Document:

EX-10.1

 Exhibit 10.1 
  

 
  

LOAN AND SECURITY AGREEMENT 

dated as of 
 December 18,
2019 
 among 
 GREAT LAKES
PORTMAN RIDGE FUNDING LLC 
 The Lenders Party Hereto 

The Collateral Administrator, Collateral Agent and Securities Intermediary Party Hereto 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, 

as Administrative Agent 
 and 

PORTMAN RIDGE FINANCE CORPORATION, 

as Portfolio Manager 
  

 
  

 Table of Contents 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  

	THE PORTFOLIO INVESTMENTS	  

			
	 SECTION 1.01.
	  	Purchases of Portfolio Investments	  	 	26	 
	 SECTION 1.02.
	  	Procedures for Purchases and Related Advances	  	 	26	 
	 SECTION 1.03.
	  	Conditions to Purchases and Substitutions	  	 	27	 
	 SECTION 1.04.
	  	Sales of Portfolio Investments	  	 	28	 
	 SECTION 1.05.
	  	Additional Equity Contributions	  	 	31	 
	 SECTION 1.06.
	  	Substitutions	  	 	31	 
	 SECTION 1.07.
	  	Certain Assumptions relating to Portfolio Investments	  	 	31	 
	
	ARTICLE II	  

	THE ADVANCES	  

			
	 SECTION 2.01.
	  	Financing Commitments	  	 	31	 
	 SECTION 2.02.
	  	[Reserved]	  	 	31	 
	 SECTION 2.03.
	  	Advances; Use of Proceeds	  	 	31	 
	 SECTION 2.04.
	  	Conditions to Effective Date	  	 	33	 
	 SECTION 2.05.
	  	Conditions to Advances	  	 	34	 
	 SECTION 2.06.
	  	Commitment Increase Option	  	 	35	 
	
	ARTICLE III	  

	ADDITIONAL TERMS APPLICABLE TO THE ADVANCES	  

			
	 SECTION 3.01.
	  	The Advances	  	 	36	 
	 SECTION 3.02.
	  	[Reserved]	  	 	40	 
	 SECTION 3.03.
	  	Taxes	  	 	41	 
	
	ARTICLE IV	  

	COLLECTIONS AND PAYMENTS	  

			
	 SECTION 4.01.
	  	Interest Proceeds	  	 	44	 
	 SECTION 4.02.
	  	Principal Proceeds	  	 	44	 
	 SECTION 4.03.
	  	Principal and Interest Payments; Prepayments; Commitment Fee	  	 	45	 
	 SECTION 4.04.
	  	MV Cure Account	  	 	46	 
	 SECTION 4.05.
	  	Priority of Payments	  	 	46	 
	 SECTION 4.06.
	  	Payments Generally	  	 	47	 
	 SECTION 4.07.
	  	Termination or Reduction of Financing Commitments	  	 	48	 
	
	ARTICLE V	  

	THE PORTFOLIO MANAGER	  

			
	 SECTION 5.01.
	  	Appointment and Duties of the Portfolio Manager	  	 	49	 
	 SECTION 5.02.
	  	Portfolio Manager Representations as to Eligibility Criteria; Etc.	  	 	49	 
	 SECTION 5.03.
	  	Indemnification	  	 	50	 

					
	ARTICLE VI
	REPRESENTATIONS, WARRANTIES AND COVENANTS
			
	SECTION 6.01.	  	Representations and Warranties	  	50
	SECTION 6.02.	  	Covenants of the Company and the Portfolio Manager	  	54
	SECTION 6.03.	  	Amendments of Portfolio Investments, Etc.	  	60
	
	ARTICLE VII
	EVENTS OF DEFAULT
	
	ARTICLE VIII
	COLLATERAL ACCOUNTS; COLLATERAL SECURITY
			
	SECTION 8.01.	  	The Collateral Accounts; Agreement as to Control	  	63
	SECTION 8.02.	  	Collateral Security; Pledge; Delivery	  	64
	
	ARTICLE IX
	THE AGENTS
			
	SECTION 9.01.	  	Appointment of Administrative Agent and Collateral Agent	  	67
	SECTION 9.02.	  	Additional Provisions Relating to the Collateral Agent and the Collateral Administrator	  	72
	
	ARTICLE X
	MISCELLANEOUS
			
	SECTION 10.01.	  	Non-Petition; Limited Recourse	  	75
	SECTION 10.02.	  	Notices	  	76
	SECTION 10.03.	  	No Waiver	  	76
	SECTION 10.04.	  	Expenses; Indemnity; Damage Waiver; Right of Setoff	  	76
	SECTION 10.05.	  	Amendments	  	77
	SECTION 10.06.	  	Successors; Assignments	  	78
	SECTION 10.07.	  	Governing Law; Submission to Jurisdiction; Etc.	  	79
	SECTION 10.08.	  	Interest Rate Limitation	  	80
	SECTION 10.09.	  	PATRIOT Act	  	80
	SECTION 10.10.	  	Counterparts	  	80
	SECTION 10.11.	  	Headings	  	80
	SECTION 10.12.	  	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	80
	SECTION 10.13.	  	Confidentiality	  	81

  
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	Schedules	  	
		
	 Schedule 1
	  	 Transaction Schedule

	 Schedule 2
	  	 Contents of Notice of Acquisition

	 Schedule 3
	  	 Eligibility Criteria

	 Schedule 4
	  	 Concentration Limitations

	 Schedule 5
	  	 Initial Portfolio Investments

	 Schedule 6
	  	 Moody’s Industry Classifications

		
	Exhibits	  	
		
	 Exhibit A
	  	 Form of Request for Advance

  
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 LOAN AND SECURITY AGREEMENT dated as of December 18, 2019 (this
“Agreement”) among GREAT LAKES PORTMAN RIDGE FUNDING LLC, as borrower (the “Company”); PORTMAN RIDGE FINANCE CORPORATION (the “Portfolio Manager”); the Lenders party hereto; U.S. BANK NATIONAL
ASSOCIATION, in its capacities as collateral agent (in such capacity, the “Collateral Agent”), collateral administrator (in such capacity, the “Collateral Administrator”) and securities intermediary (in such
capacity, the “Securities Intermediary”); and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders hereunder (in such capacity, the “Administrative Agent”). 

The Portfolio Manager and the Company wish for the Company to acquire and finance certain corporate loans and other corporate debt securities
(the “Portfolio Investments”), all on and subject to the terms and conditions set forth herein. The Company intends to enter into a Loan Sale and Contribution Agreement, dated as of the Effective Date (the “Parent Sale
Agreement”), between the Company and the Parent (in such capacity, the “Initial Seller”) pursuant to which the Company will acquire the Parent Initial Portfolio Investments (including through the acquisition by the Company
of Participation Interests) and other Portfolio Investments (including by way of contribution) from the Initial Seller. 
 Furthermore, the
Company will enter into (i) a master participation agreement, dated as of the Effective Date (the “OHA Master Participation Agreement”), between the Company and OHA Investment Corporation Sub, LLC (“OHA”),
pursuant to which the Company shall acquire the OHA Initial Portfolio Investments from OHA on the Effective Date through acquisition by the Company of Participation Interests and (ii) a master participation agreement, to be dated on or prior to
the date that is 15 Business Days following the Effective Date (the “KCAP Master Participation Agreement” and, together with the Parent Sale Agreement and the OHA Master Participation Agreement, the “Sale
Agreements”), between the Company and Great Lakes KCAP Funding I, LLC (“KCAP”), pursuant to which the Company shall acquire the Post-Effective Date Initial Portfolio Investments from KCAP through acquisition by the Company
of Participation Interests. 
 On and subject to the terms and conditions set forth herein, JPMorgan Chase Bank, National Association
(“JPMCB”) and its respective successors and permitted assigns (together with JPMCB, the “Lenders”) have agreed to make advances to the Company (“Advances”) hereunder to the extent specified on the
transaction schedule attached as Schedule 1 hereto (the “Transaction Schedule”). 
 Accordingly, the parties hereto agree
as follows: 
 Certain Defined Terms 

“Account Control Agreement” means the Securities Account Control Agreement, dated as of December 18, 2019, among the
Company, the Administrative Agent, the Collateral Agent and the Securities Intermediary. 
 “Additional Distribution Date”
has the meaning set forth in Section 4.05. 
 “Adjusted Applicable Margin” means the stated Applicable Margin for
Advances set forth on the Transaction Schedule plus 2% per annum. 
 “Administrative Agent” has the meaning set forth in
the introductory section of this Agreement. 
 “Advances” has the meaning set forth in the introductory section of this
Agreement. 

  
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 “Adverse Proceeding” means any action, suit, proceeding (whether administrative,
judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of the Company) at law or in equity, or before or by any Governmental Authority, whether pending, active or, to the Company’s or the
Portfolio Manager’s knowledge, threatened against or affecting the Company or the Portfolio Manager or their respective property that would reasonably be expected to result in a Material Adverse Effect. 

“Affiliate” means, with respect to any Person, any Person directly or indirectly controlling, controlled by, or under common
control with, such former Person but, which shall not, with respect to the Company, include the obligors under any Portfolio Investment. For the purposes of this definition, control of a Person shall mean the power, direct or indirect, (i) to
vote more than 50% of the securities having ordinary voting power for the election of directors of any such Person or (ii) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 

“Agent” has the meaning set forth in Section 9.01. 

“Agent Business Day” means any day on which commercial banks settle payments in each of New York City and the city in which
the corporate trust office of the Collateral Agent is located (which shall initially be Boston, Massachusetts). 

“Agreement” has the meaning set forth in the introductory paragraph hereto. 

“Amendment” has the meaning set forth in Section 6.03. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Company from time to time
concerning or relating to bribery or corruption. 
 “Applicable Banking Law” has the meaning set forth in
Section 9.01. 
 “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 Governmental Authority applicable to such Person 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. 

“Base Rate” means, for any day, a rate per annum equal to the greater of (a) the Prime Rate in effect on such day
and (b) the Federal Funds Effective Rate in effect on such day plus 0.50%. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively. In the event that the Base Rate is below zero at any time during the term of this Agreement, it shall be deemed to be zero until it exceeds zero again. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial
Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Borrowing Base Test” means a test that will be satisfied on any date of determination if the following is true: 

  
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	 Net Advance
	  	£ AR
	Net Asset Value	  	

 Where: 

AR = 55%. 

“Business Day” means any day on which commercial banks are open in each of New York City and the city in which the corporate
trust office of the Collateral Agent is located; provided that, with respect to any LIBOR related provisions herein, “Business Day” shall be deemed to exclude any day on which banks are required or authorized to be closed in London,
England. 
 “Calculation Period” means the quarterly period from and including the date on which the first Advance is made
hereunder to but excluding the first Calculation Period Start Date following the date of such Advance and each successive quarterly period from and including a Calculation Period Start Date to but excluding the immediately succeeding Calculation
Period Start Date (or, in the case of the last Calculation Period, if the last Calculation Period does not end on the last calendar day of March, June, September or December, the period from and including the related Calculation Period Start Date to
but excluding the Maturity Date). 
 “Calculation Period Start Date” means the fifth calendar day of January, April, July
and October of each year (or, if any such date is not a Business Day, the immediately succeeding Business Day), commencing in April 2020. 

“Cash Equivalents” means, any of the following: (i) marketable securities (a) issued or directly and
unconditionally guaranteed as to interest and principal by the United States Government or (b) issued by any agency of the United States the obligations of which are backed by the full faith and credit of the United States, in each case
maturing within one year after such date; (ii) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year
after such date and having, at the time of the acquisition thereof, a rating of at least “A-1” from S&P or at least “P-1” from Moody’s;
(iii) commercial paper maturing no more than three months from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least “A-1” from S&P or at
least “P-1” from Moody’s; (iv) certificates of deposit or bankers’ acceptances maturing within three months after such date and issued or accepted by any Lender or by any commercial
bank organized under the laws of the United States of America or any state thereof or the District of Columbia that (a) is at least “adequately capitalized” (as defined in the regulations of its primary Federal banking regulator) and
(b) has Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000; and (v) shares of any money market mutual fund that (a) has substantially all of its assets invested continuously in the types of investments
referred to in clauses (i) and (ii) above, (b) has net assets of not less than $5,000,000,000, and (c) has the highest rating obtainable from either S&P or Moody’s; provided that Cash Equivalents may include
investments for which U.S. Bank National Association or an Affiliate provides services and receives compensation therefor. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that all requests, rules, guidelines or directives concerning liquidity and capital adequacy issued by any
United 

  
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States regulatory authority (i) under or in connection with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) in connection with the
implementation of the recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) shall be deemed to have occurred after the date of this
Agreement for purposes of this definition, regardless of the date adopted, issued, promulgated or implemented. 
 “Change of
Control” means an event or series of events by which (A) the Parent or its Affiliates, collectively, (i) shall cease to possess, directly or indirectly, the right to elect or appoint (through contract, ownership of voting
securities, or otherwise) managers that at all times have a majority of the votes of the board of managers (or similar governing body) of the Company or to direct the management policies and decisions of the Company or (ii) shall cease,
directly or indirectly, to own and control legally and beneficially all of the equity interests of the Company or (B) BC Partners LLP or any Affiliate thereof shall cease to be the investment adviser of the Parent. 

“Charges” has the meaning set forth in Section 10.08. 

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

“Collateral” has the meaning set forth in Section 8.02(a). 

“Collateral Accounts” has the meaning set forth in Section 8.01(a). 

“Collateral Administrator” has the meaning set forth in the introductory section of this Agreement. 

“Collateral Agent” has the meaning set forth in the introductory section of this Agreement. 

“Collateral Principal Amount” means on any date of determination (A) the aggregate principal balance of the Portfolio,
excluding the unfunded balance on any Delayed Funding Term Loan, as of such date plus (B) the amounts on deposit in the Collateral Accounts (including cash and Eligible Investments) representing Principal Proceeds as of such date and the
amounts on deposit in the Unfunded Exposure Account (including cash and Eligible Investments) as of such date minus (C) the aggregate principal balance of all Ineligible Investments as of such date. 

“Collection Account” means the account(s) established by the Securities Intermediary and set forth on the Transaction
Schedule and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. 

“Commitment Fee” has the meaning set forth in Section 4.03(d). 

“Commitment Increase Date” means the effective date (which shall be a Business Day) of an increase of the Financing
Commitments in accordance with Section 2.06 pursuant to a Commitment Increase Request which the Administrative Agent (in its sole discretion) approves in writing (which may be by email). 

“Commitment Increase Request” means, on any date during the Reinvestment Period, the request of the Company in writing (which
may be by email) to the Administrative Agent and the Lenders for an increase of the Financing Commitments pursuant to Section 2.06. 

  
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 “Company” has the meaning set forth in the introductory section of this
Agreement. 
 “Concentration Limitation Excess” means, on any date of determination, without duplication, all or the
portion of the principal amount of any Portfolio Investment (other than any Ineligible Investment) that exceeds any Concentration Limitation as of such date; provided that the Portfolio Manager (on behalf of the Company) shall select in its
sole discretion which Portfolio Investment(s) constitute part of the Concentration Limitation Excess; provided further that with respect to any Delayed Funding Term Loan, the Portfolio Manager shall select any term Portfolio Investment
from the same obligor and/or any funded portion of the aggregate commitment amount of such Delayed Funding Term Loan before selecting any unfunded portion of such aggregate commitment amount; provided further that if the Portfolio
Manager does not so select any Portfolio Investment(s), the applicable portion of the Portfolio Investment(s) determined by the Administrative Agent shall make up the Concentration Limitation Excess. 

“Concentration Limitations” has the meaning set forth in Schedule 4. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. 
 “Credit Risk Party” has the meaning set forth in Article VII. 

“Custodial Account” means the account(s) established by the Securities Intermediary and set forth on the Transaction Schedule
and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. 
 “Debt
Security” means any obligations (other than a Loan) evidenced by a bond, note, debenture or similar instrument. 

“Default” has the meaning set forth in Section 1.03. 

“Delayed Funding Term Loan” means any Loan that (a) requires the holder thereof to make one or more future advances to
the obligor under the Underlying Instruments relating thereto, (b) specifies a maximum amount that can be borrowed on or prior to one or more fixed dates, and (c) does not permit the re-borrowing of
any amount previously repaid by the obligor thereunder; but, for the avoidance of doubt, any such Loan will be a Delayed Funding Term Loan only until all commitments by the holders thereof to make such future advances to the obligor thereon expire
or are terminated or reduced to zero. 
 “Deliver” (and its correlative forms) means the taking of the following steps by
the Company or the Portfolio Manager: 
 (1) except as provided in clauses (3) or (4) below, in the case of Portfolio
Investments and Eligible Investments and amounts on deposit in the Collateral Accounts, by (x) causing the Securities Intermediary to indicate by book entry that a financial asset comprised thereof has been credited to the applicable Collateral
Account and (y) causing the Securities Intermediary to agree, pursuant to the Account Control Agreement, that it will comply with entitlement orders originated by the Collateral Agent with respect to each such security entitlement without
further consent by the Company; 
 (2) in the case of each general intangible, by notifying the obligor thereunder of the
security interest of the Collateral Agent (except to the extent that the requirement for consent by any person to the pledge hereunder or transfer thereof to the Collateral Agent or the Administrative Agent is rendered ineffective under Section 9-406 of the UCC, no such requirement for consent exists in the applicable Underlying Instruments or such consent has otherwise been obtained); 

  
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 (3) in the case of Portfolio Investments consisting of money or instruments (the
“Possessory Collateral”) that do not constitute a financial asset forming the basis of a security entitlement delivered to the Collateral Agent pursuant to clause (1) above, by causing (x) the Collateral Agent to obtain
possession of such Possessory Collateral in the State of New York or another state of the United States that has adopted Articles 8 and 9 of the Uniform Commercial Code, or (y) a Person other than the Company and a securities intermediary
(A)(I) to obtain possession of such Possessory Collateral in a state specified in clause (x) above, and (II) to then authenticate a record acknowledging that it holds possession of such Possessory Collateral for the benefit of the
Collateral Agent or (B)(I) to authenticate a record acknowledging that it will take possession of such Possessory Collateral for the benefit of the Collateral Agent and (II) to then acquire possession of such Possessory Collateral in a state
specified in clause (x) above; 
 (4) in the case of any account which constitutes a “deposit account” under
Article 9 of the UCC, by causing the Securities Intermediary to continuously identify in its books and records the security interest of the Collateral Agent in such account and, except as may be expressly provided herein to the contrary,
establishing dominion and control over such account in favor of the Collateral Agent; and 
 (5) in all cases, by filing or causing the
filing of a financing statement with respect to such Collateral with the Delaware Secretary of State. 
 “Designated Email
Notification Address” means Ted.Gilpin@bcpartners.com; provided that, so long as no Event of Default shall have occurred and be continuing and no Market Value Event shall have occurred, the Company may, upon at least five
(5) Business Days’ written notice to the Administrative Agent, the Collateral Administrator and the Collateral Agent, designate any other email address as the Designated Email Notification Address. 

