such proposed Advance, and shall, if applicable, be accompanied by an Asset Approval Request setting forth the information required therein with respect to the Collateral Obligations to be acquired by the Borrower on the Advance Date (if
applicable). In the event of any change to the wiring instructions of the Collateral Agent set forth on Schedule 1 to the Advance Request, the Collateral Agent shall provide written notice of such change to each Agent at least two (2) Business
Days prior to any proposed Advance Date. The amount of any Advance shall at least be equal to the least of (x) $1,000,000, (y) the (1) Borrowing Base on such day minus (2) the Advances outstanding on such day and
(z) the (1) Facility Amount on such day minus (2) the Advances outstanding on such day before giving effect to the requested Advance as of such date. Any Advance Request given by the Borrower pursuant to this
Section 2.2, shall be irrevocable and binding on the Borrower. The Facility Agent shall have no obligation to lend funds hereunder in its capacity as Facility Agent. Subject to receipt by the Collateral Agent of an
Officer’s Certificate of the Borrower confirming the satisfaction of the conditions precedent set forth in Section 6.2, and the Collateral Agent’s receipt of such funds from the Lenders, the Collateral Agent shall
make the proceeds of such requested Advances available to the Borrower by deposit to such account as may be designated by the Borrower (in a written notice received by the Facility Agent, each Agent and the Collateral Agent at least one
(1) Business Day prior to such Advance Date) in same day funds no later than 2:00 p.m., New York City time, on such Advance Date. Each Lender shall notify the Borrower within two (2) Business Days of any Advance Request made pursuant to
Section 2.2(a)(x) if it will elect to fund the related Advance on any day prior to the end of the applicable thirty-five (35) day notice period. The Borrower expressly acknowledges and agrees that any election by any
Lender on one or more occasions to fund any Advance on any day prior to the full passage of the applicable thirty-five (35) day notice period set forth in Section 2.2(a)(x) shall not constitute or be deemed to be an
amendment, waiver or other modification of the requirement for thirty-five (35) days’ notice prior to any Lender funding any Advance made in respect of an Advance Request made pursuant to Section 2.2(a)(x). 

(b) Committed Lender’s Commitment. At no time will any Uncommitted Lender have any obligation to fund an Advance. At
all times on and after the Conduit Advance Termination Date, all Advances shall be made by the Agent on behalf of the applicable Committed Lenders. The Facility Agent shall use commercially reasonable efforts to ensure that Advances are funded in
the first instance by the Uncommitted Lenders. At any time when any Uncommitted Lender has failed to or has rejected a request to fund an Advance, its Agent shall so notify the Related Committed Lender and such Related Committed Lender shall fund
such Advance. Notwithstanding anything contained in this Section 2.2(b) or elsewhere in this Agreement to the contrary, no Committed Lender shall be obligated to provide its Agent or the Borrower with funds in connection
with an Advance in an amount that would result in the portion of the Advances then funded by it exceeding its Commitment then in effect. The obligation of the Committed Lender in each Lender Group to remit any Advance shall be several from that of
the other Lenders, and the failure of any Committed Lender to so make such amount available to its Agent shall not relieve any other Committed Lender of its obligation hereunder. 

  
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 (c) Unfunded Commitment Provisions. Notwithstanding anything to the contrary herein,
upon the occurrence of the earlier of (i) any acceleration of the maturity of Advances pursuant to Section 14.2 or (ii) the end of the Revolving Period, the Borrower shall request an Advance in the amount of the
Aggregate Unfunded Amount minus the amount then on deposit in the Unfunded Exposure Account. Following receipt of such Advance Request, the Lenders shall fund such requested amount by depositing such amount directly to the Collateral Agent to be
deposited into the Unfunded Exposure Account, notwithstanding anything to the contrary herein (including, without limitation, the Borrower’s failure to satisfy any of the conditions precedent set forth in Section 6.2).

 Section 2.3 Notes. The Borrower shall, upon request of any Lender Group, on or after such Lender Group becomes a party hereto
(whether on the Effective Date or by assignment or otherwise), execute and deliver a Note evidencing the Advances of such Lender Group. Each such Note shall be payable to the order of the Agent for such Lender Group in a face amount equal to the
applicable Lender Group’s Commitment as of the Effective Date or the effective date on which such Lender Group becomes a party hereto, as applicable. The Borrower hereby irrevocably authorizes each Agent to make (or cause to be made)
appropriate notations on the grid attached to the Notes (or on any continuation of such grid, or at the option of such Agent, in its records), which notations, if made, shall evidence, inter alia, the date of the outstanding principal
of the Advances evidenced thereby and each payment of principal thereon. Such notations shall be rebuttably presumptive evidence of the subject matter thereof absent manifest error; provided, that the failure to make any such notations shall
not limit or otherwise affect any of the Obligations or any payment thereon. 
 Section 2.4 Repayment and Prepayments.
(a) The Borrower shall repay the Advances outstanding (i) on each Distribution Date to the extent required to be repaid hereunder and funds are available therefor pursuant to Section 8.3 and (ii) in full on
the Facility Termination Date. 
 (b) Prior to the Facility Termination Date, the Borrower may, from time to time, make a voluntary
prepayment, in whole or in part, of the outstanding principal amount of any Advance using Principal Collections on deposit in the Principal Collection Account or other funds available to the Borrower on such date; provided, that 

(i) all such voluntary prepayments shall require prior written notice to the Facility Agent (with a copy to the Collateral
Agent and each Agent) by 11:00 a.m. two (2) Business Days prior to such voluntary prepayment; 
 (ii) all such voluntary
partial prepayments shall be in a minimum amount of $1,000,000; and 
 (iii) each prepayment shall be applied on the Business
Day received by the Collateral Agent, on behalf of the Facility Agent, if received by 3:00 p.m., New York City time, on such day by the Collateral Agent as Amount Available constituting Principal Collections pursuant to
Section 8.3(a) as if (x) the date of such prepayment were a Distribution Date and (y) such prepayment occurred during the Collection Period to which such Distribution Date relates. 

  
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 Each such prepayment shall be subject to the payment of any amounts required by
Section 2.5(b) (if any) resulting from a prepayment or payment. 
 Section 2.5 Permanent Reduction of
Facility Amount. (a) The Borrower may at any time (x) during the Revolving Period if an Extension Request has been rejected by any Lender or (y) after the end of the Revolving Period, in each case upon five Business Days’
prior written notice to the Facility Agent and each Agent (with a copy to the Collateral Agent), permanently reduce the Facility Amount (i) in whole upon payment in full (in accordance with Section 2.4) of the
aggregate outstanding principal amount of all Advances) or (ii) in part by any pro rata amount that the Facility Amount exceeds the aggregate outstanding principal amount of all Advances (after giving effect to any concurrent prepayment
thereof). In connection with any permanent reduction of the Facility Amount under this Section 2.5(a), the Commitment of each Committed Lender shall automatically, and without any further action by any party, be reduced
pro rata with all other Committed Lenders such that the sum of all Commitments will equal the newly reduced Facility Amount. 
 (b)
Notwithstanding anything to the contrary herein, the Borrower may permanently reduce the Facility Amount at any time, provided that if such reduction occurs at any time other than those specified in Section 2.5(a), it
shall, unless any Lender has, prior to the date of such permanent reduction in whole or in part, declined an Extension Request, pay the applicable Prepayment Fee to the Collateral Agent, for the respective accounts of the Lenders. 

Section 2.6 Extension of Revolving Period. The Borrower may, at any time after the first anniversary of the Effective Date and
prior to the date that is 45 days prior to the last date of the Revolving Period, deliver a written notice to each Agent (with a copy to the Collateral Agent and the Facility Agent) requesting an extension of the Revolving Period for an additional
twelve months (each qualifying request, an “Extension Request”). Each Lender may approve or decline an Extension Request in its sole discretion; provided, that the Lenders shall respond to an Extension Request in writing not
later than 30 days following receipt of such Extension Request, and if any Lender does not respond in writing by the end of such 30 day period it shall be deemed to have denied such Extension Request. No request by the Borrower to extend the
Revolving Period shall be considered an “Extension Request” if such request is conditioned on an amendment to any other provision of the Transaction Documents. 

Section 2.7 Calculation of Discount Factor. 

(a) In connection with the purchase of each Collateral Obligation and prior to such Collateral Obligation being purchased by the Borrower and
included in the Collateral, the Facility Agent will assign (in its sole discretion) a Discount Factor for such Collateral Obligation. 
 (b)
If, but only if, a Revaluation Event occurs with respect to any Collateral Obligation, the Discount Factor of such Collateral Obligation may be amended by the Facility Agent, in its sole discretion. The Facility Agent will provide written notice of
the revised Discount Factor to the Borrower, the Collateral Agent and the Servicer. The Collateral Agent shall forward a copy of such notice to each Agent. To the extent the Servicer has actual knowledge or, pursuant to the terms of the applicable
Underlying Instruments, has received 

  
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notice of any Revaluation Event with respect to any Collateral Obligation, the Servicer shall give prompt notice thereof to the Facility Agent and the Collateral Agent (but, in any event, not
longer than two Business Days after it receives notice or gains actual knowledge thereof). The Collateral Agent shall forward a copy of such notice to each Agent. 

(c) The Facility Agent will provide written notice of each revised Discount Factor to the Borrower, the Servicer, each Agent and the
Collateral Agent. 
 Section 2.8 Increase in Facility Amount. The Borrower may, with the prior written consent of the Facility
Agent (which consent may be conditioned on one or more conditions precedent in its sole discretion), (i) increase the Commitment of the existing Lender Groups (pro rata), (ii) add additional Lender Group and/or (iii) increase the Commitment of
any Lender Group, in each case which shall increase the Facility Amount by the amount of the Commitment of each such existing or additional Lender Group; provided, that after giving effect to the increase described above in clause (i), (ii)
and (iii), in no event shall the aggregate Commitment exceed $1,000,000,000. 
 ARTICLE III 

YIELD, UNDRAWN FEE, ETC. 

Section 3.1 Yield and Undrawn Fee. (a) The Borrower hereby promises to pay, on the dates specified in
Section 3.2, Yield on the unpaid principal amount of each Advance (or each portion thereof) for the period commencing on the applicable Advance Date until such Advance is paid in full. No provision of this Agreement or the
Notes shall require the payment or permit the collection of Yield in excess of the maximum permitted by Applicable Law. 
 (b) The Borrower
shall pay the Undrawn Fee on the dates specified in Section 3.2. 
 Section 3.2 Yield Distribution
Dates. Yield accrued on each Advance (including any previously accrued and unpaid Yield) and Undrawn Fee (as applicable) shall be payable, without duplication: 

(a) on the Facility Termination Date; 

(b) on the date of any payment or prepayment, in whole or in part, of principal outstanding on such Advance; and 

(c) on each Distribution Date. 

Section 3.3 Yield Calculation. Each Note shall bear interest on each day during each Accrual Period at a rate per annum
equal to the product of (a) the Interest Rate for such Accrual Period multiplied by (b) the outstanding Advances attributable to such Note on such day. All Yield shall be computed on the basis of the actual number of days (including
the first day but excluding the last day) occurring during the period for which such Yield is payable over a year comprised of 360 days (other than Yield accruing by the reference rate set forth in clause (a) of the definition of Alternate Base
Rate, which shall be computed over a year comprised of 365/366 days). 

  
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 Section 3.4 Computation of Yield, Fees, Etc. Each Agent (on behalf of its
respective Lender Group) and the Facility Agent shall determine the applicable Yield and all Fees to be paid by the Borrower on each Distribution Date for the related Accrual Period and shall advise the Collateral Agent thereof in writing no later
than the Determination Date immediately prior to such Distribution Date. Such reporting may also include an accounting of any amounts due and payable pursuant to Sections 4.3 and 5.1. 

ARTICLE IV 
 PAYMENTS; TAXES 

Section 4.1 Making of Payments. Subject to, and in accordance with, the provisions hereof, all payments of principal of or Yield
on the Advances and other amounts due to the Lenders shall be made pursuant to Section 8.3(a) by no later than 3:00 p.m., New York City time, on the day when due in lawful money of the United States of America in
immediately available funds. Payments received by any Lender or Agent after 3:00 p.m., New York City time, on any day will be deemed to have been received by such Lender or Agent on its next following Business Day. Each Agent shall allocate to the
Lenders in its Lender Group each payment in respect of the Advances received by such Agent as provided by Section 8.3 or Section 2.4. Payments in reduction of the principal amount of the Advances
shall be allocated and applied to Lenders pro rata based on their respective portions of such Advances, or in any such case in such other proportions as each affected Lender may agree upon in writing from time to time with such Agent and the
Borrower. Payments of Yield and Undrawn Fee shall be allocated and applied to Lenders pro rata based upon the respective amounts of interest and fees due and payable to them. 

Section 4.2 Due Date Extension. If any payment of principal or Yield with respect to any Advance falls due on a day which is not a
Business Day, then such due date shall be extended to the next following Business Day, and additional Yield shall accrue and be payable for the period of such extension at the rate applicable to such Advance. 

Section 4.3 Taxes. (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower
under any Transaction Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the
deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant
Official Body in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and
withholdings applicable to additional sums payable under this Section 4.3) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

  
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 (b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the
relevant Official Body in accordance with applicable law, or at the option of the Facility Agent timely reimburse it for the payment of, any Other Taxes. 

(c) Indemnification by the Borrower. The Borrower shall jointly and severally indemnify each Recipient, and its direct and indirect
beneficial owners, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 4.3) payable or
paid by such Recipient or such beneficial owners or required to be withheld or deducted from a payment to such Recipient or such beneficial owners and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Facility Agent and each Agent), or by the
Facility Agent on its own behalf or on behalf of another Recipient, shall be conclusive absent manifest error. 
 (d) Indemnification by
the Lenders. Each Lender shall severally indemnify the Facility Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the
Facility Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 15.9 relating to
the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Facility Agent in connection with any Transaction Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate as to the amount of such payment or liability delivered to any Lender by the Facility Agent shall
be conclusive absent manifest error. Each Lender hereby authorizes the Facility Agent to set off and apply any and all amounts at any time owing to such Lender under any Transaction Document or otherwise payable by the Facility Agent to the Lender
from any other source against any amount due to the Facility Agent under this Section 4.3(d). 
 (e) Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to an Official Body pursuant to this Section 4.3, the Borrower shall deliver to the Facility Agent the original or a certified copy of a
receipt issued by such Official Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Facility Agent. 

(f) Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any
Transaction Document shall deliver to the Borrower and the Facility Agent, at the time or times reasonably requested by the Borrower or the Facility Agent, such properly completed and executed documentation reasonably requested by the Borrower or
the Facility Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Facility Agent, shall

  
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deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Facility Agent as will enable the Borrower or the Facility Agent to determine whether
or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such
documentation set forth in Section 4.3(f)(ii)(A), Section 4.3(f)(ii)(B) and Section 4.3(f)(ii)(D) below) shall not be required if in the Lender’s reasonable judgment
such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, if the Borrower is a U.S. Borrower: 

(A) any Lender that is a “United States person” as defined in Section 7701(a)(30) of the Code shall deliver to
the Borrower and the Facility Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility Agent) executed originals of IRS
Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; 

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Facility Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility
Agent) whichever of the following is applicable: 
 (I) in the case of a Foreign Lender claiming the benefits of an income
tax treaty to which the United States is a party (x) with respect to payments of interest under any Transaction Document, executed originals of IRS Form W-8BEN establishing an exemption from, or reduction
of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(II) executed originals of IRS Form W-8ECI; 

(III) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c)
of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a
“10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed originals of IRS Form W-8BEN; or 

  
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 (IV) to the extent a Foreign Lender is not the beneficial owner, executed
originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in
the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial
owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit G-4 on behalf of each such direct and indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Facility Agent (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Facility
Agent) executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by
applicable law to permit the Borrower or the Facility Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Transaction Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Facility
Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Facility Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Borrower or the Facility Agent as may be necessary for the Borrower and the Facility Agent to (x) comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or (y) determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 4.3(f)(ii)(D), “FATCA” shall include
any amendments made to FATCA after the date of this Agreement. 
 Each Lender agrees that if any form or certification it previously
delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Facility Agent in writing of its legal inability to do so. 

  
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 (g) Treatment of Certain Refunds. If any party determines, in its sole discretion
exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 4.3 (including by the payment of additional amounts pursuant to this
Section 4.3), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 4.3 with respect to the Taxes giving rise
to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Official Body with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 4.3(g) (plus any
penalties, interest or other charges imposed by the relevant Official Body) in the event that such indemnified party is required to repay such refund to such Official Body. Notwithstanding anything to the contrary in this
Section 4.3(g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 4.3(g) the payment of which would place the indemnified party
in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This
Section 4.3(g) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other
Person. 
 (h) Survival. Each party’s obligations under this Section 4.3 shall survive the resignation
or replacement of the Facility Agent or any assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under any Transaction Document. 

ARTICLE V 
 INCREASED COSTS, ETC.

 Section 5.1 Increased Costs, Capital Adequacy. (a) If, due to either (i) the introduction of or any change
following the date hereof (including, without limitation, any change by way of imposition or increase of reserve requirements) in or in the interpretation, administration or application arising following the date hereof of any Applicable Law, in
each case whether foreign or domestic or (ii) the compliance with any guideline or request following the date hereof from any central bank or other Official Body (whether or not having the force of law), (A) there shall be any increase in the
cost to the Facility Agent, any Agent, any Lender, successor or assign thereof (each of which shall be an “Affected Person”) of agreeing to make or making, funding or maintaining any Advance (or any reduction of the amount of any payment
(whether of principal, interest, fee, compensation or otherwise) to any Affected Person hereunder), as the case may be, (B) there shall be any reduction in the amount of any sum received or receivable by an Affected Person under this Agreement
or under any other Transaction Document, or (C) any Recipient is subject to any Taxes (other than (1) Indemnified Taxes and (2) Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its
deposits, reserves, other liabilities or capital attributable thereto, then, in each case, the Borrower shall, from time to time, after written demand by the Facility Agent (which demand shall be accompanied by a statement setting forth in
reasonable detail the basis for such demand), on behalf of such Affected Person, pay to the Facility Agent, on behalf of such Affected Person, additional amounts sufficient to compensate such Affected Person for such increased costs or reduced
payments within thirty (30) days after such demand; provided, that the amounts payable under this Section 5.1 shall be without duplication of amounts payable under Section 4.3. 

 

  
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 (b) If either (i) the introduction of or any change following the date hereof in or in
the interpretation, administration or application arising following the date hereof of any law, guideline, rule or regulation, directive or request or (ii) the compliance by any Affected Person with any law, guideline, rule, regulation,
directive or request following the date hereof, from any central bank, any Official Body or agency, including, without limitation, compliance by an Affected Person with any request or directive regarding capital adequacy or liquidity coverage, has
or would have the effect of reducing the rate of return on the capital of any Affected Person, as a consequence of its obligations hereunder or any related document or arising in connection herewith or therewith to a level below that which any such
Affected Person could have achieved but for such introduction, change or compliance (taking into consideration the policies of such Affected Person with respect to capital adequacy and liquidity coverage), by an amount deemed by such Affected Person
to be material, then, from time to time, after demand by such Affected Person (which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), the Borrower shall pay the Facility Agent on behalf of
such Affected Person such additional amounts as will compensate such Affected Person for such reduction. 
 (c) If an Affected Person shall
at any time (without regard to whether any Basel III Regulations or Dodd-Frank Regulations are then in effect) suffer or incur (i) any explicit or implicit charge, assessment, cost or expense by reason of the amount or type of assets, capital
or supply of funding such Affected Person or any of its Affiliates is required or expected to maintain in connection with the transactions contemplated herein, without regard to (A) whether such charge, assessment, cost or expense is imposed or
recognized internally, externally or inter-company or (B) whether it is determined in reference to a reduction in the rate of return on such Affected Person’s or Affiliate’s assets or capital, an inherent cost of the establishment or
maintenance of a reserve of stable funding, a reduction in the amount of any sum received or receivable by such Affected Person or its Affiliates or otherwise, or (ii) any other imputed cost or expense arising by reason of the actual or
anticipated compliance by such Affected Person or any of its Affiliates with the Basel III Regulations or Dodd-Frank Regulations, then, upon demand by or on behalf of such Affected Person through the Facility Agent, the Borrower shall pay to the
Facility Agent, for the benefit of such Affected Person, such amount as will, in the determination of such Affected Person, compensate such Affected Person therefor. A certificate of the applicable Affected Person setting forth the amount or amounts
necessary to compensate the Affected Person under this Section 5.1(c) shall be delivered to the Borrower and shall be conclusive absent manifest error. 

(d) In determining any amount provided for in this Section 5.1, the Affected Person may use any reasonable averaging
and attribution methods. The Facility Agent, on behalf of any Affected Person making a claim under this Section 5.1, shall submit to the Borrower a certificate setting forth in reasonable detail the basis for and the
computations of such additional or increased costs, which certificate shall be conclusive absent manifest error. 

  
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 ARTICLE VI 

EFFECTIVENESS; CONDITIONS TO ADVANCES 

Section 6.1 Effectiveness. This Agreement shall become effective on the first day (the “Effective Date”) on which the
Facility Agent, on behalf of the Lenders, shall have received the following, each in form and substance reasonably satisfactory to the Facility Agent: 

(a) Transaction Documents. This Agreement and each other Transaction Document, in each case duly executed by each party thereto; 

(b) Notes. For each Lender Group that has requested the same, a Note duly completed and executed by the Borrower and payable to the
Agent for such Lender Group; 
 (c) Establishment of Account. Evidence that each Account has been established; 

(d) Resolutions. Certified copies of the resolutions of the board of managers (or similar items) of the Borrower and the Servicer
approving the Transaction Documents to be delivered by it hereunder and the transactions contemplated hereby, certified by its secretary or assistant secretary; 

(e) Organization Documents. The certificate of formation (or similar organization document) of each of the Borrower and the Servicer
certified by the Secretary of State of its jurisdiction of organization; and a certified, executed copy of the Borrower’s and the Servicer’s organizational documents; 

(f) Good Standing Certificates. Good standing certificates for each of the Borrower and the Servicer issued by the applicable Official
Body of its jurisdiction of organization; 
 (g) Incumbency. A certificate of the secretary or assistant secretary of the general
partner of the Equityholder (or the sole member of such general partner) certifying the names and true signatures of the officers authorized on its behalf to sign this Agreement and the other Transaction Documents to be delivered by it; 

(h) Filings. Copies of proper financing statements, as may be necessary or, in the opinion of the Facility Agent, desirable under the
UCC of all appropriate jurisdictions or any comparable law to perfect the security interest of the Collateral Agent on behalf of the Secured Parties in all Collateral in which an interest may be pledged hereunder; 

(i) Opinions. Legal opinions of Weil, Gotshal & Manges LLP counsel for the Borrower and the Servicer, and Nixon Peabody LLP
for the Collateral Agent, each in form and substance reasonably satisfactory to the Facility Agent covering such matters as the Facility Agent may reasonably request; 

(j) No Facility Termination Event, etc. Each of the Transaction Documents is in full force and effect and no Facility Termination Event
or Unmatured Facility Termination Event has occurred and is continuing or will result from the issuance of the Notes and the borrowing hereunder; 

  
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 (k) Liens. The Facility Agent shall have received (i) the results of a recent
search by a Person satisfactory to the Facility Agent, of the UCC, judgment, security interest and tax lien filings which may have been filed with respect to personal property of the Borrower, and bankruptcy and pending lawsuits with respect to the
Borrower and the results of such search shall be satisfactory to the Facility Agent and (ii) filed UCC termination statements, if any, necessary to release all security interests and other rights of any Person in any Collateral previously
granted by the Borrower and any executed pay-off letters reasonably requested by the Facility Agent; 

(l) Payment of Fees. The Facility Agent shall have received evidence, to its sole satisfaction, that all Fees due to the Lenders on the
Effective Date have been paid in full; 
 (m) No Material Adverse Effect. No Material Adverse Effect shall have occurred since
October 11, 2018 and no litigation shall have commenced which, if successful, could have a Material Adverse Effect; and 
 (n)
Other. Such other approvals, documents, opinions, certificates and reports as the Facility Agent may reasonably request. 

Section 6.2 Advances and Reinvestments. The making of any Advance (including the initial Advance hereunder) and any Reinvestment
are all subject to the condition that the Effective Date shall have occurred and to the following further conditions precedent that: 
 (a)
No Facility Termination Event, Etc. Each of the Transaction Documents shall be in full force and effect (unless terminated in accordance with their terms) and (i) no Facility Termination Event or Unmatured Facility Termination Event
shall have occurred and be continuing or will result from the making of such Advance or Reinvestment, (ii) no Servicer Event of Default or Unmatured Servicer Event of Default shall have occurred and be continuing or will result from the making
of such Advance or Reinvestment, (iii) the representations and warranties of the Borrower and the Servicer in the Transaction Documents shall be true and correct in all material respects as of the related Funding Date (or if such
representations and warranties specifically refer to an earlier date, such earlier date), with the same effect as though made on the date of (and after giving effect to) such Advance or Reinvestment, and (iv) after giving effect to such Advance
or Reinvestment (and any purchase of Eligible Collateral Obligations in connection therewith), the aggregate outstanding principal balance of the Advances will not exceed the Borrowing Base; 

(b) Requests. (i) In connection with the funding of any Advance pursuant to Section 2.2(a), the
Collateral Agent, each Agent and the Facility Agent shall have received the Advance Request for such Advance in accordance with Section 2.2(a), together with all items required to be delivered in connection therewith and
(ii) in connection with any Reinvestment, the Collateral Agent, each Agent and the Facility Agent shall have received the Reinvestment Request for such reinvestment in accordance with Section 8.3(b), together with all
items required to be delivered in connection therewith; 

  
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 (c) Revolving Period. The Revolving Period shall not have ended; 

(d) Document Checklist. The Facility Agent, each Agent and the Collateral Custodian shall have received a Document Checklist for each
Eligible Collateral Obligation to be added to the Collateral on the related Funding Date; 
 (e) Borrowing Base Confirmation. The
Collateral Agent, each Agent and the Facility Agent shall have received an Officer’s Certificate of the Borrower or the Servicer (which may be included as part of the Advance Request or Reinvestment Request) computed as of the date of such
request and after giving effect thereto and to the purchase by the Borrower of the Collateral Obligations to be purchased by it on such date (if any), demonstrating that the aggregate principal amount of all outstanding Advances shall not exceed the
Borrowing Base, calculated as of the Funding Date as if the Collateral Obligations purchased by the Borrower on such Funding Date were owned by the Borrower; 

(f) Collateral Quality Tests, Minimum Equity Condition. The Collateral Agent, each Agent and the Facility Agent shall have received an
Officer’s Certificate of the Servicer (which may be included as part of the Advance Request or Reinvestment Request) computed as of the date of such requested Advance or Reinvestment, and after giving effect thereto and to the purchase by the
Borrower of the Collateral Obligations to be purchased by it on such Funding Date, demonstrating that (i) with respect to each Advance, all of the Collateral Quality Tests are satisfied or, if not satisfied, maintained or improved, and the
Minimum Equity Condition is satisfied; and the Minimum Equity Condition is satisfied, or (ii) with respect to each Reinvestment, (A)(1) after the first 120 days and before the end of the Ramp-up Period,
the Diversity Score is at least 6 and (2) after the Ramp-up Period, the Diversity Score is at least 8 and (B) each other Collateral Quality Test is satisfied or, if not satisfied, maintained or
improved, and the Minimum Equity Condition is satisfied; provided that, for the avoidance of doubt, there shall be no Diversity Score requirement for the first 120 days after the Effective Date; 

(g) Hedging Agreements. The Facility Agent shall have received evidence, in form and substance satisfactory to the Required Lenders,
that the Borrower has entered into Hedging Agreements to the extent required by, and satisfying the requirements of, Section 10.6; 

(h) Facility Agent Approval. In connection with the acquisition of any Collateral Obligation by the Borrower, the Borrower shall have
received a copy of an Approval Notice with respect to such Collateral Obligation; 
 (i) Permitted Use. The proceeds of any Advance
will be used solely by the Borrower for general corporate purposes consistent with the terms hereof, which, for the avoidance of doubt, include dividends and distributions to the Equityholder permitted pursuant to
Section 10.16, or to acquire Collateral Obligations as identified on the applicable Asset Approval Request or to satisfy any unfunded commitments in connection with any Variable Funding Asset; 

  
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 (j) Appraised Value. In connection with the acquisition of each Asset Based Loan and
within the time periods set forth below, the Borrower or the Servicer (on behalf of the Borrower) shall have retained or shall have caused the Obligor to retain an Approved Valuation Firm to calculate the Appraised Value of (A) with respect to
any such Collateral Obligation that has intellectual property, equipment or real property, as the case may be, in its borrowing base, the collateral securing such Collateral Obligation within twelve (12) months prior to the acquisition of such
Collateral Obligation and inclusion into the Collateral and (B) with respect to all other Asset Based Loans, the collateral securing such Collateral Obligation within six (6) months prior to the acquisition of such Collateral Obligation
and inclusion into the Collateral. The Borrower shall cause the Servicer to report the Approved Valuation Firm, appraisal metric and Appraised Value for such Collateral Obligation to the Facility Agent (with a copy to each Agent) in the Advance
Request or Reinvestment Request, as applicable, related to such Collateral Obligation; and 
 (k) Borrower’s
Certification. The Borrower shall have delivered to the Collateral Agent, each Agent and the Facility Agent an Officer’s Certificate (which may be included as part of the Advance Request or Reinvestment Request) dated the date of such
requested Advance or Reinvestment certifying that the conditions described in Sections 6.2(a) through (j) have been satisfied; 

(l) Rating Letters. Solely with respect to the initial advance to be made by each Conduit Lender, each applicable Agent shall have
received a letter from each applicable Rating Agency confirming its rating of such Conduit Lender; and 
 (m) Other. With respect to
any Advance, the Facility Agent shall have received such other approvals, documents, opinions, certificates and reports as they may request, which request is reasonable as to content and timing. 