“Designated Independent Dealer” means J.P. Morgan Securities LLC; provided that, so long as no Market Value Event
shall have occurred and no Event of Default shall have occurred and be continuing, the Portfolio Manager may, upon at least five (5) Business Days’ written notice to the Administrative Agent, the Collateral Administrator and the Collateral
Agent, designate another Independent Dealer as the Designated Independent Dealer. 
 “EBITDA” means, with respect to any
Portfolio Investment, “EBITDA” (or the equivalent term) as defined in the Underlying Instruments with respect to such Portfolio Investment (or, if not so defined, as determined by the Administrative Agent in its commercially reasonable
judgment, with any such determination to be applied on a consistent basis with respect to any applicable Portfolio Investment). 

“Effective Date” has the meaning set forth in Section 2.04. 

“Effective Date Initial Portfolio Investments” means the Parent Initial Portfolio Investments and the OHA Initial Portfolio
Investments, collectively. 
 “Effective Date Letter” means the letter agreement, dated as of the date hereof, by and
between the Company and the Administrative Agent. 

  
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 “Eligibility Criteria” has the meaning set forth in Section 1.03. 

“Eligible Assignee” means at the time of any relevant assignment pursuant to Section 10.06, (i) an Affiliate of the
related assignor, (ii) a bank, (iii) an insurance company or (iv) any Person, other than, solely in the case of this clause (iv) and without limitation to clauses (i) through (iii), (a) any Person (other than a natural
person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural 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 Company or the Portfolio Manager, or any Affiliate thereof that is an investment advisor, (b) any Person controlled by, or controlling, or
under common control with, or which is a sponsor of, 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. 
 “Eligible Investments” has the meaning set forth in Section 4.01. 

“ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended. 

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Company or the
Parent, as applicable, within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412, 430 or 431 of the Code). 

“ERISA Event” means that (1) any of the Company or the Parent has underlying assets which constitute “plan
assets” within the meaning of the Plan Asset Rules, (2) any of the Company, the Parent or any ERISA Affiliate sponsors, maintains, contributes to, is required to contribute to any Plan or any ERISA Affiliate has any material liability with
respect to any Plan or (3) the Company has any material liability with respect to any Plan. 
 “Event of Default” has
the meaning set forth in Article VII. 
 “Excess Interest Proceeds” means, at any time of determination, the excess of
(1) amounts then on deposit in the Collateral Accounts representing Interest Proceeds over (2) the projected amount required to be paid pursuant to Section 4.05(a) and (b) on the next Interest Payment Date, the next Additional
Distribution Date or the Maturity Date, as applicable, in each case, as determined by the Company in good faith and in a commercially reasonable manner and verified by the Administrative Agent in the manner set forth in the definitions of the terms
“Permitted Distribution” and “Permitted Tax Distribution”, as applicable. 
 “Excluded Taxes” means any
of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to a Secured Party, (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 Secured Party 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 a Financing Commitment or Advance pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Financing Commitment or Advance or (ii) such Lender changes its lending office, except in each
case to the extent that, pursuant to Section 3.03, 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 Secured Party’s failure to comply with Section 3.03(f) and (d) any U.S. federal withholding Taxes imposed under FATCA. 

  
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 “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), any current or future regulations or official interpretations thereof, and intergovernmental agreements thereunder,
similar or related non-U.S. law that corresponds to Sections 1471 to 1474 of the Code, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into
in connection with the implementation of such sections of the Code and any U.S. or non-U.S. fiscal or regulatory law, legislation, rules, guidance, notes or practices adopted pursuant to such intergovernmental
agreement. 
 “Federal Funds Effective Rate” means, for any day, the rate calculated by the Federal Reserve Bank of New
York based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time, and published on the next succeeding
Business Day by the Federal Reserve Bank of New York as the effective federal funds rate, provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of
this Agreement. 
 “Financing Commitment” means, with respect to each Lender, the commitment of such Lender to provide
Advances to the Company hereunder in an amount up to but not exceeding the amount set forth opposite such Lender’s name on the Transaction Schedule. 

“Foreign Lender” means a Lender that is not a U.S. Person. 

“GAAP” means generally accepted accounting principles in effect from time to time in the United States, as applied from time
to time by the Company. 
 “Governmental Authority” means the government of the United States of America or any other
nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Indebtedness” as applied to any Person, means, without duplication, as determined in accordance with GAAP, (i) all
indebtedness 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 and accrued expenses arising in the ordinary course of business; (iv) that portion of obligations with respect to capital leases that is properly classified as a liability of
such Person on a balance sheet; (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, lease obligations or similar obligations to repay money of
others guaranteed by such Person or for which such Person acts as contractual surety 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.
Notwithstanding the foregoing, “Indebtedness” shall not include (a) a commitment arising in the ordinary course of business to purchase a future Portfolio Investment in accordance with the terms of this Agreement, (b) any
obligation of such Person to fund any 

  
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Portfolio Investment constituting a Delayed Funding Term Loan, (c) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an
asset or investment to satisfy unperformed obligations of the seller of such asset or investment, or (d) indebtedness of the Borrower on account of the sale by the Borrower of the first out tranche of any Portfolio Investment that arises solely
as an accounting matter under ASC 860, provided that such indebtedness (i) is nonrecourse to the Borrower and (ii) would not represent a claim against the Borrower in a bankruptcy, insolvency or liquidation proceeding of the Borrower, in
each case in excess of the amount sold or purportedly sold. 
 “Indemnified Person” has the meaning specified in
Section 5.03. 
 “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 Company under this Agreement and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitee” has the meaning set forth in Section 10.04(b). 

“Independent Dealer” means any of the following (as such list may be revised from time to time by mutual agreement of the
Company and the Administrative Agent): (a) JPMorgan Securities, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., Société Générale Securities Services, Morgan Stanley Smith Barney
LLC, Bank of America Merrill Lynch, BNP Paribas Securities Corp, Barclays Capital Inc., Credit Suisse Securities (UA) LLC, UBS Financial Services Inc., Wells Fargo Clearing Services, LLC, Jefferies LLC or RBC Capital Markets LLC or (b) any
banking or securities Affiliate of any Person specified in clause (a), but in no event including the Company or any Affiliate of the Company. 

“Ineligible Investment” means any Portfolio Investment that fails, at any time, to satisfy the Eligibility Criteria;
provided that with respect to any Portfolio Investment for which the Administrative Agent has waived one or more of the criteria set forth on Schedule 3, the Eligibility Criteria in respect of such Portfolio Investment shall be deemed not to
include such waived criteria at any time after such waiver and such Portfolio Investment shall not be considered an “Ineligible Investment” by reason of its failure to meet such waived criteria; provided further that any
Portfolio Investment (other than an Initial Portfolio Investment, except as set forth in Section 1.03(b)(1)) which has not been approved by the Administrative Agent pursuant to Section 1.02 on or prior to its Trade Date will be deemed to
be an Ineligible Investment until such later date (if any) on which such Portfolio Investment is so approved; provided further that (x) any Participation Interest granted to the Company on the Effective Date pursuant to the Parent
Sale Agreement or the OHA Master Participation Agreement that has not been elevated to an absolute assignment on or prior to the 45th calendar day following the Effective Date (or, if the Company (or the Portfolio Manager on its behalf) has used
commercially reasonable efforts to effect such elevation within such 45 calendar day period and has been unable to do so, the 90th calendar day following the Effective Date) and (y) any Participation Interest granted to the Company pursuant to
the KCAP Master Participation Agreement that has not been elevated to an absolute assignment on or prior to the 50th calendar day following the Effective Date (or, if the Company (or the Portfolio Manager on its behalf) has used commercially
reasonable efforts to effect such elevation within such 50 calendar day period and has been unable to do so, the 90th calendar day following the Effective Date), in each case, shall constitute an Ineligible Investment until the date on which such
elevation has occurred. 
 “Information” means (i) the Loan Documents and the details of the provisions thereof and
(ii) all information received from the Company or any Affiliate thereof relating to the Company or its business or any obligor in respect of any Portfolio Investment in connection with the transactions contemplated by this Agreement. 

  
 - 12 - 

 “Initial Portfolio Investments” means the Portfolio Investments listed in
Schedule 5. 
 “Initial Seller” has the meaning set forth in the introductory section of this Agreement. 

“Interest Payment Date” has the meaning set forth in Section 4.03(b). 

“Interest Proceeds” means all payments of interest received in respect of the Portfolio Investments and Eligible Investments
acquired with the proceeds of Portfolio Investments (in each case other than accrued interest purchased using Principal Proceeds, but including proceeds received from the sale of interest accrued after the date on which the Company acquired the
related Portfolio Investment), all other payments on the Eligible Investments acquired with the proceeds of Portfolio Investments (for the avoidance of doubt, such other payments shall not include principal payments (including, without limitation,
prepayments, repayments or sale proceeds) with respect to Eligible Investments acquired with Principal Proceeds) and all payments of fees, dividends and other similar amounts received in respect of the Portfolio Investments or deposited into any of
the Collateral Accounts (including closing fees, commitment fees, facility fees, late payment fees, amendment fees, waiver fees, prepayment fees and premiums, ticking fees, delayed compensation, customary syndication or other up-front fees and customary administrative agency or similar fees); provided, however, that for the avoidance of doubt, Interest Proceeds shall not include amounts or Eligible Investments in the MV
Cure Account or Unfunded Exposure Account or any proceeds therefrom. 
 “Investment” means (a) the purchase of any
debt or equity security of any other Person, or (b) the making of any Loan or advance to any other Person, or (c) becoming obligated with respect to a contingent obligation in respect of obligations of any other Person. 

“IRS” means the United States Internal Revenue Service. 

“JPMCB” has the meaning set forth in the introductory section of this Agreement. 

“KCAP Master Participation Agreement” has the meaning set forth in the introductory section of this Agreement. 

“Lender Participant” has the meaning set forth in Section 10.06(c). 

“Lenders” has the meaning set forth in the introductory section of this Agreement. 

“Liabilities” has the meaning set forth in Section 5.03. 

“LIBO Rate” means, for each Calculation Period relating to an Advance, the LIBO Screen Rate at approximately 11:00 a.m.,
London time, two (2) Business Days prior to the commencement of such Calculation Period; provided that if the LIBO Screen Rate shall not be available at such time then the LIBO Rate for such Calculation Period shall be the rate per
annum (rounded to the same number of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from
interpolating on a linear basis between (a) the LIBO Screen Rate for the longest period available that is shorter than three months and (b) the LIBO Screen Rate for the shortest period available that is longer than three months, in each
case, at such time. 

  
 - 13 - 

 “LIBO Screen Rate” means, for each Calculation Period relating to an Advance,
the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for U.S. Dollars for a period equal to three months as displayed on such day and time on pages
LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such
other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so determined would be less than zero, such rate shall be
deemed to zero for the purposes of this Agreement. 
 “Lien” means any security interest, lien, charge, pledge, preference
or encumbrance of any kind, in each case, securing the payment of obligations, including tax liens, mechanics’ liens and any liens that attach by operation of law. 

“Liquid Debt Security” means, as of any date of determination, a Debt Security that has had traded volume through TRACE of at
least $5,000,000 during the thirty day period immediately preceding such date. 
 “Liquid Portfolio Investment” means, as
of any date of determination, (i) a Loan that has at least two bids available through LoanX/Markit Group Limited or (ii) a Liquid Debt Security. 

“Loan” means any obligation for the payment or repayment of borrowed money that is documented by a term loan agreement or
other similar credit agreement. 
 “Loan Assignment Agreement” has the meaning set forth in Section 8.01(a). 

“Loan Documents” means this Agreement, each Sale Agreement, the Account Control Agreement, the Effective Date Letter and such
other agreements and documents, and any amendments or supplements thereto or modifications thereof, in each case executed or delivered by the Company or any Affiliate thereof with or in favor of the Administrative Agent and/or the Lenders pursuant
to the terms of this Agreement or any of the other Loan Documents and any additional documents delivered by the Company or any Affiliate thereof to or in favor of the Administrative Agent and/or the Lenders in connection with any such amendment,
supplement or modification. 
 “Management Fee” means, with respect to any Interest Payment Date, the fee payable to the
Portfolio Manager for services rendered during the related Calculation Period hereunder, which shall be equal to one-fourth of the product of (i) the Management Fee Percentage multiplied by (ii) the
average of the values of the aggregate principal amount of the Portfolio Investments (other than Ineligible Investments) on the first day and the last day of the related Calculation Period. For the avoidance of doubt, the Portfolio Manager may waive
or defer the payment of any Management Fee in its sole discretion. 
 “Management Fee Percentage” means 0.50% per annum.

 “Margin Stock” has the meaning provided such term in Regulation U of the Board of Governors of the Federal Reserve
Board. 
 “Market Value” means, on any date of determination, (i) with respect to any Liquid Portfolio Investment, the
average indicative bid-side price (expressed as a percentage) determined by LoanX, Inc. or Markit Group Limited, in the case of a Loan, or the most recent price reported on TRACE in an amount at least equal to
$1,000,000, in the case of a Liquid Debt Security (or, in either case, if the Administrative Agent determines in its sole discretion that such price is not available or is not indicative of the actual current market value, the market value of such
Portfolio Investment as determined by the Administrative Agent in good faith and in a commercially reasonable manner) and (ii) with respect to any other Portfolio Investment, the market value of such Portfolio Investment as determined by the
Administrative Agent in good faith and in a commercially reasonable manner, in each case, expressed as a percentage of par. 

  
 - 14 - 

 So long as no Market Value Event has occurred or Event of Default has occurred and is continuing,
the Portfolio Manager shall have the right to initiate a dispute of the Market Value of certain Portfolio Investments as set forth below; provided that the Portfolio Manager (x) in the case of a dispute using written executable bid(s),
provides the Administrative Agent the executable bid(s) set forth below no later than 12:00 p.m. New York City time on the Business Day immediately following the related date of determination and (y) in the case of a dispute using a valuation
from a Nationally Recognized Valuation Provider, provides the valuation set forth below no later than 12:00 p.m. New York City time on the fifteenth Business Day following the related date of determination (and, in the case of both clause
(x) and clause (y), if such dispute occurs after a Market Value Trigger Event, provides the executable bid(s) or valuation, as applicable, to the Administrative Agent not later than the last day of the related Market Value Cure Period. 

If the Portfolio Manager disputes the determination of Market Value with respect to any Portfolio Investment whose Market Value is not
determined by the Administrative Agent using Markit Group Limited, LoanX, Inc. or TRACE, the Portfolio Manager may, with respect to up to three such Portfolio Investments in each calendar quarter, engage a Nationally Recognized Valuation Provider,
at the expense of the Company, to provide a valuation of the applicable Portfolio Investments and submit evidence of such valuation to the Administrative Agent. With respect to any Portfolio Investment whose Market Value is determined by the
Administrative Agent using Markit Group Limited, LoanX, Inc. or TRACE, the Portfolio Manager may, at the expense of the Company, obtain two written executable bids (or, if two such bids are not available, one such bid) from Independent Dealers for a
principal amount of such Portfolio Investment at least equal to the greater of (x) 50% of the aggregate principal amount of such Portfolio Investment and (y) $2,000,000, and submit evidence of such bid or bids to the Administrative Agent, at which
time the average of the two bids, or, if only one such bid is available, the average of the single bid and the market value of such Portfolio Investment as determined by the Administrative Agent in good faith and in a commercially reasonable manner,
as the case may be, will become the new Market Value. 
 The market value of any Portfolio Investment determined in accordance with the
immediately preceding paragraph will be the Market Value for the applicable Portfolio Investment from and after the Business Day following receipt of notice of such executable bid or valuation by the Administrative Agent until the Administrative
Agent has made a good faith and commercially reasonable determination that the Market Value of such Portfolio Investment has changed, in which case the Administrative Agent may determine another Market Value (in accordance with the definition of
Market Value). 
 Notwithstanding anything to the contrary herein, (A) the Market Value for any Portfolio Investment shall not be
greater than the par amount thereof, (B) the Market Value of any Ineligible Investment shall be deemed to be zero, (C) the Administrative Agent shall be entitled to disregard as invalid any bid submitted by the Portfolio Manager from any
Independent Dealer if, in the Administrative Agent’s good faith judgment: (i) such Independent Dealer is ineligible to accept assignment or transfer of the relevant Portfolio Investment or portion thereof, as applicable, substantially in
accordance with the then-current market practice in the principal market for such Portfolio Investment, as reasonably determined by the Administrative Agent; (ii) such firm bid or such firm offer is not bona fide, including due to the
insolvency of the Independent Dealer or (iii) the Administrative Agent does not have the ability to execute any such bid by selling any portion of such Portfolio Investment held by the Administrative Agent or its Affiliate for its own account
to any such Independent Dealer (either directly or indirectly 

  
 - 15 - 

 
through a broker or other intermediary reasonably acceptable to the Administrative Agent) at the time (but no earlier than the time) such bid is delivered to the Administrative Agent by the
Portfolio Manager and (D) no valuation provided by a Nationally Recognized Valuation Provider shall be effective unless it takes into account factors commonly used by market participants in conducting valuation processes, including without
limitation (i) industry and comparable company analysis, (ii) market yield assumptions, (iii) credit fundamentals, cyclical nature, and outlook of the business of the Portfolio Investment’s obligor; and (iv) historical
material debt-financed acquisitions consummated by the Portfolio Investment’s obligor and is in form and substance reasonably acceptable to the Administrative Agent; provided that, for purposes of determining whether a valuation provided
by a Nationally Recognized Valuation Provider is reasonably acceptable to it, the Administrative Agent shall take into account the fact that such valuation includes the factors set forth in clauses (D)(i) through (iv) above. 

The Administrative Agent shall notify the Company, the Portfolio Manager and the Collateral Administrator in writing of the then-current
Market Value of each Portfolio Investment in the Portfolio on a monthly basis or upon the reasonable request of the Portfolio Manager (but no more frequently than 3 requests per calendar month). Any notification from the Administrative Agent to the
Company that the events set forth in clause (A)(i) of the definition of the term Market Value Event have occurred and are continuing shall be accompanied by a written statement showing the then-current Market Value of each Portfolio Investment. 

“Market Value Cure” means, on any date of determination, (i) with the consent of the Administrative Agent (not to be
unreasonably delayed), the contribution by the Parent of additional Portfolio Investments and the Delivery thereof by the Company to the Collateral Agent pursuant to the terms hereof, (ii) the contribution by the Parent of cash to the Company
and the Delivery thereof by the Company to the Collateral Agent pursuant to the terms hereof (which amounts shall be deposited in the MV Cure Account), (iii) the sale by the Company of one or more Portfolio Investments in accordance with the
requirements of this Agreement, (iv) the prepayment by the Company of an aggregate principal amount of Advances (together with accrued and unpaid interest thereon) or (v) any combination of the foregoing clauses (i), (ii), (iii) and (iv),
in each case during the Market Value Cure Period, at the option of the Portfolio Manager, and in an amount such that immediately after giving effect to all such actions the Net Advances are less than the product of (a) Net Asset Value and
(b) the Market Value Cure Level; provided that, any Portfolio Investment contributed to the Company in connection with the foregoing must meet all of the applicable Eligibility Criteria (unless otherwise consented to by the
Administrative Agent) and the Concentration Limitations shall be satisfied immediately after such contribution. 
 In connection with any
Market Value Cure under clause (i) above, (x) a Portfolio Investment shall be deemed to have been contributed to the Company if there has been a valid, binding and enforceable contract for the assignment of such Portfolio Investment to the
Company and, in the reasonable judgment of the Portfolio Manager, such assignment will settle, in the case of a Loan, within ten (10) Business Days after the related Trade Date and, in the case of any other Portfolio Investment, within three
(3) Business Days after the related Trade Date and the Company (or the Portfolio Manager on its behalf) shall use its commercially reasonable efforts to effect any such assignment within such time period and (y) the Administrative Agent
shall use commercially reasonable efforts to reply to a request to approve the applicable Portfolio Investment for contribution within one (1) Business Day of the request by the Company (or the Portfolio Manager on its behalf) for such
approval. 
 “Market Value Cure Failure” means the failure by the Company to effect a Market Value Cure as set forth in the
definition of such term. 
 “Market Value Cure Level” has the meaning set forth in the Transaction Schedule. 

  
 - 16 - 

 “Market Value Cure Period” means the period commencing on the Business Day on
which the Portfolio Manager receives notice from the Administrative Agent (which if received after 2:00 p.m., New York City time, on any Business Day, shall be deemed to have been received on the next succeeding Business Day) of the occurrence of a
Market Value Trigger Event and ending at the close of business in New York two (2) Business Days thereafter (provided that the Administrative Agent shall have the right in its sole discretion to extend such deadline in writing (including
via email)) . 
 “Market Value Event” means (A) the occurrence of both of the following events (i) a Market Value
Trigger Event and (ii) a Market Value Cure Failure or (B) if in connection with any Market Value Cure, a Portfolio Investment sold, contributed or deemed to have been contributed to the Company shall fail to settle within (i) in the
case of a Loan, ten (10) Business Days (or such longer period of time agreed to by the Administrative Agent in writing (including via email) in its sole discretion) after the related Trade Date thereof and (ii) in the case of any other
Portfolio Investment, three (3) Business Days (or such longer period of time agreed to by the Administrative Agent in writing (including via email) in its sole discretion) after the related Trade Date thereof. 

“Market Value Trigger” has the meaning set forth in the Transaction Schedule. 

“Market Value Trigger Event” means an event that shall have occurred if the Administrative Agent has determined and notified
the Portfolio Manager in writing as of any date that the Net Advances exceed the product of (a) the Net Asset Value and (b) the Market Value Trigger. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or financial condition
of the Company, any Seller or the Portfolio Manager, (b) the ability of the Company, any Seller or the Portfolio Manager to perform its obligations under this Agreement or any of the other Loan Documents or (c) the rights of or benefits
available to the Agents, the Securities Intermediary or the Lenders under this Agreement or any of the other Loan Documents. 

“Material Amendment” means any amendment, modification or supplement to this Agreement that (i) increases the Financing
Commitment of any Lender, (ii) reduces the principal amount of any Advance or reduces the rate of interest thereon (other than a waiver of the application of the Adjusted Applicable Margin), or reduces any fees payable to a Lender hereunder,
(iii) postpones the scheduled date of payment of the principal amount of any Advance, or any interest thereon, or any other amounts payable hereunder, or reduces the amount of, waives or excuses any such payment (other than a waiver of the
application of the Adjusted Applicable Margin), or postpones the scheduled date of expiration of any Financing Commitment, (iv) changes any provision in a manner that would alter the pro rata sharing of payments required hereby or
(v) changes any of the provisions of this definition or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make
any determination or grant any consent hereunder. 
 “Maturity Date” means the date that is the earliest of (1) the
Scheduled Termination Date set forth on the Transaction Schedule, (2) the date on which the Secured Obligations become due and payable upon the occurrence of an Event of Default under Article VII and the acceleration of the Secured Obligations,
(3) the date on which the principal amount of the Advances is irrevocably reduced to zero as a result of one or more prepayments and the Financing Commitments are irrevocably terminated and (4) the date after a Market Value Event on which
all Portfolio Investments have been sold and the proceeds therefrom have been received by the Company. 
 “Maximum Rate”
has the meaning set forth in Section 10.08. 

  
 - 17 - 

 “Mezzanine Obligation” means a Portfolio Investment which is unsecured,
subordinated debt of the obligor. 
 “Minimum Funding Amount” means, on any date of determination, the amount set forth in
the table below; provided that, on and after any Commitment Increase Date, the Minimum Funding Amount shall be the amount set forth in the last row below plus 80% of the increase in the Financing Commitment resulting from the
Commitment Increase Request and any prior Commitment Increase Request: 
  

							
	 Period Start Date
	  	Period End Date	  	Minimum Funding Amount
(U.S.$)	 
	 Effective Date
	  	January 8, 2020	  	$	13,200,000	 
	 January 9, 2020
	  	June 18, 2020	  	$	72,500,000	 
	 June 19, 2020
	  	Last day of the Reinvestment Period	  	$	92,000,000	 

 “MV Cure Account” means the account established by the Securities Intermediary and set forth
on the Transaction Schedule and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. 

“Nationally Recognized Valuation Provider” means (i) Lincoln International LLC (f/k/a Lincoln Partners LLC), (ii)
Valuation Research Corporation, (iii) Duff & Phelps, LLC, (iv) Hilco Capital, (v) Alvarez & Marsal, (vi) Murray Devine and (vii) Houlihan Lokey; provided that any independent entity providing
professional asset valuation services may be added to this definition by the Company (with the consent of the Administrative Agent) or added to this definition by the Administrative Agent from time to time by notice thereof to the Company and the
Portfolio Manager; provided, further, that the Administrative Agent may remove any provider from this definition by thirty (30) days’ prior written notice to the Company and the Portfolio Manager so long as, after giving
effect to such removal, there are at least three providers designated pursuant to this definition. 
 “Net Advances” means
the principal amount of the outstanding Advances (inclusive of Advances that have been requested for any outstanding Purchase Commitments which have traded but not settled) minus the amounts then on deposit in the Collateral Accounts (including cash
and Eligible Investments) representing Principal Proceeds (other than Principal Proceeds that have been designated to pay a portion of the purchase price in respect of any Purchase Commitments which have traded but not settled). 

“Net Asset Value” means, on any date of determination, the sum of (A) the sum of the product for each Portfolio
Investment, other than, for any Loan, the unfunded commitment amount of a Delayed Funding Term Loan of (x) the Market Value of such Portfolio Investment (both owned and in respect of which there is an outstanding Purchase Commitment that has
traded but has not settled) multiplied by (y) the funded principal amount of such Portfolio Investment plus (B) the amounts then on deposit in the Unfunded Exposure Account (including, in each case, cash and Eligible Investments);
provided that, for the avoidance of doubt, (1) the Concentration Limitation Excess, (2) any Portfolio Investment which has traded but not settled (x) in the case of a Loan, within ten (10) Business Days (or such longer
period of time agreed to by the Administrative Agent in writing (including via email) in its sole discretion) after the related Trade Date thereof and (y) in the case of any other Portfolio Investment,

  
 - 18 - 

 
within 3 Business Days (or such longer period of time agreed to by the Administrative Agent in writing (including via email) in its sole discretion) after the related Trade Date thereof and
(3) any Ineligible Investments will be excluded from the calculation of the Net Asset Value and assigned a value of zero for such purposes. For the avoidance of doubt, if the trade date for the sale of a Portfolio Investment has occurred, but
the related settlement date has not occurred, then Net Asset Value of such Portfolio Investment shall be calculated in accordance with this definition as if such Portfolio Investment remains owned by the Company until the applicable settlement date.

 “Net Purchased Loan Balance” means, as of any date of determination, an amount equal to (a) the aggregate principal
balance of all Portfolio Investments acquired by the Company prior to such date minus (b) the aggregate principal balance of all Portfolio Investments repurchased by the Parent or an Affiliate thereof prior to such date. 

“Non-Call Period” means the period beginning on, and including, the Effective Date
and ending on, but excluding, the earlier of (i) December 18, 2021 and (ii) the Non-Call Termination Date. 

“Non-Call Termination Date” means any date (i) during the Reinvestment Period on
which (x) the Company (or the Portfolio Manager on its behalf) has submitted at least ten (10) Notices of Acquisition (including all related information required to be delivered in connection therewith pursuant to Section 1.02) to the
Administrative Agent in the immediately preceding twelve month period relating to proposed Portfolio Investments each of which (A) satisfy all of the Eligibility Criteria, (B) would not cause any of the Concentration Limitations to be
exceeded on a pro forma basis immediately after giving effect to their proposed acquisition and (C) is similar in nature to the Initial Portfolio Investments or is otherwise of a nature set forth in the Effective Date Letter (in each case, as
reasonably determined by the Administrative Agent) and (y) the Administrative Agent has failed to approve the Portfolio Investments proposed to be acquired in at least five (5) of such Notices of Acquisition within the time period
specified in Section 1.02(c); provided that if the Administrative Agent initially does not approve but then subsequently approves any such Portfolio Investment, it shall be deemed an approval of such Portfolio Investment to the extent
that the applicable Portfolio Investment is subsequently purchased by the Company, (ii) JPMorgan Chase Bank, National Association ceases to act as Administrative Agent, (iii) the Advances bear interest at a rate other than the LIBO Rate or
any replacement index implement pursuant to Section 3.01(h)(ii), except to the extent such rate is consistent with the rate that the initial Lender or its affiliates are generally charging under comparable provisions of credit facilities
provided by them to similarly situated special purpose entity borrowers whose primary assets consist of loans and/or debt securities of the same general nature as the Portfolio Investments (it being understood that the spread over such index rate or
other rate adjustment based on the credit risk of the related collateral assets or portfolio manager will not constitute a component of the interest rate charged by the initial Lender or its affiliates for purposes of determining comparability under
this clause (iii)), or (iv) on which a Market Value Cure Failure occurs or the maturity of the Obligations is accelerated following the occurrence of an Event of Default. 

“Notice of Acquisition” has the meaning set forth in Section 1.02(a). 

“OHA” has the meaning set forth in the introductory section of this Agreement. 

“OHA Initial Portfolio Investments” means the Portfolio Investments listed in Part B of Schedule 5. 

“OHA Master Participation Agreement” has the meaning set forth in the introductory section of this Agreement. 

  
 - 19 - 

 “Other Connection Taxes” means, with respect to any Secured Party, Taxes imposed
as a result of a present or former connection between such Secured Party and the jurisdiction imposing such Tax (other than connections arising from such Secured Party 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 Loan Document, or sold or assigned an interest in any Advance or Loan Document). 

“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 Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment. 
 “Parent” means Portman Ridge Finance Corporation. 

“Parent Initial Portfolio Investments” means the Portfolio Investments listed in Part A of Schedule 5. 

“Parent Sale Agreement” has the meaning set forth in the introductory section of this Agreement. 

“Participant Register” has the meaning specified in Section 10.06(d). 

“Participation Interest” means a participation interest in a Loan. 

“PATRIOT Act” has the meaning set forth in Section 2.04(f). 

“Permitted Distribution” means, on any Business Day, distributions of Interest Proceeds or Principal Proceeds (at the
discretion of the Company) to the Parent (or other permitted equity holders of the Company); provided that amounts may be distributed pursuant to this definition (a) in the case of Interest Proceeds, only to the extent of available
Excess Interest Proceeds and (b) in the case of Principal Proceeds, only after the last day of the Ramp-Up Period and prior to the last day of the Reinvestment Period and, in each case, only so long as
(i) no Default or Event of Default has occurred and is continuing (or would occur after giving effect to such Permitted Distribution), (ii) no Market Value Event shall have occurred (or would occur after giving effect to such Permitted
Distribution), (iii) the Borrowing Base Test is satisfied (and will be satisfied after giving effect to such Permitted Distribution), (iv) the Company gives at least two (2) Business Days’ prior written notice thereof to the Administrative
Agent, the Collateral Agent and the Collateral Administrator, (v) not more than four Permitted Distributions are made in any single Calculation Period and (vi) the Company and (solely as it relates to the amount of Excess Interest
Proceeds, the calculations underlying clauses (ii) and (iii) above and whether an event specified in clause (i) above would occur after giving effect to such Permitted Distribution) the Administrative Agent confirm in writing (which may be
by email) to the Collateral Agent and the Collateral Administrator that the conditions to a Permitted Distribution set forth herein are satisfied. Nothing in this definition shall limit the right of the Company to make a Permitted Tax Distribution.

 “Permitted Lien” means any of the following: (a) Liens for Taxes if such Taxes shall not at the time be due and
payable or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such Person, (b) Liens imposed by
law, such as materialmen’s, warehousemen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens, arising by operation of law in the ordinary course of business for sums that are not overdue or
are being contested in good faith, 

  
 - 20 - 

 
(c) Liens granted pursuant to or by the Loan Documents, (d) judgement Liens not constituting an Event of Default hereunder, (e) bankers’ Liens, rights of setoff and other similar
Liens existing solely with respect to cash and Cash Equivalents on deposit in one or more accounts maintained by such Person, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are
maintained, securing amounts owing to such bank with respect to cash management, operating account arrangements and netting arrangements, (f) with respect to collateral underlying any Portfolio Investment, the Lien in favor of the Company
herein and Liens permitted under the underlying instruments related to such Portfolio Investment, (g) as to any agented Portfolio Investment, Liens in favor of the agent on behalf of all the lenders to the related obligor, (h) Liens of
clearing agencies, broker-dealers and similar Liens incurred in the ordinary course of business, provided that such Liens (x) attach only to the securities (or proceeds) being purchased or sold and (y) secure only obligations incurred in
connection with such purchase or sale, and not any obligation in connection with financing and (i) as to any loan underlying a Participation Interest, Liens that will be released simultaneously with the execution and delivery of the applicable
Sale Agreement pursuant to which such Participation Agreement is acquired by the Company. 
 “Permitted Tax Distribution”
means distributions to the Parent (from the Collection Account or otherwise) to the extent required to allow the Parent to make sufficient distributions to qualify as a regulated investment company, and to otherwise eliminate federal or state income
or excise taxes payable by the Parent in or with respect to any taxable year of the Parent (or any calendar year, as relevant); provided that (A) the amount of any such payments made in or with respect to any such taxable year (or
calendar year, as relevant) of the Parent shall not exceed 115% of the amounts that the Company would have been required to distribute to the Parent to: (i) allow the Company to satisfy the minimum distribution requirements that would be
imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year the Company’s
liability for federal income taxes imposed on (x) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), or (y) its net capital gain pursuant to Section 852(b)(3) of the Code
(or any successor thereto), and (iii) reduce to zero the Company’s liability for federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii)
or (iii), calculated assuming that the Company had qualified to be taxed as a regulated investment company under the Code and (B) amounts may be distributed pursuant to this definition only from Excess Interest Proceeds and, after the last day
of the Ramp-Up Period and prior to the last day of the Reinvestment Period, Principal Proceeds and so long as (i) the Borrowing Base Test is satisfied (and will be satisfied after giving effect to such
Permitted Tax Distribution), (ii) the Company gives at least two (2) Business Days prior notice thereof to the Administrative Agent, the Collateral Agent and the Collateral Administrator, (iii) if any such Permitted Tax Distributions are
made after the occurrence and during the continuance of an Event of Default, the amount of Permitted Tax Distributions made in any 365 calendar day period shall not exceed U.S.$1,500,000 and (iv) the Company and (solely as it relates to the
amount of Excess Interest Proceeds and the calculations underlying clauses (B)(i) and (B)(iii) above) the Administrative Agent have confirmed in writing (which may be by email) to the Collateral Agent and the Collateral Administrator that the
conditions to a Permitted Tax Distribution set forth herein are satisfied. 
 “Permitted Working Capital Lien” has meaning
set forth in the definition of “Senior Secured Loan”. 
 “Person” means any natural person, corporation,
partnership, trust, limited liability company, association, Governmental Authority or unit, or any other entity, whether acting in an individual, fiduciary or other capacity. 