Section 6.3 Transfer of Collateral Obligations and Permitted Investments. (a) The Collateral Agent or the Collateral
Custodian shall hold all Certificated Securities (whether Collateral Obligations or Permitted Investments) and Instruments in physical form at the Corporate Trust Office. 

(b) On the Effective Date (with respect to each Collateral Obligation and Permitted Investment owned by the Borrower on such date) and each
time that the Borrower shall (or shall cause the Servicer to) direct or cause the acquisition of any Collateral Obligation or Permitted Investment, the Borrower shall (or shall cause the Servicer to), if such Permitted Investment or, in the case of
a Collateral Obligation, the related promissory note or assignment documentation has not already been delivered to the Collateral Custodian in accordance with the requirements set forth in the definition of “Collateral Obligation File”,
cause the delivery of such Permitted Investment or, in the case of a Collateral Obligation, the related promissory note or assignment documentation in accordance with the requirements set forth in the definition of “Collateral Obligation
File” to the Collateral Custodian to be credited by the Collateral Custodian to the Principal Collection Account in accordance with the terms of this Agreement. 

(c) The Borrower shall (or shall cause the Servicer to) cause all Collateral Obligations or Permitted Investments acquired by the Borrower to
be transferred to the Collateral Agent for credit by it to the Principal Collection Account, and shall cause all Collateral Obligations and Permitted Investments acquired by the Borrower to be delivered to the Collateral Agent by one of the
following means (and shall take any and all other actions necessary to create 

  
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and perfect in favor of the Collateral Agent a valid security interest in each Collateral Obligation and Permitted Investment, which security interest shall be senior (subject to Permitted Liens)
to that of any other creditor of the Borrower (whether now existing or hereafter acquired): 
 (i) in the case of an
Instrument or a Certificated Security in registered form by having it Indorsed to the Collateral Agent or in blank by an effective Indorsement or registered in the name of the Collateral Agent and by (A) delivering such Instrument or Security
Certificate to the Collateral Agent at the Corporate Trust Office and (B) causing the Collateral Agent to maintain (on behalf of the Secured Parties) continuous possession of such Instrument or Certificated Security at the Corporate Trust
Office; 
 (ii) in the case of an Uncertificated Security, by (A) causing the Collateral Agent to become the registered
owner of such Uncertificated Security and (B) causing such registration to remain effective; 
 (iii) in the case of any
Security Entitlement, by causing each such Security Entitlement to be credited to the Account in the name of the Borrower; and 

(iv) in the case of General Intangibles (including any Collateral Obligation or Permitted Investment not evidenced by an
Instrument) by filing, maintaining and continuing the effectiveness of, a financing statement naming the Borrower as debtor and the Collateral Agent as secured party and describing the Collateral Obligation or Permitted Investment (or a description
of “all assets” of the Borrower) as the collateral at the filing office of the Secretary of State of Delaware. 
 ARTICLE VII 

ADMINISTRATION AND MANAGEMENT OF COLLATERAL OBLIGATIONS 

Section 7.1 Retention and Termination of the Servicer. The servicing, administering and collection of the Collateral Obligations
shall be conducted by the Person designated as Servicer from time to time in accordance with this Section 7.1. Subject to early termination due to the occurrence of a Servicer Event of Default or as otherwise provided below in this
Article VII, the Borrower hereby designates the Equityholder, and the Equityholder hereby agrees to serve, as Servicer until the termination of this Agreement. For the avoidance of doubt, the Servicer is not an agent of the Facility Agent,
any Agent or any Lender. 
 Section 7.2 Resignation and Removal of the Servicer; Appointment of Successor
Servicer. (a) If a Servicer Event of Default shall occur and be continuing, the Facility Agent by written notice given to the Servicer, may terminate all of the rights and obligations of the Servicer and appoint a successor pursuant to the
terms hereof. In addition, if the Servicer is terminated upon the occurrence of a Servicer Event of Default, the Servicer shall, if so requested by the Facility Agent, acting at the direction of the Required Lenders, deliver to any successor
servicer copies of its Records within five (5) Business Days after demand therefor and a computer tape or diskette (or any other means of electronic transmission acceptable to such successor servicer) containing as of the close of business on
the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Collateral Obligations. 

  
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 (b) The Servicer shall not resign from the obligations and duties imposed on it by this
Agreement as Servicer. 
 (c) Any Person (i) into which the Servicer may be merged or consolidated in accordance with the terms of this
Agreement, (ii) resulting from any merger or consolidation to which the Servicer shall be a party, (iii) acquiring by conveyance, transfer or lease substantially all of the assets of the Servicer, or (iv) succeeding to the business of
the Servicer in any of the foregoing cases, shall execute an agreement of assumption to perform every obligation of the Servicer under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to the Servicer
under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding. In addition to the foregoing and notwithstanding
anything else to the contrary contained in this Agreement, the Servicer may (in its sole discretion) upon prior written notice to the Facility Agent, at any time and without the consent of any Person, assign all or a portion of its rights and
obligations under this Agreement or delegate its rights or responsibilities under this Agreement to any Affiliate of GSO Capital Partners LP; provided that (i) such Affiliate has the ability to professionally and competently perform
duties similar to those imposed upon the Servicer hereunder and otherwise qualifies as an Eligible Successor, (ii) such Affiliate is legally qualified to and has the capacity to act as Servicer hereunder and (iii) immediately after the
assignment or delegation, such Affiliate employs or otherwise retains the services of principal personnel performing the duties required under this Agreement who are the same individuals who would have performed such duties had the assignment or
delegation not occurred. 
 (d) Subject to the last sentence of this Section 7.2(d), until a successor Servicer
has commenced servicing activities in the place of GSO Direct Lending Fund-D LP, GSO Direct Lending Fund-D LP shall continue to perform the obligations of the Servicer
hereunder. On and after the termination of the Servicer pursuant to this Section 7.2, the successor servicer appointed by the Facility Agent shall be the successor in all respects to the Servicer in its capacity as Servicer
under this Agreement and the transactions set forth or provided for in this Agreement and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by
the terms and provisions of this Agreement. The Servicer agrees to cooperate and use reasonable efforts in effecting the transition of the responsibilities and rights of servicing of the Collateral Obligations, including the transfer to any
successor servicer for the administration by it of all cash amounts that shall at the time be held by the Servicer for deposit, or have been deposited by the Servicer, or thereafter received with respect to the Collateral Obligations and the
delivery to any successor servicer in an orderly and timely fashion of all files and records in its possession or reasonably obtainable by it with respect to the Collateral Obligations containing all information necessary to enable the successor
servicer to service the Collateral Obligations. Notwithstanding anything contained herein to the contrary (except Section 7.2(c)) and to the extent permitted by Applicable Law without causing the Servicer to have liability,
the termination of the Servicer shall not become effective until an entity acceptable to the Facility Agent in its sole discretion shall have assumed the responsibilities and obligations of the Servicer. 

  
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 (e) At any time, the Facility Agent or any Lender may irrevocably waive any rights granted
to such party under Section 7.2(a). Any such waiver shall be in writing and executed by such party that is waiving its rights hereunder. A copy of such waiver shall be promptly delivered by the waiving party to the Servicer
and the Facility Agent. 
 Section 7.3 Duties of the Servicer. The Servicer shall manage, service, administer and make
collections on the Collateral Obligations and perform the other actions required to be taken by the Servicer in accordance with the terms and provisions of this Agreement and the Servicing Standard. 

(a) The Servicer shall take or cause to be taken all such actions, as may be reasonably necessary or advisable to attempt to recover
Collections from time to time, all in accordance with (i) Applicable Law, (ii) the applicable Collateral Obligation and its Underlying Instruments and (iii) the Servicing Standard. The Borrower hereby appoints the Servicer, from time
to time designated pursuant to Section 7.1, as agent for itself and in its name to enforce and administer its rights and interests in the Collections and the related Collateral Obligations. 

(b) The Servicer shall administer the Collections in accordance with the procedures described herein. The Servicer shall (i) instruct all
Obligors (and related agents) to deposit Collections directly into the Collection Account, (ii) deposit all Collections received directly by it into the Collection Account within one (1) Business Day of receipt thereof and (iii) cause
the Equityholder and each facility agent that is Affiliated with it to deposit all Collections received directly by the Equityholder or Affiliate into the Collection Account within one (1) Business Day of receipt thereof. The Servicer shall
identify all Collections as either Principal Collections or Interest Collections, as applicable. The Servicer shall make such deposits or payments by electronic funds transfer through the Automated Clearing House system, or by wire transfer. 

(c) The Servicer shall maintain for the Borrower and the Secured Parties in accordance with their respective interests all Records that
evidence or relate to the Collections not previously delivered to the Collateral Agent and shall, as soon as reasonably practicable upon demand of the Facility Agent, make available, or, upon the Facility Agent’s demand following the occurrence
and during the continuation of a Servicer Event of Default, deliver to the Facility Agent copies of all Records in its possession which evidence or relate to the Collections. 

(d) The Servicer shall, as soon as practicable following receipt thereof, turn over to the applicable Person any cash collections or other
cash proceeds received with respect to each Collateral Obligation that do not constitute Collections or were paid in connection with a Retained Interest. 

(e) On each Measurement Date, the Servicer (on behalf of the Borrower) shall re-determine the status
of each Eligible Collateral Obligation as of such date and provide notice of any change in the status of any Eligible Collateral Obligation to the Collateral Agent and, as a consequence thereof, Collateral Obligations that were previously Eligible
Collateral Obligations on a prior Measurement Date may be excluded from the Aggregate Eligible Collateral Obligation Amount on such Measurement Date. 

  
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 (f) The Servicer may, with the prior written consent of the Facility Agent, execute any of
its duties under this Agreement and the other Transaction Documents by or through its subsidiaries, affiliates, agents or attorneys in fact; provided that, it shall remain liable for all such duties as if it performed such duties itself. 

Section 7.4 Representations and Warranties of the Servicer. The Servicer represents, warrants and covenants as of the Effective
Date and each Funding Date as to itself: 
 (a) Organization and Good Standing. It (i) has been duly organized, and is validly
existing as a limited partnership under the laws of the State of Delaware and (ii) has all requisite limited partnership power and authority to own or lease its properties and conduct its business as such business is presently conducted. 

(b) Due Qualification. It (i) is in good standing as a limited partnership under the laws of the State of Delaware, (ii) duly
qualified to do business in the State of Delaware and (iii) has obtained all necessary qualifications, licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such
qualifications, licenses or approvals, except where the failure to be so qualified or obtain such qualifications, licenses or approvals would not reasonably be expected to have a Material Adverse Effect. 

(c) Power and Authority. It (i) has all necessary limited partnership power and authority to (a) execute and deliver each
Transaction Document to which it is a party, and (b) perform its obligations under the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary limited partnership action, the execution, delivery and
performance of each Transaction Document to which it is a party. This Agreement and each other Transaction Document to which the Servicer is a party have been duly executed and delivered by the Servicer. 

(d) Binding Obligations. Each Transaction Document to which the Servicer is a party constitutes a legal, valid and binding obligation
of the Servicer enforceable against the Servicer in accordance with its respective terms, except as such enforceability may be limited by Insolvency Events and general principles of equity (whether considered in a suit at law or in equity). 

(e) No Violation. The execution, delivery and performance of each Transaction Document to which it is a party and the fulfillment of
the terms thereof will not (i) violate any organizational documents of the Servicer, (ii) violate any Applicable Law in any material respect or (iii) violate any Contractual Obligation of the Servicer except where such violation of a
Contractual Obligation would not reasonably be expected to have a Material Adverse Effect. 
 (f) No Proceedings. There is no
litigation, proceeding or investigation filed or pending against the Servicer before any Official Body (i) asserting the invalidity of any Transaction Document to which the Servicer is a party, (ii) seeking to prevent the consummation of
any of the transactions contemplated by any Transaction Document to which the Servicer is a party or (iii) that would reasonably be expected to have a Material Adverse Effect. 

  
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 (g) No Consents. All approvals, authorizations, consents, orders, licenses, filings
or other actions of any Person or of any Official Body (if any) required for the due execution, delivery and performance by the Servicer of each Transaction Document to which the Servicer is a party have been obtained or made. 

(h) Compliance with Law. The Servicer has complied in all material respects with all Applicable Law to which it may be subject. 

(i) Reports Accurate. All information, exhibits, financial statements, documents, books, records or reports furnished or to be
furnished to the Facility Agent or any Lender in connection with this Agreement (other than projections, forward looking information, general economic data or industry information and, with respect to information prepared by the Servicer or an
Affiliate or agent thereof for internal use or consideration, statements as to, or the failure to make a statement as to, the value of, collectibility of, prospects of or potential risks or benefits associated with such Loan or the related Obligor)
provided or prepared by a Borrower, the Servicer or the Equityholder, are, as of their respective delivery dates, (or in the case of reports, financial statements or similar information or records, the stated date thereof), true, complete and
correct in all material respects; provided that, to the extent any such information was furnished by an Obligor or any other third party, such information is true, correct and complete in all material respects to the actual knowledge of a
Responsible Officer of the Servicer after due inquiry as of the date provided. 
 (j) Financial Statements. The Equityholder has
delivered to each Lender complete and correct copies of (A) the audited consolidated financial statements of the Equityholder for the fiscal year most recently ended, and (B) the unaudited consolidated financial statements of the
Equityholder for the fiscal quarter most recently ended, in each case when required to be delivered under Section 7.6(i). Such financial statements (including the related notes) fairly present the financial condition of the
Equityholder as of the respective dates thereof and the results of operations for the periods covered thereby, each in accordance with GAAP. There has been no material adverse change in the business, operations, financial condition, properties or
assets of the Equityholder since the most recent Determination Date with respect to the most recently delivered financial statements under this clause (j). 

(k) Eligibility of Collateral Obligations. All Collateral Obligations included as Eligible Collateral Obligations in the most recent
calculation of any Borrowing Base required to be determined hereunder were Eligible Collateral Obligations as of the date of such calculation. 

(l) Collections. The Servicer acknowledges that all Collections received by it or its Affiliates (other than any Excluded Amount) are
held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection Account. 
 (m) Solvency.
The transactions under the Transaction Documents to which the Servicer is a party do not and will not render the Servicer and its Subsidiaries, taken as a whole, not Solvent. 

  
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 (n) Equityholder Indebtedness. As of the Effective Date, the Equityholder has no
outstanding Secured Recourse Indebtedness for borrowed money except to the extent permitted by its organizational documents and secured primarily by uncalled capital commitments of the underlying investors of the Equityholder and related assets and
any non-recourse facility. 
 (o) No Injunctions. No injunction, writ, restraining order or
other order of any nature materially adversely affects the Servicer’s performance of its obligations under this Agreement or any Transaction Document to which the Servicer is a party. 

(p) Selection Procedures. In selecting the Collateral Obligations hereunder and for Affiliates of the Borrower, no selection procedures
were employed which are intended to be adverse to the interests of any Agent or Lender. 
 Section 7.5 Reserved. 

Section 7.6 Covenants Relating to the Servicer. Until the date on or after the Facility Termination Date on which the Advances
shall have been repaid in full, all Yield shall have been paid, and no other amount shall be owing to the Secured Parties under this Agreement: 

(a) Compliance with Agreements and Applicable Law. The Servicer will comply with all material Applicable Law, including those with
respect to the performance of its obligations under this Agreement and the other Transaction Documents. 
 (b) Preservation of Company
Existence. The Servicer will (i) preserve and maintain its company existence, rights, franchises and privileges in the jurisdiction of its formation and (ii) qualify and remain qualified in good standing as a limited partnership in
each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or would reasonably be expected to have, a Material Adverse Effect. 

(c) Books and Records. (i) The Borrower shall cause the Servicer to keep proper books of record and account in which full and
correct entries shall be made of all financial transactions and the assets and business of the Servicer in accordance with GAAP, maintain and implement administrative and operating procedures, and keep and maintain all documents, books, records and
other information necessary or reasonably advisable for the collection of all Collateral Obligations and (ii) the Servicer will on or prior to the date hereof, mark its master data processing records and other books and records relating to the
Collateral indicating that the Loans are owned by the Borrower subject to the Lien of the Collateral Agent for the benefit of the Secured Parties hereunder. 

(d) Other. The Servicer will promptly furnish to the Borrower and the Facility Agent such other information, documents, records or
reports respecting the Collateral or the operations of the Servicer as the Facility Agent may from time to time reasonably request in order to protect the interests of the Facility Agent, the Collateral Agent or the Secured Parties under or as
contemplated by this Agreement, in each case, to the extent such information, documents, records or reports (i) have been prepared or received by the Servicer or (ii) will be prepared or received in the ordinary course of the
Servicer’s business. 

  
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 (e) ERISA. The Borrower shall cause the Servicer to give the Facility Agent and each
Agent prompt written notice of any event that could result in the imposition of a Lien on the Collateral under Section 430 of the Code or Section 303(k) or 4068 of ERISA. The Borrower shall not permit the Servicer or any Affiliates of the
Servicer to, cause or permit to occur an event that could result in the imposition of a Lien on the Collateral under Section 430 of the Code or Section 303(k) or 4068 of ERISA. 

(f) Performance and Compliance with Collateral. The Servicer will exercise its rights hereunder in order to permit the Borrower to duly
fulfill and comply with all obligations on the part of the Borrower to be fulfilled or complied with under or in connection with each item of Collateral in all material respects and will take all necessary action to preserve the first priority
security interest (subject to Permitted Liens) of the Collateral Agent for the benefit of the Secured Parties in the Collateral and shall comply with the Servicing Standard in all material respects with respect to all Collateral Obligations;
provided, however, that nothing in this Section 7.6(f) shall require the Servicer to exercise a standard of care with respect to the Collateral and the Collateral Obligations that is greater than that which is
required by the Servicing Standard. 
 (g) Liens. The Borrower shall not permit the Servicer to create, incur, assume or permit to
exist any Lien on or with respect to any of its rights under any of the Transaction Documents, whether with respect to the Collateral Obligations or any other Collateral other than Permitted Liens. 

(h) Servicer Obligations. The Borrower shall not permit the Servicer to (i) agree to any amendment, waiver or other modification
of any Transaction Document to which it is a party and to which the Facility Agent is not a party without the prior written consent of the Facility Agent, (ii) agree or permit the Borrower to agree to a Material Modification with respect to any
Collateral Obligation without the prior written consent of the Facility Agent, (iii) interpose any claims, offsets or defenses it may have as against the Borrower as a defense to its performance of its obligations in favor of any Affected
Person hereunder or under any other Transaction Documents or (iv) change its fiscal year so that the reports described in Section 7.6(i) would be delivered to the Facility Agent and each Agent less frequently than
every 12 months. 
 (i) Financial Reports. The Borrower shall cause the Servicer to furnish, or cause to be furnished, to the
Facility Agent and each Agent: 
 (i) as soon as available, but in any event within 120 days after the end of each fiscal
year of the Equityholder, a copy of the audited consolidated and unaudited consolidating balance sheet of the Equityholder and its consolidated Subsidiaries as at the end of such year, the related consolidated and consolidating statements of income
for such year, and the related consolidated statements of changes in net assets and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year; provided, that the financial statements required to be
delivered pursuant to this clause (i) which are made available via EDGAR, or any successor system of the Commission, in the Equityholder’s annual report on Form 10-K, shall be deemed delivered to the
Facility Agent and each Agent on the date such documents are made so available; provided that the first set of financial reports shall be received by the end of November 2018; and 

 

  
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 (ii) as soon as available and in any event within 45 days after the end of
each fiscal quarter of each fiscal year (other than the last fiscal quarter of each fiscal year), an unaudited consolidated and consolidating balance sheet of the Equityholder and its consolidated Subsidiaries as of the end of such fiscal quarter
and including the prior comparable period (if any), and the unaudited consolidated and consolidating statements of income of the Equityholder and its consolidated Subsidiaries for such fiscal quarter and for the period commencing at the end of the
previous fiscal year and ending with the end of such fiscal quarter, and the unaudited consolidated statements of cash flows of the Equityholder and its consolidated Subsidiaries for the period commencing at the end of the previous fiscal year and
ending with the end of such fiscal quarter; provided that the first set of financial reports shall be received by the end of November 2018; provided, further that the financial statements required to be delivered pursuant to this
clause (ii) which are made available via EDGAR, or any successor system of the Commission, in the Equityholder’s quarterly report on Form 10-Q, shall be deemed delivered to the Facility Agent and
each Agent on the date such documents are made so available. 
 (j) Obligor Reports. The Borrower shall cause the Servicer to furnish
to the Facility Agent, with respect to each Obligor: 
 (i) within 15 Business Days of the completion of the Servicer’s
portfolio review of such Obligor (which, for any individual Obligor, shall occur no less frequently than quarterly), without duplication of any other reporting requirements set forth in this Agreement or any other Transaction Document, any financial
reporting packages with respect to such Obligor and with respect to each Collateral Obligation for such Obligor (including any attached or included information, statements and calculations) received by the Borrower and/or the Servicer as of the date
of the completion of such review. In no case, however, shall the Servicer be obligated hereunder to deliver such Obligor reports to the Facility Agent more than once per calendar month. Upon demand by the Facility Agent, the Borrower shall cause the
Servicer to provide such other information as the Facility Agent may reasonably request with respect to any Collateral Obligation or Obligor (to the extent reasonably available to the Servicer); and 

(ii) within 30 days of each one-year anniversary of the date on which the related
Collateral Obligation was acquired by the Borrower, updated Obligor Information for such Obligor. 
 (k) Commingling. The Borrower
shall not permit the Servicer to, and shall not permit any Affiliate of the Servicer to, deposit or permit the deposit of any funds that do not constitute Collections or other proceeds of any Collateral Obligations into the Collection Account. 

  
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 (l) Proceedings. Promptly (and in any event within two (2) Business Days), the
Servicer will furnish to the Facility Agent after the Servicer receives notice or obtains knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in
or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, in
each case, that could reasonably be expected to have a Material Adverse Effect. 
 Section 7.7 Reserved. 

Section 7.8 Collateral Reporting. The Borrower shall cause the Servicer to cooperate with the Collateral Agent in the performance
of the Collateral Agent’s duties under Section 11.3. Without limiting the generality of the foregoing, the Borrower shall cause the Servicer to supply in a timely fashion any information maintained by it that the
Collateral Agent may from time to time request with respect to the Collateral Obligations and reasonably necessary to complete the reports and certificates required to be prepared by the Collateral Agent hereunder or required to permit the
Collateral Agent to perform its obligations hereunder. 
 Section 7.9 Reserved. 

Section 7.10 Procedural Review of Collateral Obligations; Access to Servicer and Servicer’s Records.
(a) The Borrower shall, and shall cause the Servicer to, at the Borrower’s expense, permit representatives of the Facility Agent at any time and from time to time as the Facility Agent shall reasonably request (A) to inspect and make
copies of and abstracts from its records relating to the Collateral Obligations, and (B) to visit its properties in connection with the collection, processing or managing of the Collateral Obligations for the purpose of examining such records,
and to discuss matters relating to the Collateral Obligations or such Person’s performance under this Agreement and the other Transaction Documents with any officer or employee or auditor (if any) of such Person having knowledge of such
matters. The Borrower agrees, and will cause the Servicer, to render to the Facility Agent such clerical and other assistance as may be reasonably requested with regard to the foregoing; provided, that such assistance shall not interfere in any
material respect with the Servicer’s business and operations. So long as no Unmatured Facility Termination Event, Facility Termination Event, Unmatured Servicer Event of Default or Servicer Event of Default has occurred and is continuing, such
visits and inspections shall occur only (i) upon five Business Days’ prior written notice, (ii) during normal business hours and (iii) no more than twice in any calendar year. During the existence of an Unmatured Facility
Termination Event, a Facility Termination Event, an Unmatured Servicer Event of Default or a Servicer Event of Default, there shall be no limit on the timing or number of such inspections and no prior notice will be required before any inspection.

 (b) The Borrower shall, and shall cause the Servicer to, at the Borrower’s expense and as applicable, provide to the Facility Agent
access to the documentation evidencing the Collateral Obligations and all other documents regarding the Collateral Obligations included as part of the Collateral and the Related Security in each case, in its possession, in such cases where the
Facility Agent is required in connection with the enforcement of the rights or interests of the Lenders, or by applicable statutes or regulations, to review such documentation, such access being afforded without charge but only (i) upon two
Business Days’ prior written notice (so long as no Unmatured Facility Termination Event, Facility Termination Event or Servicer Event of Default has occurred and is continuing), (ii) during normal business hours and (iii) up to

  
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twice per calendar year (so long as no Unmatured Facility Termination Event, Facility Termination Event or Servicer Event of Default has occurred and is continuing). From and after the Effective
Date and periodically thereafter at the reasonable discretion of the Facility Agent, the Facility Agent may review the Borrower’s and the Servicer’s collection and administration of the Collateral Obligations in order to assess compliance
by the Servicer with the Servicer’s written policies and procedures, as well as this Agreement and may, no more than twice in any calendar year, conduct an audit of the Collateral Obligations and Records in conjunction with such review. 

(c) Nothing in this Section 7.10 shall derogate from the obligation of the Borrower and the Servicer to observe any
Applicable Law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access as a result of such obligation shall not constitute a breach of this Section 7.10. 

Section 7.11 Optional Sales. (a) The Borrower shall have the right to sell all or a portion of the Collateral Obligations
(each, an “Optional Sale”), subject to the following terms and conditions: 
 (i) immediately after giving effect
to such Optional Sale: 
 (A) each Collateral Quality Test is satisfied (or, if any Collateral Quality Test is not satisfied,
it is improved); 
 (B) the Minimum Equity Condition is satisfied; 

(C) the Borrowing Base is greater than or equal to the Advances outstanding; and 

(D) no Facility Termination Event, Unmatured Facility Termination Event, Unmatured Servicer Event of Default or Servicer Event
of Default shall have occurred and be continuing; provided that, no more than once in any twelve-month period, if an Unmatured Facility Termination Event or Unmatured Servicer Event of Default is continuing, the Borrower may make an Optional
Sale if, after giving effect to such Optional Sale, such event is cured (although, for the avoidance of doubt, such event shall be continuing for all purposes hereunder until the settlement date of such Optional Sale); 

provided, notwithstanding the above, that the Borrower may make (i) any Optional Sale of any Collateral Obligation that, in the
Servicer’s reasonable judgment, has a significant risk of declining in credit quality and, with the lapse of time, becoming a Defaulted Collateral Obligation, if after giving effect to such Optional Sale, (a) no Facility Termination Event is
continuing and (b) the aggregate Principal Balance of all such Collateral Obligations sold pursuant to this proviso in any twelve-month period does not exceed 20% of the Aggregate Eligible Collateral Obligation Amount in effect on the date of
such sale; provided that if such Optional Sale is made to satisfy any Collateral Quality Test or, if not satisfy, maintain or improve, then such Optional Sale shall not affect compliance with clause (b) above; or (ii) any Optional Sale of
any Collateral Obligation if (x) the sale price is equal to or greater than the Principal Balance of such Collateral Obligation and (y) the proceeds from such Optional Sale are applied to reduce the Advances. 

 

  
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 (ii) at least one (1) Business Day prior to the date of any Optional
Sale, the Borrower shall cause the Servicer to give the Facility Agent, each Agent the Collateral Custodian and the Collateral Agent written notice of such Optional Sale, which notice shall identify the related Collateral subject to such optional
sale and the expected proceeds from such Optional Sale and include (x) an Officer’s Certificate computed as of the date of such request and after giving effect to such Optional Sale, demonstrating compliance with clauses (a)(i)(A), (B) and
(C) above and all other conditions set forth herein are satisfied and (y) a certificate of the Servicer substantially in the form of Exhibit F-3 requesting the release of the related
Collateral Obligation File in connection with such Optional Sale; 
 (iii) such Optional Sale shall be made by the Servicer,
on behalf of the Borrower (A) in accordance with the Servicing Standard, (B) reflecting arm’s length market terms and (C) in a transaction in which the Borrower makes no representations, warranties or covenants and provides no
indemnification for the benefit of any other party (other than those which are customarily made or provided in connection with the sale of assets of such type); 

(iv) if such Optional Sale is to an Affiliate of the Borrower or the Servicer, the Facility Agent has given its prior written
consent (such consent shall not be required if such Optional Sale is sold at par); and 
 (v) on the date of such Optional
Sale, all proceeds from such Optional Sale will be sent directly into the Collection Account. 
 (b) In connection with any Optional Sale,
following deposit of all proceeds from such Optional Sale into the Collection Account, the Collateral Agent shall be deemed to release and transfer to the Borrower (or the purchaser thereof from the Borrower) without recourse, representation or
warranty all of the right, title and interest of the Collateral Agent for the benefit of the Secured Parties in, to and under such Collateral Obligation(s) and related Collateral subject to such Optional Sale and such portion of the Collateral so
transferred shall be released from the Lien of this Agreement. 
 (c) The Borrower hereby agrees to pay the reasonable and documented
outside counsel legal fees and out-of-pocket expenses of the Facility Agent, the Collateral Agent, the Securities Intermediary, the Collateral Custodian, each Agent and
each Lender in connection with any Optional Sale (including, but not limited to, expenses incurred in connection with the release of the Lien of the Collateral Agent, on behalf of the Secured Parties, in the Collateral in connection with such
Optional Sale). 
 (d) In connection with any Optional Sale, the Collateral Agent shall, at the sole expense of the Borrower, execute such
instruments of release with respect to the portion of the Collateral subject to such Optional Sale to the Borrower, in recordable form if necessary, as the Borrower, or the Servicer on its behalf, may reasonably request. 

  
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 Section 7.12 Repurchase or Substitution of Warranty Collateral Obligations. In
the event of a breach of Section 9.5, Section 9.13 or Section 9.26 or of a material breach of any other representation, warranty, undertaking or covenant set forth in Article IX,
Article X, Section 18.3 or Section 18.5(b) with respect to a Collateral Obligation (or the Related Security and other related collateral constituting part of the Collateral related to such
Collateral Obligation) (each such Collateral Obligation, a “Warranty Collateral Obligation”), no later than 30 days after the earlier of (x) knowledge of such breach on the part of the Equityholder or the Servicer and
(y) receipt by the Equityholder or the Servicer of written notice thereof given by the Facility Agent (with a copy to each Agent), the Borrower shall either (a) repay Advances outstanding in an amount equal to the aggregate Repurchase
Amount of such Warranty Collateral Obligation(s) to which such breach relates on the terms and conditions set forth below or (b) substitute for such Warranty Collateral Obligation one or more Eligible Collateral Obligations with an aggregate
Collateral Obligation Amount at least equal to the Repurchase Amount of the Warranty Collateral Obligation(s) being replaced; provided, that no such repayment or substitution shall be required to be made with respect to any Warranty
Collateral Obligation (and such Collateral Obligation shall cease to be a Warranty Collateral Obligation) if, on or before the expiration of such 30 day period the representations and warranties in Article IX with respect to such
Warranty Collateral Obligation shall be made true and correct in all material respects with respect to such Warranty Collateral Obligation as if such Warranty Collateral Obligation had become part of the Collateral on such day, as applicable or if
the Advances outstanding do not exceed the Borrowing Base, as applicable. 
 ARTICLE VIII 

ACCOUNTS; PAYMENTS 

Section 8.1 Accounts. (a) On or prior to the Effective Date, the Borrower shall establish each Account in the name of the
Borrower and each Account shall be a segregated, non-interest bearing trust account established with the Securities Intermediary, who shall forward funds from the Collection Account to the Collateral Agent for
application by the Collateral Agent pursuant to Section 8.3 and the applicable Monthly Report. If at any time a Responsible Officer of the Collateral Agent obtains actual knowledge that any Account ceases to be an Eligible
Account (with notice to the Servicer, the Facility Agent and each Agent), then the Borrower shall cause the Servicer to transfer such account to another institution such that such account shall meet the requirements of an Eligible Account. 

Except as set forth below, amounts on deposit in the Unfunded Exposure Account may be withdrawn by the Borrower or at the direction of the
Servicer (i) to fund any draw requests of the relevant Obligors under any Variable Funding Asset, or (ii) to make a deposit into the Collections Account as Principal Collections if, after giving effect to such withdrawal, the aggregate
amount on deposit in the Unfunded Exposure Account is equal to or greater than the Aggregate Unfunded Amount. 
 Following the Facility
Termination Date, the Borrower shall cause the Servicer to forward any draw request made by an Obligor under a Variable Funding Asset, along with wiring instructions for the applicable Obligor, to the Collateral Agent (with a copy to the Facility
Agent and each Agent) along with an instruction to the Collateral Agent to withdraw the applicable amount from the Unfunded Exposure Account and a certification that the conditions to fund such draw are satisfied, and the Collateral Agent shall fund
such draw request in accordance with such instructions from the Servicer. 

  
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 Following the end of the Revolving Period, if the Borrower shall receive any Principal
Collections from an Obligor with respect to a Variable Funding Asset and, as of the date of such receipt (and after taking into account such repayment), the aggregate amount on deposit in the Unfunded Exposure Account is less than the Aggregate
Unfunded Amount (the amount of such shortfall, in each case, the “Unfunded Exposure Shortfall”), the Borrower shall cause the Servicer to direct the Collateral Agent to and the Collateral Agent shall deposit into the Unfunded
Exposure Account an amount of such Principal Collections equal to the lesser of (a) the aggregate amount of such Principal Collections and (b) the Unfunded Exposure Shortfall. 

(b) All amounts held in any Account shall, to the extent permitted by Applicable Laws, be invested by the Collateral Agent, as directed by the
Servicer in writing (or, if the Servicer fails to provide such direction, such amounts shall remain uninvested), in Permitted Investments that mature (i) with respect to the Collection Account, not later than one Business Day prior to the
Distribution Date for the Collection Period to which such amounts relate and (ii) with respect to the Unfunded Exposure Account, on the immediately following Business Day. Any such written direction shall certify that any such investment is
authorized by this Section 8.1. Investments in Permitted Investments shall be made in the name of the Securities Intermediary, and, except as specifically required below, such investments shall not be sold or disposed of
prior to their maturity. If any amounts are needed for disbursement from the Collection Account and sufficient uninvested funds are not available therein to make such disbursement, the Collateral Agent shall cause to be sold or otherwise converted
to cash a sufficient amount of the investments in such account to make such disbursement in accordance with and upon the written direction of the Servicer or, if the Servicer shall fail to give such direction, the Facility Agent. The Collateral
Agent shall, upon written request, provide the Facility Agent with all information in its possession regarding transfer into and out of the Collection Account (including, but not limited to, the identity of the counterparty making or receiving such
transfer). In no event shall the Collateral Agent or the Securities Intermediary be liable for the selection of any investments or any losses in connection therewith, or for any failure of the Servicer or the Facility Agent, as applicable, to timely
provide investment instruction to the Collateral Agent. The Collateral Agent or the Securities Intermediary and their respective Affiliates shall be permitted to receive additional compensation that could be deemed to be in the Collateral
Agent’s or the Securities Intermediary’s economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian with respect to
certain of the Permitted Investments, (ii) using affiliates to effect transactions in certain Permitted Investments, and (iii) effecting transactions in certain investments. Such compensation shall not be considered an amount that is
reimbursable or payable pursuant to this Agreement. 
 (c) Neither the Borrower nor the Servicer shall have any rights of direction or
withdrawal, with respect to amounts held in the Collection Account, except to the extent explicitly set forth in Section 8.1(a), Section 8.1(b), Section 8.2, or
Section 8.3(b). 

  
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 Subject to the other provisions hereof, the Collateral Agent shall have sole Control (within
the meaning of the UCC) over each Account and each such investment and the income thereon, and any certificate or other instrument evidencing any such investment, if any, shall be delivered to the Collateral Agent or its agent, together with each
document of transfer, if any, necessary to transfer title to such investment to the Collateral Agent in a manner that complies with this Section 8.1. All interest, dividends, gains upon sale and other income from, or
earnings on, investments of funds in the Accounts shall be deposited or transferred to the Collection Account and distributed pursuant to Section 8.3(a). 

(d) The Equityholder may, from time to time in its sole discretion (x) deposit amounts into the Principal Collection Account and/or
(y) transfer Eligible Collateral Obligations as equity contributions to the Borrower. All such amounts will be included in each applicable compliance calculation under this Agreement, including, without limitation, calculation of the Borrowing
Base and the Minimum Equity Condition. 
 Section 8.2 Excluded Amounts. The Borrower may cause the Servicer to direct the
Collateral Agent and the Securities Intermediary to withdraw from the applicable Account and pay to the Person entitled thereto any amounts credited thereto constituting Excluded Amounts if the Servicer has, prior to such withdrawal and consent,
delivered to the Facility Agent and the Collateral Agent a report setting forth the calculation of such Excluded Amounts in form and substance reasonably satisfactory to the Facility Agent, which report shall include a brief description of the facts
and circumstances supporting such request and designate a date for the payment of such reimbursement, which date shall not be earlier than two (2) Business Days following delivery of such notice. 

Section 8.3 Distributions, Reinvestment and Dividends. (a) On each Distribution Date, the Collateral Agent shall distribute
from the Collection Account, in accordance with the applicable Monthly Report prepared by the Collateral Agent and approved by the Facility Agent pursuant to Section 8.5, the Amount Available for such Distribution Date in
the following order of priority: 
 (i) From the Interest Collection Account, the Amount Available constituting Interest
Collections for such Distribution Date in the following order of priority: 
 (A) FIRST, to the payment of taxes and
governmental fees owing by the Borrower, if any, which expenses shall not exceed $50,000 on any Distribution Date; 
 (B)
SECOND, to the Collateral Agent and the Collateral Custodian, any accrued and unpaid Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses for the related Collection Period pursuant to the Collateral Agent and Collateral
Custodian Fee Letter, which expenses shall not exceed the amount of the Capped Fees/Expenses; 
 (C) THIRD, to the Servicer
(unless waived or deferred in whole or in part by the Servicer), any fees of the Servicer in an aggregate amount not to exceed the amount of any accrued and unpaid Primary Servicer Fee for the related Collection Period; 

  
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 (D) FOURTH, pro rata, based on the amounts owed to such Persons under
this Section 8.3(a)(D), (A) to the Lenders, an amount equal to the Yield on the Advances accrued during the Accrual Period with respect to such Distribution Date (and any Yield with respect to any prior Accrual Period
to the extent not paid on a prior Distribution Date), (B) to the Facility Agent and the Agents on behalf of their respective Lenders, all accrued and unpaid Fees due to the Lenders, the Agents and the Facility Agent and (C) to the Hedge
Counterparties, any amounts owed for the current and prior Distribution Dates to the Hedge Counterparties under Hedging Agreements (other than Hedge Breakage Costs), together with interest accrued thereon; 

(E) FIFTH, during the Revolving Period, to the Agents on behalf of their respective Lenders pro rata in accordance with
the amount of the outstanding Advances (1) in the amount necessary to reduce the Advances outstanding to an amount not to exceed the lower of the Borrowing Base and the Maximum Availability and (2) if either (or both of) the Minimum
Diversity Test or the Minimum Equity Test is not satisfied on such Distribution Date, in the amount necessary to reduce the Advances outstanding to zero; 

(F) SIXTH, after the end of the Revolving Period, first (1) if a Revaluation Diversion Event has occurred, to the
Agents on behalf of their respective Lenders pro rata to repay the Advances outstanding in the amount necessary to reduce the Advances outstanding to zero and second (2) to the Agents on behalf of their respective Lenders pro
rata to repay the Advances outstanding, in an amount equal to all remaining Amount Available constituting Interest Collections; provided that all Interest Collections shall be released to the Borrower in full so long as the Diversity
Score is greater than 10; 
 (G) SEVENTH, to the Servicer (unless waived or deferred in whole or in part by the Servicer),
any fees of the Servicer in an aggregate amount not to exceed the amount of any accrued and unpaid Secondary Servicer Fee for the related Collection Period, as well as any expenses of the Servicer or other amounts owing to the Servicer; 

(H) EIGHTH, pro rata based on amounts owed to such Persons under this Section 8.3(a)(H), to
the Hedge Counterparties, any unpaid Hedge Breakage Costs, together with interest accrued thereon; 
 (I) NINTH, to any
Affected Persons, any Increased Costs then due and owing; 
 (J) TENTH, to the extent not previously paid pursuant to
Section 8.3(a)(A) above, to the payment of taxes and governmental fees owing by the Borrower, if any; 

  
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 (K) ELEVENTH, to the extent not previously paid by or on behalf of the
Borrower, to each Indemnified Party, any Indemnified Amounts then due and owing to each such Indemnified Party; 
 (L)
TWELFTH, at the election of the Servicer to pay to the Servicer any deferred and unpaid Primary Servicer Fee or deferred and unpaid Secondary Servicer Fee; 

(M) THIRTEENTH, to the extent not previously paid pursuant to Section 8.3(a)(i)(B) above, to the
Collateral Agent and the Collateral Custodian, any Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses due to the Collateral Agent and the Collateral Custodian under the Transaction Documents; 

(N) FOURTEENTH, to pay any other amounts due under this Agreement and the other Transaction Documents and not previously paid
pursuant to this Section 8.3(a); and 
 (O) FIFTEENTH, (A) during the Revolving Period, (1)(x)
during an Unmatured Facility Termination Event, to remain in the Interest Collection Account as Interest Collections or (y) otherwise, the remaining Amount Available constituting Interest Collections to the Borrower and (B) after the end
of the Revolving Period, to the Borrower. 
 (ii) From the Principal Collection Account, the Amount Available constituting
Principal Collections for such Distribution Date in the following order of priority: 
 (A) FIRST, to pay, in accordance with
Section 8.3(a)(i) above, the amounts referred to in clauses (A) through (E), in that order, but, in each case, only to the extent not paid in full thereunder; 

(B) SECOND, after the end of the Revolving Period and to the extent not paid pursuant to
Section 8.3(a)(i)(F), to the Lenders pro rata to repay the Advances outstanding; 
 (C)
THIRD, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clauses (G) and (H) of such Section 8.3(a)(i) but, in each case, only to the extent not paid in full
thereunder; 
 (D) FOURTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred
to in clause (I) of such Section 8.3(a)(i) but, in each case, only to the extent not paid in full thereunder; 

  
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 (E) FIFTH, to pay, in accordance with
Section 8.3(a)(i) above, the amounts referred to in clause (J) of such Section 8.3(a)(i) but only to the extent not paid in full thereunder; 

(F) SIXTH, to the extent not previously paid pursuant to Section 8.3(a)(i)(B) or
Section 8.3(a)(i)(K), to the Collateral Agent, the Securities Intermediary and the Collateral Custodian, any costs and expenses due to the Collateral Agent, the Securities Intermediary and the Collateral Custodian under the
Transaction Documents (other than Increased Costs and Indemnified Amounts); 
 (G) SEVENTH, to pay, in accordance with
Section 8.3(a)(i) above, the amounts referred to in clause (L) of such Section 8.3(a)(i) but only to the extent not paid in full thereunder; 

(H) EIGHTH, to pay, in accordance with Section 8.3(a)(i) above, the amounts referred to in clause
(M) of such Section 8.3(a)(i) but only to the extent not paid in full thereunder; 
 (I)
NINTH, during the Revolving Period, to remain in the Principal Collection Account as Principal Collections; and 
 (J) TENTH,
after the end of the Revolving Period, the remaining Amount Available to the Borrower for distribution to the Equityholder. 
 (b) During
the Revolving Period, the Borrower may make distributions pursuant to Section 10.16. The Borrower may also withdraw from the Collection Account (x) any Principal Collections, or (y) if after giving effect to such
withdrawal, the Borrower is able to make all required payments pursuant to Section 8.3 on the next Distribution Date on a pro forma basis, Interest Collections, and apply such Collections to (A) prepay the Advances
outstanding in accordance with Section 2.4 or (B) acquire additional Collateral Obligations (each such reinvestment of Collections, a “Reinvestment”), subject to the following conditions: 

(i) the Borrower shall have given written notice to the Collateral Agent, each Agent and the Facility Agent of the proposed
Reinvestment at or prior to 3:00 p.m., New York City time, two Business Days prior to the proposed date of such Reinvestment (the “Reinvestment Date”). Such notice (the “Reinvestment Request”) shall be in the form
of Exhibit C-2 and shall include (among other things) the proposed Reinvestment Date, the amount of such proposed Reinvestment and a Schedule of Collateral Obligations setting forth the information
required therein with respect to the Collateral Obligations to be acquired by the Borrower on the Reinvestment Date (if applicable); 

(ii) each condition precedent set forth in Section 6.2, other than those set forth in clauses
(i) and (m) thereof, shall be satisfied; 
 (iii) upon the written request of the Borrower (or the Servicer on the
Borrower’s behalf) delivered to the Collateral Agent no later than 11:00 a.m. New York City time on the Reinvestment Date, the Collateral Agent shall have provided to the Facility Agent and each Agent by facsimile or e-mail (to be received no later than 1:30 p.m. New York City time on that same day) a statement reflecting the total amount on deposit on such day in the Collection Account; and 

  
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 (iv) any Reinvestment Request given by the Borrower pursuant to this
Section 8.3(b), shall be irrevocable and binding on the Borrower. 
 Subject to the Collateral Agent’s
receipt of an Officer’s Certificate of the Servicer as to the satisfaction of the conditions precedent set forth in Section 6.2 (other than clauses (i) and (m) thereof) and this
Section 8.3, the Collateral Agent will release funds from the Collection Account to the Borrower in an amount not to exceed the lesser of (A) the amount requested by the Borrower and (B) the amount of Collections
on deposit in the Collection Account. 
 (c) At any time, the Borrower may withdraw from the Principal Collection Account the proceeds of
any Advance on deposit therein as may be needed to settle any pending acquisition of an Eligible Collateral Obligation. 
 Section 8.4
Fees. The Borrower shall pay, pursuant hereto, the Undrawn Fee, the Make-Whole Fee, the Prepayment Fee and any other fees (collectively, “Fees”) in the amounts and on the dates set forth herein or in one or more fee letter
agreements, dated on or after the date hereof, signed by the Borrower, the Facility Agent and/or any applicable Lender Group (as any such fee letter agreement may be amended, restated, supplemented or otherwise modified from time to time, a
“Fee Letter”). 
 Section 8.5 Monthly Report. The Collateral Agent shall prepare (based on information provided
to it by the Servicer, the Facility Agent, the Agents and the Lenders as set forth herein) a Monthly Report in the form of Exhibit D determined as of the close of business on each Determination Date and make available such Monthly Report to
the Facility Agent, each Agent, the Borrower and the Servicer on each Reporting Date starting with the Reporting Date in November 2018. If any party receiving any Monthly Report disagrees with any items of such report, it shall contact the
Collateral Agent and notify it of such disputed item and provide reasonably sufficient information to correct such item, with (if other than the Facility Agent) a copy of such notice and information to the Facility Agent, each Agent and the
Servicer. Unless the Collateral Agent is otherwise timely directed by the Facility Agent, the Collateral Agent shall distribute a revised Monthly Report on the Business Day after it receives such information. If the Collateral Agent is directed by
the Facility Agent that the Collateral Agent should not make such correction, the Collateral Agent shall take such action as instructed by the Facility Agent. The Facility Agent’s reasonable determination with regard to any disputed item in the
Monthly Report shall be final. 
 The Servicer shall cooperate with the Collateral Agent in connection with the preparation of the Monthly
Report and any supplement thereto. Without limiting the generality of the foregoing, the Servicer shall supply any information maintained by it that the Collateral Agent may from time to time reasonably request with respect to the Collateral and
reasonably needs to complete the reports, calculations and certificates required to be prepared by the Collateral Agent hereunder or required to permit the Collateral Agent to perform its obligations hereunder. Without limiting the generality of the
foregoing, in connection with the preparation of a Monthly Report, (i) the Servicer shall be responsible for providing the Collateral Agent the information required for parts (a) through (c) of Exhibit D of the Monthly Report and
(ii) the Facility Agent and the Agents shall be responsible for providing to the Collateral Agent the information required by Section 3.4 for part (d) of Exhibit D for such Monthly Report on which the
Collateral 

  
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Agent may conclusively rely. The Facility Agent shall review and verify the contents of the aforesaid reports (including the Monthly Report), instructions, statements and certificates. Upon
receipt of approval from the Facility Agent, such reports, instructions, statements and certificates shall be executed by the Borrower and the Servicer and, in the case of the Monthly Report, the Collateral Agent shall make the distributions
required by Section 8.3 pursuant to such Monthly Report. 
 ARTICLE IX 

REPRESENTATIONS AND WARRANTIES OF THE BORROWER 

In order to induce the other parties hereto to enter into this Agreement and, in the case of the Lenders, to make Advances hereunder, the
Borrower hereby represents and warrants to the Facility Agent, the Agents and the Lenders as to itself, as of the Effective Date and each Funding Date, as follows: 

Section 9.1 Organization and Good Standing. It has been duly organized and is validly existing under the laws of the jurisdiction
of its organization, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted. It had at all relevant times and now has, power, authority and legal
right (x) to acquire and own the Collateral Obligations and its interest in the Related Security, and to grant to the Collateral Agent a security interest in the Collateral Obligations and the Related Security and the other Collateral and
(y) to enter into and perform its obligations under this Agreement and the other Transaction Documents to which it is a party. 

Section 9.2 Due Qualification. It is duly qualified to do business and has obtained all necessary licenses and approvals and made
all necessary filings and registrations in all jurisdictions, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

Section 9.3 Power and Authority. It has the power, authority and legal right to execute and deliver this Agreement and the other
Transaction Documents to which it is a party and to perform its obligations hereunder and thereunder; has full power, authority and legal right to grant to the Collateral Agent, for the benefit of the Secured Parties, a valid and enforceable
security interest in the Collateral Obligations and the other Collateral and has duly authorized such grant by all necessary action. 

Section 9.4 Binding Obligations. This Agreement and the Transaction Documents to which it is a party have been duly executed and
delivered by the Borrower and are enforceable against the Borrower in accordance with their respective terms, except as such enforceability may be limited by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the
enforcement of creditors’ rights generally, (B) equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (C) implied covenants of
good faith and fair dealing. 

  
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 Section 9.5 Security Interest. This Agreement creates a valid and continuing
Lien on the Collateral in favor of the Collateral Agent, on behalf of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected under such article), and is
enforceable as such against creditors of and purchasers from the Borrower; the Collateral is comprised of Instruments, Security Entitlements, General Intangibles, Certificated Securities, Uncertificated Securities, Securities Accounts, Investment
Property and Proceeds and such other categories of collateral under the applicable UCC as to which the Borrower has complied with its obligations as set forth herein; with respect to Collateral that constitute Security Entitlements (a) all of
such Security Entitlements have been credited to the Accounts and the Securities Intermediary has agreed to treat all assets credited to the Accounts as Financial Assets, (b) the Borrower has taken all steps necessary to enable the Collateral
Agent to obtain Control with respect to the Accounts and (c) the Accounts are not in the name of any Person other than the Borrower, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties; the Borrower has not
instructed the Securities Intermediary to comply with the entitlement order of any Person other than the Collateral Agent; provided that, until the Collateral Agent delivers a Notice of Exclusive Control (as defined in the Account Control
Agreement), the Borrower may, or may cause the Servicer to, cause cash in the Accounts to be invested or distributed in accordance with this Agreement; all Accounts constitute Securities Accounts; the Borrower owns and has good and marketable title
to the Collateral free and clear of any Lien (other than Permitted Liens); the Borrower has received all consents and approvals required by the terms of any Collateral Obligation to the transfer and granting of a security interest in the Collateral
Obligations hereunder to the Collateral Agent, on behalf of the Secured Parties; the Borrower has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate
jurisdictions under Applicable Law in order to perfect the security interest in that portion of the Collateral in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Delaware; all original executed
copies of each underlying promissory note constituting or evidencing any Collateral Obligation have been or, subject to the delivery requirements contained herein and/or Section 18.7, will be delivered to the Collateral
Custodian; the Borrower has received, or subject to the delivery requirements contained herein will receive, a written acknowledgment from the Collateral Custodian that the Collateral Custodian or its bailee is holding each underlying promissory
note evidencing a Collateral Obligation solely on behalf of the Collateral Agent for the benefit of the Secured Parties; none of the underlying promissory notes that constitute or evidence the Collateral Obligations has any marks or notations
indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent on behalf of the Secured Parties; with respect to Collateral that constitutes a Certificated Security, such Certificated Security
has been delivered to the Collateral Custodian and, if in registered form, has been specially Indorsed (within the meaning of the UCC) to the Collateral Custodian or in blank by an effective Indorsement or has been registered in the name of the
Collateral Custodian upon original issue or registration of transfer by the Borrower of such Certificated Security, in each case to be held by the Collateral Custodian on behalf of the Collateral Agent for the benefit of the Secured Parties; and in
the case of an Uncertificated Security, by (A) causing the Collateral Agent to become the registered owner of such Uncertificated Security and (B) causing such registration to remain effective. 

  
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 Section 9.6 No Violation. The consummation of the transactions contemplated by
this Agreement and the other Transaction Documents to which it is a party, and the fulfillment of the terms of this Agreement and the other Transaction Documents to which it is a party, shall not conflict with, result in any breach of any of the
terms and provisions of, or constitute (with or without notice or lapse of time) a default under, its organizational documents, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Borrower is a party or by which it
is bound or any of its properties or revenues are subject; or result in the creation or imposition of any Lien (other than Permitted Liens) upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or
other instrument; or violate or exceed any limits or restrictions contained in, or constitute speculation, leverage or concentration of exposure prohibited by any applicable constitutions, charters, laws, rules, regulations, government codes,
constituent or governing instruments, trust documents, resolutions, guidelines, policies, investment management agreements, ordinances, orders, writs, judgments, decrees, charges, rulings or similar documents or determinations (including, any
Similar Law) to which the Borrower, or the Borrower’s properties or revenues are subject; or in any way materially adversely affect the Borrower’s ability to perform its obligations under this Agreement or the other Transaction Documents
to which it is a party. 
 Section 9.7 No Proceedings. There are no proceedings or investigations pending or, to its knowledge,
threatened against the Borrower, before any court or Official Body having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement or any of the other Transaction Documents, (B) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (C) seeking any determination or ruling that might materially and adversely affect the performance by the Borrower of its
obligations under, or the validity or enforceability of, this Agreement or any of the other Transaction Documents or (D) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on any of the
Collateral. 
 Section 9.8 No Consents. It is not required to obtain the material consent of any other Person or any material
approval, authorization, consent, license, approval or authorization, or registration or declaration with, any Official Body having jurisdiction over it or its properties in connection with the execution, delivery, performance, validity or
enforceability of this Agreement or the other Transaction Documents to which it is a party, in each case other than consents, licenses, approvals, authorizations, orders, registrations, declarations or filings which have been obtained or made and
continuation statements and renewals in respect thereof. 
 Section 9.9 Solvency. It is solvent and will not become insolvent
after giving effect to the transactions contemplated by this Agreement and the Transaction Documents. After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, it will have an adequate amount of
capital to conduct its business in the foreseeable future. 
 Section 9.10 Compliance with Laws. It has complied and will comply
in all material respects with all Applicable Laws, judgments, agreements with governmental authorities, decrees and orders with respect to its business and properties and all Collateral. 