  
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 “Plan” means any “employee benefit plan” (as such term is defined in
Section 3(3) of ERISA) subject to Section 412 of the Code or Title IV of ERISA established by the Company, the Parent or any ERISA Affiliate. 

“Plan Asset Rules” means the regulations issued by the United States Department of Labor at
Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations, as modified by Section 3(42) of ERISA. 

“Portfolio” means all Portfolio Investments Purchased hereunder and not otherwise sold or liquidated. 

“Portfolio Investments” has the meaning set forth in the introductory section of this Agreement. 

“Portfolio Investment Material Event” means (i) any default in respect of a Portfolio Investment as a result of
(A) a failure to make any payment of principal or interest due thereunder, (B) a breach of any financial covenant applicable thereto, (C) a bankruptcy or insolvency event thereunder, (D) a failure to perfect or maintain the
perfection of any security interest or lien granted thereunder with respect to a material portion of the collateral thereunder or (E) a change of control event thereunder; (ii) any acceleration of indebtedness under a Portfolio Investment
in accordance with its terms (including the terms of its underlying instruments after giving effect to any grace and/or cure period set forth in the related loan agreement or other instrument) or (iii) any other event or circumstance with
respect to a Portfolio Investment that is (in the determination of the Company or the Portfolio Manager in their respective sole discretion) material. 

“Portfolio Manager” has the meaning set forth in the introductory section of this Agreement. 

“Possessory Collateral” has the meaning set forth in the definition of the term “Deliver”. 

“Post-Effective Date Initial Portfolio Investments” means the Portfolio Investments listed in Part C of Schedule 5. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMCB as its prime rate in
effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Principal Proceeds” means all amounts received with respect to the Portfolio Investments or any other Collateral, and all
amounts otherwise on deposit in the Collateral Accounts (including cash contributed by the Company), in each case other than Interest Proceeds or amounts on deposit in the Unfunded Exposure Account. 

“Priority of Payments” has the meaning set forth in Section 4.05. 

“Proceeding” has the meaning set forth in Section 10.07(b). 

“Purchase” means each acquisition of a Portfolio Investment hereunder (other than by Substitution), including, for the
avoidance of doubt, by way of a Participation Interest in the case of Initial Portfolio Investments or contribution by the Parent to the Company pursuant to the Parent Sale Agreement. 

  
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 “Purchase Commitment” has the meaning set forth in Section 1.02(a). 

“Ramp-Up Period” means the period from and including the Effective Date to, but
excluding, June 18, 2020. 
 “Register” has the meaning set forth in Section 3.01(c). 

“Reinvestment Period” means the period beginning on, and including, the Effective Date and ending on, but excluding, the
earliest of (i) December 18, 2022, (ii) the date on which a Market Value Event occurs (unless waived by the Administrative Agent in its sole discretion) and (iii) the date on which an Event of Default occurs; provided that, in
the case of this clause (iii), with the written consent of the Required Lenders and the Administrative Agent (which consent may be granted or withheld in their respective sole discretion), at the request of the Portfolio Manager, the Reinvestment
Period may be reinstated if such Event of Default is waived or is cured prior to any declaration of the Secured Obligations as due and payable pursuant to Article VII as a result of such Event of Default. 

“Related Parties” has the meaning set forth in Section 9.01. 

“Request for Advance” has the meaning set forth in Section 2.03(d). 

“Required Lenders” means Lenders holding 50.1% or more of the sum of (i) the aggregate principal amount of the
outstanding Advances plus (ii) the aggregate undrawn amount of the outstanding Financing Commitments. 
 “Responsible
Officer” means with respect to the Collateral Agent, the Securities Intermediary or the Collateral Administrator, any officer of such Person customarily performing functions with respect to corporate trust matters and, with respect to a
particular corporate trust matter under this Agreement, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject in each case, having direct responsibility for the
administration of this Agreement. 
 “Restricted Payment” means (i) any dividend or other distribution (including,
without limitation, a distribution of non-cash assets), direct or indirect, on account of any shares or other equity interests in the Company now or hereafter outstanding; (ii) any redemption, retirement,
sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, by the Company of any shares or other equity interests in the Company now or hereafter outstanding; and (iii) any payment made to retire, or to obtain
the surrender of, any outstanding warrants, options or other rights to acquire shares or other equity interests in the Company now or hereafter outstanding. 

“Sale Agreements” has the meaning set forth in the introductory section of this Agreement. 

“Sanctioned Country” means, at any time, a country, region or territory which is itself the subject or target of any
Sanctions (at the time of this Agreement, Cuba, Iran, North Korea, Syria and Crimea). 
 “Sanctioned Person” means, at any
time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security
Council, the European Union, any EU member state, Her Majesty’s Treasury of the United Kingdom or any other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Country, (c) any Person owned or
controlled by any such Person or Persons described in the foregoing clauses (a) or (b) or (d) any Person otherwise the subject of Sanctions. 

  
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 “Sanctions” means economic or financial sanctions or trade embargoes imposed,
administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations
Security Council, the European Union, any EU member state, Her Majesty’s Treasury of the United Kingdom or any other relevant sanctions authority. 

“Second Lien Loan” means a Loan (i) that is secured by a pledge of collateral, which security interest is validly
perfected and second priority (subject to liens permitted under the related Underlying Instruments that are reasonable and customary for similar Loans) under Applicable Law (other than a Loan that is second priority to a Permitted Working Capital
Lien) and (ii) the Portfolio Manager determines in good faith that the value of the collateral securing the Loan (including based on enterprise value) on or about the time of origination or acquisition by the Company equals or exceeds the
outstanding principal balance thereof plus the aggregate outstanding balances of all other Loans of equal or higher seniority secured by the same collateral. 

“Secured Obligation” has the meaning set forth in Section 8.02(a). 

“Secured Party” has the meaning set forth in Section 8.02(a). 

“Securities Intermediary” has the meaning set forth in the introductory section of this Agreement. 

“Seller” means each of the Initial Seller, OHA and KCAP and “Sellers” means the Initial Seller, OHA and
KCAP, collectively. 
 “Senior Secured Loan” means any Loan or Debt Security, that (i) is not (and is not expressly
permitted by its terms to become) contractually subordinate in right of payment to any obligation of the obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (other than pursuant to a Permitted
Working Capital Lien and customary waterfall provisions contained in the applicable loan agreement), (ii) is secured by a pledge of collateral, which security interest is (a) validly perfected and first priority under Applicable Law (subject to
liens permitted under the applicable credit agreement that are reasonable for similar Loans or Debt Securities, and liens accorded priority by law in favor of any Governmental Authority) or (b)(1) validly perfected and second priority in the
accounts, documents, instruments, chattel paper, letter-of-credit rights, supporting obligations, deposit accounts, investments accounts (as such terms are defined in
the UCC) and any other assets securing any Working Capital Revolver under Applicable Law and proceeds of any of the foregoing (a first priority lien on such assets a “Permitted Working Capital Lien”) and (2) validly perfected
and first priority (subject to liens permitted under the related Underlying Instruments that are reasonable and customary for similar Loans or Debt Securities) in all other collateral under Applicable Law, and (iii) the Portfolio Manager
determines in good faith that the value of the collateral for such Loan or Debt Security (including based on enterprise value) on or about the time of acquisition equals or exceeds the outstanding principal balance of the Loan or Debt Security plus
the aggregate outstanding balances of all other Loans or Debt Securities of equal or higher seniority secured by a first priority Lien over the same collateral. 

“Settlement Date” has the meaning set forth in Section 1.03. 

  
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 “Solvent” means, with respect to any Person, that as of the date of
determination, (a) the sum of such Person’s debt (including contingent liabilities) does not exceed the present fair value of such Person’s present assets; (b) such Person’s capital is not unreasonably small in relation to
its business as contemplated on the date of this Agreement; and (c) such Person has not incurred debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise). For purposes of this definition, the amount of
any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person; provided that notwithstanding any provision herein to
the contrary, the term “Subsidiary” shall not include any Person that constitutes an investment held by the Company in the ordinary course of business and that is not, under GAAP, consolidated on the financial statements of the Company.

 “Substitute Portfolio Investment” has the meaning specified in Section 1.06. 

“Substitution” has the meaning specified in Section 1.06. 

“Substitution Date” has the meaning specified in Section 1.03. 

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

“TRACE” means the Trade Reporting and Compliance Engine. 

“Trade Date” has the meaning set forth in Section 1.03. 

“Transaction Schedule” has the meaning set forth in the introductory section of this Agreement. 

“UCC” means the Uniform Commercial Code in effect in the State of New York. 

“Uncertificated Security” has the meaning set forth in the UCC. 

“Underlying Instruments” means the loan agreement, credit agreement, indenture or other agreement pursuant to which a
Portfolio Investment has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Portfolio Investment or of which the holders of such Portfolio Investment are the beneficiaries. 

“Unfunded Exposure Account” means the account established by the Securities Intermediary and set forth on the Transaction
Schedule for the deposit of funds used to cash collateralize the Unfunded Exposure Amount and any successor accounts established in connection with the resignation or removal of the Securities Intermediary. 

  
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 “Unfunded Exposure Amount” means, on any date of determination, with respect to
any Delayed Funding Term Loan, an amount equal to the aggregate amount of all unfunded commitments associated with such Delayed Funding Term Loan. 

“Unfunded Exposure Shortfall” means, on any date of determination, an amount equal to the greater of (i) 0 and (ii) the
aggregate Unfunded Exposure Amount for all Portfolio Investments minus the sum of (x) the amounts on deposit in the Unfunded Exposure Account and (y) 2.5% of the Collateral Principal Amount. 

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 “U.S. Tax Compliance Certificate” has the meaning set forth in Section 3.03(f). 

“Working Capital Revolver” means a revolving lending facility secured on a first lien basis solely by all or a portion of the
current assets of the related obligor, the obligor’s leverage ratio in respect of which (determined based on the aggregate commitment amount thereof (whether funded or unfunded) to EBITDA for the period of four fiscal quarters ending on or most
recently ended prior to such date for which financial statements are available (as calculated in accordance with the related Underlying Instruments)) does not exceed 0.75x (or such larger ratio as the Administrative Agent may agree in its sole
discretion). 
 ARTICLE I 
 THE
PORTFOLIO INVESTMENTS 
 SECTION 1.01. Purchases of Portfolio Investments. On the Effective Date, the Company will acquire
(i) the Parent Initial Portfolio Investments from the Initial Seller pursuant to the Parent Sale Agreement and (ii) the OHA Initial Portfolio Investments from OHA, in each case, subject to the terms and conditions specified in this
Agreement. Not later than 15 Business Days following the Effective Date, the Company will acquire the Post-Effective Date Initial Portfolio Investments from KCAP pursuant to the KCAP Master Participation Agreement, subject to the terms and
conditions set forth herein. From time to time during the Reinvestment Period, the Company may Purchase additional Portfolio Investments, or request that Portfolio Investments be Purchased for the Company’s account, all on and subject to the
terms and conditions set forth herein. 
 SECTION 1.02. Procedures for Purchases and Related Advances. 

(a) Timing of Notices of Acquisition. No later than five (5) Agent Business Days (or such shorter period as the Administrative
Agent may agree in its sole discretion) before the date on which the Company proposes that a binding commitment to acquire any Portfolio Investment (other than an Initial Portfolio Investment, except as set forth in Section 1.03(b)(1) below) be
made by it or for its account (a “Purchase Commitment”), the Portfolio Manager, on behalf of the Company, shall deliver to the Administrative Agent a notice of acquisition (a “Notice of Acquisition”). No Notice of
Acquisition shall be required to be delivered in respect of any Initial Portfolio Investment except as set forth in Section 1.03(b)(1) below, and the execution of the applicable Sale Agreement shall constitute the “Purchase
Commitment” in respect thereof. 
 (b) Contents of Notices of Acquisition. Each Notice of Acquisition shall consist of one or
more electronic submissions to the Administrative Agent (in such format and transmitted in such a manner as the Administrative Agent, the Portfolio Manager and the Company may reasonably agree (which shall initially be the format and include the
information regarding such Portfolio Investment identified on Schedule 2)), and shall be accompanied by such other information as the Administrative Agent may reasonably request to the extent such information is reasonably available to the Portfolio
Manager. 

  
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 (c) Eligibility of Portfolio Investments. The Administrative Agent shall have the right,
on behalf of all Lenders, to request additional information regarding any proposed Portfolio Investment. The Administrative Agent shall notify the Portfolio Manager and the Company of its approval or failure to approve each Portfolio Investment
proposed to be acquired pursuant to a Notice of Acquisition (and, if approved, an initial determination of the Market Value for such Portfolio Investment) no later than the fifth (5th) Agent
Business Day succeeding the date on which it receives such Notice of Acquisition and any information reasonably requested in connection therewith); provided that (i) any Initial Portfolio Investment shall be deemed to be approved by the
Administrative Agent except as set forth in Section 1.03(b)(1) below) and (ii) the failure of the Administrative Agent to notify the Portfolio Manager and the Company of its approval in accordance with this Section 1.02(c) shall be
deemed to be a disapproval of such proposed acquisition. 
 (d) The failure of the Administrative Agent to approve the acquisition of a
Portfolio Investment will not prohibit the Company from acquiring such Portfolio Investment (subject to the conditions set forth in Section 1.03); provided that any Portfolio Investment not so approved prior to its Trade Date shall be
deemed to be an Ineligible Investment until such later date (if any) on which such Portfolio Investment is so approved. 
 SECTION 1.03.
Conditions to Purchases and Substitutions. 
 (a) No Purchase Commitment, Purchase or Substitution shall be entered into or
made unless each of the following conditions is satisfied as of the date on which such Purchase Commitment is entered into or such Purchase would otherwise be made (such Portfolio Investment’s “Trade Date” or, in the case of a
Substitution, the date on which the Company consummates a Substitution (the “Substitution Date”): 
 (1) the
information contained in the Notice of Acquisition accurately describes, in all material respects, such Portfolio Investment and such Portfolio Investment satisfies the eligibility criteria set forth in Schedule 3 (the “Eligibility
Criteria”); 
 (2) with respect to a Purchase, the proposed Settlement Date for such Portfolio Investment is not
later than (i) in the case of a Loan, the date that is ten (10) Business Days (or such longer period of time agreed to by the Administrative Agent in writing (including via email) in its sole discretion) after such Trade Date or
(ii) in the case of any other Portfolio Investment, the date that is three (3) Business Days (or such longer period of time agreed to by the Administrative Agent in writing (including via email) in its sole discretion) after such Trade
Date; 
 (3) no Market Value Event has occurred and no Event of Default or event that, with notice or lapse of time or both,
would constitute an Event of Default (a “Default”), has occurred and is continuing (unless, in the case of a Default, such Default would be cured by such asset purchase and no other Default or Event of Default has occurred and is
continuing (in each case, as determined by the Administrative Agent in its commercially reasonable judgment)), and the Reinvestment Period has not otherwise ended; and 

(4) immediately after giving pro forma effect to the Purchase of such Portfolio Investment and the related Advance, the
Borrowing Base Test is satisfied or, if the Borrowing Base Test was not satisfied immediately prior to such Purchase, the Borrowing Base Test will be improved by such Purchase. 

  
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 (b) In addition to the conditions to such Purchase Commitment and Purchase set forth in clause
(a) above, the Company shall not enter into the KCAP Master Participation Agreement or Purchase the Post-Effective Date Initial Portfolio Investments unless each of the following conditions is satisfied (or waived by the Administrative Agent
(including via email) in its sole discretion) as of the date on which the KCAP Master Participation Agreement is entered into: 

(1) either (A) the KCAP Master Participation Agreement is entered into and the purchase price is paid thereunder on or
prior to 5:00 p.m. New York City time on the date that is fifteen (15) Business Days following the Effective Date or (B) a Notice of Acquisition has been submitted with respect to the Post-Effective Date Initial Portfolio Investments in
accordance with Section 1.02; 
 (2) the KCAP Master Participation Agreement is in the form attached to the Effective
Date Letter (except to the extent consented to by the Administrative Agent in writing (including via email)); 
 (3) the
Administrative Agent (or its counsel) shall have received one or more reasonably satisfactory written opinions of counsel for the Company and KCAP covering such matters with respect to the KCAP Master Participation Agreement as the Administrative
Agent shall reasonably request; and 
 (4) the Administrative Agent shall have received (A) documents referred to in
Section 2.05(d) in respect of KCAP, (B) a financing statement described in Section 2.05(g) in respect of the backup security interest of the Company in the Post-Effective Date Portfolio Investments, (C) a UCC lien search with
respect to KCAP described in Section 2.05(h) and (D) evidence described in Section 2.05(j) with respect to the KCAP Master Participation Agreement and the Post-Effective Date Portfolio Investments. 