Section 9.11 Taxes. For U.S. federal income tax purpose, it is, and always has been, an entity disregarded as separate from the
Equityholder and the Equityholder or its parent is treated as a United States person for U.S. federal income tax purposes. It has filed on a timely basis all federal and other material Tax returns (including foreign, state, local and otherwise)
required to be filed, if any, and has paid all federal and other material Taxes due and payable by it and any 

  
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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 Official Body (other than any amount the validity of
which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of the Borrower). Other than Permitted Liens, no lien or similar Adverse Claim has
been filed, and no claim is being asserted, with respect to any Tax, assessment or other governmental charge. Any Taxes, fees and other governmental charges payable by the Borrower in connection with the execution and delivery of this Agreement and
the other Transaction Documents and the transactions contemplated hereby or thereby including the transfer of each Collateral Obligation and the Related Security to the Borrower have been paid or shall have been paid if and when due. 

Section 9.12 Monthly Report. Each Monthly Report is accurate in all material respects as of the date thereof, subject, in the case
of information contained therein (which shall include any statements and calculations to the extent such statements or calculations are inaccurate solely as a result of such information) received from any
un-Affiliated third party, to the standard set forth in Section 9.14 with respect to information received from an un-Affiliated third party.

 Section 9.13 No Liens, Etc. The Collateral and each part thereof is owned by the Borrower free and clear of any Adverse Claim
(other than Permitted Liens) or restrictions on transferability and the Borrower has the full right, power and lawful authority to assign, transfer and pledge the same and interests therein, and upon the making of each Advance, the Collateral Agent,
for the benefit of the Secured Parties, will have acquired a perfected, first priority and valid security interest (except, as to priority, for any Permitted Liens) in such Collateral, free and clear of any Adverse Claim (other than Permitted Liens)
or restrictions on transferability, to the extent (as to perfection and priority) that a security interest in said Collateral may be perfected under the applicable UCC. The Borrower has not pledged, assigned, sold, granted a security interest in or
otherwise conveyed any of the Collateral and no effective financing statement (other than with respect to Permitted Liens) or other instrument similar in effect naming or purportedly naming the Borrower or any of its Affiliates as debtor and
covering all or any part of the Collateral is on file in any recording office, except such as may have been filed in favor of the Collateral Agent as “Secured Party” pursuant hereto or as necessary or advisable in connection with the Sale
Agreement. There are no judgments or Liens for Taxes with respect to the Borrower and no claim is being asserted with respect to the Taxes of the Borrower. 

Section 9.14 Information True and Correct. All information (other than any information provided to the Borrower by an un-Affiliated third party) heretofore or hereafter furnished by or on behalf of the Borrower in writing to any Lender, the Collateral Agent, any Agent or the Facility Agent in connection with this Agreement or any
transaction contemplated hereby is and will be (when taken as a whole) true and correct in all material respects and does not omit to state any material fact necessary to make the statements contained therein not misleading. With respect to any
information received from any un-Affiliated third party, the Borrower (i) will not furnish (and has not furnished) any such information to any Lender, the Collateral Agent, any Agent or the Facility Agent
in connection with this Agreement or any transaction contemplated hereby that it knows (or knew) to be incorrect at the time such information is (or was) furnished in any material respect and (ii) has informed (or will inform) the applicable
Lender, the Collateral Agent, the applicable Agent or the Facility Agent, as applicable, of any such information which it found to be incorrect in any material respect after such information was furnished. 

  
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 Section 9.15 Bulk Sales. The grant of the security interest in the Collateral by
the Borrower to the Collateral Agent, for the benefit of the Secured Parties, pursuant to this Agreement, is in the ordinary course of business for the Borrower and is not subject to the bulk transfer or any similar statutory provisions in effect in
any applicable jurisdiction. 
 Section 9.16 Collateral. Except as otherwise expressly permitted or required by the terms of
this Agreement, no item of Collateral has been sold, transferred, assigned or pledged by the Borrower to any Person. 
 Section 9.17
Selection Procedures. In selecting the Collateral Obligations hereunder and for Affiliates of the Borrower, no selection procedures were employed which are intended to be adverse to the interests of any Agent or Lender. 

Section 9.18 Indebtedness. The Borrower has no Indebtedness or other indebtedness, secured or unsecured, direct or contingent
(including guaranteeing any obligation), other than (i) Indebtedness incurred under the terms of the Transaction Documents and (ii) Indebtedness incurred pursuant to certain ordinary business expenses arising pursuant to the transactions
contemplated by this Agreement and the other Transaction Documents. 
 Section 9.19 No Injunctions. No injunction, writ,
restraining order or other order of any nature adversely affects the Borrower’s performance of its obligations under this Agreement or any Transaction Document to which the Borrower is a party. 

Section 9.20 No Subsidiaries. The Borrower has no Subsidiaries. 

Section 9.21 ERISA Compliance. It has no benefit plans subject to ERISA. 

Section 9.22 Investment Company Status. It is not an “investment company” as such term is defined in the 1940 Act. 

Section 9.23 Set-Off, Etc. No Collateral Obligation has been compromised, adjusted,
extended, satisfied, subordinated, rescinded, set-off or modified by the Borrower or the Obligor thereof, and no Collateral is subject to compromise, adjustment, extension, satisfaction, subordination,
rescission, set-off, counterclaim, defense, abatement, suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning the Collateral or otherwise, by
the Borrower or the Obligor with respect thereto, except, in each case, pursuant to the Transaction Documents and for amendments, extensions and modifications, if any, to such Collateral otherwise permitted hereby. 

Section 9.24 Collections. The Borrower acknowledges that all Collections received by it or its Affiliates with respect to the
Collateral pledged hereunder are held and shall be held in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties until deposited into the Collection Account in accordance with Section 10.10. 

  
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 Section 9.25 Value Given. The Borrower has given fair consideration and
reasonably equivalent value to the Equityholder (including, for this purpose, equity of the Borrower) or the applicable third party seller in exchange for the purchase of the Collateral Obligations (or any number of them). No such transfer has been
made for or on account of an antecedent debt and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code. 

Section 9.26 Regulatory Compliance. The Borrower is not engaged in the business of extending credit for the purpose of purchasing
or carrying margin stock (as defined in Regulation U (12 C.F.R. Part 221) of the FRS Board) and none of the proceeds of the Advances will be used, directly or indirectly, for a purpose that violates Regulation T, Regulation U, Regulation X or any
other regulation promulgated by the FRS Board from time to time. 
 Section 9.27 Separate Existence. The Borrower is operated as
an entity with assets and liabilities distinct from those of any of its Affiliates or any Affiliates of the Servicer, and the Borrower hereby acknowledges that the Facility Agent, each of the Agents and each of the Lenders are entering into the
transactions contemplated by this Agreement in reliance upon the Borrower’s identity as a separate legal entity. Since its formation, the Borrower has been (and will be) operated in such a manner as to comply with the covenants set forth in
Section 10.5. 
 There is not now, nor will there be at any time in the future, any agreement or understanding
between the Borrower and the Servicer (other than as expressly set forth herein and the other Transaction Documents) providing for the allocation or sharing of obligations to make payments or otherwise in respect of any Taxes, fees, assessments or
other governmental charges. 
 Section 9.28 Transaction Documents. The Transaction Documents delivered to the Facility Agent
represent all material agreements between the Equityholder, on the one hand, and the Borrower, on the other. Upon the purchase and/or contribution of each Collateral Obligation (or an interest in a Collateral Obligation) pursuant to the this
Agreement or the Sale Agreement, the Borrower shall be the lawful owner of, and have good title to, such Collateral Obligation and all assets relating thereto, free and clear of any Adverse Claim; provided that, with respect to any Assigned
Participation Interest purchased by the Borrower, the Borrower shall not be the record owner of the underlying Loan until the elevation of such Assigned Participation Interest. All such assets are transferred to the Borrower without recourse to the
Equityholder except as described in the Sale Agreement. The purchases of such assets by the Borrower constitute valid and true sales for consideration (and not merely a pledge of such assets for security purposes) and the contributions of such
assets received by the Borrower constitute valid and true transfers for consideration, each enforceable against creditors of the Equityholder, and no such assets shall constitute property of the Equityholder; provided that, with respect to
any Assigned Participation Interest purchased by the Borrower, the Borrower shall not be the record owner of the underlying Loan until the elevation of such Assigned Participation Interest. 

Section 9.29 Anti-Terrorism, Anti-Money Laundering. Neither the Borrower nor any Affiliate of the Borrower is (i) a country,
territory, organization, person or entity named on an Office of Foreign Asset Control (OFAC) list; (ii) a Person that resides or has a place of business in a country or territory named on such lists or which is designated as a “Non-Cooperative 

  
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Jurisdiction” by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction; (iii) a “Foreign Shell
Bank” within the meaning of the USA Patriot Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and
supervision; or (iv) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the USA Patriot Act as warranting special measures
due to money laundering concerns. The Borrower is in compliance with all applicable OFAC rules and regulations and also in compliance with all applicable provisions of the USA Patriot Act. 

Section 9.30 Similar Law. The Borrower is not a plan subject to any Similar Law or an entity subject to any Similar Law by reason
of the investment in the Borrower of one or more “governmental plans” (as defined by Section 3(33) of ERISA) or other plans or during any period that the assets, properties or revenues of the Borrower are subject to any Similar Law, by
reason of the investment in the Borrower of one or more “governmental plans” (as defined by Section 3(33) of ERISA) or other plans, neither the entering into and performance of the Agreement nor any other transactions entered into
under the Transaction Documents will constitute or result in a violation of any Similar Law. The representations in this Section 9.30 shall be deemed repeated on each day that an Obligation is outstanding. 

ARTICLE X 
 COVENANTS 

From the date hereof until the first day following the Facility Termination Date on which all Obligations shall have been finally and fully
paid and performed (other than as expressly survive the termination of this Agreement), the Borrower hereby covenants and agrees with the Lenders, the Agents and the Facility Agent that: 

Section 10.1 Protection of Security Interest of the Secured Parties. (a) At or prior to the Effective Date, the Borrower shall
have filed or caused to be filed a UCC-1 financing statement, naming the Borrower as debtor, naming the Collateral Agent (for the benefit of the Secured Parties) as secured party and describing the Collateral,
with the office of the Secretary of State of the State of Delaware. From time to time thereafter, the Borrower shall file such financing statements and cause to be filed such continuation statements, all in such manner and in such places as may be
required by law fully to preserve, maintain and protect the interest of the Collateral Agent in favor of the Secured Parties under this Agreement in the Collateral and in the proceeds thereof. The Borrower shall deliver (or cause to be delivered) to
the Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. In the event that the Borrower fails to perform its
obligations under this subsection, the Collateral Agent or the Facility Agent may (but shall have no obligation to) do so, in each case at the expense of the Borrower, however neither the Collateral Agent nor the Facility Agent shall have any
liability in connection therewith. 
 (b) The Borrower shall not change its name, identity or corporate structure in any manner that would
make any financing statement or continuation statement filed by the Borrower in accordance with subsection (a) above seriously misleading or change its jurisdiction of organization, unless the Borrower shall have given the
Facility Agent, each Agent and the Collateral Agent at least 30 days prior written notice thereof, and shall promptly file appropriate 

  
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amendments to all previously filed financing statements and continuation statements (and shall provide a copy of such amendments to the Collateral Agent, each Agent and Facility Agent together
with an Officer’s Certificate to the effect that all appropriate amendments or other documents in respect of previously filed statements have been filed). 

(c) The Borrower shall maintain its computer systems, if any, so that, from and after the time of the first Advance under this Agreement, the
Borrower’s master computer records (including archives) that shall refer to the Collateral indicate clearly that such Collateral is subject to the first priority security interest in favor of the Collateral Agent, for the benefit of the Secured
Parties. Indication of the Collateral Agent’s (for the benefit of the Secured Parties) security interest shall be deleted from or modified on the Borrower’s computer systems when, and only when, the Collateral in question shall have been
paid in full, the security interest under this Agreement has been released in accordance with its terms, upon such Collateral Obligation becoming a Repurchased Collateral Obligation, Substituted Collateral Obligation or otherwise as expressly
permitted by this Agreement. 
 (d) Without limiting any of the other provisions hereof, if at any time the Borrower shall propose to sell,
grant a security interest in, or otherwise transfer any interest in loan receivables to any prospective lender or other transferee, the Borrower shall give to such prospective lender or other transferee computer tapes, records, or print-outs (including any restored from archives) that, if they shall refer in any manner whatsoever to any Collateral shall indicate clearly that such Collateral is subject to a first priority security interest in
favor of the Collateral Agent, for the benefit of the Secured Parties. 
 Section 10.2 Other Liens or Interests. Except for the
security interest granted hereunder and as otherwise permitted pursuant to Sections 7.10, 7.11 and 10.16, the Borrower will not sell, pledge, assign or transfer to any other Person, or grant, create, incur,
assume or suffer to exist any Lien on the Collateral or any interest therein (other than Permitted Liens), and the Borrower shall defend the right, title, and interest of the Collateral Agent (for the benefit of the Secured Parties) and the Lenders
in and to the Collateral against all claims of third parties claiming through or under the Borrower (other than Permitted Liens). 

Section 10.3 Costs and Expenses. The Borrower shall pay (or cause to be paid) all of its reasonable costs, charges and
disbursements in connection with the performance of its obligations hereunder and under the Transaction Documents. 
 Section 10.4
Reporting Requirements. The Borrower shall furnish, or cause to be furnished, to the Facility Agent, the Collateral Agent and each Agent: 

(a) as soon as possible and in any event within three Business Days after a Responsible Officer of the Borrower shall have knowledge of the
occurrence of a Facility Termination Event, Unmatured Facility Termination Event, Servicer Event of Default or Unmatured Servicer Event of Default, the statement of an Executive Officer of the Borrower setting forth complete details of such event
and the action which the Borrower has taken, is taking and proposes to take with respect thereto; 

  
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 (b) promptly, from time to time, such other information, documents, records or reports
respecting the Collateral Obligations or the Related Security, the other Collateral or the condition or operations, financial or otherwise, of the Borrower as such Person may, from time to time, reasonably request; and 

(c) promptly, in reasonable detail, (i) of any Adverse Claim known to it that is made or asserted against any of the Collateral and
(ii) any Material Modification. 
 Section 10.5 Separate Existence. (a) The Borrower shall at all times:
(i) maintain at least one Independent Manager; (ii) maintain its own separate books and records and bank accounts; (iii) hold itself out to the public and all other Persons as a legal entity separate from any other Person;
(iv) have a board of managers separate from that of any other Person; (v) file its own Tax returns, except to the extent that the Borrower is treated as a “disregarded entity” for Tax purposes and is not required to file Taxes
under Applicable Law, and pay any Taxes so required to be paid under Applicable Law, except for those Taxes being contested in good faith by appropriate proceedings and in respect of which the Borrower has established proper reserves on its books in
accordance with GAAP; (vi) not commingle its assets with assets of any other Person; (vii) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence;
(viii) maintain separate financial statements; provided, however, that the Borrower’s assets may be included in a consolidated financial statement of its Affiliate if (A) appropriate notation shall be made on such consolidated
financial statements to indicate the separateness of the Borrower from such Affiliate and to indicate that the Borrower’s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person and
(B) such assets shall also be listed on the Borrower’s own separate balance sheet (if the Borrower prepares its own separate balance sheet); (ix) pay its own liabilities only out of its own funds; (x) maintain an arm’s length
relationship with the Equityholder and each of its other Affiliates; (xi) not hold out its credit or assets as being available to satisfy the obligations of others; (xii) allocate fairly and reasonably any overhead expenses that are shared
with an Affiliate, including for shared office space; (xiii) use separate stationery, invoices and checks; (xiv) except as expressly permitted by this Agreement, not pledge its assets as security for the obligations of any other Person;
(xv) correct any known misunderstanding regarding its separate identity; (xvi) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities and pay its operating expenses and liabilities from its
own assets; (xvii) cause its board of managers to meet at least annually or act pursuant to written consent and keep minutes of such meetings and actions and observe in all respects all other Delaware limited liability company formalities;
(xviii) not acquire the obligations or any securities of its Affiliates; (xix) cause the managers, officers, agents and other representatives of the Borrower to act at all times with respect to the Borrower consistently and in furtherance
of the foregoing and in the best interests of the Borrower; and (xx) maintain at least one special member, who, upon the dissolution of the sole member or the withdrawal or the disassociation of the sole member from the Borrower, shall
immediately become the member of the Borrower in accordance with its organizational documents. 
 (b) The Borrower shall not
(i) engage, directly or indirectly, in any business, other than the actions required or permitted to be performed under the preceding clause (a); (ii) fail to be solvent; (iii) release, sell, transfer, convey or assign any Collateral
Obligation unless in accordance with the Transaction Documents; (iv) except for capital contributions or capital 

  
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distributions permitted under the terms and conditions of this Agreement and properly reflected on the books and records of the Borrower, enter into any transaction with an Affiliate of the
Borrower except on commercially reasonable terms similar to those available to unaffiliated parties in an arm’s-length transaction; (v) identify itself as a department or division of any other
Person; or (vi) own any asset or property other than the Collateral and the related assets and incidental personal property necessary for the ownership or operation of these assets. 

(c) The Borrower shall not (and shall not permit the Equityholder to) take any action contrary to the “Assumptions and Facts”
section in the opinion of Weil, Gotshal & Manges LLC, dated the date hereof, relating to certain nonconsolidation matters. 

Section 10.6 Hedging Agreements. (a) With respect to any Fixed Rate Collateral Obligation (other than Fixed Rate Collateral
Obligations not counted as “excess” pursuant to clause (d) of the definition of “Excess Concentration Amount”), the Borrower hereby covenants and agrees that, upon the direction of the Facility Agent in its sole discretion
as notified to the Borrower and the Servicer on or prior to the related Funding Date for such Collateral Obligation, the Borrower shall obtain and deliver to the Collateral Agent (with a copy to the Facility Agent and each Agent) one or more Hedging
Agreements from qualified Hedge Counterparties having, singly or in the aggregate, an Aggregate Notional Amount not less than the amount determined by the Facility Agent in its reasonable discretion, which (1) each shall have a notional
principal amount equal to or greater than $1,000,000, (2) may provide for reductions of the Aggregate Notional Amount on each Distribution Date on an amortization schedule for such Aggregate Notional Amount assuming a 0.0 ABS prepayment speed
(or such other ABS prepayment speed as may be approved in writing by the Facility Agent) and zero losses, and (3) shall have other terms and conditions and be represented by Hedging Agreements otherwise acceptable to the Facility Agent in its
sole discretion. 
 (b) In the event that any Hedge Counterparty defaults in its obligation to make a payment to the Borrower under one or
more Hedging Agreements on any date on which payments are due pursuant to a Hedging Agreement, the Borrower shall make a demand on such Hedge Counterparty, or any guarantor, if applicable, demanding payment by 12:30 p.m., New York City
time, on such date. The Borrower shall give notice to each Agent upon the continuing failure by any Hedge Counterparty to perform its obligations during the two Business Days following a demand made by the Borrower on such Hedge Counterparty, and
shall take such action with respect to such continuing failure as may be directed by the Facility Agent. 
 (c) In the event that any Hedge
Counterparty no longer maintains the ratings specified in the definition of “Hedge Counterparty,” then within 30 days after receiving notice of such decline in the creditworthiness of such Hedge Counterparty as determined by any
Rating Agency, either (x) such Hedge Counterparty, upon the receipt of the consent of the Facility Agent, will enter into an arrangement the purpose of which shall be to assure performance by the Hedge Counterparty of its obligations under the
applicable Hedging Agreement; or (y) the Borrower shall, at its option and with the written consent (in its sole discretion) of the Facility Agent, either (i) cause such Hedge Counterparty to pledge securities in the manner provided by
applicable law which shall be held by the Collateral Agent, for the benefit of the Secured Parties, free and clear of the Lien of any third party, in a manner conferring on the Collateral Agent a perfected first Lien in such securities securing such
Hedge Counterparty’s performance of its 

  
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obligations under the applicable Hedging Agreement, (ii) provided that a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of
Section 10.6(d) has been obtained, (A) provide written notice to such Hedge Counterparty (with a copy to the Collateral Agent, each Agent and the Facility Agent) of its intention to terminate the applicable Hedging
Agreement within such 30-day period and (B) terminate the applicable Hedging Agreement within such 30-day period, request the payment to it of all amounts due to
the Borrower under the applicable Hedging Agreement through the termination date and deposit any such amounts so received, on the day of receipt, to the Collection Account, or (iii) establish any other arrangement (including an arrangement or
arrangements in addition to or in substitution for any prior arrangement made in accordance with the provisions of this Section 10.6(c)) with the written consent (in its sole discretion) of the Facility Agent (a
“Qualified Substitute Arrangement”); provided, that in the event at any time any alternative arrangement established pursuant to the above shall cease to be satisfactory to the Facility Agent, then the provisions of this
Section 10.6(c), shall again be applied and in connection therewith the 30-day period referred to above shall commence on the date the Borrower receives notice of such cessation or
termination, as the case may be. 
 (d) Unless an alternative arrangement pursuant to clause (x) or (y)(i)
or (y)(iii) of Section 10.6(c) is being established, the Borrower shall use its best efforts to obtain a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of this
Section 10.6 during the 30-day period referred to in Section 10.6(c). The Borrower shall not terminate the Hedging Agreement unless, prior to the expiration
of the 30-day period referred to in said Section 10.6(c), the Borrower delivers to the Collateral Agent (with a copy to the Facility Agent and each Agent) (i) a Replacement
Hedging Agreement or Qualified Substitute Arrangement, (ii) to the extent applicable, an Opinion of Counsel reasonably satisfactory to the Facility Agent as to the due authorization, execution and delivery and validity and enforceability of
such Replacement Hedging Agreement or Qualified Substitute Arrangement, as the case may be, and (iii) evidence that the Facility Agent has consented in writing to the termination of the applicable Hedging Agreement and its replacement with such
Replacement Hedging Agreement or Qualified Substitute Arrangement. 
 (e) The Borrower shall notify the Facility Agent, each Agent and the
Collateral Agent within five Business Days after a Responsible Officer of such Person shall obtain knowledge that the senior unsecured debt rating of a Hedge Counterparty has been withdrawn or reduced by any Rating Agency. 

(f) The Borrower may at any time obtain a Replacement Hedging Agreement with the consent (in its sole discretion) of the Facility Agent. 

(g) The Borrower shall not agree to any amendment to any Hedging Agreement without the consent (in its sole discretion) of the Facility Agent.

 (h) The Borrower shall notify the Facility Agent, each Agent and the Collateral Agent after a Responsible Officer of the Borrower shall
obtain actual knowledge of the transfer by the related Hedge Counterparty of any Hedging Agreement, or any interest or obligation thereunder. 

  
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 (i) The Borrower, with the consent of the Facility Agent in its sole discretion, may sell
all or a portion of the Hedging Agreements; provided, that no consent of the Facility Agent shall be required for the sale of all or a portion of any Hedging Agreement relating to Fixed Rate Collateral Obligations not counted as
“excess” pursuant to clause (d) of the definition of “Excess Concentration Amount.” The Borrower shall have the duty of obtaining a fair market value price for the sale of any Hedging Agreement, notifying the Facility Agent,
each Agent and the Collateral Agent of prospective purchasers and bids, and selecting the purchaser of such Hedging Agreement. The Borrower and, at the Borrower’s request, the Collateral Agent, upon receipt of the purchase price in the
Collection Account shall, with the prior written consent of the Facility Agent, execute all documentation necessary to release the Lien of the Collateral Agent on such Hedging Agreement and proceeds thereof. 

Notwithstanding the foregoing, with respect to any Collateral Obligation, the Borrower may include in an Asset Approval Request provisions of
Hedging Agreements applicable to such Collateral Obligation, and, if nothing to the contrary is included in the related Approval Notice delivered to the Borrower by the Facility Agent, the provisions relating to Hedging Agreements in the Asset
Approval Request shall control to the extent such provisions conflict with this Section 10.6. Notwithstanding anything to the contrary in this Section 10.6, the parties hereto agree that should the
Borrower fail to observe or perform any of its obligations under this Section 10.6 with respect to any Hedging Agreement, the sole result will be that the Collateral Obligation or Collateral Obligations that are the subject
of such Hedging Agreement shall immediately cease to be Eligible Collateral Obligations for all purposes under this Agreement. 

Section 10.7 Tangible Net Worth. The Borrower shall maintain at all times a positive Tangible Net Worth. 

Section 10.8 Taxes. For U.S. federal income tax purpose, the Borrower will be an entity disregarded as separate from the
Equityholder and the Equityholder or its parent will be treated as a United States person for U.S. federal income tax purposes. The Borrower will file on a timely basis all federal and other material Tax returns required to be filed, if any, and
will pay all federal and other material Taxes due and payable by it and any assessments made against it or any of its property (other than any amount the validity of which is contested in good faith by appropriate proceedings and with respect to
which reserves in conformity with GAAP are provided on the books of the Borrower). 
 Section 10.9 Merger, Consolidation,
Etc. The Borrower shall not merge or consolidate with any other Person or permit any other Person to become the successor to all or substantially all of its business or assets without the prior written consent of the Facility Agent in its
sole discretion. 
 Section 10.10 Deposit of Collections. The Borrower shall transfer, or cause to be transferred, all
Collections to the Collection Account by the close of business on the Business Day following the date such Collections are received by the Borrower, the Equityholder, the Servicer or any of their respective Affiliates. 

  
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 Section 10.11 Indebtedness; Guarantees. The Borrower shall not create, incur,
assume or suffer to exist any Indebtedness other than Indebtedness permitted under the Transaction Documents. The Borrower shall incur no Indebtedness secured by the Collateral other than the Obligations. The Borrower shall not assume, guarantee,
endorse or otherwise be or become directly or contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of another Person, agreeing to advance funds to such Person or causing or assisting such
Person to maintain any amount of capital, other than as expressly permitted under the Transaction Documents. 
 Section 10.12
Collateral Obligation Limitations. The first three Collateral Obligations acquired by the Borrower shall be any of (i) First Lien Loans, (ii) Unitranche Loans or (iii) FILO Loans. Thereafter, the Borrower must (at all times)
own no fewer than three Collateral Obligations meeting such requirements. 
 Section 10.13 Documents. Except as otherwise
expressly permitted herein, it shall not cancel or terminate any of the Transaction Documents to which it is party (in any capacity), or consent to or accept any cancellation or termination of any of such agreements, or amend or otherwise modify any
term or condition of any of the Transaction Documents to which it is party (in any capacity) or give any consent, waiver or approval under any such agreement, or waive any default under or breach of any of the Transaction Documents to which it is
party (in any capacity) or take any other action under any such agreement not required by the terms thereof, unless (in each case) the Facility Agent shall have consented thereto in its sole discretion. 

Section 10.14 Preservation of Existence. It shall do or cause to be done all things necessary to (i) preserve and keep in
full force and effect its existence as a limited liability company and take all reasonable action to maintain its rights and franchises in the jurisdiction of its formation and (ii) qualify and remain qualified as a limited liability company in
good standing in each jurisdiction where the failure to qualify and remain qualified would reasonably be expected to have a Material Adverse Effect. 

Section 10.15 Limitation on Investments. The Borrower shall not form, or cause to be formed, any Subsidiaries; or make or suffer
to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or
otherwise) in, any Affiliate or any other Person except investments as otherwise permitted herein and pursuant to the other Transaction Documents. 

Section 10.16 Distributions. (a) The Borrower shall not declare or make (i) payment of any distribution on or in respect
of any equity interests, or (ii) any payment on account of the purchase, redemption, retirement or acquisition of any option, warrant or other right to acquire such equity interests; provided that the Borrower may make a distribution of
(A) (1) Interest Proceeds, (2) during any 12-month period, an aggregate amount of Principal Collections or proceeds of any Advance (excluding any such amounts needed such to settle the acquisition of
any Eligible Collateral Obligations) equal to 10% of the Aggregate Eligible Collateral Obligation Amount as of the first day of such 12-month period during the Revolving Period, (3) any Principal
Collections or proceeds of any Advance in excess of the amount permitted under the foregoing clause (2), and (4) with the prior written consent of the Facility Agent (which consent shall not be unreasonably withheld, conditioned or delayed),
any Collateral Obligations or other assets of the Borrower, in each case, if after giving effect to such distribution, (v) as certified in 

  
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writing by the Borrower and Servicer to the Facility Agent (with a copy to each Agent), sufficient proceeds remain for all payments to be made pursuant to Section 8.3(a)
(other than clause (N) thereof) on the next Distribution Date, (w) no Unmatured Facility Termination Event, Facility Termination Event, Unmatured Servicer Event of Default or Servicer Event of Default shall have occurred and be continuing,
(x) each Collateral Quality Test is satisfied, (y) the Minimum Equity Condition is satisfied and (z) the Borrowing Base Condition is satisfied, (B) amounts paid to it pursuant to Section 8.3(a) on the
applicable Distribution Date and (C) the proceeds of any Advance on the applicable Advance Date, but only if such Advance is made in respect of an Eligible Collateral Obligation acquired by the Borrower either (1) prior to such Advance
Date if such Eligible Collateral Obligation was identified on the related Asset Approval Request as an asset with respect to which the Borrower intends to make a future distribution pursuant to this Section 10.16(C)(1) or
(2) on such Advance Date and none of the proceeds from such Advance are needed to settle the acquisition of such Eligible Collateral Obligation.. 

(b) Prior to foreclosure by the Facility Agent upon any Collateral pursuant to Section 13.3(c), nothing in this
Section 10.16 or otherwise in this Agreement shall restrict (i) the Servicer from exercising any Warrant Assets issued to it by Obligors from time to time or (ii) the Borrower from exercising any Warrant Assets
issued to it by Obligors from time to time to the extent funds are available to the Borrower under Section 8.3(a) or made available to the Borrower. 

Section 10.17 Performance of Borrower Assigned Agreements. The Borrower shall (i) perform and observe in all material
respects all the terms and provisions of the Transaction Documents (including each of the Borrower Assigned Agreements) to which it is a party to be performed or observed by it, maintain such Transaction Documents in full force and effect, and
enforce such Transaction Documents in accordance with their terms, and (ii) upon reasonable request of the Facility Agent, make to any other party to such Transaction Documents such demands and requests for information and reports or for action
as the Borrower is entitled to make thereunder. 
 Section 10.18 Material Modifications. The Borrower shall not consent to a
Material Modification with respect to any Collateral Obligation without the express written consent of the Facility Agent (in its sole discretion). 

Section 10.19 Further Assurances; Financing Statements. (a) The Borrower agrees that at any time and from time to time, at
its expense and upon reasonable request of the Facility Agent or the Collateral Agent (acting at the request of the Facility Agent), it shall promptly execute and deliver all further instruments and documents, and take all reasonable further action,
that is necessary or desirable to perfect and protect the assignments and security interests granted or purported to be granted by this Agreement or to enable the Collateral Agent or any of the Secured Parties to exercise and enforce its rights and
remedies under this Agreement with respect to any Collateral. Without limiting the generality of the foregoing, the Borrower authorizes the filing of such financing or continuation statements, or amendments thereto, and such other instruments or
notices as may be necessary or desirable or that the Collateral Agent (acting solely at the Facility Agent’s request) may reasonably request to protect and preserve the assignments and security interests granted by this Agreement. Such
financing statements filed against the Borrower may describe the Collateral in the same manner specified in Section 12.1 or in any other manner as the Facility Agent may reasonably determine is necessary to ensure the
perfection of such security interest (without disclosing the names of, or any information relating to, the Obligors thereunder), including describing such property as all assets or all personal property of the Borrower whether now owned or hereafter
acquired. 

  
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 (b) The Borrower and each Secured Party hereby severally authorize the Collateral Agent,
upon receipt of written direction from the Facility Agent, to file one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Collateral. 

(c) It shall furnish to the Collateral Agent and the Facility Agent from time to time such statements and schedules further identifying and
describing the Related Security and such other reports in connection with the Collateral as the Collateral Agent (acting solely at the Facility Agent’s request) or the Facility Agent may reasonably request, all in reasonable detail. 

Section 10.20 Obligor Payment Instructions. The Borrower acknowledges that the power of attorney granted in
Section 13.10 to the Collateral Agent permits the Collateral Agent to send (at the Facility Agent’s written direction after the occurrence of a Facility Termination Event) Obligor notification forms to give notice to
the Obligors of the Collateral Agent’s interest in the Collateral and the obligation to make payments to an Account as directed by the Collateral Agent (at the written direction of the Facility Agent). 

Section 10.21 Delivery of Collateral Obligation Files. The Borrower (or the Servicer on behalf of the Borrower) shall deliver to
the Collateral Custodian (with a copy to the Facility Agent at the following e-mail addresses (for electronic copies): amit.patel@db.com, josh.buckman@db.com and james.kwak@db.com, and a copy to each Agent)
the Collateral Obligation Files identified on the related Document Checklist promptly upon receipt but in no event later than five (5) Business Days of the related Funding Date; provided that any file stamped document included in any
Collateral Obligation File shall be delivered as soon as they are reasonably available (even if not within five (5) Business Days of the related Funding Date). 

Section 10.22 Beneficial Ownership Certification. Promptly following any request therefor, the Borrower shall deliver to the
Facility Agent information and documentation reasonably requested by the Facility Agent or any Lender for purposes of compliance with the Beneficial Ownership Regulation, including any Beneficial Ownership Certification in relation to the Borrower.

 Section 10.23 Limitation on Purchases from Affiliates. Other than pursuant to the Sale Agreement, the Borrower shall not
purchase any asset from the Equityholder or the Servicer or any Affiliate of the Borrower, the Equityholder or the Servicer; provided that, notwithstanding the foregoing and for the avoidance of doubt, the Borrower may purchase assets
from GSO Holding I L.L.C. or any Affiliate thereof (other than the Equityholder or the Servicer) pursuant to an agreement other than the Sale Agreement, provided such purchase reflects arm’s length market terms. 

  
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 ARTICLE XI 

THE COLLATERAL AGENT 

Section 11.1 Appointment of Collateral Agent. U.S. Bank National Association is hereby appointed as Collateral Agent pursuant to
the terms hereof. The Secured Parties hereby appoint the Collateral Agent to act exclusively as the agent for purposes of perfection of a security interest in the Collateral and Collateral Agent of the Secured Parties to act as specified herein and
in the other Transaction Documents to which the Collateral Agent is a party. 
 Section 11.2 Monthly Reports. The Collateral
Agent shall prepare the Monthly Report in accordance with Section 8.5 and distribute funds in accordance with such Monthly Report in accordance with Section 8.3. 

Section 11.3 Collateral Administration. The Collateral Agent shall maintain a database of certain characteristics of the
Collateral on an ongoing basis, and provide to the Borrower, the Servicer, the Facility Agent and the Agents certain reports, schedules and calculations, all as more particularly described in this Section 11.3, based upon
information and data received from the Borrower and/or the Servicer pursuant to Section 7.8 or from the Agents and/or the Facility Agent. 

(a) In connection therewith, the Collateral Agent shall: 

(i) within 15 days after the Effective Date, create a Collateral database with respect to the Collateral that has been pledged
to the Collateral Agent for the benefit of the Secured Parties from time to time, comprised of the Collateral Obligations credited to the Accounts from time to time and Permitted Investments in which amounts held in the Accounts may be invested from
time to time, as provided in this Agreement (the “Collateral Database”); 
 (ii) update the Collateral
Database on a periodic basis for changes and to reflect the sale or other disposition of assets included in the Collateral and any additional Collateral granted to the Collateral Agent from time to time, in each case based upon, and to the extent
of, information furnished to the Collateral Agent by the Borrower, the Servicer or the Facility Agent as may be reasonably required by the Collateral Agent from time to time or based upon notices received by the Collateral Agent from the issuer, or
trustee or agent bank under an underlying instrument, or similar source); 
 (iii) track the receipt and allocation to the
Collection Account of Principal Collections and Interest Collections and any withdrawals therefrom and, on each Business Day, provide to the Servicer and Facility Agent daily reports reflecting such actions to the accounts as of the close of
business on the preceding Business Day and the Collateral Agent shall provide any such report to the Facility Agent or the Servicer upon its request therefor; 

  
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 (iv) prepare and deliver to the Facility Agent, each Agent, the Borrower and
the Servicer on each Reporting Date, the Monthly Report and any update pursuant to Section 8.5 when requested by the Servicer, the Borrower or the Facility Agent, on the basis of the information contained in the
Collateral Database as of the applicable Determination Date, the information provided by each Agent and the Facility Agent pursuant to Section 3.4 and such other information as may be provided to the Collateral Agent by the
Borrower, the Servicer, the Facility Agent, any Agent or any Lender; 
 (v) provide other such information with respect to
the Collateral granted to the Collateral Agent and not released as may be routinely maintained by the Collateral Agent in performing its ordinary Collateral Agent function pursuant hereunder, as the Borrower, the Servicer, the Facility Agent, any
Agent or any Lender may reasonably request from time to time; 
 (vi) upon the written request of the Servicer on any
Business Day no later than the Business Day following the Collateral Agent’s receipt of such request (if, however, any such request is received after 5:00 p.m. (New York time) on such date such request will be deemed to have been received on
the next succeeding Business Day), the Collateral Agent shall perform the following functions: as of the date the Servicer commits on behalf of the Borrower to purchase Collateral Obligations to be included in the Collateral, perform a pro
forma calculation of the tests and other requirements set forth in Sections 6.2(e) and (f), in each case, based upon information contained in the Collateral Database and report the results thereof to the Servicer in a mutually
agreed format; 
 (vii) upon the Collateral Agent’s receipt on any Business Day of written notification from the
Servicer of its intent to sell (in accordance with Section 7.11) Collateral Obligations, the Collateral Agent shall perform, no later than the Business Day following the Collateral Agent’s receipt of such request (if,
however, any such request is received after 5:00 p.m. (New York time) on such date such request will be deemed to have been received on the next succeeding Business Day), a pro forma calculation of the tests set forth in
Sections 7.11(a)(i)(A), (B) and (C) based upon information contained in the Collateral Database and information furnished by the Servicer, compare the results thereof and report the results to the
Servicer in a mutually agreed format; and 
 (viii) track the Principal Balance of each Collateral Obligation and report such
balances to the Facility Agent and the Servicer upon request. 
 (b) The Collateral Agent shall provide to the Servicer a copy of all
written notices and communications received by it and identified as being sent to it in connection with the Collateral Obligations and the other Collateral held hereunder which it receives from the related Obligor, participating bank and/or agent
bank. In no instance shall the Collateral Agent be under any duty or obligation to take any action on behalf of the Servicer in respect of the exercise of any voting or consent rights, or similar actions, unless it receives specific written
instructions from the Servicer, prior to the occurrence of a Facility Termination Event or a Servicer Event of Default or the Facility Agent, after the occurrence of a Facility Termination Event or a Servicer Event of Default, in which event the
Collateral Agent shall only vote, consent or take such other action in accordance with such instructions. 

  
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 (c) In addition to the above: 

(i) The Facility Agent and each Secured Party further authorizes the Collateral Agent to take such action as agent on its
behalf and to exercise such powers under this Agreement and the other Transaction Documents as are expressly delegated to the Collateral Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. In
furtherance, and without limiting the generality of the foregoing, each Secured Party hereby appoints the Collateral Agent (acting at the direction of the Facility Agent) as its agent to execute and deliver all further instruments and documents, and
take all further action (at the written direction of the Facility Agent) that the Facility Agent deems necessary or desirable in order to perfect, protect or more fully evidence the security interests granted by the Borrower hereunder, or to enable
any of them to exercise or enforce any of their respective rights hereunder, including, without limitation, the execution or filing by the Collateral Agent as secured party/assignee of such financing or continuation statements, or amendments thereto
or assignments thereof, relative to all or any of the Collateral Obligations now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. Nothing in this
Section 11.3(c)(i) shall be deemed to relieve the Borrower or the Servicer of their respective obligations to protect the interest of the Collateral Agent (for the benefit of the Secured Parties) in the Collateral,
including to file financing and continuation statements in respect of the Collateral in accordance with Section 10.1. It is understood and agreed that any and all actions performed by the Collateral Agent in connection with
this Section 11.3(c)(i) shall be at the written direction of the Facility Agent, and the Collateral Agent shall have no responsibility or liability in connection with determining any actions necessary or desirable to
perfect, protect or more fully secure the security interest granted by the Borrower hereunder or to enable any Person to exercise or enforce any of their respective rights hereunder. 

(ii) The Facility Agent may direct the Collateral Agent in writing to take any such incidental action hereunder. With respect
to other actions which are incidental to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from
acting (and shall be fully protected in acting or refraining from acting) upon the written direction of the Facility Agent; provided that the Collateral Agent shall not be required to take any action hereunder at the request of the Facility
Agent, any Secured Parties or otherwise if the taking of such action, in the determination of the Collateral Agent, (x) shall be in violation of any Applicable Law or contrary to any provisions of this Agreement or (y) shall expose the
Collateral Agent to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral Agent requests the consent of the Facility Agent and the
Collateral Agent does not receive a consent (either positive or negative) from the Facility Agent within 10 Business Days after its receipt of such request, then the Facility Agent shall be deemed to have declined to consent to the relevant action.

  
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 (iii) Except as expressly provided herein, the Collateral Agent shall not be
under any duty or obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement that might in its judgment involve any expense or liability unless it has been furnished with an
indemnity reasonably satisfactory to it (x) unless and until (and to the extent) expressly so directed by the Facility Agent or (y) prior to the Facility Termination Date (and upon such occurrence, the Collateral Agent shall act in
accordance with the written instructions of the Facility Agent pursuant to clause (x)). The Collateral Agent shall not be liable for any action taken, suffered or omitted by it in accordance with the request or direction of any Secured Party, to the
extent that this Agreement provides such Secured Party the right to so direct the Collateral Agent, or the Facility Agent. The Collateral Agent shall not be deemed to have notice or knowledge of any matter hereunder, including a Facility Termination
Event or any notice, document, certificate or other information required to be forwarded by the Facility Agent to the Collateral Agent, unless a Responsible Officer of the Collateral Agent has knowledge of such matter or written notice thereof is
received by the Collateral Agent. 
 (d) If, in performing its duties under this Agreement, the Collateral Agent is required to decide
between alternative courses of action, the Collateral Agent may request written instructions from the Facility Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions within two Business Days after
it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such two Business Day period except
to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions. The Collateral Agent shall be entitled to rely on the advice of legal counsel and independent accountants in performing its
duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice. 
 (e) Concurrently herewith,
the Facility Agent directs the Collateral Agent and the Collateral Agent is authorized to enter into the Account Control Agreement and any other related agreements in the form delivered to the Collateral Agent. For the avoidance of doubt, all of the
Collateral Agent’s rights, protections and immunities provided herein shall apply to the Collateral Agent for any actions taken or omitted to be taken under the Account Control Agreement and any other related agreements in such capacity. The
Facility Agent hereby agrees that it will (i) not direct the Collateral Agent to deliver a Notice of Exclusive Control (as defined in the Account Control Agreement) except after the occurrence and during the continuation of a Facility
Termination Event and (ii) direct the Collateral Agent to promptly rescind any delivered Notice of Exclusive Control (as defined in the Account Control Agreement) following the waiver or rescission of a Facility Termination Event in connection
with any waiver or rescission of such Facility Termination Event. 
 Section 11.4 Removal or Resignation of Collateral Agent.
The Collateral Agent may at any time resign and terminate its obligations under this Agreement upon at least 60 days’ prior written notice to the Servicer, the Borrower, the Facility Agent and each Agent; provided, that no resignation or
removal of the Collateral Agent will be permitted unless a successor Collateral Agent has been appointed which successor Collateral Agent, so long as no Unmatured Servicer Event of Default, Servicer Event of Default, Unmatured Facility Termination
Event or Facility Termination Event has occurred and is continuing, is reasonably acceptable to the Servicer. 

  
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Promptly after receipt of notice of the Collateral Agent’s resignation, the Facility Agent shall promptly appoint a successor Collateral Agent (which successor Collateral Agent shall be
reasonably acceptable to the Majority Lenders and the Borrower) by written instrument, in duplicate, copies of which instrument shall be delivered to the Borrower, the Servicer, each Agent, the resigning Collateral Agent and to the successor
Collateral Agent. In the event no successor Collateral Agent shall have been appointed within 60 days after the giving of notice of such resignation, the Collateral Agent may petition any court of competent jurisdiction to appoint a successor
Collateral Agent. The Facility Agent upon at least 60 days’ prior written notice to the Collateral Agent, the Borrower and each Agent, may with or without cause remove and discharge the Collateral Agent or any successor Collateral Agent
thereafter appointed from the performance of its duties under this Agreement. Promptly after giving notice of removal of the Collateral Agent, the Facility Agent shall appoint, or petition a court of competent jurisdiction to appoint, a successor
Collateral Agent (which successor Collateral Agent shall be reasonably acceptable to the Majority Lenders and the Borrower). Any such appointment shall be accomplished by written instrument and one original counterpart of such instrument of
appointment shall be delivered to the Collateral Agent and the successor Collateral Agent, with a copy delivered to the Borrower, each Agent and the Servicer. 

Section 11.5 Representations and Warranties. The Collateral Agent represents and warrants to the Borrower, the Facility Agent, the
Lenders and Servicer that: 
 (a) the Collateral Agent has the corporate power and authority and the legal rights to execute and deliver, and
to perform its obligations under, this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement; 

(b) no consent or authorization of, filing with, or other act by or in respect of, any arbitrator or Official Body and no consent of any other
Person (including any stockholder or creditor of the Collateral Agent) is required in connection with the execution, delivery performance, validity or enforceability of this Agreement; and 

(c) this Agreement has been duly executed and delivered on behalf of the Collateral Agent and constitutes a legal, valid and binding
obligation of the Collateral Agent enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally
and by general principles of equity (whether enforcement is sought in proceedings in equity or at law). 
 Section 11.6 No Adverse
Interest of Collateral Agent. By execution of this Agreement, the Collateral Agent represents and warrants that it currently holds and during the existence of this Agreement shall hold, no adverse interest, by way of security or otherwise, in
any Collateral Obligation or any document in the Collateral Obligation Files. Neither the Collateral Obligations nor any documents in the Collateral Obligation Files shall be subject to any security interest, lien or right of set-off by the Collateral Agent or any third party claiming through the Collateral Agent, and the Collateral Agent shall not pledge, encumber, hypothecate, transfer, dispose of, or otherwise grant any third party
interest in, the Collateral Obligations or documents in the Collateral Obligation Files, except that the preceding clause shall not apply to the Collateral 

  
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Agent or the Collateral Custodian with respect to (i) the Collateral Agent Fees and Expenses or the Collateral Custodian Fees and Expenses, and (ii) in the case of any accounts, with
respect to (x) returned or charged-back items, (y) reversals or cancellations of payment orders and other electronic fund transfers, or (z) overdrafts in the Collection Account. 

Section 11.7 Reliance of Collateral Agent. In the absence of bad faith on the part of the Collateral Agent, the Collateral Agent
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any request, instruction, certificate, opinion or other document furnished to the Collateral Agent, reasonably believed by the
Collateral Agent to be genuine and to have been signed or presented by the proper party or parties and conforming to the requirements of this Agreement; but in the case of a request, instruction, document or certificate which by any provision hereof
is specifically required to be furnished to the Collateral Agent, the Collateral Agent shall be under a duty to examine the same in accordance with the requirements of this Agreement to determine that they conform on their face to the form required
by such provision. For avoidance of doubt, Collateral Agent may rely conclusively on Borrowing Base Certificates and an Officer’s Certificate of the Servicer. The Collateral Agent shall not be liable for any action taken by it in good faith and
reasonably believed by it to be within the discretion or powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or
instruction required hereby for such action. 
 Section 11.8 Limitation of Liability and Collateral Agent Rights. (a) The
Collateral Agent may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and
that has been signed by the proper party or parties. The Collateral Agent may rely conclusively on and shall be fully protected in acting upon (a) the written instructions of any designated officer of the Facility Agent or (b) the verbal
instructions of the Facility Agent. 
 (b) The Collateral Agent may consult counsel satisfactory to it with a national reputation in the
applicable matter and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of
such counsel. 
 (c) The Collateral Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it,
in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct, bad faith, reckless disregard or grossly negligent performance or omission
of its duties. 
 (d) The Collateral Agent makes no warranty or representation and shall have no responsibility (except as expressly set
forth in this Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral, and will not be required to and will not make any representations as to the validity
or value (except as expressly set forth in this Agreement) of any of the Collateral. The Collateral Agent shall not be obligated to take any action hereunder that might in its judgment involve any expense or liability unless it has been furnished
with an indemnity reasonably satisfactory to it. 

  
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 (e) The Collateral Agent shall have no duties or responsibilities except such duties and
responsibilities as are specifically set forth in this Agreement and the other Transaction Documents to which it is a party and no covenants or obligations shall be implied in this Agreement against the Collateral Agent. 

(f) The Collateral Agent shall not be required to expend or risk its own funds in the performance of its duties hereunder. 

(g) It is expressly agreed and acknowledged that the Collateral Agent is not guaranteeing performance of or assuming any liability for the
obligations of the other parties hereto or any parties to the Collateral. 
 (h) In case any reasonable question arises as to its duties
hereunder or any other Transaction Document, the Collateral Agent may, prior to the occurrence of a Facility Termination Event, request instructions from the Servicer and may, after the occurrence of a Facility Termination Event, request
instructions from the Facility Agent, and shall be entitled at all times to refrain from taking any action unless it has received written instructions from the Servicer or the Facility Agent, as applicable. The Collateral Agent shall in all events
have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Facility Agent. In no event shall the Collateral Agent be liable for special, indirect or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) In the event that the Collateral Custodian is not the same entity as the Collateral Agent, the Collateral Agent shall not be liable for
the acts or omissions of the Collateral Custodian under this Agreement and shall not be required to monitor the performance of the Collateral Custodian. 

(j) Without limiting the generality of any terms of this section, the Collateral Agent shall have no liability for any failure, inability or
unwillingness on the part of the Servicer, the Facility Agent or the Borrower to provide accurate and complete information on a timely basis to the Collateral Agent, or otherwise on the part of any such party to comply with the terms of this
Agreement, and shall have no liability for any inaccuracy or error in the performance or observance on the Collateral Agent’s part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely
information received by it, or other failure on the part of any such other party to comply with the terms hereof. 
 (k) The Collateral
Agent shall not be bound to make any investigation into the facts or matters stated in any certificate, report or other document; provided, however, that, if the form thereof is prescribed by this Agreement, the Collateral Agent shall examine the
same to determine whether it conforms on its face to the requirements hereof. The Collateral Agent shall not be deemed to have knowledge or notice of any matter unless actually known to a Responsible Officer of the Collateral Agent. It is expressly
acknowledged by the Borrower, the Servicer, the 

  
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Facility Agent and each Agent that application and performance by the Collateral Agent of its various duties hereunder (including, without limitation, recalculations to be performed in respect of
the matters contemplated hereby) shall be based upon, and in reliance upon, data, information and notice provided to it by the Servicer, the Facility Agent, any Agent, the Borrower and/or any related bank agent, obligor or similar party with respect
to the Collateral Obligation, and the Collateral Agent shall have no responsibility for the accuracy of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary or
appropriate). Nothing herein shall impose or imply any duty or obligation on the part of the Collateral Agent to verify, investigate or audit any such information or data, or to determine or monitor on an independent basis whether any issuer of the
Collateral is in default or in compliance with the underlying documents governing or securing such securities, from time to time. For purposes of tracking changes in ratings, the Collateral Agent shall be entitled to use and rely (in good faith)
exclusively upon a single reputable electronic financial information reporting service (which for ratings by Standard & Poor’s shall be www.standardpoors.com or www.ratingsdirect.com) and shall have no liability for any inaccuracies in
the information reported by, of other errors or omissions of, any such service. It is hereby expressly agreed that Bloomberg Financial Markets is one such reputable service. 

(l) The Collateral Agent may exercise any of its rights or powers hereunder (or under any other Transaction Document) or perform any of its
duties hereunder either directly or, by or through agents or attorneys, and the Collateral Agent shall not be liable for any misconduct or negligence on the part of any agent or attorney appointed hereunder with due care by it. Neither the
Collateral Agent nor any of its affiliates, directors, officers, shareholders, agents or employees will be liable to the Servicer, Borrower or any other Person, except by reason of acts or omissions by the Collateral Agent constituting bad faith,
willful misfeasance, gross negligence or reckless disregard of the Collateral Agent’s duties hereunder. The Collateral Agent shall in no event have any liability for the actions or omissions of the Borrower, the Servicer, the Facility Agent or
any other Person, and shall have no liability for any inaccuracy or error in any duty performed by it that results from or is caused by inaccurate, untimely or incomplete information or data received by it from the Borrower, the Servicer, the
Facility Agent or another Person except to the extent that such inaccuracies or errors are caused by the Collateral Agent’s own bad faith, willful misfeasance, gross negligence or reckless disregard of its duties hereunder. The Collateral Agent
shall not be liable for failing to perform or delay in performing its specified duties hereunder which results from or is caused by a failure or delay on the part of the Borrower or the Servicer, the Facility Agent or another Person in furnishing
necessary, timely and accurate information to the Collateral Agent. 
 (m) The Collateral Agent shall be under no obligation to exercise or
honor any of the rights or powers vested in it by this Agreement or other Transaction Document at the request or direction of the Facility Agent (or any other Person authorized or permitted to direct the Collateral Agent hereunder) pursuant to this
Agreement, unless the Facility Agent (or such other Person) shall have offered the Collateral Agent security or indemnity reasonably acceptable to the Collateral Agent against costs, expenses and liabilities (including any legal fees) that might
reasonably be incurred by it in compliance with such request or direction. 
 Section 11.9 Tax Reports. The Collateral Agent
shall not be responsible for the preparation or filing of any reports or returns relating to federal, state or local income taxes with respect to this Agreement, other than in respect of the Collateral Agent’s compensation or for reimbursement
of expenses. 