(c) If the above conditions to a Purchase Commitment, a Purchase or a Substitution are satisfied or waived by the Administrative Agent, the
Portfolio Manager shall determine, in consultation with the Administrative Agent and with notice to the Collateral Agent, the date on which such Purchase (if any) or Substitution shall settle (the “Settlement Date” for such
Portfolio Investment). With respect to a Purchase, promptly following the Settlement Date for a Portfolio Investment (or, in the case of a Portfolio Investment that is a Participation Interest, the date on which such Participation Interest is
elevated to a full assignment) and its receipt thereof (and at other times thereafter promptly following the written request of the Administrative Agent (including via email)), the Portfolio Manager shall provide to the Administrative Agent a copy
of the executed assignment agreement (or, in the case of a Portfolio Investment that is not a Loan, the executed purchase agreement or similar instrument) pursuant to which such Portfolio Investment was assigned, sold or otherwise transferred to the
Company. 
 SECTION 1.04. Sales of Portfolio Investments. The Company will not sell, transfer or otherwise dispose of any Portfolio
Investment or any other asset without the prior consent of the Administrative Agent (acting at the direction of the Required Lenders), except that (a) subject to Section 6.02(w), the Company may sell any Portfolio Investment (including any
Ineligible Investment) or other asset without such consent so long as (x) immediately prior to such sale or other disposition, (i) no Market Value Event has occurred and (ii) no Default or Event of Default has occurred and is
continuing (unless, in the case of this subclause (ii), such Default or Event of Default will be cured by such asset sale and no other Default or Event of Default has occurred and is continuing), (y) after giving effect thereto, no

  
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Market Value Trigger Event and no Default or Event of Default will occur and (z) the sale of such asset by the Company shall be on an
arm’s-length basis at fair market value and in accordance with the Portfolio Manager’s standard market practices, (b) within two (2) Business Days of any Delayed Funding Term Loan with an
unfunded commitment becoming an Ineligible Investment, the Company, subject to subclauses (x) and (y) of clause (a) above, shall sell such Delayed Funding Term Loan and shall pay any amount payable in connection with such sale,
(c) upon the request of the Administrative Agent within two (2) Business Days of any other Portfolio Investment becoming an Ineligible Investment, the Company shall, subject to subclauses (x) and (y) of clause (a) above, use
commercially reasonable efforts to sell such Portfolio Investment, (d) the Company may sell, transfer or dispose of Portfolio Investments in accordance with a Sale Agreement in the event a breach of one or more representations, warranties,
undertakings or covenants made by the applicable Seller with respect thereto, (e) the Company may effect Substitutions in accordance with Section 1.06 and (f) the Company may sell, transfer or dispose of Portfolio Investments at a
price at least equal to par to the extent required by the terms of the applicable Underlying Instruments. 
 Notwithstanding anything in
this Agreement to the contrary (but subject to this Section 1.04): (i) following the occurrence and during the continuance of an Event of Default, neither the Company nor the Portfolio Manager on its behalf shall have any right to cause the
sale, transfer or other disposition of a Portfolio Investment or any other asset (including, without limitation, the transfer of amounts on deposit in the Collateral Accounts) without the prior written consent of the Administrative Agent (which
consent may be granted or withheld in the sole discretion of the Administrative Agent), (ii) following the occurrence of a Market Value Event, the Company shall use commercially reasonable efforts to sell Portfolio Investments (individually or in
lots, including a lot comprised of all of the Portfolio Investments) at the sole direction of, and in the manner (including, without limitation, the time of sale, sale price, principal amount to be sold and purchaser) required by the Administrative
Agent (provided that the Administrative Agent shall only require sales at the direction of the Required Lenders and at least equal to the then-current fair market value and in accordance with the Administrative Agent’s standard market
practices) and the proceeds from such sales shall be used to prepay the Advances outstanding hereunder and (iii) following the occurrence of a Market Value Event, the Portfolio Manager shall have no right to act on behalf of, or otherwise
direct, the Company, the Administrative Agent, the Collateral Agent or any other Person in connection with a sale of Portfolio Investments pursuant to any provision of this Agreement except with the prior written consent of the Administrative Agent.
With respect to any sale of a Portfolio Investment the trade date of which was prior to the occurrence of an Event of Default or Market Value Event, as applicable, and the settlement date is scheduled to occur on a date following such Event of
Default or Market Value Event, the Administrative Agent shall consent to such sale so long as all applicable criteria set forth in the immediately preceding paragraph were satisfied as of the trade date for such sale. Following the occurrence of a
Market Value Event and in connection with the sale of any Portfolio Investment by or at the direction of the Administrative Agent, the Portfolio Manager shall take such actions as the Administrative Agent may reasonably request in writing (including
via email) to facilitate the consummation of such sale. 
 Any prepayments made pursuant to the immediately preceding paragraph shall
automatically reduce the Financing Commitments as provided in Section 4.07(b). 
 In connection with any sale of Portfolio Investments
required by the Administrative Agent following the occurrence of a Market Value Event, the Administrative Agent or a designee of the Administrative Agent shall: 

(i) notify the Company at the Designated Email Notification Address promptly upon distribution of bid solicitations regarding the sale of such
Portfolio Investments; and 

  
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 (ii) direct the Company to sell such Portfolio Investments to the Designated Independent Dealer
if the Designated Independent Dealer provides the highest bid in the case where bids are received in respect of the sale of such Portfolio Investments, it being understood that if the Designated Independent Dealer provides a bid to the
Administrative Agent that is the highest bona fide bid to purchase a Portfolio Investment on a line-item basis where such Portfolio Investment is part of a pool of Portfolio Investments for which there is a bona fide bid on a pool basis proposed to
be accepted by the Administrative Agent (in its sole discretion), then the Administrative Agent shall accept any such line-item bid only if such line-item bid (together with any other line-item bids by the Designated Independent Dealer or any other
bidder for other Portfolio Investments in such pool) is greater than the bid on a pool basis. 
 For purposes of this paragraph, the
Administrative Agent shall be entitled to disregard as invalid any bid submitted by the Designated Independent Dealer if, in the Administrative Agent’s judgment (acting reasonably): 

(A) either: 
 (x) the Designated
Independent Dealer is ineligible to accept assignment or transfer of the relevant Portfolio Investments or any portion thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for the relevant
Portfolio Investments; or 
 (y) the Designated Independent Dealer would not, through the exercise of its commercially reasonable efforts, be
able to obtain any consent required under any agreement or instrument governing or otherwise relating to the relevant Portfolio Investments to the assignment or transfer of the relevant Portfolio Investments or any portion thereof, as applicable, to
it; or 
 (B) such bid is not bona fide, including, without limitation, due to (x) the insolvency of the Designated Independent Dealer
or (y) the inability, failure or refusal of the Designated Independent Dealer to settle the purchase of the relevant Portfolio Investments or any portion thereof, as applicable, or otherwise settle transactions in the relevant market or perform
its obligations generally. 
 In connection with any sale of a Portfolio Investment directed by the Administrative Agent pursuant to this
Section 1.04 and the application of the net proceeds thereof, the Company hereby appoints the Administrative Agent as the Company’s attorney-in-fact (it being
understood that the Administrative Agent shall not be deemed to have assumed any of the obligations of the Company by this appointment), with full authority in the place and stead of the Company and in the name of the Company to effectuate the
provisions of this Section 1.04 (including, without limitation, the power to execute any instrument which the Administrative Agent or the Required Lenders may deem necessary or advisable to accomplish the purposes of this Section 1.04 or
any direction or notice to the Collateral Agent in respect of the application of net proceeds of any such sales). None of the Administrative Agent, the Lenders, the Collateral Administrator, the Securities Intermediary, the Collateral Agent or any
Affiliate of any thereof shall incur any liability to the Company, the Portfolio Manager, any Lender or any other Person in connection with any sale effected at the direction of the Administrative Agent in accordance with this Section 1.04,
including, without limitation, as a result of the price obtained for any Portfolio Investment, the timing of any sale or sales of Portfolio Investments or the notice or lack of notice provided to any Person in connection with any such sale, so long
as, in the case of the Administrative Agent only, any such sale does not violate Applicable Law. 

  
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 SECTION 1.05. Additional Equity Contributions. Notwithstanding anything in this Agreement
to the contrary, the Parent may, but shall have no obligation to, at any time or from time to time make a capital contribution to the Company for any purpose, including for the purpose of curing any Default or Event of Default, in connection with a
Market Value Cure, satisfying any Borrowing Base Test, enabling the acquisition or sale of any Portfolio Investment or satisfying any conditions under Section 2.04. Each contribution shall either be made (a) in cash, (b) by assignment
and contribution of Cash Equivalents and/or (c) by assignment and contribution of a Portfolio Investment that satisfies all of the Eligibility Criteria and the Concentration Limitations and could otherwise be sold to the Company in compliance
with this Agreement. 
 SECTION 1.06. Substitutions. The Company may replace a Portfolio Investment with another Portfolio Investment
(each such replacement, a “Substitution” and such new Portfolio Investment, a “Substitute Portfolio Investment”) so long as the Company has submitted a Notice of Acquisition and all other applicable conditions
precedent set forth in Section 1.03(a) have been satisfied with respect to each Substitute Portfolio Investment to be acquired by the Company in connection with such Substitution. In no event shall the aggregate outstanding balance of Portfolio
Investments in the Portfolio subject to a Substitution, together with the aggregate outstanding balance of Portfolio Investments sold to the Initial Seller by the Company, exceed 20% of the Net Purchased Loan Balance measured as of the date of such
sale. 
 SECTION 1.07. Certain Assumptions relating to Portfolio Investments. For purposes of all calculations hereunder, any
Portfolio Investment for which the trade date in respect of a sale thereof by the Company has occurred, but the settlement date for such sale has not occurred, shall be considered to be owned by the Company until such settlement date. 

ARTICLE II 
 THE ADVANCES 

SECTION 2.01. Financing Commitments. Subject to the terms and conditions set forth herein, only during the Reinvestment Period, each
Lender hereby severally agrees to make available to the Company Advances, in U.S. dollars, in an aggregate amount outstanding not exceeding the amount of such Lender’s Financing Commitment. The Financing Commitments shall terminate on the
earliest of (a) the last day of the Reinvestment Period, (b) the Maturity Date and (c) the occurrence of a Market Value Event. 

SECTION 2.02. [Reserved]. 

SECTION 2.03. Advances; Use of Proceeds. 

(a) Subject to the satisfaction or waiver of the conditions to the Purchase of a Portfolio Investment set forth in Section 1.03 and/or an
Advance set forth in Section 2.05 as of (i) both the related Trade Date and Settlement Date and/or (ii) the Advance date, as applicable, the Lenders will (ratably in accordance with their respective Financing Commitments) make the
applicable Advance available to the Company on the related Settlement Date (or otherwise on the related Advance date if no Portfolio Investment is being acquired on such date) as provided herein. 

(b) Except as expressly provided herein, the failure of any Lender to make any Advance required hereunder shall not relieve any other Lender of
its obligations hereunder. If any Lender shall fail to provide any Advance to the Company required hereunder, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received
by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations hereunder until all such unsatisfied obligations are fully paid. 

  
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 (c) Subject to Section 2.03(f), the Company shall use the proceeds of the Advances received
by it hereunder to purchase the Portfolio Investments identified in the related Notice of Acquisition or to make advances to the obligor of Delayed Funding Term Loans in accordance with the Underlying Instruments relating thereto; provided
that, if the proceeds of an Advance are deposited in the Collection Account as provided in Section 3.01 prior to or on the expected Settlement Date for any Portfolio Investment but the Company is unable to Purchase such Portfolio Investment on
the related expected Settlement Date, or if there are proceeds of such Advance remaining after such Purchase, then, subject to Section 3.01(a), upon written notice from the Portfolio Manager, the Collateral Agent shall apply such proceeds on
such date as provided in Section 4.05. The proceeds of the Advances shall not be used for any other purpose except to the extent expressly set forth in the Effective Date Letter. Notwithstanding the foregoing, if the purchase price of a
Portfolio Investment with respect to which a Notice of Acquisition has been approved by the Administrative Agent and which could otherwise have been acquired with the proceeds of a related Advance in compliance with Section 2.05 and the other
applicable requirements of this Agreement is instead paid by the Parent or its Affiliate on the designated Settlement Date, the Company may use the proceeds of such Advance to repay the Parent or such Affiliate for the amount of the purchase price
for such Portfolio Investment advanced by such Person. 
 (d) With respect to any Advance, the Portfolio Manager shall, on behalf of the
Company, submit a request substantially in the form of Exhibit A (a “Request for Advance”) to the Lenders and the Administrative Agent, with a copy to the Collateral Agent and the Collateral Administrator, not later than 2:00 p.m.
New York City time, 1 Business Day prior to the Business Day specified as the date on which such Advance shall be made and, upon receipt of such request, the Lenders shall make such Advances in accordance with the terms set forth in
Section 3.01. Any requested Advance shall be in an amount such that, immediately after giving effect thereto and the related purchase (if any) of the applicable Portfolio Investment(s), the Borrowing Base Test is satisfied. 

(e) [Reserved] 
 (f) If, on any
date of determination prior to the second Business Day prior to the last day of the Reinvestment Period, there exists an Unfunded Exposure Shortfall, the Company shall (i) request an Advance and, if the conditions to such Advance are satisfied
and such Advance is made in accordance with this Agreement, deposit the proceeds thereof in the Unfunded Exposure Account and/or (ii) deposit cash from other sources into the Unfunded Exposure Account in an aggregate amount at least equal to
the aggregate Unfunded Exposure Shortfall. If two Business Days prior to the end of the Reinvestment Period there exists any Unfunded Exposure Amount, then the Portfolio Manager, on behalf of the Company, shall be deemed to have requested an Advance
on such date, and the Lenders shall make a corresponding Advance on the last day of the Reinvestment Period (with written notice to the Collateral Administrator by the Administrative Agent) in accordance with Article III in an amount, to be
deposited in the Unfunded Exposure Account, equal to the least of (i) the aggregate Unfunded Exposure Amount, (ii) the Financing Commitments in excess of the aggregate principal amount of the outstanding Advances and (iii) an amount
such that the Borrowing Base Test is satisfied after giving effect to such Advance; provided that, if the Company provides evidence to the Administrative Agent that it has cash from other sources that is available in accordance with the terms
of this Agreement to make any such future advances in respect of any Delayed Funding Term Loan, then so long as such cash is deposited in accordance with the succeeding sentence, the amount of any such Advance shall be reduced by the amount of such
funds. The Company shall cause (x) the proceeds of such Advance to be deposited into the Unfunded Exposure Account on the last day of the Reinvestment Period and (y) cash from other sources that are available in accordance with the terms
of this Agreement referred to in the immediately preceding sentence to be deposited into the Unfunded Exposure Account not later than one Business Day prior to the last day of the Reinvestment Period, such that the aggregate amounts under clauses
(x) and (y) above (together with amounts already on deposit in the Unfunded Exposure Account) equal or exceed the aggregate Unfunded Exposure Amount. 

  
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 SECTION 2.04. Conditions to Effective Date. Notwithstanding anything to the
contrary herein, this Agreement shall not become effective until the date (the “Effective Date”) on which each of the following conditions is satisfied (or waived by the Administrative Agent in its sole discretion): 

(a) Executed Counterparts. The Administrative Agent (or its counsel) shall have received from each party hereto either
(i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include electronic transmission of a signed signature page of this Agreement) that
such party has signed a counterpart of this Agreement. 
 (b) Loan Documents. The Administrative Agent (or its
counsel) shall have received reasonably satisfactory evidence that the Loan Documents that are dated as of the date of this Agreement have been executed and are in full force and effect. 

(c) Opinions. The Administrative Agent (or its counsel) shall have received one or more reasonably satisfactory written
opinions of counsel for the Company, the Portfolio Manager, the Initial Seller and OHA, covering such matters relating to the transactions contemplated hereby and by the other Loan Documents as the Administrative Agent shall reasonably request
(including, without limitation, certain bankruptcy matters) in writing. 
 (d) Corporate Documents. The Administrative
Agent (or its counsel) shall have received such certificates of resolutions or other action, incumbency certificates and/or other certificates of officers of the Company, the Initial Seller, OHA and the Portfolio Manager as the Administrative Agent
may reasonably require evidencing the identity, authority and capacity of each officer thereof or other Person authorized to act in connection with this Agreement and the other Loan Documents, and such other documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Company, the Initial Seller, OHA and the Portfolio Manager and any other legal matters relating to the Company, the Initial
Seller, OHA, the Portfolio Manager, this Agreement or the transactions contemplated hereby, all in form and substance satisfactory to the Administrative Agent and its counsel. 

(e) Payment of Fees, Etc. The Administrative Agent, the Lenders, the Collateral Agent and the Collateral Administrator
shall have received all fees and other amounts due and payable by the Company in connection herewith on or prior to the Effective Date, including the fee payable pursuant to Section 4.03(e) and, to the extent invoiced, reimbursement or payment
of all reasonable and documented out-of-pocket expenses (including legal fees and expenses) required to be reimbursed or paid by the Company hereunder. 

(f) PATRIOT Act, Etc. (i) To the extent requested by the Administrative Agent or any Lender, the
Administrative Agent or such Lender, as the case may be, shall have received all documentation and other information required by regulatory authorities under the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “PATRIOT Act”) and other applicable “know your customer” and anti-money laundering rules and regulations and (ii) to the extent the Company qualifies as a “legal
entity customer” under the Beneficial Ownership Regulation, at least five days prior to the Effective Date, any Lender that has requested, in a written notice to the Company at least 10 days prior to the Effective Date, a Beneficial Ownership
Certification in relation to the Company shall have received such Beneficial Ownership Certification. 

  
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 (g) Filings. Copies of proper financing statements, as may be necessary
or, in the opinion of the Administrative 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 and the backup security interest of the Company in the Portfolio Investments acquired by it pursuant to the Parent Sale Agreement and the OHA Master Participation Agreement. 