  
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 Section 11.10 Merger or Consolidation. Any Person (i) into which the
Collateral Agent may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral Agent shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Agent
substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Collateral Agent hereunder, shall be the successor to the Collateral Agent under this Agreement without
further act of any of the parties to this Agreement. 
 Section 11.11 Collateral Agent Compensation. As compensation for its
activities hereunder and under the other Transaction Documents, the Collateral Agent (in each of its capacities hereunder and as Securities Intermediary under the Account Control Agreement) shall be entitled to its fees and expenses from the
Borrower as set forth in the Collateral Agent and Collateral Custodian Fee Letter and any other accrued and unpaid expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower or the
Servicer, or both but without duplication, to the Collateral Agent and the Securities Intermediary under the Transaction Documents (including, without limitation, Indemnified Amounts payable under Article XVI) (collectively, the
“Collateral Agent Fees and Expenses”). The Borrower agrees to reimburse the Collateral Agent in accordance with the provisions of Section 8.3 for all reasonable, out-of-pocket, documented expenses, disbursements and advances incurred or made by the Collateral Agent in accordance with any provision of this Agreement or the other Transaction Documents or in the
enforcement of any provision hereof or in the other Transaction Documents. 
 Section 11.12 Anti-Terrorism Laws. In order to
comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering, the Collateral Agent and the
Collateral Custodian are required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Collateral Agent and the Collateral Custodian. Accordingly, each of the parties
agrees to provide to the Collateral Agent and the Collateral Custodian, upon their request from time to time such identifying information and documentation as may be available for such party in order to enable the Collateral Agent and the Collateral
Custodian to comply with Applicable Laws as set forth above. 
 ARTICLE XII 

GRANT OF SECURITY INTEREST 

Section 12.1 Borrower’s Grant of Security Interest. As security for the prompt payment or performance in full
when due, whether at stated maturity, by acceleration or otherwise, of all Obligations (including Advances, Yield, all Fees and other amounts at any time owing hereunder), the Borrower hereby assigns and pledges to the Collateral Agent for the
benefit of the Secured Parties, and grants to the Collateral Agent for the benefit of the Secured Parties, a security interest in and lien upon, all of the Borrower’s personal property, including the Borrower’s right, title and interest in
and to the following (other than Retained Interests), in each case whether now or hereafter existing or in which Borrower now has or hereafter acquires an interest and wherever the same may be located (collectively, the
“Collateral”): 
 (a) all Collateral Obligations; 

  
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 (b) all Related Security; 

(c) the Sale Agreement and all documents now or hereafter in effect to which the Borrower is a party (collectively, the “Borrower
Assigned Agreements”), including (i) all rights of the Borrower to receive moneys due and to become due under or pursuant to the Borrower Assigned Agreements, (ii) all rights of the Borrower to receive proceeds of any insurance,
indemnity, warranty or guaranty with respect to the Borrower Assigned Agreements, (iii) claims of the Borrower for damages arising out of or for breach of or default under the Borrower Assigned Agreements, and (iv) the right of the
Borrower to amend, waive or terminate the Borrower Assigned Agreements, to perform under the Borrower Assigned Agreements and to compel performance and otherwise exercise all remedies and rights under the Borrower Assigned Agreements;
notwithstanding anything contained herein to the contrary, the Collateral shall not include the right of the Borrower to terminate the Servicer or replace the Servicer; 

(d) all of the following (the “Account Collateral”): 

(i) each Account, all funds held in any Account (other than Excluded Amounts), and all certificates and instruments, if any,
from time to time representing or evidencing any Account or such funds, 
 (ii) all investments from time to time of amounts
in the Accounts and all certificates and instruments, if any, from time to time representing or evidencing such investments, 

(iii) all notes, certificates of deposit and other instruments from time to time delivered to or otherwise possessed by the
Collateral Agent or any Secured Party or any assignee or agent on behalf of the Collateral Agent or any Secured Party in substitution for or in addition to any of the then existing Account Collateral, and 

(iv) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any and all of the then existing Account Collateral; 
 (e) all additional property that may
from time to time hereafter be granted and pledged by the Borrower or by anyone on its behalf under this Agreement; 
 (f) all Accounts, all
Certificated Securities, all Chattel Paper, all Documents, all Equipment, all Financial Assets, all General Intangibles, all Instruments, all Investment Property, all Inventory, all Securities Accounts, all Security Certificates, all Security
Entitlements and all Uncertificated Securities of the Borrower; 

  
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 (g) each Hedging Agreement, including all rights of the Borrower to receive moneys due and
to become due thereunder; and 
 (h) all proceeds, accessions, substitutions, rents and profits of any and all of the foregoing Collateral
(including proceeds that constitute property of the types described in subsections (a) through (g) above) and, to the extent not otherwise included, all payments under insurance (whether or not the Collateral Agent or a Secured
Party or any assignee or agent on behalf of the Collateral Agent or a Secured Party is the loss payee thereof) or any indemnity, warranty or guaranty payable by reason of loss or damage to or otherwise with respect to any of the foregoing
Collateral. 
 Section 12.2 Borrower Remains Liable. Notwithstanding anything in this Agreement, (a) except to the extent
of the Servicer’s duties under the Transaction Documents, the Borrower shall remain liable under the Collateral Obligations, Borrower Assigned Agreements and other agreements included in the Collateral to perform all of its duties and
obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by a Secured Party or the Collateral Agent of any of its rights under this Agreement shall not release the Borrower or the Servicer from any
of their respective duties or obligations under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral, (c) the Secured Parties and the Collateral Agent shall not have any obligation or liability
under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral by reason of this Agreement, and (d) neither the Collateral Agent nor any of the Secured Parties shall be obligated to perform any of
the obligations or duties of the Borrower or the Servicer under the Collateral Obligations, Borrower Assigned Agreements or other agreements included in the Collateral or to take any action to collect or enforce any claim for payment assigned under
this Agreement. 
 Section 12.3 Release of Collateral. Until the Obligations have been paid in full, the Collateral Agent may
not release any Lien covering any Collateral except for (i) Collateral Obligations sold pursuant to Section 7.10, (ii) any Related Security identified by the Borrower (or the Servicer on behalf of the Borrower) to
the Collateral Agent so long as the Facility Termination Date has not occurred or (iii) Repurchased Collateral Obligations or Substituted Collateral Obligation pursuant to Section 7.12. 

In connection with the release of a Lien on any Collateral permitted pursuant to this Section 12.3 and conducted in
the ordinary course of business consistent with industry standards and practices (including the use of escrows), the Collateral Agent, on behalf of the Secured Parties, will, at the sole expense of the Borrower, execute and deliver to the Borrower
any assignments, bills of sale, termination statements and any other releases and instruments as the Borrower may reasonably request in order to effect the release and transfer of such Collateral; provided, that the Collateral Agent, on
behalf of the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. 

  
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 ARTICLE XIII 

FACILITY TERMINATION EVENTS 

Section 13.1 Facility Termination Events. Each of the following shall constitute a Facility Termination Event under this
Agreement: 
 (a) any default in the payment when due of (i) any principal of any Advance or (ii) any other amount payable by the
Borrower or the Servicer hereunder, including any Yield on any Advance, any Undrawn Fee or any other Fee, in each case, which default shall continue for two Business Days; 

(b) the Borrower or the Servicer shall fail to perform or observe any other term, covenant or agreement contained in this Agreement, or any
other Transaction Document on its part to be performed or observed and, except in the case of the covenants and agreements contained in Section 10.7, Section 10.9,
Section 10.11 and Section 10.16 as to each of which no grace period shall apply, any such failure shall remain unremedied for a period of thirty (30) days after the earlier to occur of
(i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Borrower or the Servicer, and (ii) the date on which a Responsible Officer of the Borrower or the Servicer acquires
knowledge thereof; 
 (c) any representation or warranty of the Borrower or the Servicer made or deemed to have been made hereunder or in
any other Transaction Document or any other writing or certificate furnished by or on behalf of the Borrower or the Servicer to the Facility Agent, any Agent or any Lender for purposes of or in connection with this Agreement or any other Transaction
Document (including any Monthly Report) shall prove to have been false or incorrect in any material respect when made or deemed to have been made and the same continues unremedied for a period of thirty (30) days (if such failure can be
remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Borrower or the Servicer, and (ii) the date on which a Responsible Officer of the
Borrower or the Servicer acquires knowledge thereof; provided, that no breach shall be deemed to occur hereunder in respect of any representation or warranty relating to the “eligibility” of any Collateral Obligation if the Borrower
complies with its obligations in Section 7.12 with respect to such Collateral Obligation; 
 (d) an Insolvency
Event shall have occurred and be continuing with respect to either the Borrower, the Servicer or the Equityholder; 
 (e) the aggregate
principal amount of all Advances outstanding hereunder exceeds the Borrowing Base and such condition continues unremedied for (x) two consecutive Business Days or (y) if an Equity Cure Notice was delivered with respect to such event,
twelve (12) consecutive Business Days; 
 (f) the Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of
the Code with regard to any of the assets of the Borrower (other than a Permitted Lien), or the Pension Benefit Guaranty Corporation shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower;

  
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 (g) (i) any Transaction Document or any lien or security interest granted thereunder by
the Borrower shall (except in accordance with its terms), in whole or in material part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower; or (ii) the Borrower or the Servicer
or any other party shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Transaction Document; or (iii) any security interest securing any Obligation shall, in whole or in
part, cease to be a perfected first priority security interest (except, as to priority, for Permitted Liens) against the Borrower; 
 (h) a
Servicer Event of Default shall have occurred and be continuing past any applicable notice or cure period provided in the definition thereof; 

(i) the Borrower or the Servicer shall fail to pay any principal of or premium or interest on any Indebtedness having an aggregate principal
amount of $250,000 or greater (or in the case of the Servicer $5,000,000 or greater), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure shall continue after
the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other default under any agreement or instrument relating to any such Indebtedness of the Borrower or the Servicer, as applicable, or
any other event, shall occur and such default or event shall continue after the applicable grace period, if any, specified in such agreement or instrument if the effect of such default or event is to accelerate the maturity of such Indebtedness; or
any such Indebtedness shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness
shall be required to be made, in each case, prior to the stated maturity thereof; or any early amortization event, pay out event or other similar event (other than as a result of a voluntary prepayment) shall continue after the applicable grace
period, if any, specified in the agreement or instrument relating to any such Indebtedness if the effect of such event is to cause the principal of such Indebtedness to be amortized on an accelerated basis; 

(j) a Change of Control shall have occurred; 

(k) failure on the part of the Borrower or the Servicer to (i) make any payment or deposit (including, without limitation, with respect
to bifurcation and remittance of Principal Collections and Interest Collections or any other payment or deposit required to be made by the terms of the Transaction Documents, including, without limitation, to any Secured Party, Affected Person or
Indemnified Party) required by the terms of any Transaction Document in accordance with Section 10.10 or (ii) otherwise observe or perform any covenant, agreement or obligation with respect to the management and
distribution of funds received with respect to the Collateral; 
 (l) (i) failure of the Borrower to maintain at least one Independent
Manager or (ii) the removal of any Independent Manager without Cause or prior written notice to the Facility Agent and each Agent (in each case as required by the organization documents of the Borrower); provided that, in the case of
each of clauses (i) and (ii), the Borrower shall have five (5) Business Days to replace any Independent Manager upon the death or incapacitation of the current Independent Manager; 

  
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 (m) the Borrower makes any assignment or attempted assignment of its respective rights or
obligations under this Agreement or any other Transaction Document without first obtaining the specific written consent of the Majority Lenders, which consent may be withheld in the exercise of its sole and absolute discretion; 

(n) any court shall render a final, non-appealable judgment against the Borrower or the Servicer
(i) in an amount in excess of $250,000 (or, with respect to the Servicer, $5,000,000) which shall not be satisfactorily stayed, discharged, vacated, set aside or satisfied within 60 days of the making thereof or (ii) for which the Facility
Agent shall not have received evidence satisfactory to it that an insurance provider for the Borrower or the Servicer, as applicable, has agreed to satisfy such judgment in full subject to any deductibles not exceeding $250,000 (or, with respect to
the Servicer, $5,000,000); or the attachment of any material portion of the property of the Borrower or the Servicer which has not been released or provided for to the reasonable satisfaction of the Facility Agent within 30 days after the making
thereof; 
 (o) the Borrower shall fail to qualify as a bankruptcy-remote entity based upon
customary criteria such that neither Weil, Gotshal & Manges LLP nor any other reputable counsel could render a substantive nonconsolidation opinion with respect to the Borrower being substantively consolidated into the Equityholder upon an
Insolvency Event with respect to the Equityholder; 
 (p) failure to pay, on the Facility Termination Date, all outstanding Obligations; or

 (q) during the Revolving Period, the Minimum Equity Condition is not satisfied and such condition continues unremedied for (x) two
(2) consecutive Business Days or (y) if an Equity Cure Notice was delivered with respect to such event, twelve (12) consecutive Business Days. 

Section 13.2 Effect of Facility Termination Event. 

(a) Optional Termination. Upon notice by the Collateral Agent, acting at the direction of the Facility Agent or the Majority Lenders,
that a Facility Termination Event (other than a Facility Termination Event described in Section 13.1(d)) has occurred, the Revolving Period will automatically terminate and no Advances will thereafter be made, and the
Collateral Agent, acting at the direction of the Facility Agent or the Majority Lenders, may declare all or any portion of the outstanding principal amount of the Advances and other Obligations to be due and payable, whereupon the full unpaid amount
of such Advances and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment (all of which are hereby expressly waived by the Borrower) and the
Facility Termination Date shall be deemed to have occurred. 
 (b) Automatic Termination. Upon the occurrence of a Facility
Termination Event described in Section 13.1(d), the Facility Termination Date shall be deemed to have occurred automatically, and all outstanding Advances under this Agreement and all other Obligations under this Agreement
shall become immediately and automatically due and payable, all without presentment, demand, protest or notice of any kind (all of which are hereby expressly waived by the Borrower). 

  
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 Section 13.3 Rights upon Facility Termination Event. If a Facility Termination
Event shall have occurred and be continuing, the Facility Agent may, in its sole discretion, or shall at the direction of the Majority Lenders, direct the Collateral Agent to exercise any of the remedies specified herein in respect of the Collateral
and the Collateral Agent shall promptly, at the written direction of the Facility Agent or the Majority Lenders, also do one or more of the following (subject to Section 13.9): 

(a) institute proceedings in its own name and on behalf of the Secured Parties as Collateral Agent for the collection of all Obligations,
whether by declaration or otherwise, enforce any judgment obtained, and collect from the Borrower and any other obligor with respect thereto moneys adjudged due, for the specific enforcement of any covenant or agreement in any Transaction Document
or in the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Collateral Agent by Applicable Law or any Transaction Document; 

(b) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the right and remedies
of the Collateral Agent and the Secured Parties which rights and remedies shall be cumulative; and 
 (c) require the Borrower and the
Servicer, at the Servicer’s expense, to (1) assemble all or any part of the Collateral as directed by the Collateral Agent (at the direction of the Facility Agent) and make the same available to the Collateral Agent at a place to be
designated by the Collateral Agent (at the direction of the Facility Agent) that is reasonably convenient to such parties and (2) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at a
public or private sale, at any of the Collateral Agent’s or the Facility Agent’s offices or elsewhere in accordance with Applicable Law. The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten
days’ notice to the Borrower of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral
regardless of notice of sale having been given. The Collateral Agent (at the direction of the Facility Agent) may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without
further notice, be made at the time and place to which it was so adjourned. All cash proceeds received by the Collateral Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Collateral (after payment of
any amounts incurred in connection with such sale) shall be deposited into the Collection Account and to be applied against all or any part of the outstanding Advances pursuant to Section 4.1 or otherwise in such order as
the Collateral Agent shall be directed by the Facility Agent (in its sole discretion). 
 Section 13.4 Collateral Agent May Enforce
Claims Without Possession of Notes. All rights of action and of asserting claims under the Transaction Documents, may be enforced by the Collateral Agent without the possession of the Notes or the production thereof in any trial or other
proceedings relative thereto, and any such action or proceedings instituted by the Collateral Agent shall be brought in its own name as Collateral Agent and any recovery of judgment, 

  
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subject to the payment of the reasonable, out-of-pocket and documented expenses, disbursements and compensation of
the Collateral Agent each predecessor Collateral Agent and their respective agents and attorneys, shall be for the ratable benefit of the holders of the Notes and other Secured Parties. 

Section 13.5 Collective Proceedings. In any proceedings brought by the Collateral Agent to enforce the Liens under the
Transaction Documents (and also any proceedings involving the interpretation of any provision of any Transaction Document), the Collateral Agent shall be held to represent all of the Secured Parties, and it shall not be necessary to make any Secured
Party a party to any such proceedings. 
 Section 13.6 Insolvency Proceedings. In case there shall be pending, relative to
the Borrower or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, proceedings under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or
in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Borrower, its property or such other obligor or Person, or in case of any
other comparable judicial proceedings relative to the Borrower or other obligor upon the Notes, or to the creditors of property of the Borrower or such other obligor, the Collateral Agent irrespective of whether the principal of the Notes shall then
be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Collateral Agent shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered but without any
obligation, subject to Section 13.9(a), by intervention in such proceedings or otherwise: 
 (a) to file and prove
a claim or claims for the whole amount of principal and Yield owing and unpaid in respect of the Notes, all other amounts owing to the Lenders and to file such other papers or documents as may be necessary or advisable in order to have the claims of
the Collateral Agent (including any claim for reimbursement of all expenses (including the fees and expenses of counsel) and liabilities incurred, and all advances, if any, made, by the Collateral Agent and each predecessor Collateral Agent except
as determined to have been caused by its own gross negligence or willful misconduct) and of each of the other Secured Parties allowed in such proceedings; 

(b) unless prohibited by Applicable Law and regulations, to vote (with the consent of the Facility Agent) on behalf of the holders of the
Notes in any election of a trustee, a standby trustee or person performing similar functions in any such proceedings; 
 (c) to collect and
receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Secured Parties on their behalf; and 

(d) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Collateral
Agent or the Secured Parties allowed in any judicial proceedings relative to the Borrower, its creditors and its property; 

  
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 and any trustee, receiver, liquidator, collateral agent or trustee or other similar official
in any such proceeding is hereby authorized by each of such Secured Parties to make payments to the Collateral Agent and, in the event that the Collateral Agent shall consent to the making of payments directly to such Secured Parties, to pay to the
Collateral Agent such amounts as shall be sufficient to cover all reasonable expenses and liabilities incurred, and all advances made, by the Collateral Agent and each predecessor Collateral Agent except as determined to have been caused by its own
negligence or willful misconduct. 
 Section 13.7 Delay or Omission Not Waiver. No delay or omission of the Collateral
Agent or of any other Secured Party to exercise any right or remedy accruing upon any Facility Termination Event shall impair any such right or remedy or constitute a waiver of any such Facility Termination Event or an acquiescence therein. Every
right and remedy given by this Section 13.7 or by law to the Collateral Agent or to the other Secured Parties may be exercised from time to time, and as often as may be deemed expedient, by the Collateral Agent or by the
other Secured Parties, as the case may be. 
 Section 13.8 Waiver of Stay or Extension Laws. The Borrower waives and
covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter
in force (including filing a voluntary petition under Chapter 11 of the Bankruptcy Code and by the voluntary commencement of a proceeding or the filing of a petition seeking winding up, liquidation, reorganization or other relief under any
bankruptcy, insolvency, receivership or similar law now or hereafter in effect), which may affect the covenants, the performance of or any remedies under this Agreement; and the Borrower (to the extent that it may lawfully do so) hereby expressly
waives all benefits or advantages of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Collateral Agent, but will suffer and permit the execution of every such power as though no
such law had been enacted. 
 Section 13.9 Limitation on Duty of Collateral Agent in Respect of Collateral. (a) Beyond the
safekeeping of the Collateral Obligation Files in accordance with Article XVIII, neither the Collateral Agent nor the Collateral Custodian shall have any duty as to any Collateral in its possession or control or in the
possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and neither the Collateral Agent nor the Collateral Custodian shall be responsible for
filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. Neither the
Collateral Agent nor the Collateral Custodian shall be liable or responsible for any misconduct, negligence or loss or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other
agent, attorney or bailee selected by the Collateral Agent or the Collateral Custodian in good faith and with due care hereunder. 
 (b)
Neither the Collateral Agent nor the Collateral Custodian shall be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral,
whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, or for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the
maintenance of the Collateral. 

  
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 (c) Neither the Collateral Agent nor the Collateral Custodian shall have any duty to act
outside of the United States in respect of any Collateral located in any jurisdiction other than the United States. 
 Section 13.10
Power of Attorney. (a) The Borrower hereby irrevocably appoints the Collateral Agent as its true and lawful attorney (with full power of substitution) in its name, place and stead and at its expense, in connection with the enforcement of
the rights and remedies provided for (and subject to the terms and conditions set forth) in this Agreement including without limitation the following powers: (i) to give any necessary receipts or acquittance for amounts collected or received
hereunder, (ii) to make all necessary transfers of the Collateral in connection with any such sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all necessary or appropriate bills of sale, assignments
and other instruments in connection with any such sale or other disposition, the Borrower hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (iv) to sign any
agreements, orders or other documents in connection with or pursuant to any Transaction Document. Nevertheless, if so requested by the Collateral Agent (at the direction of the Facility Agent), the Borrower shall ratify and confirm any such sale or
other disposition by executing and delivering to the Collateral Agent all proper bills of sale, assignments, releases and other instruments as may be designated in any such request. 

(b) No person to whom this power of attorney is presented as authority for the Collateral Agent to take any action or actions contemplated by
clause (a) shall inquire into or seek confirmation from the Borrower as to the authority of the Collateral Agent to take any action described below, or as to the existence of or fulfillment of any condition to the power of attorney described in
clause (a), which is intended to grant to the Collateral Agent unconditionally the authority to take and perform the actions contemplated herein, and the Borrower irrevocably waives any right to commence any suit or action, in law or equity, against
any person or entity that acts in reliance upon or acknowledges the authority granted under this power of attorney. The power of attorney granted in clause (a) is coupled with an interest and may not be revoked or canceled by the Borrower until
all obligations of the Borrower under the Transaction Documents have been paid in full and the Collateral Agent has provided its written consent thereto. 

(c) Notwithstanding anything to the contrary herein, the power of attorney granted pursuant to this Section 13.10
shall only be effective after the occurrence of a Facility Termination Event. 

  
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 ARTICLE XIV 

THE FACILITY AGENT 

Section 14.1 Appointment. Each Lender and each Agent hereby irrevocably designates and appoints DBNY as Facility Agent hereunder
and under the other Transaction Documents, and authorizes the Facility Agent to take such action on its behalf under the provisions of this Agreement and the other Transaction Documents and to exercise such powers and perform such duties as are
expressly delegated to the Facility Agent by the terms of this Agreement and the other Transaction Documents, together with such other powers as are reasonably incidental thereto. Each Lender in each Lender Group hereby irrevocably designates and
appoints the Agent for such Lender Group as the agent of such Lender under this Agreement, and each such Lender irrevocably authorizes such Agent, as the agent for such Lender, to take such action on its behalf under the provisions of this Agreement
and the other Transaction Documents and to exercise such powers and perform such duties thereunder as are expressly delegated to such Agent by the terms of this Agreement and the other Transaction Documents, together with such other powers as are
reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the Facility Agent nor any Agent (the Facility Agent and each Agent being referred to in this Article as a “Note
Agent”) shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be
read into this Agreement or otherwise exist against any Note Agent. 
 Section 14.2 Delegation of Duties. Each Note Agent may
execute any of its duties under this Agreement and the other Transaction Documents by or through its subsidiaries, affiliates, agents or attorneys-in-fact and shall be
entitled to advice of counsel concerning all matters pertaining to such duties. No Note Agent shall be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care. 

Section 14.3 Exculpatory Provisions. No Note Agent (acting in such capacity) nor any of its directors, officers, agents or
employees shall be (a) liable for any action lawfully taken or omitted to be taken by it or them or any Person described in Section 14.2 under or in connection with this Agreement or the other Transaction Documents
(except, solely with respect to liability to the Borrower, for its, their or such Person’s own gross negligence or willful misconduct), or (b) responsible in any manner to any Person for any recitals, statements, representations or
warranties of any Person (other than itself) contained in the Transaction Documents or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, the Transaction Documents or for
the value, validity, effectiveness, genuineness, enforceability or sufficiency of the Transaction Documents or any other document furnished in connection therewith or herewith, or for any failure of any Person (other than itself or its directors,
officers, agents or employees) to perform its obligations under any Transaction Document or for the satisfaction of any condition specified in a Transaction Document. Except as otherwise expressly provided in this Agreement, no Note Agent shall be
under any obligation to any Person to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, the Transaction Documents, or to inspect the properties, books or records of the
Borrower or the Servicer. 
 Section 14.4 Reliance by Note Agents. Each Note Agent shall in all cases be entitled to rely, and
shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to
be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to each of the Lenders), Independent Accountants and other experts selected by such Note
Agent. Each Note Agent shall in all cases be fully justified in 

  
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failing or refusing to take any action under this Agreement, any other Transaction Document or any other document furnished in connection herewith or therewith unless it shall first receive such
advice or concurrence of the Lenders, as it deems appropriate, or it shall first be indemnified to its satisfaction (i) in the case of the Facility Agent, by the Lenders or (ii) in the case of an Agent, by the Lenders in its Lender Group,
against any and all liability, cost and expense which may be incurred by it by reason of taking or continuing to take any such action. The Facility Agent shall in all cases be fully protected in acting, or in refraining from acting, under this
Agreement, the other Transaction Documents or any other document furnished in connection herewith or therewith in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be
binding upon all the Lenders. Each Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement, the other Transaction Documents or any other document furnished in connection herewith or therewith in
accordance with a request of the Lenders in its Lender Group holding greater than 50% of the outstanding Advances held by such Lender Group, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the
Lenders in such Lender Group. 
 Section 14.5 Notices. No Note Agent shall be deemed to have knowledge or notice of the
occurrence of any breach of this Agreement or the occurrence of any Facility Termination Event unless it has received notice from the Servicer, the Borrower or any Lender, referring to this Agreement and describing such event. In the event that any
Agent receives such a notice, it shall promptly give notice thereof to the Lenders in its Lender Group. The Facility Agent shall take such action with respect to such event as shall be reasonably directed in writing by the Required Lenders, and each
Agent shall take such action with respect to such event as shall be reasonably directed by Lenders in its Lender Group holding greater than 50% of the outstanding Advances held by such Lender Group; provided, that unless and until such Note
Agent shall have received such directions, such Note Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such event as it shall deem advisable in the best interests of the Lenders or of the
Lenders in its Lender Group, as applicable. 
 Section 14.6 Non-Reliance on Note
Agents. The Lenders expressly acknowledge that no Note Agent, nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any
representations or warranties to it and that no act by any Note Agent hereafter taken, including any review of the affairs of the Borrower or the Servicer, shall be deemed to constitute any representation or warranty by such Note Agent to any
Lender. Each Lender represents to each Note Agent that it has, independently and without reliance upon any Note Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower, the Servicer, and the Collateral Obligations and made its own decision to purchase its interest in the Notes hereunder and
enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Note Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make
its own analysis, appraisals and decisions in taking or not taking action under any of the Transaction Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other
condition and creditworthiness of the Borrower, the Servicer, and the Collateral Obligations. Except as expressly provided herein, no Note Agent shall have any 

  
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duty or responsibility to provide any Lender with any credit or other information concerning the Collateral or the business, operations, property, prospects, financial and other condition or
creditworthiness of the Borrower, the Servicer or the Lenders which may come into the possession of such Note Agent or any of its officers, directors, employees, agents,
attorneys-in-fact or affiliates. 
 In no event shall any
Note Agent be liable for any indirect, special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if such Note Agent has been advised of the likelihood of such loss or damage and
regardless of the form of action. In no event shall such Note Agent be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood,
war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services contemplated by
this Agreement. 
 Section 14.7 Indemnification. The Lenders agree to indemnify the Facility Agent and its officers, directors,
employees, representatives and agents (to the extent not reimbursed by the Borrower or the Servicer under the Transaction Documents, and without limiting the obligation of such Persons to do so in accordance with the terms of the Transaction
Documents), ratably according to the outstanding amounts of their Advances from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever (including the reasonable fees and disbursements of counsel for the Facility Agent or the affected Person in connection with any investigative, or judicial proceeding commenced or threatened, whether or not the Facility Agent or such
affected Person shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted against the Facility Agent or such affected Person as a result of, or arising out of, or in any way related to or by reason of, any of
the transactions contemplated hereunder or under the Transaction Documents or any other document furnished in connection herewith or therewith. 

Section 14.8 Successor Note Agent. If the Facility Agent shall resign as Facility Agent under this Agreement, then the Majority
Lenders shall appoint a successor agent, whereupon such successor agent shall succeed to the rights, powers and duties of the Facility Agent, and the term “Facility Agent” shall mean such successor agent, effective upon its acceptance of
such appointment, and the former Facility Agent’s rights, powers and duties as Facility Agent shall be terminated, without any other or further act or deed on the part of such former Facility Agent or any of the parties to this Agreement. In
addition, prior to any assignment or participation by DBNY of any interest in its Commitment which, in either case, after giving effect to such assignment or participation would result in DBNY holding (unparticipated) less than 25% of the Facility
Amount, the Required Lenders shall be permitted to appoint a new Facility Agent with the consent of the Servicer (such consent not to be unreasonably withheld, delayed or conditioned). Any Agent may resign as Agent upon ten days’ notice to the
Lenders in its Lender Group and the Facility Agent (with a copy to the Borrower) with such resignation becoming effective upon a successor agent succeeding to the rights, powers and duties of the Agent pursuant to this
Section 14.8. If an Agent shall resign as Agent under this Agreement, then Lenders in its Lender Group holding greater than 50% of the outstanding Advances held by such 

  
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Lender Group shall appoint a successor agent for such Lender Group. After any Note Agent’s resignation hereunder, the provisions of this Article XIV shall inure to
its benefit as to any actions taken or omitted to be taken by it while it was a Note Agent under this Agreement. No resignation of any Note Agent shall become effective until a successor Note Agent shall have assumed the responsibilities and
obligations of such Note Agent hereunder; provided, that in the event a successor Note Agent is not appointed within 60 days after such notice of its resignation is given as permitted by this Section 14.8, the
applicable Note Agent may petition a court for its removal. 
 Section 14.9 Note Agents in their Individual Capacity. Each Note
Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower or the Servicer as though such Note Agent were not an agent hereunder. Any Person which is a Note Agent may act as a Note
Agent without regard to and without additional duties or liabilities arising from its role as such administrator or agent or arising from its acting in any such other capacity. 

Section 14.10 Borrower Procedural Review. The Facility Agent shall, at the Borrower’s expense, retain Protiviti, Inc.
(or another nationally recognized audit firm acceptable to the Facility Agent in its sole discretion) to conduct and complete a procedural review of the Collateral Obligations in compliance with the standards set forth on Exhibit B hereto (as
such Exhibit B may be updated from time to time with the consent of the Facility Agent and the Servicer, each in their reasonable discretion), (i) within 120 days after the Effective Date and (ii) annually at the request of the Facility
Agent thereafter. The Facility Agent shall promptly forward the results of such audit to the Servicer. 
 ARTICLE XV 

ASSIGNMENTS 
 Section 15.1
Restrictions on Assignments. Except as specifically provided herein, the Borrower may not assign any of its rights or obligations hereunder or any interest herein without the prior written consent of the Facility Agent and the Majority
Lenders in their respective sole discretion and any attempted assignment in violation of this Section 15.1 shall be null and void. 