(h) Certain Acknowledgements. The Administrative Agent shall have received (i) UCC, tax and judgment lien searches,
bankruptcy and pending lawsuit searches or equivalent reports or searches indicating that there are no effective lien notices or comparable documents that name the Company as debtor and that are filed in the jurisdiction in which the Company is
organized, (ii) UCC lien searches indicating that there are no effective lien notices or comparable documents that name the Initial Seller or (except with respect to any Lien described in clause (j) below) OHA as debtor which cover any of
the Portfolio Investments and (iii) such other searches that the Administrative Agent reasonably deems necessary or appropriate. 

(i) Officer’s Certificate. The Administrative Agent (or its counsel) shall have received a certificate of an
officer of the Company, certifying that the conditions set forth in Sections 2.05(4) and 2.05(6) have been satisfied on and as of the Effective Date. 

(j) Effective Date Initial Portfolio Investments. The Administrative Agent (or its counsel) shall have received
reasonably satisfactory evidence that the initial Purchases of Effective Date Initial Portfolio Investments contemplated by the Parent Sale Agreement and the OHA Master Participation Agreement shall have been consummated in accordance with the terms
thereof and that all Liens on any OHA Initial Portfolio Investments have been released (or will be released prior to or simultaneously with the funding of the Advance made to acquire the OHA Initial Portfolio Investments). 

(k) Other Documents. Such other documents as the Administrative Agent may reasonably require. 

SECTION 2.05. Conditions to Advances. No Advance shall be made unless each of the following conditions is satisfied (or waived by the
Administrative Agent in writing (including via email) in its sole discretion) as of the proposed date of such Advance: 
 (1)
the Effective Date shall have occurred; 
 (2) the Company shall have delivered a Request for Advance in accordance with
Section 2.03(d); 
 (3) no Market Value Event has occurred 

(4) no Event of Default or Default has occurred and is continuing; 

(5) the Reinvestment Period has not ended; 

(6) all of the representations and warranties contained in Article VI and in any other Loan Document shall be true and correct
in all material respects (or with respect to such 

  
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representations and warranties which by their terms contain materiality qualifiers, shall be true and correct), in each case on and as of the date of such Advance, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers,
shall be true and correct) as of such earlier date; and 
 (7) immediately after giving pro forma effect to such Advance (and
any related Purchase) hereunder: 
 (x) the Borrowing Base Test is satisfied; 

(y) the aggregate principal balance of Advances then outstanding will not exceed the aggregate limit for Advances set forth in
the Transaction Schedule; and 
 (z) in the case of an Advance made in connection with a Purchase, the amount of such Advance
shall be not less than U.S.$2,000,000; provided that the amount of the initial Advance on the Effective Date shall be not less than U.S.$13,200,000. 

In addition, it shall be a condition precedent to the funding of the Advance to be made to acquire the OHA Initial Portfolio Investments that
the Administrative Agent (or its counsel) receives verbal confirmation from an officer of the Parent or from outside counsel representing the Parent in connection with such transaction that (i) the merger transaction pursuant to which OHA will
becomes a direct, wholly-owned subsidiary of the Parent has been pre-approved by each applicable Governmental Authority having jurisdiction over such transaction and (ii) the related articles of merger
have been filed with the requisite Governmental Authority. 
 If the above conditions to an Advance are satisfied or waived by the
Administrative Agent, the Portfolio Manager (on behalf of the Company) shall determine, in consultation with the Administrative Agent and with notice to the Lenders and the Collateral Administrator, the date on which any Advance shall be provided.

 SECTION 2.06. Commitment Increase Option. 

The Company may, at any time during the Reinvestment Period, submit a Commitment Increase Request for an increase in the Financing Commitment
to up to $215,000,000 (in the aggregate), subject to satisfaction (or waiver by the Administrative Agent in writing (including via email) in its sole discretion) of the following conditions precedent: 

(a) the Administrative Agent approve such Commitment Increase Request in writing (including via email) in its sole discretion; 

(b) no Market Value Event shall have occurred and no Event of Default shall have occurred and be continuing, in each case on and as of the
Commitment Increase Date; 
 (c) the Borrowing Base Test is satisfied on and as of the Commitment Increase Date; 

(d) all of the representations and warranties contained in Article VI and in any other Loan Document shall be true and correct in all material
respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true and correct), in each case on and as of the Commitment Increase Date, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or with respect to such representations and warranties which by their terms contain materiality qualifiers, shall be true
and correct) as of such earlier date; 

  
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 (e) no commitment reduction shall have occurred pursuant to Section 4.07(a) in connection
with the occurrence of a Non-Call Termination Date prior to the Commitment Increase Date; 
 (f) the
Company shall have paid to the Administrative Agent on the Commitment Increase Date, for the account of each Lender, an upfront fee in an aggregate amount specified in the Effective Date Letter; 

(g) any Commitment Increase Request shall be in an amount not less than (x) in the case of the first Commitment Increase Request,
$25,000,000 and (y) in the case of any subsequent Commitment Increase Request, the lesser of (A) $75,000,000 and (B) the remaining maximum Financing Commitment; 

(h) as of the date of the Commitment Increase Request, the aggregate outstanding principal amount of the Advances is at least equal to the
Minimum Funding Amount; and 
 (i) receipt by the Administrative Agent of such other documentation as the Administrative Agent may reasonably
request, including without limitation, documentation similar to that provided pursuant to Sections 2.04(d) and (f)(ii) on the Effective Date. 

ARTICLE III 
 ADDITIONAL TERMS
APPLICABLE TO THE ADVANCES 
 SECTION 3.01. The Advances. 

(a) Making the Advances. If the Lenders are required to make an Advance to the Company as provided in Section 2.03, then each
Lender shall make such Advance on the proposed date thereof by wire transfer of immediately available funds to the Collateral Agent for deposit to the Collection Account; provided that the Company hereby directs the Lenders to pay proceeds of
the Advance to be made on the Effective Date and proceeds of the Advance made in connection with the acquisition of the Post-Effective Date Initial Portfolio Investments (to the extent that such Advance is made under this Agreement upon satisfaction
of the conditions thereto), in each case, in the amounts specified in the Effective Date Letter, in accordance with the instructions set forth in the Effective Date Letter. Each Lender at its option may make any Advance by causing any domestic or
foreign branch or Affiliate of such Lender to make such Advance; provided that any exercise of such option shall not affect the obligation of the Company to repay such Advance in accordance with the terms of this Agreement. Subject to the
terms and conditions set forth herein, the Company may borrow and prepay Advances. 
 Payment of the proceeds of Advances by the Lenders in
accordance with the instructions set forth in the Effective Date Letter as provided in the immediately preceding paragraph will constitute the making of the applicable Advances (or portions thereof, as applicable) to the Company for all purposes and
all obligations of the Lenders to make such Advance shall be satisfied thereby. 
 (b) Interest on the Advances. Subject to
Section 3.01(h), all outstanding Advances shall bear interest (from and including the date on which such Advance is made) at a per annum rate equal to the LIBO Rate for each Calculation Period in effect plus the Applicable Margin for
Advances set forth on the Transaction Schedule; provided that, following the occurrence and during the continuance of an Event of Default, all outstanding Advances and any unpaid interest thereon shall bear interest (from and including the
date of such Event of Default) at a per annum rate equal to the LIBO Rate for each 

  
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Calculation Period in effect plus the Adjusted Applicable Margin; provided further that, solely for purposes of this Section 3.01(b), if the aggregate amount of outstanding
Advances at any time is less than the Minimum Funding Amount, the amount of outstanding Advances at such time shall be deemed to equal the Minimum Funding Amount and the interest rate in respect of the positive difference between the Minimum Funding
Amount and the aggregate outstanding amount of the Advances shall be deemed to be the Applicable Margin for Advances set forth on the Transaction Schedule (plus, if applicable pursuant to the first proviso above, the Adjusted Applicable Margin).

 (c) Evidence of the Advances. Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing
the indebtedness of the Company to such Lender resulting from each Advance made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. The Administrative Agent, acting solely for
this purpose as an agent of the Company, shall maintain at one of its offices a register (the “Register”) in which it shall record (1) the amount of each Advance made hereunder, (2) the amount of any principal or interest
due and payable or to become due and payable from the Company to each Lender hereunder and (3) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. The entries
made in the Register maintained pursuant to this paragraph (c) shall be conclusive absent manifest error; provided that the failure of any Lender or the Administrative Agent to maintain such Register or any error therein shall not in any
manner affect the obligation of the Company to repay the Advances in accordance with the terms of this Agreement. 
 Any Lender may request
that Advances made by it be evidenced by a promissory note. In such event, the Company shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if a registered note is requested by such Lender, to
such Lender and its registered assigns) and in a form approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed). Thereafter, the Advances evidenced by such promissory note and interest thereon shall
at all times be represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

(d) Pro Rata Treatment. Except as otherwise provided herein, all borrowings of, and payments in respect of, the Advances shall be made
on a pro rata basis by or to the Lenders in accordance with their respective portions of the Financing Commitments in respect of Advances held by them. 

(e) Illegality. Notwithstanding any other provision of this Agreement, if any Lender or the Administrative Agent shall notify the
Company that the adoption of any law, rule or regulation, or any change therein or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, makes it unlawful,
or any Governmental Authority asserts that it is unlawful, for a Lender or the Administrative Agent to perform its obligations hereunder to fund or maintain Advances hereunder, then (1) the obligation of such Lender or the Administrative Agent
hereunder shall immediately be suspended until such time as such Lender or the Administrative Agent determines (in its sole discretion) that such performance is again lawful, (2) at the request of the Company, such Lender or the Administrative
Agent, as applicable, shall, until such time as the Advances are required to be prepaid as required under clause (3) below, take an action specified in Section 3.01(f)(vi) below, and (3) if such Lender or the Administrative Agent is
unable to effect a designation or assignment under Section 3.01(f)(vi), then any outstanding Advances of such Lender shall be promptly paid in full by the Company (together with all accrued interest and other amounts owing hereunder) but not
later than the earlier of (x) if the Company requests such Lender or the Administrative Agent to take the actions set forth in clause (2) above, 20 calendar days after the date on which such Lender or the Administrative Agent notifies the
Company in writing that it is unable make a designation or assignment as set forth in Section 3.01(f)(vi) and (y) such date as shall be mandated by law; provided  

  
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that, to the extent that any such adoption or change makes it unlawful for the Advances to bear interest by reference to the LIBO Rate, then the foregoing clauses (1) through (3) shall not
apply and the Advances shall bear interest (from and after the last day of the Calculation Period ending immediately after such adoption or change) at a per annum rate equal to the Base Rate plus the Applicable Margin for Advances set forth
on the Transaction Schedule. 
 (f) Increased Costs. 

(i) If any Change in Law shall: 

(A) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory
loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender; 

(B) impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this
Agreement or Advances made by such Lender; or 
 (C) subject any Lender or the Administrative Agent to any Taxes (other than
(x) Indemnified Taxes, (y) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (z) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its
deposits, reserves, other liabilities or capital attributable thereto; 
 and the result of any of the foregoing shall be to
increase the cost to such Lender or the Administrative Agent of making, continuing, converting or maintaining any Advance or to reduce the amount of any sum received or receivable by such Lender or the Administrative Agent hereunder (whether of
principal, interest or otherwise), then, upon written request by such Lender or the Administrative Agent, the Company will pay to such Lender or the Administrative Agent, as the case may be, such additional amount or amounts as will compensate such
Lender or the Administrative Agent, as the case may be, for such additional costs incurred or reduction suffered. 
 (ii) If
any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a
consequence of this Agreement or the Advances made by such Lender to a level below that which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and
the policies of such Lender’s holding company with respect to capital adequacy and liquidity) by an amount reasonably deemed by such Lender to be material, then from time to time the Company will pay to such Lender such additional amount or
amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (iii) A
certificate of a Lender setting forth the amount or amounts necessary to compensate, and the basis for such compensation of, such Lender or its holding company, as the case may be, as specified in paragraph (i) or (ii) of this Section shall be
delivered to the Company and shall be conclusive absent manifest error. The Company shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

  
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 (iv) Failure or delay on the part of any Lender or the Administrative Agent to
demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Administrative Agent’s right to demand such compensation; provided that the Company shall not be required to compensate a Lender or
the Administrative Agent pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or the Administrative Agent notifies the Company of the Change in Law giving rise to such
increased costs or reductions and of such Lender’s or the Administrative Agent’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

(v) Each of the Lenders and the Administrative Agent agrees that it will take such commercially reasonable actions as the
Company may reasonably request that will avoid the need to pay, or reduce the amount of, any increased amounts referred to in this Section 3.01(f) (including, without limitation, the transfer all of its rights and obligations under this
Agreement to another of its offices, branches or Affiliates if such transfer would so avoid the need to pay, or reduce the amount of, such increased amounts); provided that no Lender or the Administrative Agent shall be obligated to take any
actions that would, in the reasonable opinion of such Lender or the Administrative Agent, be disadvantageous to such Lender or the Administrative Agent (including, without limitation, due to a loss of money). In no event will the Company be
responsible for increased amounts referred to in this Section 3.01(f) which relates to any other entities to which any Lender provides financing. 

(vi) If any Lender requests compensation under Section 3.01(e) above or this Section 3.01(f), or if the Company is
required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.03, then such Lender shall (at the request of the Company) use reasonable efforts to
designate a different lending office for funding or booking its Advances hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or
assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01(e) above or this Section 3.01(f) or Section 3.03, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be materially disadvantageous to such Lender. The Company hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(vii) If any Lender (A) provides notice of unlawfulness or requests compensation under Section 3.01(e) above or this
Section 3.01(f), or if the Company is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.03, and, in each case, such Lender has
declined or is unable to designate a different lending office in accordance with clause (vi) above, (B) defaults in its obligation to make Advances hereunder or (C) becomes subject to a Bail-In
Action, then the Company may, at its sole expense and effort, upon written notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the related transaction documents to an assignee identified by the Company that shall assume such obligations (whereupon such
Lender shall be obligated to so assign); provided that, (x) such Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other amounts payable to
it hereunder through the date of such assignment and (y) 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 Company to
require such assignment and delegation cease to apply. No prepayment fee that may otherwise be due hereunder shall be payable to such Lender in connection with any such assignment. 

  
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 (g) No Set-off or counterclaim. Subject to
Section 3.03, all payments to be made hereunder by the Company in respect of the Advances shall be made without set-off or counterclaim and in such amounts as may be necessary in order that every such
payment (after deduction or withholding for or on account of any present or future Taxes imposed by the jurisdiction in which the Company is organized or any political subdivision or taxing authority therein or thereof) shall not be less than the
amounts otherwise specified to be paid under this Agreement. 
 (h) Alternate Rate of Interest. (i) If prior to the commencement
of any Calculation Period: (x) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the LIBO Rate (including, without limitation,
because the LIBO Rate is not available or published on a current basis), for U.S. dollar deposits and such Calculation Period; or (y) the Administrative Agent is advised by the Required Lenders that the LIBO Rate, as applicable, for such
Calculation Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Advances (or its Advance) included in such Advance for such Calculation Period; then the Administrative Agent shall give
notice thereof to the Company, the Collateral Agent and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such
notice no longer exist, if any Advance is requested, such Advance shall accrue interest at the Base Rate plus the Applicable Margin for Advances set forth on the Transaction Schedule. 

(ii) If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (x) the
circumstances set forth in Section 3.01(h)(i)(x) have arisen and such circumstances are unlikely to be temporary or (y) the circumstances set forth in Section 3.01(h)(i)(x) have not arisen but the supervisor for the administrator of
the LIBO Rate or a governmental authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Rate shall no longer be used for determining interest rates for loans, then the
Administrative Agent and the Company shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the
United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such changes shall not
include a reduction in the Applicable Margin). Notwithstanding anything to the contrary in Section 10.05, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the
Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such
amendment. Until an alternate rate of interest shall be determined in accordance with this clause (ii) (but, in the case of the circumstances described in clause (y) of the first sentence of this Section 3.01(h)(ii), only to the extent the
LIBO Rate for U.S. dollar deposits and such Calculation Period is not available or published at such time on a current basis), if any Advance is requested, such advance shall accrue interest at the Base Rate plus the Applicable Margin for
Advances set forth on the Transaction Schedule. 
 SECTION 3.02. [Reserved]. 

  
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 SECTION 3.03. Taxes. 

(a) Payments Free of Taxes. All payments to be made hereunder by the Company in respect of the Advances shall be made without deduction
or withholding for any Taxes, except as required by Applicable Law (including FATCA). If any Applicable Law requires the deduction or withholding of any Tax from any such payment by the Company, then the Company shall be entitled to make such
deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Company 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) the applicable Lender receives an amount equal to the sum it would
have received had no such deduction or withholding been made. 
 (b) Payment of Other Taxes by the Company. The Company shall timely
pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. 

(c) Indemnification by the Company. The Company shall indemnify each Lender, 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) payable or paid by such Lender or required to be withheld or deducted from a payment to such Lender 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 Governmental Authority. A certificate as to the amount of such payment or liability
delivered to the Company by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(d) Indemnification by the Lenders. Each Lender shall indemnify the Administrative Agent, within 10 days after demand therefor, for
(i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Company has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Company to do so), (ii)
any Taxes attributable to such Lender’s failure to comply with the provisions of 10.06 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 Administrative Agent in connection with any Loan 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 Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all
amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (d). 

(e) Evidence of Payments. As soon as practicable after any payment of Taxes by the Company to a Governmental Authority pursuant to this
Section 3.03, the Company shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent. 
 (f) Status of Secured Parties. (i) Any Secured Party that is
entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the Company or the
Administrative Agent, such properly completed and executed documentation reasonably requested by the Company or the Administrative Agent as will permit such payments to be made without 

  
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withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by
Applicable Law or reasonably requested by the Company or the Administrative Agent as will enable the Company or the Administrative 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 3.03(f) (ii)(A), (ii)(B) and (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, 

(A) any Lender that is a U.S. Person shall deliver to the Company and the Administrative 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 Company or the Administrative Agent), an executed IRS Form W-9 certifying that such Lender is exempt
from U.S. federal backup withholding tax; 
 (B) any Foreign Lender shall deliver to the Company and the Administrative Agent (in such number
of copies as shall be reasonably 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 Company or the
Administrative 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 Loan Document, an executed IRS Form W-8BEN, IRS Form W-8BEN-E or applicable successor form 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 Loan Document, an IRS Form W-8BEN or IRS Form W-8BEN-E or any applicable successor form
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) an executed 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 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, is not a “10 percent shareholder” of the Company or the Parent within
the meaning of Section 881(c)(3)(B) of the Code, and is not a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) an executed IRS Form
W-8BEN, IRS Form W-8BEN-E or applicable successor form; or 

(iv) to the extent a Foreign Lender is not the beneficial owner, an executed IRS Form
W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form
W-8BEN-E or applicable successor form, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from
each beneficial owner, as applicable; 

  
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 (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
Company and the Administrative Agent (in such number of copies as shall be reasonably 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 Company or the Administrative 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 Company or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to 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 Company and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by the Company or the Administrative 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 Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such
Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (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 Company and the Administrative Agent in writing of its legal inability to do so. 

(E) The Administrative Agent shall deliver to the Company an electronic copy of an IRS Form W-9 upon
becoming a party under this Agreement. The Administrative Agent represents to the Company that it is a “U.S. person” and a “financial institution” within the meaning of Treasury Regulations
Section 1.1441-1 and a “U.S. financial institution” within the meaning of Treasury Regulations Section 1.1471-3T and that it will comply with its
obligations to withhold under Section 1441 and FATCA. 
 (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 3.03 (including by the payment of additional amounts pursuant to this Section 3.03), 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 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 Governmental Authority 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 paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event
that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (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 paragraph 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. 

  
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 (h) Survival. Each party’s obligations under this Section 3.03 shall survive the
resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Financing Commitments, and the repayment, satisfaction or discharge of all obligations under any Loan
Document. 
 ARTICLE IV 

COLLECTIONS AND PAYMENTS 
 SECTION
4.01. Interest Proceeds. The Company shall notify the obligor (or the relevant agent under the applicable Underlying Instruments) with respect to each Portfolio Investment to remit all amounts that constitute Interest Proceeds to the
Collection Account. To the extent Interest Proceeds are received other than by deposit into the Collection Account, the Company shall cause all Interest Proceeds on the Portfolio Investments to be deposited in the Collection Account or remitted to
the Collateral Agent, and the Collateral Agent shall credit (or cause to be credited) to the Collection Account all Interest Proceeds received by it promptly upon (and, in any event, within 2 Business Days following) receipt thereof in accordance
with the written direction of the Portfolio Manager. 
 Interest Proceeds shall be retained in the Collection Account and held in cash
and/or invested (and reinvested) at the written direction of the Company (or the Portfolio Manager on its behalf) delivered to the Collateral Agent in dollar-denominated Cash Equivalents selected by the Portfolio Manager (unless an Event of Default
has occurred and is continuing or a Market Value Event has occurred, in which case, selected by the Administrative Agent) (“Eligible Investments”). Eligible Investments shall mature no later than the end of the then-current
Calculation Period. 
 Interest Proceeds on deposit in the Collection Account shall be withdrawn by the Collateral Agent (at the written
direction of the Company (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent)) and applied (i) to make payments in accordance with this
Agreement or (ii) to make Permitted Distributions and/or Permitted Tax Distributions in accordance with this Agreement. 
 SECTION
4.02. Principal Proceeds. The Company shall notify the obligor (or the relevant agent under the applicable Underlying Instruments) with respect to each Portfolio Investment to remit all amounts that constitute Principal Proceeds to the
Collection Account. To the extent Principal Proceeds are received other than by deposit into the Collection Account, the Company shall cause all Principal Proceeds received on the Portfolio Investments to be deposited in the Collection Account or
remitted to the Collateral Agent, and the Collateral Agent shall credit (or cause to be credited) to the Collection Account all Principal Proceeds received by it immediately upon receipt thereof in accordance with the written direction of the
Portfolio Manager . 
 All Principal Proceeds shall be retained in the Collection Account and held in cash and/or invested (and reinvested)
at the written direction of the Administrative Agent in Eligible Investments selected by the Portfolio Manager (unless an Event of Default has occurred and is continuing or a Market Value Event has occurred, in which case, selected by the
Administrative Agent). All investment income on such Eligible Investments shall constitute Interest Proceeds. 
 Principal Proceeds on
deposit in the Collection Account shall be withdrawn by the Collateral Agent (at the written direction of the Company (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value
Event, the Administrative Agent)) and applied (i) to make payments in accordance with this Agreement, (ii) to make Permitted Distributions and/or Permitted Tax Distributions in accordance with this Agreement or (iii) towards the
purchase price of Portfolio Investments purchased in accordance with this Agreement, in each case with prior notice to the Administrative Agent. For the avoidance of doubt, Principal Proceeds received in connection with the sale of any Portfolio
Investment pursuant to Section 1.04 following a Market Value Event shall be used to prepay Advances as set forth therein at the written direction of the Administrative Agent. 

  
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 SECTION 4.03. Principal and Interest Payments; Prepayments; Commitment Fee. 

(a) The Company shall pay the unpaid principal amount of the Advances (together with accrued interest thereon) to the Administrative Agent for
the account of each Lender on the Maturity Date in accordance with the Priority of Payments and any and all cash in the Collateral Accounts shall be applied to the satisfaction of the Secured Obligations on the Maturity Date and on each Additional
Distribution Date in accordance with the Priority of Payments. 
 (b) Accrued and unpaid interest on the Advances shall be payable in arrears
on each Interest Payment Date, each Additional Distribution Date and on the Maturity Date in accordance with the Priority of Payments; provided that (i) interest accrued pursuant to the first proviso to Section 3.01(b) shall be
payable on demand and (ii) in the event of any repayment or prepayment of any Advances, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. “Interest Payment
Date” means the fifth Business Day after the last day of each Calculation Period. 
 (c) (i) Subject to the
requirements of this Section 4.03(c), the Company shall have the right from time to time to prepay outstanding Advances (which prepayment shall result in a termination of Financing Commitments only to the extent required pursuant to
Section 4.07) in whole or in part (A) on any Business Day that JPMorgan Chase Bank, National Association ceases to act as Administrative Agent, (B) in connection with a Market Value Cure or (C) on any Business Day without regard
to clauses (A) and (B); provided that the Company may not prepay Advances more than three times during any Calculation Period pursuant to this clause (C) without the written consent (including via email) of the Administrative Agent
(which may be granted or withheld in its sole discretion). The Company shall notify the Administrative Agent, the Collateral Agent and the Collateral Administrator by electronic mail of an executed document (attached as a .pdf or similar file) of
any prepayment pursuant to this Section 4.03(c)(i) not later than 2:00 p.m., New York City time, two (2) Business Days before the date of prepayment. Each such notice shall be irrevocable (unless such notice conditions such prepayment upon
consummation of a transaction which is contemplated to result in a prepayment of outstanding Advances, in which event such notice may be revocable or conditioned upon such consummation) and shall specify the prepayment date and the principal amount
of the Advances to be prepaid. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Except in connection with a Market Value Cure, each partial prepayment of outstanding Advances
shall be in an amount not less than U.S.$2,000,000 (or, if less, the aggregate outstanding amount thereof). Prepayments shall be accompanied by accrued and unpaid interest. 

(ii) At the request of any Lender, any prepayment pursuant to Section 4.03(c)(i), whether in full or in part, that is made
on a date other than an Interest Payment Date shall be accompanied by any costs incurred by such Lender in respect of the breakage of its funding at the LIBO Rate for the related Calculation Period. 

(d) The Company agrees to pay to the Administrative Agent, for the account of each Lender, a commitment fee (the “Commitment
Fee”) in accordance with the Priority of Payments which shall accrue at 0.75% per annum (or, during the Ramp-Up Period, the per annum rate specified in the

  
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Effective Date Letter) on the average daily unused amount of the Financing Commitment of such Lender during the applicable period (excluding any portion of such unused amount with respect to
which interest is being paid pursuant to Section 3.01(b)) during the period from and including the date of this Agreement to but excluding the last day of the Reinvestment Period. Accrued and unpaid Commitment Fees shall be payable in arrears
on each Interest Payment Date, and on the date on which the Financing Commitments terminate. All Commitment Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day
but excluding the last day). 
 (e) The Company agrees to pay the Administrative Agent on the date of this Agreement, for the account of each
Lender, an upfront fee on the date hereof in an aggregate amount set forth in the Effective Date Letter. Once paid, such fees or any part thereof shall not be refundable under any circumstances. 

(f) Without limiting Section 4.03(c), the Company shall have the obligation from time to time to prepay outstanding Advances in whole or
in part on any date with proceeds from sales of Portfolio Investments directed by the Administrative Agent pursuant to Section 1.04 and as set forth in Section 8.01(c). All such prepayments shall be accompanied by accrued and unpaid
interest (but no premium). 
 SECTION 4.04. MV Cure Account. 

(a) The Company shall cause all cash received by it in connection with a Market Value Cure to be deposited in the MV Cure Account or remitted
to the Collateral Agent, and the Collateral Agent shall credit to the MV Cure Account such amounts received by it (and identified in writing as such) immediately upon receipt thereof. Prior to the Maturity Date, all cash amounts in the MV Cure
Account shall be invested in overnight Eligible Investments at the written direction of the Administrative Agent (as directed by the Required Lenders). All amounts contributed to the Company by Parent in connection with a Market Value Cure shall be
paid free and clear of any right of chargeback or other equitable claim. 
 (b) Amounts on deposit in the MV Cure Account may be withdrawn by
the Collateral Agent (at the written direction of the Company (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, the Administrative Agent)) and remitted to the Company
with prior notice to the Administrative Agent (or, following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, to the Lenders for prepayment of Advances and reduction of Financing
Commitment); provided that the Company may not direct any withdrawal from the MV Cure Account if the Borrowing Base Test is not satisfied (or would not be satisfied after such withdrawal). 

SECTION 4.05. Priority of Payments. On (w) each Interest Payment Date, (x) the Maturity Date, (y) each Agent Business
Day after the occurrence of a Market Value Event and (z) each Agent Business Day after the occurrence of an Event of Default and the declaration of the Secured Obligations as due and payable (each date set forth in clauses (y) and (z)
above, an “Additional Distribution Date”), the Collateral Agent shall distribute all amounts in the Collection Account in the following order of priority (the “Priority of Payments”); provided that Additional
Distribution Dates shall be designated by the Administrative Agent in accordance with Section 4.06 below and there shall only be one Additional Distribution Date per calendar month unless otherwise agreed by the Collateral Agent in its sole
discretion in a written notice (including via email) to the Administrative Agent and the Portfolio Manager upon the request of the Administrative Agent: 

  
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 (a) to pay (i) first, amounts due or payable to the Collateral Agent, the Collateral
Administrator and the Securities Intermediary hereunder and under the Account Control Agreement (including fees, out-of-pocket expenses and indemnities) and
(ii) second, any other accrued and unpaid fees and out-of-pocket expenses (other than the commitment fee payable to the Lenders, but including Lender
indemnities) due hereunder and under the Account Control Agreement, up to a maximum amount under this clause (a) of U.S.$75,000 on each Interest Payment Date, the Maturity Date and each Additional Distribution Date (in the case of any
Additional Distribution Date or the Maturity Date, after giving effect to all payments of such amounts on any other Additional Distribution Date or Interest Payment Date occurring in the same calendar quarter); 

(b) to pay accrued and unpaid interest due and payable hereunder in respect of the Advances, any accrued and unpaid Commitment Fees payable to
the Lenders and any amounts payable to any Lender or the Administrative Agent pursuant to Section 3.01(e) or (f) or Section 3.03 (pro rata based on amounts due); 

(c) to pay (i) on each Interest Payment Date, all prepayments of the Advances permitted or required under this Agreement (including any
applicable premium) and (ii) on the Maturity Date (and, if applicable, any Additional Distribution Date), principal of the Advances until the Advances are paid in full; 

(d) (i) prior to the end of the Reinvestment Period, at the direction of the Portfolio Manager, to fund the Unfunded Exposure Account up to the
Unfunded Exposure Amounts and (ii) after the Reinvestment Period, to fund the Unfunded Exposure Account up to the Unfunded Exposure Amount (without the requirement for any direction by the Portfolio Manager); 

(e) to pay to the Portfolio Manager (i) any accrued and unpaid Management Fee for the related Calculation Period (unless waived or
deferred in whole or in part by Portfolio Manager) in an aggregate amount not to exceed U.S.$250,000 on each Interest Payment Date and (ii) any out-of-pocket
expenses incurred by the Portfolio Manager pursuant to the Loan Documents in an aggregate amount not to exceed $100,000 in any period of twelve consecutive months; 

(f) to pay all amounts set forth in clause (a) above not paid due to the limitation set forth therein; 

(g) to make any Permitted Distributions or Permitted Tax Distributions directed pursuant to this Agreement; and 

(h) (i) on any Interest Payment Date, to deposit any remaining amounts in the Collection Account as Principal Proceeds and (ii) on the
Maturity Date and any Additional Distribution Date, any remaining amounts to the Company. 
 SECTION 4.06. Payments Generally. All
payments to the Lenders or the Administrative Agent shall be made to the Administrative Agent at the account designated in writing to the Company and the Collateral Agent for further distribution by the Administrative Agent (if applicable). The
Administrative Agent shall give written notice to the Collateral Agent and the Collateral Administrator (on which the Collateral Agent and the Collateral Administrator may conclusively rely) and the Portfolio Manager of the calculation of amounts
payable to the Lenders in respect of the Advances and the amounts payable to the Portfolio Manager. At least two (2) Business Days prior to each Interest Payment Date, the Maturity Date and any Additional Distribution Date, the Administrative
Agent shall deliver an invoice to the Portfolio Manager, the Collateral Agent and the Collateral Administrator in respect of the interest due on such date. At least two (2) Business Days prior to each

  
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Additional Distribution Date, the Administrative Agent shall provide written notice (including via email) of such Additional Distribution Date to the Portfolio Manager and the Collateral Agent.
All payments not made to the Administrative Agent for distribution to the Lenders shall be made as directed in writing by the Administrative Agent. Subject to Section 3.03 hereof, all payments by the Company hereunder shall be made without
setoff or counterclaim. All payments hereunder shall be made in U.S. dollars. All interest calculated using the LIBO Rate hereunder shall be computed on the basis of a year of 360 days and all interest calculated using the Base Rate hereunder shall
be computed on the basis of a year of 365 days in each case, payable for the actual number of days elapsed (including the first day but excluding the last day). 

In connection with the confirmation of matters set forth in the definitions of the terms “Permitted Distribution” and
“Permitted Tax Distribution” for which its confirmation is required (and the definition of the term “Excess Interest Proceeds” as it relates thereto), the Administrative Agent shall use commercially reasonable efforts to provide
such confirmation (or the lack thereof) to the Collateral Agent and the Collateral Administrator within the notice period for such Permitted Distribution or Permitted Tax Distribution. 

SECTION 4.07. Termination or Reduction of Financing Commitments. 

(a) (i) Subject to the requirements of this Section 4.07(a), the Company shall be entitled at its option on any Business Day after the Non-Call Period, to either (x) terminate the Financing Commitments in whole upon payment in full of all Advances, all accrued and unpaid interest, all applicable premiums (if any) and all other Secured
Obligations (other than unmatured contingent indemnification and reimbursement obligations) or (y) reduce in part any portion of the Financing Commitments that exceeds the sum of the outstanding Advances (after giving effect to any concurrent
prepayment of Advances on such date). The Company shall notify the Administrative Agent, the Collateral Agent and the Collateral Administrator by electronic mail of an executed document (attached as a .pdf or similar file) of any termination or
reduction, as applicable, pursuant to this Section 4.07(a)(i) not later than 2:00 p.m., New York City time, two (2) Business Days before the date of termination or reduction, as applicable. Each such notice shall be irrevocable (unless
such notice conditions such prepayment upon consummation of a transaction which is contemplated to result in a prepayment of outstanding Advances, in which event such notice may be revocable or conditioned upon such consummation) and shall specify
the date of termination or reduction, as applicable, and the principal amount of the Financing Commitments to be so terminated or reduced, as applicable. Promptly following receipt of any such notice, the Administrative Agent shall advise the
Lenders of the contents thereof. Each partial reduction of Financing Commitments shall be in an amount not less than U.S.$2,000,000. 

(ii) Each optional commitment termination or reduction pursuant to Section 4.07(a)(i) that is made, whether in full or in
part, during the period from (but excluding) the last day of the Non-Call Period to (and including) the last day of the Reinvestment Period, shall be accompanied by a premium equal to 1% of the principal
amount of Financing Commitments so terminated or reduced, as applicable (unless a Non-Call Termination Date shall have occurred). 

(b) The Financing Commitments shall be automatically and irrevocably reduced by all amounts that are used to prepay or repay Advances following
the occurrence of a Market Value Event or an Event of Default. 
 (c) All unused Financing Commitments as of the last day of the Reinvestment
Period shall automatically be terminated. 