Section 15.2 Documentation. In connection with any permitted assignment, each Lender shall deliver to each assignee an assignment,
in such form as such Lender and the related assignee may agree, duly executed by such Lender assigning any such rights, obligations, Advance or Note to the assignee; and such Lender shall promptly execute and deliver all further instruments and
documents, and take all further action, that the assignee may reasonably request, in order to perfect, protect or more fully evidence the assignee’s right, title and interest in and to the items assigned, and to enable the assignee to exercise
or enforce any rights hereunder or under the Notes evidencing such Advance. 
 Section 15.3 Rights of Assignee. Upon the
foreclosure of any assignment of any Advances made for security purposes, or upon any other assignment of any Advance from any Lender pursuant to this Article XV, the respective assignee receiving such assignment shall have
all of the rights of such Lender hereunder with respect to such Advances and all references to the Lender or Lenders in Sections 4.3 or 5.1 shall be deemed to apply to such assignee. 

  
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 Section 15.4 Assignment by Lenders. So long as no Facility Termination Event or
Servicer Event of Default has occurred and is continuing, no Lender may make any assignment, and no such assignment shall be permitted, other than any proposed assignment (i) to an Affiliate of such Lender, (ii) to another Lender hereunder
or (iii) if (x) such Lender makes a reasonable determination that its ownership of any of its rights or obligations hereunder (and under other similar facilities (if any) held by such Lender) is prohibited by the Volcker Rule and (y) to
the extent such Lender is permitted by the applicable documentation, such Lender is making commercially reasonable efforts to assign its interest in other similar facilities in a manner similar to such proposed assignment, to any Person other than a
Competitor, without the prior written consent of the Borrower (which consent, if such assignment is to a Person other than a Competitor, shall not to be unreasonably withheld, delayed or conditioned). Each Lender shall endorse the Notes to reflect
any assignments made pursuant to this Article XV or otherwise. 
 Section 15.5 Registration; Registration
of Transfer and Exchange. (a) The Facility Agent, acting solely for this purpose agent for the Borrower (and, in such capacity, the “Note Registrar”), shall maintain a register for the recordation of the name and address of
each Lender (including any assignees), and the principal amounts (and stated interest) owing to such Lender pursuant to the terms hereof from time to time (the “Note Register”). The entries in the Note Register shall be
conclusive absent manifest error, and the Borrower, the Collateral Agent, the Facility Agent, each Agent and each Lender shall treat each Person whose name is recorded in the Note Register pursuant to the terms hereof as a Lender hereunder. The
Note Register shall be available for inspection by the Borrower, the Collateral Agent or any Lender at any reasonable time and from time to time upon reasonable prior notice. 

(b) Each Person who has or who acquired an interest in a Note shall be deemed by such acquisition to have agreed to be bound by the provisions
of this Section 15.5. A Note may be exchanged (in accordance with Section 15.5(c)) and transferred to the holders (or their agents or nominees) of the Advances and to any assignee (in accordance
with Section 15.1) (or its agent or nominee) of all or a portion of the Advances. The Note Registrar shall not register (or cause to be registered) the transfer of such Note, unless the proposed transferee shall have
delivered to the Note Registrar either (i) an Opinion of Counsel that the transfer of such Note is exempt from registration or qualification under the Securities Act of 1933, as amended, and all applicable state securities laws and that the
transfer does not constitute a non-exempt “prohibited transaction” under ERISA or (ii) an express agreement by the proposed transferee to be bound by and to abide by the provisions of this
Section 15.5 and the restrictions noted on the face of such Note. 
 (c) At the option of the holder thereof, a
Note may be exchanged for one or more new Notes of any authorized denominations and of a like class and aggregate principal amount at an office or agency of the Borrower. Whenever any Note is so surrendered for exchange, the Borrower shall execute
and deliver (through the Note Registrar) the new Note which the holder making the exchange is entitled to receive at the Note Registrar’s office, located at DB Services Americas Inc., 5022 Gate Parkway, Suite 200, Jacksonville, Florida, 32256,
Attention: Transfer Unit. 

  
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 (d) Upon surrender for registration of transfer of any Note at an office or agency of the
Borrower, the Borrower shall execute and deliver (through the Note Registrar), in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like class and aggregate principal amount. 

(e) All Notes issued upon any registration of transfer or exchange of any Note in accordance with the provisions of this Agreement shall be
the valid obligations of the Borrower, evidencing the same debt, and entitled to the same benefits under this Agreement, as the Note(s) surrendered upon such registration of transfer or exchange. 

(f) Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Borrower or the Note
Registrar) be fully endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Note Registrar, duly executed by the holder thereof or his attorney duly authorized in writing. 

(g) No service charge shall be made for any registration of transfer or exchange of a Note, but the Borrower may require payment from the
transferee holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer of exchange of a Note. 

(h) The holders of the Notes shall be bound by the terms and conditions of this Agreement. 

Section 15.6 Mutilated, Destroyed, Lost and Stolen Notes. (a) If any mutilated Note is surrendered to the Note Registrar, the
Borrower shall execute and deliver (through the Note Registrar) in exchange therefor a new Note of like class and tenor and principal amount and bearing a number not contemporaneously outstanding. 

(b) If there shall be delivered to the Borrower and the Note Registrar prior to the payment of the Notes (i) evidence to their
satisfaction of the destruction, loss or theft of any Note and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Borrower or the Note
Registrar that such Note has been acquired by a bona fide Lender, the Borrower shall execute and deliver (through the Note Registrar), in lieu of any such destroyed, lost or stolen Note, a new Note of like class, tenor and principal amount
and bearing a number not contemporaneously outstanding. 
 (c) Upon the issuance of any new Note under this
Section 15.6, the Borrower may require the payment from the transferor holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses connected
therewith. 
 (d) Every new Note issued pursuant to this Section 15.6 and in accordance with the provisions of
this Agreement, in lieu of any destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Borrower, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Agreement equally and proportionately with any and all other Notes duly issued hereunder. 

  
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 (e) The provisions of this Section 15.6 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of a mutilated, destroyed, lost or stolen Note. 

Section 15.7 Persons Deemed Owners. The Borrower, the Servicer, the Facility Agent, the Collateral Agent and any agent for any of
the foregoing may treat the holder of any Note as the owner of such Note for all purposes whatsoever, whether or not such Note may be overdue, and none of Borrower, the Servicer, the Facility Agent, the Collateral Agent and any such agent shall be
affected by notice to the contrary. 
 Section 15.8 Cancellation. All Notes surrendered for payment or registration of transfer
or exchange shall be promptly canceled. The Borrower shall promptly cancel and deliver to the Note Registrar any Notes previously authenticated and delivered hereunder which the Borrower may have acquired in any manner whatsoever, and all Notes so
delivered shall be promptly canceled by the Borrower. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 15.8, except as expressly permitted by this Agreement. 

Section 15.9 Participations; Pledge. (a) At any time and from time to time, each Lender may, in accordance with Applicable
Law, at any time grant participations in all or a portion of its Note and/or its interest in the Advances and other payments due to it under this Agreement to any Person other than a Competitor (each, a “Participant”). Each Lender
hereby acknowledges and agrees that (A) any such participation will not alter or affect such Lender’s direct obligations hereunder, and (B) none of the Borrower, the Servicer, the Facility Agent, any Agent, any Lender, the Collateral
Agent nor the Servicer shall have any obligation to have any communication or relationship with any Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Section 4.3 and
Section 5.1 (subject to the requirements and limitations therein, including the requirements under Section 4.3(f) (it being understood that the documentation required under
Section 4.3(f) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to this Article XV; provided
that such Participant (A) agrees to be subject to the provisions of Section 17.16 as if it were an assignee under this Article XV; and (B) shall not be entitled to receive any greater
payment under Section 4.3 or Section 5.1, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent that such entitlement to receive
a greater payment results from a change in any Applicable Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable
efforts to cooperate with the Borrower to effectuate the provisions of Section 17.16(b) with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 17.1 as though it were a Lender. 
 (b) Notwithstanding anything in
Section 15.9(a) to the contrary, each Lender may pledge its interest in the Advances and the Notes to any Federal Reserve Bank as collateral in accordance with Applicable Law without the prior written consent of any Person.

  
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 (c) Each Lender that sells a participation shall, acting solely for this purpose as an agent
of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the obligations under the Transaction Documents (the
“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a
Participant’s interest in any obligations under any Transaction Document) except to the extent that such disclosure is necessary to establish that such obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is
recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Facility Agent (in its capacity as Facility Agent) shall have no
responsibility for maintaining a Participant Register. 
 Section 15.10 Reallocation of Advances. Any reallocation of Advances
among Committed Lenders pursuant to an assignment executed by such Committed Lender and its assignee(s) and delivered pursuant to Article XV executed and delivered pursuant to Article XV in each
case shall be wired by the applicable purchasing Lender(s) to the Collateral Custodian pursuant to the wiring instructions provided by the Collateral Custodian; provided that the Custodian shall not fund such wire until it has received an
executed assignment. 
 ARTICLE XVI 

INDEMNIFICATION 

Section 16.1 Borrower Indemnity. Without limiting any other rights which any such Person may have hereunder or under Applicable
Law, the Borrower agrees to indemnify the Facility Agent, the Agents, the Lenders, the Note Registrar, the Collateral Custodian, the Securities Intermediary and the Collateral Agent and each of their Affiliates, and each of their respective
successors, transferees, participants and assigns and all officers, directors, shareholders, controlling persons, employees and agents of any of the foregoing (each of the foregoing Persons being individually called an “Indemnified
Party”), forthwith on demand, from and against any and all damages (including punitive damages), losses, claims, liabilities and related costs and expenses, including reasonable and documented attorneys’ and accountants’ fees and
disbursements (all of the foregoing being collectively called “Indemnified Amounts”) awarded against or incurred by any of them arising out of or relating to any Transaction Document or the transactions contemplated hereby or
thereby or the use of proceeds therefrom by the Borrower, including in respect of the funding of any Advance or any breach of any representation, warranty or covenant of the Borrower or the Servicer in any Transaction Document or in any certificate
or other written material delivered by any of them pursuant to any Transaction Document, excluding, however, Indemnified Amounts payable to an Indemnified Party (a) to the extent determined by a court of competent jurisdiction to
have resulted from gross negligence, bad faith or willful misconduct on the part of any Indemnified Party and (b) resulting from the performance of the Collateral Obligations. This Section 16.1 shall not apply to Taxes
(other than Taxes that are damages, losses, claims and liabilities arising in connection with a non-Tax claim). 

  
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 Indemnification under this Section 16.1 shall survive the termination of this
Agreement and the resignation or removal of any Indemnified Party and shall include reasonable fees and expenses of counsel and expenses of litigation. 

Section 16.2 Reserved. 

Section 16.3 Contribution. If for any reason (other than the exclusions set forth in the first paragraph of
Section 16.1) the indemnification provided above in Section 16.1 is unavailable to an Indemnified Party or is insufficient to hold an Indemnified Party harmless, then the Borrower agrees to
contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party, on the one
hand, and the Borrower and its Affiliates, on the other hand, but also the relative fault of such Indemnified Party, on the one hand, and the Borrower and its Affiliates, on the other hand, as well as any other relevant equitable considerations.

 Section 16.4 Net After-Tax Basis. Indemnification under
Section 16.1 and Section 16.2 shall be in an amount necessary to make the Indemnified Party whole after taking into account any Tax consequences, on a net
after-Tax basis (including, for example, taking into account the deductibility of an applicable underlying damage, cost or expense) to the Indemnified Party of the receipt of the indemnity provided hereunder
(or of the incurrence of such applicable underlying damage, cost or expense), including the effect of such Tax or refund on the amount of Tax measured by net income or profits that is or was payable by the Indemnified Party. 

ARTICLE XVII 
 MISCELLANEOUS 

Section 17.1 No Waiver; Remedies. No failure on the part of any Lender, the Facility Agent, the Collateral Agent, any Agent, any
Indemnified Party or any Affected Person to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any of them of any right, power or remedy hereunder
preclude any other or further exercise thereof, or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. Without limiting the foregoing, each Lender is hereby
authorized by the Borrower during the existence of a Facility Termination Event, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other
indebtedness at any time owing by it to or for the credit or the account of the Borrower to the amounts owed by the Borrower under this Agreement, to the Facility Agent, the Collateral Agent, the Collateral Custodian, the Securities Intermediary,
any Agent, any Affected Person, any Indemnified Party or any Lender or their respective successors and assigns. 
 Section 17.2
Amendments, Waivers. This Agreement may not be amended, supplemented or modified nor may any provision hereof be waived except in accordance with the provisions of this Section 17.2. The Borrower and the Facility
Agent may, upon written notice to the Servicer and each Agent, from time to time enter into written amendments, 

  
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supplements, waivers or modifications hereto for the purpose of adding any provisions to this Agreement or changing in any manner the rights of any party hereto or waiving, on such terms and
conditions as may be specified in such instrument, any of the requirements of this Agreement; provided, that no such amendment, supplement, waiver or modification shall (i) reduce the amount of or extend the maturity of any payment with respect
to an Advance or reduce the rate or extend the time of payment of Yield thereon, or reduce or alter the timing of any other amount payable to any Lender hereunder, in each case without the consent of each Lender affected thereby, (ii) amend,
modify or waive any provision of this Section 17.2 or Section 17.11, or reduce the percentage specified in the definition of Required Lenders, in each case without the written consent of all
Lenders, (iii) amend, modify or waive any provision adversely affecting the obligations or duties of the Collateral Agent, in each case without the prior written consent of the Collateral Agent, (iv) amend, modify or waive any provision
adversely affecting the obligations or duties of the Facility Agent, in each case without the prior written consent of the Facility Agent, (v) amend, modify or waive any provision adversely affecting the obligations or duties of the Collateral
Custodian, in each case without the prior written consent of the Collateral Custodian, (vi) constitute a Fundamental Amendment without the prior written consent of each Lender, (vii) waive any Facility Termination Event or Servicer Event
of Default without the prior written consent of the Majority Lenders or (viii) materially affect the rights or duties of the Servicer unless the Servicer has consented thereto. Notwithstanding the foregoing, if the LIBOR Rate ceases to exist or
is reasonably expected to cease to exist within the succeeding three (3) months, the Borrower, the Servicer and the Facility Agent may (and such parties will reasonably cooperate with each other in good faith in order to) amend this Agreement
to replace references herein to the LIBOR Rate (and any associated terms and provisions) with any alternative floating reference rate (and any associated terms and provisions) that is then being generally used in U.S. credit markets for similar
types of facilities. Upon execution of any amendments by the Borrower, the Servicer and the Facility Agent as provided herein, the Servicer shall deliver a copy of such amendment to the Collateral Agent. Any waiver of any provision of this Agreement
shall be limited to the provisions specifically set forth therein for the period of time set forth therein and shall not be construed to be a waiver of any other provision of this Agreement. 

Section 17.3 Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be
in writing (including facsimile communication) and shall be personally delivered or sent by certified mail, electronic mail, postage prepaid, or by facsimile, to the intended party at the address or facsimile number of such party set forth under its
name on Annex A or at such other address or facsimile number as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, (a) if personally delivered, when
received, (b) if sent by certified mail, three Business Days after having been deposited in the mail, postage prepaid, (c) if sent by overnight courier, one Business Day after having been given to such courier, and (d) if transmitted
by facsimile, when sent, receipt confirmed by telephone or electronic means, except that notices and communications pursuant to Section 2.2, shall not be effective until received. In connection with any instructions,
requests or directions sent pursuant to this Agreement or any other Transaction Document, the Collateral Agent, Securities Intermediary and the Collateral Custodian shall be entitled to request from such Person a list of authorized signers and any
evidence of such related signatures (as may be amended from time to time). 

  
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 Section 17.4 Costs and Expenses. In addition to the rights of indemnification
granted under Section 16.1, the Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Facility
Agent, the Collateral Agent, the Collateral Custodian, the Securities Intermediary, the Agents and the Lenders in connection with the preparation, execution, delivery, syndication and administration of this Agreement, any liquidity support facility
and the other documents and agreements to be delivered hereunder or with respect hereto, in each case, subject to any cap on such costs and expenses agreed upon in a separate letter agreement among the Borrower, the Servicer and the Facility Agent
or the Collateral Agent and Collateral Custodian Fee Letter, as applicable, and the Borrower further agrees to pay all reasonable and documented out-of-pocket costs and
expenses of the Facility Agent in connection with any amendments, waivers or consents executed in connection with this Agreement, including the reasonable fees and
out-of-pocket, documented expenses of counsel for the Facility Agent, the Collateral Agent, the Securities intermediary, the Collateral Custodian, the Agents and the
Lenders with respect thereto and with respect to advising the Facility Agent and the Lenders as to its rights and remedies under this Agreement, and to pay all reasonable, documented and out-of-pocket costs and expenses, if any (including reasonable counsel fees and expenses), of the Facility Agent, the Collateral Agent, the Collateral Custodian, the Agents and the Lenders, in connection with
the enforcement against the Servicer or the Borrower of this Agreement or any of the other Transaction Documents and the other documents and agreements to be delivered hereunder or with respect hereto; provided, that in the case of
reimbursement of (A) counsel for the Lenders other than the Facility Agent, such reimbursement shall be limited to one counsel for all the Facility Agent, the Agents and Lenders and (B) counsel for the Collateral Agent and Collateral
Custodian shall be limited to one counsel for such Persons. For the avoidance of doubt, the costs and expenses described in this Section 17.4 shall not include Taxes. 

Section 17.5 Binding Effect; Survival. This Agreement shall be binding upon and inure to the benefit of Borrower, the Lenders, the
Facility Agent, the Agents, the Collateral Agent, the Collateral Custodian and their respective successors and assigns, and the provisions of Section 4.3, Article V, and Article XVI shall inure to the benefit
of the Affected Persons and the Indemnified Parties, respectively, and their respective successors and assigns; provided, nothing in the foregoing shall be deemed to authorize any assignment not permitted by
Article XV. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until (subject to the immediately following
sentence) such time when all Obligations have been finally and fully paid in cash and performed. The rights and remedies with respect to any breach of any representation and warranty made by the Borrower pursuant to
Article IX and the indemnification and payment provisions of Article V. Article XVI and the provisions of Section 17.10, Section 17.11 and
Section 17.12 shall be continuing and shall survive any termination of this Agreement and any termination of the Servicer. 

Section 17.6 Captions and Cross References. The various captions (including the table of contents) in this Agreement are provided
solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. Unless otherwise indicated, references in this Agreement to any Section, Schedule or Exhibit are to such Section of or
Schedule or Exhibit to this Agreement, as the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause are to such subsection, clause or subclause of such Section, subsection or clause. 

  
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 Section 17.7 Severability. Any provision of this Agreement which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of
such provision in any other jurisdiction. 
 Section 17.8 GOVERNING LAW. THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 
 Section 17.9 Counterparts. This Agreement may
be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original but all of which shall constitute together but one and the same agreement. 

Section 17.10 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR
WRITTEN) OR ACTIONS OF THE BORROWER, THE SERVICER, THE FACILITY AGENT, THE AGENTS, THE INVESTORS OR ANY OTHER AFFECTED PERSON. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND
EACH OTHER PROVISION OF EACH OTHER TRANSACTION DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ITS ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER TRANSACTION DOCUMENT. 

Section 17.11 No Proceedings. 

(a) Notwithstanding any other provision of this Agreement, each of the Collateral Agent, the Collateral Custodian, each Agent, each Lender and
the Facility Agent hereby agrees that it will not institute against the Borrower, or join any other Person in instituting against the Borrower, any insolvency proceeding (namely, any proceeding of the type referred to in the definition of Insolvency
Event) so long as any Advances or other amounts due from the Borrower hereunder shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Advances or other amounts shall be outstanding. The
foregoing shall not limit such Person’s right to file any claim in or otherwise take any action with respect to any insolvency proceeding that was instituted by any Person other than such Person. 

(b) Each of the parties hereto hereby agrees that it will not institute against, or join any other Person in instituting against any Conduit
Lender, any insolvency proceeding (namely, any proceeding of the type referred to in the definition of Insolvency Event) so long as any commercial paper note issued by such applicable Conduit Lender shall be outstanding or there shall not have
elapsed one year plus one day since the last day on which any such commercial paper notes shall be outstanding. 

  
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 (c) The provisions of this Section 17.11 are a material inducement
for the Secured Parties to enter into this Agreement and the transactions contemplated hereby and are an essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this
Section 17.11 and the Facility Agent may seek and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up,
insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under United States federal or state bankruptcy laws or any similar laws. The provisions of this paragraph shall survive the termination of this Agreement. 

Section 17.12 Limited Recourse. No recourse under any obligation, covenant or agreement of a Lender contained in this Agreement
shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of any Lender or any of their respective Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or
equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is solely a corporate obligation of each Lender, and that no personal liability whatever shall attach to or be incurred by any
incorporator, stockholder, officer, director, member, manager, employee or agent of any Lender or any of their respective Affiliates (solely by virtue of such capacity) or any of them under or by reason of any of the obligations, covenants or
agreements of a Lender contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by a Lender of any of such obligations, covenants or agreements, either at common law or at equity, or by statute, rule or
regulation, of every such incorporator, stockholder, officer, director, member, manager, employee or agent is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. 

Notwithstanding anything to the contrary in this Agreement or in any of the Transaction Documents, the parties hereto acknowledge that the
obligations of any Conduit Lender arising hereunder are limited recourse obligations payable solely from the unsecured assets of such Conduit Lender (the “Available Funds”) and, following the application of such Available Funds or
the proceeds thereof, any claims of the parties hereto (and the obligations of such Conduit Lender) shall be extinguished. No recourse shall be had for the payment of any amount owing under this Agreement against any officer, member, director,
employee, security holder or incorporator of any Conduit Lender or its successors or assigns, and no action may be brought against any officer, member, director, employee, security holder or incorporator of any Conduit Lender personally;
provided that the foregoing shall not relieve any such Persons from any liability they might otherwise have as a result of fraudulent actions taken or omissions made by them. The parties hereto agree that they will not petition a court, or
take any action or commence any proceedings, for the liquidation or the winding-up of, or the appointment of an examiner to, any Conduit Lender or any other bankruptcy or insolvency proceedings with respect to
such Conduit Lender; provided that nothing in this sentence shall limit the right of any party hereto to file any claim or otherwise take any action with respect to any proceeding of the type described in this sentence that was instituted
against any Conduit Lender by any Person other than such party. The provisions of this paragraph shall survive the termination of this Agreement. 

  
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 Each Conduit Lender shall only be required to pay (a) any fees or liabilities that it
may incur under this Agreement only to the extent such Conduit Lender has Excess Funds on the date of such determination and (b) any expenses, indemnities or other liabilities that it may incur under this Agreement or any fees, expenses,
indemnities or other liabilities under any other Transaction Agreement only to the extent such Conduit Lender receives funds designated for such purposes or to the extent it has Excess Funds not required, after giving effect to all amounts on
deposit in its commercial paper account, to pay or provide for the payment of all of its outstanding commercial paper notes as of the date of such determination. In addition, no amount owing by any Conduit Lender hereunder in excess of the
liabilities that such Conduit Lender is required to pay in accordance with the preceding sentence shall constitute a “claim” (as defined in Section 101(5) of the Bankruptcy Code) against such Conduit Lender. 

Section 17.13 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS EXECUTED AND DELIVERED HEREWITH REPRESENT THE
FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

Section 17.14 Confidentiality. (a) The Borrower, the Servicer, the Collateral Custodian and the Collateral Agent shall hold
in confidence, and not disclose to any Person, the identity of any Lender or the terms of any fees payable in connection with this Agreement except they may disclose such information (i) to their officers, directors, employees, agents, counsel,
accountants, auditors, advisors, prospective lenders, equity investors or representatives, (ii) with the consent of such Lender, (iii) to the extent such information has become available to the public other than as a result of a disclosure
by or through such Person, or (iv) to the extent the Borrower, the Servicer, the Collateral Custodian or the Collateral Agent or any Affiliate of any of them should be required by any law or regulation applicable to it (including securities
laws) or requested by any Official Body to disclose such information. 
 (b) The Facility Agent, the Collateral Agent, the Collateral
Custodian, each Agent and each Lender, severally and with respect to itself only, covenants and agrees that any information about the Borrower or its Affiliates or the Obligors, the Collateral Obligations, the Related Security or otherwise obtained
by the Facility Agent, the Collateral Agent, such Agent or such Lender pursuant to this Agreement shall be held in confidence (it being understood that documents provided to the Facility Agent hereunder may in all cases be distributed by the
Facility Agent to the Lenders and Agents) except that the Facility Agent, the Collateral Agent, the Collateral Custodian, such Agent or such Lender may disclose such information (i) to its affiliates, officers, directors, employees, agents,
counsel, accountants, auditors, advisors or representatives, (ii) to the extent such information has become available to the public other than as a result of a disclosure by or through the Facility Agent, the Collateral Agent, the Collateral
Custodian, such Agent or such Lender, (iii) to the extent such information was available to the Facility Agent, such Agent or such Lender on a non-confidential basis prior to its disclosure to the
Facility Agent, such Agent or such Lender hereunder, (iv) with the consent of the Servicer, (v) to the extent permitted by Article XV, or (vi) to the extent the Facility Agent, such Agent or such Lender
should be (A) required in connection with any legal or regulatory proceeding or (B) requested by any Official Body to disclose such information; provided, that in the case of clause (vi) above,
the Facility Agent, such Agent or such Lender, as applicable, will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by law) notify the Servicer of its intention to make any such disclosure prior to making any
such disclosure. 

  
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 Section 17.15 Non-Confidentiality of Tax
Treatment. All parties hereto agree that each of them and each of their employees, representatives, and other agents may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transaction and
all materials of any kind (including, without limitation, opinions or other tax analyses) that are provided to any of them relating to such tax treatment and tax structure. “Tax treatment” and “tax structure” shall have the same
meaning as such terms have for purposes of Treasury Regulation Section 1.6011-4; provided that with respect to any document or similar item that in either case contains information concerning the
tax treatment or tax structure of the transaction as well as other information, the provisions of this Section 17.15 shall only apply to such portions of the document or similar item that relate to the tax treatment or tax
structure of the transactions contemplated hereby. 
 Section 17.16 Replacement of Lenders. 

(a) If any Lender requests compensation under Section 5.1, or requires the Borrower to pay any Indemnified Taxes or
additional amounts to any Lender or Official Body for the account of any Lender pursuant to Section 4.3, then such Lender shall (at the request of the Borrower) use reasonable efforts to designate a different lending office
for funding or booking the Obligations or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 4.3 or Section 5.1, as the case may be, in the future, and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise
be materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) At any time there is more than one Lender, the Borrower shall be permitted, at its sole expense and effort, to replace any Lender, except
(i) the Facility Agent or (ii) any Lender which is administered by the Facility Agent or an Affiliate of the Facility Agent, that (a) requests reimbursement, payment or compensation for any amounts owing pursuant to
Section 4.3 or Section 5.1 or (b) has received a written notice from the Borrower of an impending change in law that would entitle such Lender to payment of additional amounts pursuant to
Section 4.3 or Section 5.1, unless such Lender designates a different lending office before such change in law becomes effective pursuant to Section 17.16(a) and such
alternate lending office obviates the need for the Borrower to make payments of additional amounts pursuant to Section 4.3 or Section 5.1 or (c) has not consented to any proposed amendment,
supplement, modification, consent or waiver, each pursuant to Section 17.2 or (d) defaults in its obligation to make Advances hereunder; provided, that (i) nothing herein shall relieve a Lender from any
liability it might have to the Borrower or to the other Lenders for its failure to make any Advance, (ii) the replacement financial institution shall purchase, at par, all Advances and other amounts owing to such replaced Lender on or prior to
the date of replacement, (iii) during the Revolving Period, the replacement financial institution, if not already a Lender, shall be reasonably satisfactory to the Facility Agent, (iv) the replaced Lender shall be obligated to make

  
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such replacement in accordance with the provisions of Section 15.5, (v) until such time as such replacement shall be consummated, the Borrower shall pay all
additional amounts (if any) for Increased Costs or Indemnified Taxes, as the case may be, (vi) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Facility Agent or any other Lender shall have against
the replaced Lender, and (vii) if such replacement is being effected as a result of a Lender requesting compensation pursuant to Section 4.3 or Section 5.1, such replacement, if effected, will
result in a reduction in such compensation or payment thereafter. Notwithstanding anything to the contrary contained herein or in the Fee Letter, in the event that the Facility Agent or an Affiliate of the Facility Agent takes any action described
in the foregoing clauses (a), (b) or (d), the Borrower may elect to prepay all outstanding Advances and terminate the remaining Commitments hereunder. Notwithstanding anything contained to the contrary in this Agreement, no Lender removed or
replaced under the provisions hereof shall have any right to receive any amounts set forth in Section 2.5(b) in connection with such removal or replacement. A Lender shall not be required to make any such assignment or
delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

Section 17.17 Consent to Jurisdiction. Each party hereto hereby irrevocably submits to the
non-exclusive jurisdiction of any New York State or Federal court sitting in New York City in any action or proceeding arising out of or relating to the Transaction Documents, and each party hereto hereby
irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the
fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 Section 17.18 Acknowledgement and Consent
to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Transaction Document or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any EEA Financial Institution arising under any Transaction Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA
Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-In Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

  
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 (ii) a conversion of all, or a portion of, such liability into shares or
other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in
lieu of any rights with respect to any such liability under this Agreement or any other Transaction Document; or 
 (iii) the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 

Section 17.19 Lender Representation. Each Lender hereby individually represents and warrants, as to itself, that (i) it is a
“qualified purchaser” as defined in Section 2(a)(51) of the 1940 Act, and (ii) it is making Advances and acquiring its Note, as applicable, for investment for its own account and not with a view to any distribution of such
Advances or Note (but without prejudice to its right at all times to assign its interest in its Advances and/or its Note in accordance herewith). 

ARTICLE XVIII 
 COLLATERAL
CUSTODIAN 
 Section 18.1 Designation of Collateral Custodian. The role of Collateral Custodian with respect to the Collateral
Obligation Files shall be conducted by the Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 18.1. U.S. Bank National Association is hereby appointed as, and hereby
accepts such appointment and agrees to perform the duties and obligations of, Collateral Custodian pursuant to the terms hereof. 

Section 18.2 Duties of the Collateral Custodian. 

(a) Duties. The Collateral Custodian shall perform, on behalf of the Secured Parties, the following duties and obligations: 

(i) The Collateral Custodian, as the duly appointed agent of the Secured Parties, for these purposes, acknowledges that the
Borrower shall cause the Servicer to deliver, on or prior to the applicable Funding Date (but no more than five (5) Business Days after such Funding Date, except as set forth in Section 10.21), the Collateral
Obligation Files delivered to it for each Collateral Obligation listed on the Schedule of Collateral Obligations attached to the related Asset Approval Request. The Collateral Custodian acknowledges that in connection with any Asset Approval
Request, additional Collateral Obligation Files (specified on an accompanying Schedule of Collateral Obligations supplement) may be delivered to the Collateral Custodian from time to time, and that the Collateral Agent will credit each Collateral
Obligation File to the Collection Account in accordance with the terms hereof. Promptly upon the receipt of any such delivery of Collateral Obligation Files and without any review, the Collateral Custodian shall send notice of such receipt to the
Servicer, the Facility Agent and each Agent. 

  
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 (ii) With respect to each Collateral Obligation File which has been or will
be delivered to the Collateral Custodian, the Collateral Custodian is acting exclusively as the custodian of the Secured Parties, and has no instructions to hold any Collateral Obligation File for the benefit of any Person other than the Secured
Parties and undertakes to perform such duties and only such duties as are specifically set forth in this Agreement. In so taking and retaining custody of the Collateral Obligation Files, the Collateral Custodian shall be deemed to be acting for the
purpose of perfecting the Collateral Agent’s security interest therein under the UCC. Except upon compliance with the provisions of Section 18.5, no Collateral Obligation File or other document constituting a part of a
Collateral Obligation File shall be released from the possession of the Collateral Custodian. 
 (iii) The Collateral
Custodian shall maintain continuous custody of all items in its possession in secure facilities in accordance with customary standards for such custody and shall reflect in its records the interest of the Secured Parties therein. Each Collateral
Obligation File which comes into the possession of the Collateral Agent (other than documents delivered electronically) shall be maintained in fire-resistant vaults or cabinets at the office of the Collateral Custodian. Each Collateral Obligation
File shall be marked with an appropriate identifying label and maintained in such manner so as to permit retrieval and access by the Collateral Custodian and the Facility Agent. The Collateral Custodian shall keep the Collateral Obligation Files
clearly segregated from any other documents or instruments in its files. 
 (iv) With respect to the documents comprising
each Collateral Obligation File, the Collateral Custodian shall (i) act exclusively as Collateral Custodian for the Secured Parties, (ii) hold all documents constituting such Collateral Obligation File received by it for the exclusive use
and benefit of the Secured Parties and (iii) make disposition thereof only in accordance with the terms of this Agreement or with written instructions furnished by the Facility Agent; provided, that in the event of a conflict between the terms
of this Agreement and the written instructions of the Facility Agent, the Facility Agent’s written instructions shall control. 

(v) The Collateral Custodian shall accept only written instructions of an Executive Officer, in the case of the Borrower or the
Servicer, or a Responsible Officer, in the case of the Facility Agent, concerning the use, handling and disposition of the Collateral Obligation Files. 

(vi) In the event that (i) the Borrower, the Facility Agent, any Agent, the Servicer, the Collateral Custodian or the
Collateral Agent shall be served by a third party with any type of levy, attachment, writ or court order with respect to any Collateral Obligation File or a document included within a Collateral Obligation File or (ii) a third party shall
institute any court proceeding by which any Collateral Obligation File or a document included within a Collateral Obligation File shall be required to be delivered otherwise than in accordance with the provisions of this Agreement, the party
receiving such service shall promptly deliver or cause to be delivered to the other parties to this Agreement (to the extent not prohibited by Applicable Law) copies of all court papers, orders, documents and other materials concerning such
proceedings. The Collateral Custodian shall, to the extent permitted by law, continue to hold and maintain all the Collateral Obligation Files that are the subject of such proceedings pending a final, nonappealable order of a court of competent
jurisdiction permitting or directing 

  
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disposition thereof. Upon final determination of such court, the Collateral Custodian shall dispose of such Collateral Obligation File or a document included within such Collateral Obligation
File as directed by the Facility Agent, which shall give a direction consistent with such determination. Expenses of the Collateral Custodian incurred as a result of such proceedings shall be borne by the Borrower. 

(vii) The Facility Agent may direct the Collateral Custodian to take any such incidental action hereunder. With respect to
other actions which are incidental to the actions specifically delegated to the Collateral Custodian hereunder, the Collateral Custodian shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain
from acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Facility Agent; provided that the Collateral Custodian shall not be required to take any action hereunder at the request of the Facility
Agent, any Secured Parties or otherwise if the taking of such action, in the reasonable determination of the Collateral Custodian, (x) shall be in violation of any Applicable Law or contrary to any provisions of this Agreement or (y) shall
expose the Collateral Custodian to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral Custodian requests the consent of the Facility
Agent and the Collateral Custodian does not receive a consent (either positive or negative) from the Facility Agent within ten (10) Business Days of its receipt of such request, then the Facility Agent shall be deemed to have declined to
consent to the relevant action. 
 (viii) The Collateral Custodian shall not be liable for any action taken, suffered or
omitted by it in accordance with the request or direction of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Custodian, or the Facility Agent. The Collateral Custodian shall not
be deemed to have notice or knowledge of any matter hereunder, including a Facility Termination Event, unless a Responsible Officer of the Collateral Custodian has knowledge of such matter or written notice thereof is received by the Collateral
Custodian. 
 Section 18.3 Delivery of Collateral Obligation Files. (a) In connection with each delivery of a Collateral
Obligation File to the Collateral Custodian, the Borrower shall represent, warrant and agree that the Collateral Obligation Files delivered to the Collateral Custodian shall include all of the documents listed in the related Document Checklist and
all of such documents and the information contained in the Schedule of Collateral Obligations are complete in all material respects and correct pursuant to a certification in the form of Exhibit H executed by or on behalf of the Borrower.

 (b) Reserved. 
 (c) With
respect to any documents comprising the Collateral Obligation File that have been delivered or are being delivered to recording offices for recording and have not been returned to the Borrower or the Servicer in time to permit their delivery
hereunder at the time required, in lieu of delivering such original documents, the Borrower or the Servicer shall indicate such on a Schedule of Collateral Obligations supplement and deliver to the Collateral Custodian a true copy thereof. The
Borrower or the Servicer shall deliver such original documents to the Collateral Custodian promptly when they are received. 

  
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 Section 18.4 Collateral Obligation File Certification. (a) On or prior to
each Funding Date, the Borrower shall cause the Servicer to provide a Schedule of Collateral Obligations and related Document Checklist dated as of such Funding Date to the Collateral Custodian, the Facility Agent and each Agent (such information
contained on the Schedule of Collateral Obligations shall also be delivered to the Collateral Custodian, the Facility Agent and each Agent simultaneously in Microsoft Excel format or another format reasonably acceptable to it) with respect to the
Collateral Obligations to be delivered to the Collateral Agent on such Funding Date. 
 (b) In connection with (and as a part of) each
Monthly Report, with respect to the Collateral Obligation Files delivered at least three (3) Business Days’ prior to the related Reporting Date, the Collateral Custodian shall prepare a report (to be included as a part of each Monthly
Report) in respect of each of the Collateral Obligations, to the effect that, as to each Collateral Obligation listed on the Schedule of Collateral Obligations attached to the related Advance Request or Reinvestment Request, based on the Collateral
Custodian’s examination of the Collateral Obligation File for each Collateral Obligation and the related Document Checklist, except for variances from the documents identified in the Document Checklist with respect to the related Collateral
Obligation Files (“Exceptions”), (i) all documents required to be delivered in respect of such Collateral Obligations pursuant to the Document Checklist have been delivered and are in the possession of the Collateral Custodian
as part of the Collateral Obligation File for such Collateral Obligation (other than those released pursuant to Section 18.5), and (ii) all such documents have been reviewed by the Collateral Custodian and appear on
their face to be regular and to relate to such Collateral Obligation. The Collateral Custodian shall also maintain records of the total number of Collateral Obligation Files that do not have the documents provided on the Document Checklist and will
include such total in each Monthly Report. 
 (c) Notwithstanding any language to the contrary herein, the Collateral Custodian shall make
no representations as to, and shall not be responsible to verify, (i) the validity, legality, ownership, title, perfection, priority, enforceability, due authorization, recordability, sufficiency for any purpose, or genuineness of any of the
documents contained in each Collateral Obligation File or (ii) the collectability, insurability, effectiveness or suitability of any such Collateral Obligation. 

Section 18.5 Release of Collateral Obligation Files. (a) Upon satisfaction of any of the conditions set forth in
Section 12.3, the Borrower shall cause the Servicer to provide an Officer’s Certificate to such effect to the Collateral Custodian (with a copy to the Collateral Agent) and shall delivered to the Collateral Custodian a
Request for Release and Receipt (substantially in the form of Exhibit F-2) of the Collateral Obligation File and a copy thereof shall be sent concurrently by the Servicer to the Facility Agent and each
Agent. Upon receipt of such certification and request, unless it receives notice to the contrary from the Facility Agent, the Collateral Custodian shall within three Business Days release the related Collateral Obligation File to the Servicer and
the Servicer will not be required to return the related Collateral Obligation File to the Collateral Custodian. 

  
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 (b) From time to time and as appropriate for the management or foreclosure of any of the
Collateral Obligations, including, for this purpose, collection under any insurance policy relating to the Collateral Obligations, the Collateral Custodian shall, upon receipt of a Request for Release and Receipt substantially in the form of
Exhibit F-2 from an authorized representative of the Servicer (as listed on Exhibit F-1, as such exhibit may be amended from time to time by the
Servicer with notice to the Collateral Custodian, the Facility Agent and each Agent), release the related Collateral Obligation File or the documents set forth in such Request for Release and Receipt to the Servicer. In the event an Unmatured
Facility Termination Event, a Facility Termination Event, an Unmatured Servicer Event of Default or a Servicer Event of Default has occurred and is continuing, the Borrower shall not permit the Servicer to make any such request with respect to any
original documents unless the Facility Agent shall have consented in writing thereto (which consent may be evidenced by an executed counterpart to such request). The Borrower shall cause the Servicer to return each and every original document
previously requested from the Collateral Obligation File to the Collateral Custodian when the need therefor by the Servicer no longer exists unless (x) the Collateral Obligation File or such document has been delivered to an attorney, or to a
public trustee or other public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure of the Related Security either judicially or
non-judicially, and (y) the Servicer has delivered to the Collateral Custodian a certificate executed by an Executive Officer certifying as to the name and address of the Person to which such Collateral
Obligation File or such document was delivered and the purpose or purposes of such delivery, in which case the Servicer shall complete such return as soon as possible. Upon receipt of a certificate of the Servicer substantially in the form of
Exhibit F-3, with a copy to the Facility Agent and each Agent, stating that such Collateral Obligation was either (x) liquidated and that all amounts received or to be received in connection
with such liquidation that are required to be deposited have been so deposited, or (y) sold pursuant to an Optional Sale in accordance with Section 7.11, the Collateral Custodian shall within three (3) Business
Days release the Request for Release and Receipt to the Servicer, or, in connection with an Optional Sale, the requested Collateral Obligation File, and the Servicer will not be required to return the related Collateral Obligation File to the
Collateral Custodian. 
 (c) Notwithstanding anything to the contrary set forth herein, the Borrower shall not permit the Servicer to,
without the prior written consent of the Facility Agent, request any documents (other than copies thereof) held by the Collateral Custodian if the sum of the unpaid Principal Balances of all Collateral Obligations for which the Servicer is then in
possession of the related Collateral Obligation File or any document comprising such Collateral Obligation File (other than for Collateral Obligations then held by the Servicer which have been sold, repurchased, paid off or liquidated in accordance
with this Agreement) (including the documents to be requested) exceeds 5% of the Adjusted Aggregate Eligible Collateral Obligation Balance. The Servicer may hold, and hereby acknowledges that it shall hold, any documents and all other property
included in the Collateral that it may from time to time receive hereunder as Collateral Custodian for the Secured Parties solely at the will of the Collateral Custodian and the Secured Parties for the sole purpose of facilitating the management of
the Collateral Obligations and such retention and possession shall be in a custodial capacity only. To the extent the Servicer, as agent of the Collateral Custodian and the Borrower, holds any Collateral, the Borrower shall cause the Servicer to do
so as such standard applies to Servicers acting as custodial agent. The Borrower shall cause the Servicer to promptly report to the Collateral 

  
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Custodian and the Facility Agent the loss by it of all or part of any Collateral Obligation File previously provided to it by the Collateral Custodian and shall promptly take appropriate action
to remedy any such loss. In such custodial capacity, the Borrower shall cause the Servicer to perform the following powers and duties: 

(i) hold the Collateral Obligation Files and any document comprising a Collateral Obligation File that it may from time to time
receive hereunder from the Collateral Custodian for the benefit of the Collateral Custodian, on behalf of the Secured Parties, maintain accurate records pertaining to each Collateral Obligation to enable it to comply with the terms and conditions of
this Agreement, and maintain a current inventory thereof; 
 (ii) implement policies and procedures and requirements of this
Agreement so that the integrity and physical possession of such Collateral Obligation Files will be maintained; and 
 (iii)
take all other actions, in connection with maintaining custody of such Collateral Obligation Files on behalf of the Collateral Agent. 
 Acting as custodian
of the Collateral Obligation Files pursuant to this Section 18.5, the Borrower shall cause the Servicer to agree that it does not and will not have or assert any beneficial ownership interest in the Collateral Obligations
or the Collateral Obligation Files. 
 Section 18.6 Examination of Collateral Obligation Files. Upon reasonable prior notice to
the Collateral Custodian, the Borrower, the Servicer and their agents, accountants, attorneys and auditors will be permitted during normal business hours to examine and make copies of the Collateral Obligation Files, documents, records and other
papers in the possession of or under the control of the Collateral Custodian relating to any or all of the Collateral Obligations. Prior to the occurrence of an Unmatured Facility Termination Event, a Facility Termination Event, an Unmatured
Servicer Event of Default or a Servicer Event of Default, upon the request of the Facility Agent and at the cost and expense of the Borrower, the Collateral Custodian shall promptly provide the Facility Agent with the Collateral Obligation Files or
copies, as designated by the Facility Agent, subject to any applicable cap on costs and expenses, the Collateral Custodian shall promptly provide the Facility Agent with the Collateral Obligation Files or copies, as designated by the Facility Agent;
provided, the Collateral Custodian shall not be required to provide such copies if it does not receive adequate assurance of payment. 

Section 18.7 Lost Note Affidavit. In the event that the Collateral Custodian fails to produce any original promissory note
delivered to it related to a Collateral Obligation that was in its possession pursuant to Section 10.21 within five (5) Business Days after required or requested by the Facility Agent and provided that
(a) the Collateral Custodian previously certified in writing to the Facility Agent that it had received such original promissory note and (b) such original promissory note is not outstanding pursuant to a Request for Release and Receipt,
then the Collateral Custodian shall with respect to any missing original promissory note, promptly deliver to the Facility Agent upon request a lost note affidavit. 

  
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 Section 18.8 Transmission of Collateral Obligation Files. Written instructions
as to the method of shipment and shipper(s) the Collateral Custodian is directed to utilize in connection with the transmission of Collateral Obligation Files in the performance of the Collateral Custodian’s duties hereunder shall be delivered
by the Borrower or the Servicer to the Collateral Custodian prior to any shipment of any Collateral Obligation Files hereunder. In the event the Collateral Custodian does not receive such written instruction from the Borrower or the Servicer, the
Collateral Custodian shall be authorized and indemnified as provided herein to utilize a nationally recognized courier service. The Borrower shall cause the Servicer to arrange for the provision of such services at its sole cost and expense (or, at
the Collateral Custodian’s option, reimburse the Collateral Custodian for all costs and expenses incurred by the Collateral Custodian consistent with such instructions) and shall maintain such insurance against loss or damage to the Collateral
Obligation Files as the Servicer deems appropriate. 
 Section 18.9 Merger or Consolidation. Any Person (i) into which the
Collateral Custodian may be merged or consolidated, (ii) that may result from any merger or consolidation to which the Collateral Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Collateral
Custodian substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Collateral Custodian hereunder, shall be the successor to the Collateral Custodian under this
Agreement without further act of any of the parties to this Agreement. 
 Section 18.10 Collateral Custodian Compensation. As
compensation for its Collateral Custodian activities hereunder, the Collateral Custodian shall be entitled to its fees and expenses from the Borrower as set forth in the Collateral Agent and Collateral Custodian Fee Letter and any other accrued and
unpaid fees, expenses (including reasonable attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower or the Servicer, or both but without duplication, to the Collateral Custodian (including Indemnified Amounts under
Article XVI) under the Transaction Documents (collectively, the “Collateral Custodian Fees and Expenses”). The Borrower agrees to reimburse the Collateral Custodian in accordance with the provisions of
Section 8.3 for all reasonable expenses, disbursements and advances incurred or made by the Collateral Custodian in accordance with any provision of this Agreement or the other Transaction Documents or in the enforcement of
any provision hereof or in the other Transaction Documents. 
 Section 18.11 Removal or Resignation of Collateral Custodian.
(a) The Collateral Custodian may at any time resign and terminate its obligations under this Agreement upon at least 60 days’ prior written notice to the Servicer, the Borrower and the Facility Agent and each Agent; provided, that
no resignation or removal of the Collateral Custodian will be permitted unless a successor Collateral Custodian has been appointed which successor Collateral Custodian, so long as no Unmatured Servicer Event of Default, Servicer Event of Default,
Unmatured Facility Termination Event or Facility Termination Event has occurred and is continuing, is reasonably acceptable to the Servicer. Promptly after receipt of notice of the Collateral Custodian’s resignation, the Facility Agent shall
promptly appoint a successor Collateral Custodian by written instrument, in duplicate, copies of which instrument shall be delivered to the Borrower, the Servicer, each Agent, the resigning Collateral Custodian and to the successor Collateral
Custodian. 

  
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 (b) The Facility Agent upon at least 60 days’ prior written notice to the Collateral
Custodian and each Agent, may (or shall upon the request of the Majority Lenders) remove and discharge the Collateral Custodian or any successor Collateral Custodian thereafter appointed from the performance of its duties under this Agreement for
cause. Promptly after giving notice of removal of the Collateral Custodian, the Facility Agent shall appoint, or petition a court of competent jurisdiction to appoint, a successor Collateral Custodian (which successor Collateral Custodian shall be
reasonably acceptable to the Majority Lenders and the Borrower). Any such appointment shall be accomplished by written instrument and one original counterpart of such instrument of appointment shall be delivered to the Collateral Custodian and the
successor Collateral Custodian, with a copy delivered to the Borrower and the Servicer. 
 (c) In the event of any such resignation or
removal, the Collateral Custodian shall, no later than five (5) Business Days after receipt of notice of the successor Collateral Custodian, transfer to the successor Collateral Custodian, as directed in writing by the Facility Agent, all the
Collateral Obligation Files being administered under this Agreement. The cost of the shipment of Collateral Obligation Files arising out of the resignation of the Collateral Custodian pursuant to Section 18.11(a), or the
termination for cause of the Collateral Custodian pursuant to Section 18.11(b), shall be at the expense of the Collateral Custodian. Any cost of shipment arising out of the removal or discharge of the Collateral Custodian
without cause pursuant to Section 18.11(b) shall be at the expense of the Borrower. 
 Section 18.12
Limitations on Liability. (a) The Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice, letter, telegram or other document delivered to it and that in good
faith it reasonably believes to be genuine and that has been signed by the proper party or parties. The Collateral Custodian may rely conclusively on and shall be fully protected in acting upon (a) the written instructions of any designated
officer of the Facility Agent or (b) the verbal instructions of the Facility Agent. 
 (b) The Collateral Custodian may consult counsel
satisfactory to it and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of
such counsel. 
 (c) The Collateral Custodian shall not be liable for any error of judgment, or for any act done or step taken or omitted by
it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct or grossly negligent performance or omission of its duties and in the
case of the grossly negligent performance of its duties in taking and retaining custody of the Collateral Obligation Files; provided that, the Collateral Custodian hereby agrees that any failure of the Collateral Custodian to produce an
original promissory note satisfying the conditions described in clauses (a) and (b) of Section 18.7 shall constitute negligence. 

(d) The Collateral Custodian makes no warranty or representation and shall have no responsibility (except as expressly set forth in this
Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral, and will not be required to and will not make any representations as to the validity or value
(except as expressly set forth in this Agreement) of any of the Collateral. The Collateral Custodian shall not be obligated to take any action hereunder that might in its judgment involve any expense or liability unless it has been furnished with an
indemnity reasonably satisfactory to it. 

  
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 (e) The Collateral Custodian shall have no duties or responsibilities except such duties and
responsibilities as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Custodian. 

(f) The Collateral Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder. In no event
shall the Collateral Custodian be liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared),
terrorism, fire, riot, embargo, government action (including any laws, ordinances, regulations) or the like that delay, restrict or prohibit the providing of services by the Collateral Custodian as contemplated by this Agreement. 

(g) It is expressly agreed and acknowledged that the Collateral Custodian is not guaranteeing performance of or assuming any liability for the
obligations of the other parties hereto or any parties to the Collateral. 
 (h) In case any reasonable question arises as to its duties
hereunder, the Collateral Custodian may, prior to the occurrence of a Facility Termination Event or the Facility Termination Date, request instructions from the Servicer and may, after the occurrence of a Facility Termination Event or the Facility
Termination Date, request instructions from the Facility Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions from the Servicer or the Facility Agent, as applicable. The Collateral Custodian
shall in all events have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Facility Agent. In no event shall the Collateral Custodian be liable for special, indirect or consequential loss or
damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral Custodian has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) Each of the protections, reliances, indemnities and immunities offered to the Collateral Agent in Section 11.7
and Section 11.8 shall be afforded to the Collateral Custodian. 
 Section 18.13 Collateral Custodian as
Agent of Collateral Agent. The Collateral Custodian agrees that, with respect to any Collateral Obligation File at any time or times in its possession or held in its name, the Collateral Custodian shall be the agent and custodian of the
Collateral Agent, for the benefit of the Secured Parties, for purposes of perfecting (to the extent not otherwise perfected) the Collateral Agent’s security interest in the Collateral and for the purpose of ensuring that such security interest
is entitled to first priority status under the UCC. For so long as the Collateral Custodian is the same entity as the Collateral Agent, the Collateral Custodian shall be entitled to the same rights and protections afforded to the Collateral Agent
hereunder. 
 [signature pages begin on next page] 

  
 -138- 

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

					
	GSO DOWNING STREET LLC, as Borrower
	
	 By: GSO Direct Lending Fund-D LP, its member

	
	 By: GSO Direct Lending Fund-D
Associates LLC, its general
partner

		
	By:	 	/s/ Marisa J. Beeney
		 	Name: Marisa J. Beeney
		 	Title: Authorized Signatory

  
 S-1 

			
	GSO DIRECT LENDING FUND-D LP, as Servicer
		
		 	By: GSO Direct Lending Fund-D
Associates LLC, its general partner
		
	By:	 	/s/ Marisa J. Beeney
		 	Name: Marisa J. Beeney
		 	Title: Authorized Signatory

  
 S-2 

			
	 U.S. BANK NATIONAL ASSOCIATION,

as Collateral Agent

		
	By:	 	/s/ Ralph J. Creasia, Jr.
		 	Name: Ralph J. Creasia, Jr.
		 	Title: Senior Vice President

  
 S-3 

			
	 U.S. BANK NATIONAL ASSOCIATION,

as Collateral Custodian

		
	By:	 	/s/ Kenneth Brandt
		 	Name: Kenneth Brandt
		 	Title: Assistant Vice President

  
 S-4 

			
	 DEUTSCHE BANK AG, NEW YORK BRANCH,

as Facility Agent

		
	By:	 	/s/ Kevin Tanzer
		 	Name: Kevin Tanzer
		 	Title: Managing Director
		
	By:	 	/s/ Steven Flowers
		 	Name: Steven Flowers
		 	Title: Vice President

  
 S-5 

			
	DEUTSCHE BANK AG, NEW YORK BRANCH,
as an Agent and as a Committed Lender
		
	By:	 	/s/ Kevin Tanzer
		 	Name: Kevin Tanzer
		 	Title: Managing Director
		
	By:	 	/s/ Steven Flowers
		 	Name: Steven Flowers
		 	Title: Vice President

  
 S-6 

 ANNEX A 

GSO DOWNING STREET LLC  
 345 Park Avenue, 31st Floor 

New York, NY 10154 
 Attention: Jana Douglas 

Telephone: (212) 503-2025 

Email: GSOAssetServicing@Blackstone.com 
 U.S. BANK NATIONAL
ASSOCIATION,  
 as Collateral Agent, Collateral Custodian and Securities Intermediary 

For delivery of Collateral Obligation files only: 
 U.S. Bank
National Association 
 1719 Otis Way 
 Florence, South Carolina
29501 
 Attention: Steve Garret 
 Telephone: (843) 673-0162 
 Facsimile: (843) 676-8901 

Email: steven.garret@usbank.com 
 For all other notices and
communications: 
 U.S. Bank National Association 
 Global
Corporate Trust Services 
 One Federal Street, Third Floor 

Boston, Massachusetts 02110 
 Attention: Lynora Caulfield 

Ref: GSO Downing Street LLC 
 Telephone: (617) 603-6641 Facsimile: (855) 791-2099 
 Email: Lynora.caulfield@usbank.com 

DEUTSCHE BANK AG, NEW YORK BRANCH,  
 as Facility Agent

 60 Wall Street 
 New York, New York 10005 

Attention: Asset Finance Department 
 Facsimile: 212-797-5160 

  
 A-1 

 DEUTSCHE BANK AG, NEW YORK BRANCH, 

as an Agent and as a Committed Lender 
 60 Wall Street 

New York, New York 10005 
 Attention: Asset Finance Department

 Facsimile: 212-797-5160 

  
 A-2 

 Annex B 

 

					
	 Lender
	  	Commitment	 
	 Deutsche Bank AG, New York Branch
	  	$	150,000,000	 

  
 B-1

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