  
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 (d) The Financing Commitments shall be irrevocably reduced by the amount of any repayment or
prepayment of Advances following the last day of the Reinvestment Period. 
 ARTICLE V 

THE PORTFOLIO MANAGER 
 SECTION
5.01. Appointment and Duties of the Portfolio Manager. 
 The Company hereby appoints the Portfolio Manager as its portfolio manager
under this Agreement and to perform the investment management functions of the Company set forth herein, and the Portfolio Manager hereby accepts such appointment. For so long as no Market Value Event has occurred and no Event of Default has
occurred and is continuing and subject to Section 1.04, the services to be provided by the Portfolio Manager shall consist of (x) selecting, purchasing, managing and directing the investment, reinvestment and disposition of Portfolio
Investments, delivering Notices of Acquisition on behalf of and in the name of the Company and (y) acting on behalf of the Company for all other purposes hereof and the transactions contemplated hereby. The Portfolio Manager agrees, in acting
on behalf of the Company, to cause the Company to comply with all covenants and restrictions imposed on the Company herein and in each other Loan Document (in each case, subject to all qualifications relating to materiality and all applicable grace
periods set forth herein or in the applicable Loan Document). The Company hereby irrevocably appoints the Portfolio Manager its true and lawful agent and
attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with the performance of its duties provided for herein.
Without limiting the foregoing: 
 (a) The Portfolio Manager shall perform its obligations hereunder with reasonable care,
using a degree of skill not less than that which the Portfolio Manager exercises with respect to assets of the nature of the Portfolio Investments that it manages for itself and others having similar investment objectives and restrictions and
consistent with practices and procedures followed by institutional managers of national standing relating to assets of the nature and character of the Portfolio; and 

(b) The Portfolio Manager shall not (and shall not cause the Company to) take any action that it knows or reasonably should
know would (1) violate the constituent documents of the Company, (2) violate any law, rule or regulation applicable to the Company, (3) require registration of the Company as an “investment company” under the Investment
Company Act of 1940, or (4) cause the Company to violate the terms of this Agreement, any other Loan Document or any instruments relating to the Portfolio Investments. 

The Portfolio Manager may employ third parties (including its Affiliates) to render advice (including investment advice) and assistance to the
Company and to perform any of the Portfolio Manager’s duties hereunder, provided that the Portfolio Manager shall not be relieved of any of its duties or liabilities hereunder regardless of the performance of any services by third
parties. For the avoidance of doubt, neither the Administrative Agent nor any Lender shall have the right to remove or replace the Portfolio Manager as investment adviser or portfolio manager hereunder. 

SECTION 5.02. Portfolio Manager Representations as to Eligibility Criteria; Etc. The Portfolio Manager represents to the other parties
hereto that (a) as of the Trade Date and Settlement Date for each Portfolio Investment Purchased, such Portfolio Investment meets all of the applicable Eligibility Criteria (unless otherwise consented to by the Administrative Agent) and, except
as otherwise permitted hereunder, as of the Trade Date for each Portfolio Investment Purchased, the Concentration Limitations shall be satisfied (unless otherwise consented to by the Administrative Agent) and (b) all of the information
contained in the related Notice of Acquisition is true, correct and complete in all material respects; provided that, to the extent any such information was furnished (directly or indirectly) to the Company by any third party, such
information is as of its delivery date true, complete and correct in all material respects to the knowledge of the Portfolio Manager. 

  
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 SECTION 5.03. Indemnification. The Portfolio Manager shall indemnify and hold harmless the
Company, the Agents, the Securities Intermediary, the Collateral Administrator and the Lenders and their respective affiliates, directors, officers, stockholders, partners, agents, employees and controlling persons (each, an “Indemnified
Person”) from and against any and all losses, claims, demands, damages or liabilities of any kind, including legal fees and disbursements of one firm of outside counsel to each group of affiliated Indemnified Persons, and one additional
firm of outside counsel for any Indemnified Persons subject to an actual or perceived conflict of interest and such other local counsel as shall be required (collectively, “Liabilities”), and shall reimburse each such Indemnified
Person on a current basis for all reasonable and documented expenses (including fees and disbursements of counsel, subject to the limitations above), incurred by such Indemnified Person in connection with investigating, preparing, responding to or
defending any investigative, administrative, judicial or regulatory action, suit, claim or proceeding, relating to or arising out of (a) any breach by the Portfolio Manager of any of its obligations hereunder and (b) the failure of any of
the representations or warranties of the Portfolio Manager set forth herein to be true when made or when deemed made or repeated, except to the extent that such Liabilities or expenses (x) result from the performance or non-performance of the Portfolio Investments or (y) are found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the gross
negligence or willful misconduct of the applicable Indemnified Person. 
 This Section 5.03 shall survive the termination of this
Agreement and the repayment of all amounts owing to the Secured Parties hereunder. 
 ARTICLE VI 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

SECTION 6.01. Representations and Warranties. The Company (and, with respect to clauses (a) through (e), (l), (n), (o), (t)
through (w) and (aa), the Portfolio Manager) represents to the other parties hereto solely with respect to itself that as of the date hereof and each Trade Date (or as of such other date on which such representations and warranties are required
to be made hereunder): 
 (a) it is duly organized or incorporated, as the case may be, and validly existing under the laws of the
jurisdiction of its organization or incorporation and has all requisite power and authority to execute, deliver and perform this Agreement and each other Loan Document to which it is a party and to consummate the transactions herein and therein
contemplated; 
 (b) the execution, delivery and performance of this Agreement and each such other Loan Document, and the consummation of the
transactions contemplated herein and therein have been duly authorized by it and this Agreement and each other Loan Document to which it is a party constitutes its legal, valid and binding obligation enforceable against it in accordance with its
terms (subject to (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally and (B) equitable limitations on the availability of specific remedies, regardless of whether
such enforceability is considered in a proceeding in equity or at law); 
 (c) the execution, delivery and performance of this Agreement and
each other Loan Document to which it is a party and the consummation of the transactions contemplated herein and therein do not conflict with the provisions of its governing instruments and will not violate in any material way any provisions of
Applicable Law or regulation or any applicable order of any court or regulatory body and will not result in the material breach of, or constitute a default, or require any consent, under any material agreement, instrument or document to which it is
a party or by which it or any of its property may be bound or affected; 

  
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 (d) it is not subject to any Adverse Proceeding; 

(e) it has obtained all consents and authorizations (including all required consents and authorizations of any Governmental Authority) that are
necessary or advisable to be obtained by it in connection with the execution, delivery and performance of this Agreement and each other Loan Document to which it is a party and each such consent and authorization is in full force and effect except
where the failure to do so would not reasonably be expected to have a Material Adverse Effect; 
 (f) it is not required to register as an
“investment company” as defined in the Investment Company Act of 1940, as amended; 
 (g) it has not issued any securities that are
or are required to be registered under the Securities Act of 1933, as amended, and it is not a reporting company under the Securities Exchange Act of 1934, as amended; 

(h) it has no Indebtedness other than (i) Indebtedness incurred under the terms of the Loan Documents, (ii) Indebtedness incurred
pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Loan Documents and (iii) if applicable, the obligation to make future payments under any Delayed Funding Term Loan;

 (i) (x) it does not have underlying assets which constitute “plan assets” within the meaning of the Plan Asset Rules;
(y) except as would not reasonably be expected to have a Material Adverse Effect, neither it nor any ERISA Affiliate has within the last six years sponsored, maintained, contributed to, or been required to contribute to any Plan and no ERISA
Affiliate has any liability with respect to any Plan and (z) it does not have any liability with respect to any Plan; 
 (j) as of the
date of this Agreement it is, and after giving effect to any Advance it will be, Solvent and it is not entering into this Agreement or any other Loan Document or consummating any transaction contemplated hereby or thereby with any intent to hinder,
delay or defraud any of its creditors; 
 (k) it is not in default under any other contract to which it is a party except where such default
would not reasonably be expected to have a Material Adverse Effect; 
 (l) it has complied with all Applicable Laws, judgments, agreements
with governmental authorities, decrees and orders with respect to its business and properties and the Portfolio, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect; 

(m) it does not have any Subsidiaries or own any Investments in any Person other than the Portfolio Investments or Investments
(i) constituting Eligible Investments (as measured at their time of acquisition), (ii) acquired by the Company with the approval of the Administrative Agent, or (iii) those the Company shall have acquired or received as a distribution in
connection with a workout, bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment or any issuer thereof; 

  
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 (n) (x) it has disclosed to the Administrative Agent all agreements, instruments and corporate or
other restrictions to which it is subject, and all other matters actually known to it, in each case, that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect, (y) no information (other than
projections, forward-looking information, general economic data, industry information) heretofore furnished by or on behalf of the Company in writing to the Administrative Agent or any Lender in connection with this Agreement or any transaction
contemplated hereby (after taking into account all updates, modifications and supplements to such information) contains (to the extent any such information was furnished (directly or indirectly) by a third party, to the Company’s knowledge),
when taken as a whole, as of its delivery date (and as updated or supplemented after such date), any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not materially misleading and (z) as of the Effective Date, to the best knowledge of the Company, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender
in connection with this Agreement is true and correct in all respects; 
 (o) [Reserved]; 

(p) the Company has timely filed all Tax returns required by Applicable Law to have been filed by it; all such Tax returns are true and correct
in all material respects; and the Company has paid or withheld (as applicable) all Taxes owing or required to be withheld by it (if any) shown on such Tax returns, except (i) any such Taxes which are being contested in good faith by appropriate
proceedings and for which adequate reserves shall have been set aside in accordance with GAAP on its books and records or (ii) the failure to file such Tax returns or pay, withhold or discharge such Taxes would not reasonably be expected to
have a Material Adverse Effect; 
 (q) the Company is treated as either a disregarded entity or a partnership for U.S. federal income tax
purposes; 
 (r) the Company is and will be wholly owned by the Parent, which is a U.S. Person; 

(s) prior to the date hereof, the Company has not engaged in any business operations or activities other than as an ownership entity for
Portfolio Investments and similar Loan or debt obligations and activities incidental thereto; 
 (t) neither it nor any of its Affiliates is
(i) the subject or target of Sanctions; (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
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 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 PATRIOT Act as warranting special measures due to money laundering concerns. It is in compliance with all
applicable Sanctions and also in compliance with all applicable provisions of the PATRIOT Act; 
 (u) the Company is subject to policies and
procedures designed to ensure compliance by the Company, its agents and their respective directors, managers, officers and employees (as applicable) with Anti-Corruption Laws and applicable Sanctions, and the Company and its officers and directors
and, to its knowledge, its employees, members and agents are in compliance with Anti-Corruption Laws and applicable Sanctions and are not knowingly engaged in any activity that would reasonably be expected to result in the Company being designated
as a Sanctioned Person. None of (i) the Company or its directors, officers, managers or employees or (ii) to the knowledge of the Company, any director, manager or agent of the Company that will act in any capacity in connection with or
benefit from the credit facility established hereby, is a Sanctioned Person; 

  
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 (v) the Loan Documents and the organizational documents of the Company represent all of the
material agreements between the Portfolio Manager, the Parent and the Sellers, on the one hand, and the Company, on the other. The Company has good and marketable title to all Portfolio Investments and other Collateral free of any Liens (other than
Permitted Liens) and no valid and effective financing statement (other than with respect to Permitted Liens) or other instrument similar in effect naming or purportedly naming the Company or any Seller 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, as necessary or advisable in connection with the applicable Sale Agreement or which has
been terminated; 
 (w) the Company is not relying on any advice (whether written or oral) of any Lender, Agent or any of their respective
Affiliates in connection with its entering into and performing its obligations under this Agreement; 
 (x) there are no judgments for Taxes
with respect to the Company and no claim is being asserted with respect to the Taxes of the Company, except any such claims (x) which are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been
established in accordance with GAAP or (y) that would reasonably be expected to result in a Material Adverse Effect; 
 (y) 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 the Collateral acquired with the
proceeds of such Advance, free and clear of any Lien (other than Permitted Liens) or restrictions on transferability with respect to such security interest; 

(z) the Parent is not required to register as an investment company under the Investment Company Act of 1940, as amended and has elected to be
treated as a business development company thereunder; 
 (aa) the Portfolio Manager is not required to register as an investment adviser
under the Investment Advisers Act of 1940, as amended; 
 (bb) no ERISA Event described in clause (1) or (3) of the definition thereof
has occurred and, except as would not reasonably be expected to have a Material Adverse Effect, no ERISA Event described in clause (2) of the definition thereof has occurred; and 

(cc) all proceeds of the Advances will be used by the Company only in accordance with the provisions of this Agreement. No part of the proceeds
of any Advance will be used by the Company to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock. Neither the making of any Advance nor the use of the proceeds thereof will violate
or be inconsistent with the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve Board. No Advance is secured, directly or indirectly, by Margin Stock, and the Collateral does not include Margin Stock. 

  
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 SECTION 6.02. Covenants of the Company and the Portfolio Manager. The Company (and,
with respect to clauses (e), (g), (k), (o), (r), (gg), (hh) and (ii), the Portfolio Manager): 
 (a) shall at all times: (i) maintain at
least one independent manager or director (who is in the business of serving as an independent manager or director); (ii) maintain its own separate books and records (other than tax returns and documents related thereto) and bank accounts;
(iii) hold itself out to the public and all other Persons as a legal entity separate from any other Person (without limiting the foregoing, it is acknowledged that for accounting purposes, the Company may be consolidated as required by GAAP and
included in such Person’s consolidated financial statements); (iv) [reserved]; (v) file its own Tax returns, except to the extent that the Company is treated as a “disregarded entity” for Tax purposes and is not required to file any
Tax returns 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 Company 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 (except as may be required for U.S. federal income and applicable state and local tax purposes)
and comply with all organizational formalities necessary to maintain its separate existence; (viii) maintain separate financial statements; (ix) pay its own liabilities only out of its own funds; (x) except as permitted hereunder and
under the other Loan Documents, maintain an arm’s length relationship with the Parent 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) not acquire the obligations or any securities of its Affiliates except as permitted under the Loan Documents; (xviii) [reserved]; and (xix) 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 Company, shall immediately become the member of the Company in accordance with its organizational documents.

 (b) shall not (i) engage, directly or indirectly, in any business, other than the actions permitted pursuant to its constituent
documents and 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 Portfolio Investment to the extent otherwise prohibited by the Loan
Documents; (iv) except for capital contributions or capital distributions permitted under the terms and conditions of this Agreement and properly reflected on the books and records of the Company, enter into any transaction with an Affiliate of
the Company except on commercially reasonable terms not materially less favorable to the Company (taken as a whole) than 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 material asset or property other than the Collateral and other assets as permitted hereunder, the Sale Agreements and the other Loan Documents, and the
related assets and incidental personal property necessary for the ownership or operation of these assets and the operation of the Company. 

(c) shall take all actions consistent with and shall not take any action contrary to the “Facts and Assumptions” sections in the
opinions of Dechert LLP, dated as of the Effective Date, relating to certain non-consolidation and true sale matters; 

(d) shall not create, incur, assume or suffer to exist any Indebtedness other than (i) Indebtedness incurred under the terms of the Loan
Documents, (ii) Indebtedness incurred pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Loan Documents and (iii) if applicable, the obligation to make future
payments under any Delayed Funding Term Loan; provided that the Company shall not acquire any Delayed Funding Term Loan if such acquisition would cause the Unfunded Exposure Amount, collateralized or uncollateralized, to exceed 5.0% of the
Collateral Principal Amount; 

  
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 (e) shall comply with all Anti-Corruption Laws and applicable Sanctions and the Portfolio Manager
shall maintain in effect and enforce policies and procedures designed to ensure compliance by the Company and its directors, managers, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions; 

(f) shall not amend (1) any of its constituent documents or (2) any document to which it is a party in any manner that would
reasonably be expected to adversely affect the Lenders in any material respect, without, in each case, the prior written consent of the Administrative Agent; 

(g) shall not (A) permit the validity or effectiveness of this Agreement or any grant hereunder to be impaired, or permit the Lien of this
Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this Agreement, any other Loan Document or the Advances, except as may be expressly
permitted hereby, (B) permit any Lien to be created on or extend to or otherwise arise upon or burden the Collateral or any part thereof, any interest therein or the proceeds thereof, in each case, other than Permitted Liens or (C) take
any action that would cause the Lien of this Agreement not to constitute a valid perfected security interest in the Collateral that is of first priority, free of any Lien, except for Permitted Liens; 

(h) shall not, without the prior consent of the Administrative Agent (acting at the direction of the Required Lenders), which consent may be
withheld in the sole and absolute discretion of the Required Lenders, enter into any hedge agreement; 
 (i) shall not change its name,
identity or corporate structure in any manner that would make any financing statement or continuation statement filed by the Company (or by the Collateral Agent on behalf of the Company) in accordance with subsection (a) above materially
misleading or change its jurisdiction of organization, unless the Company shall have given the Administrative Agent and the Collateral Agent at least 10 Business Days (or such shorter period as agreed to by the Administrative Agent in its reasonable
discretion) prior written notice thereof, and shall promptly file, or authorize the filing of, appropriate amendments to all previously filed financing statements and continuation statements (and shall provide a copy of such amendments to the
Collateral Agent and Administrative Agent together with written confirmation to the effect that all appropriate amendments or other documents in respect of previously filed statements have been filed); 

(j) shall do or cause to be done all things reasonably 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, franchises, licenses and permits material to its business in the jurisdiction of its formation and (ii) qualify and remain qualified as a limited liability company
in good standing in each jurisdiction in which such qualification is necessary to protect the validity and enforceability of the Loan Documents or any of the Collateral; 

(k) shall comply with all Applicable Law (whether statutory, regulatory or otherwise), except where the failure to do so, individually or in
the aggregate, would not reasonably be expected to result in a Material Adverse Effect; 
 (l) shall not merge into or consolidate with any
Person or dissolve, terminate or liquidate in whole or in part, in each case, without the prior written consent of the Administrative Agent; 

  
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 (m) except for Investments permitted by Section 6.02(u)(C) and without the prior written
consent of the Administrative Agent, 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 Loan
Documents; 
 (n) shall ensure that (i) its affairs are conducted so that its underlying assets do not constitute “plan
assets” within the meaning of the Plan Asset Rules, (ii) except as would not reasonably be expected to have a Material Adverse Effect, neither it nor any ERISA Affiliate sponsors, maintains, contributes to or is required to contribute to
any Plan and no ERISA Affiliate has any liability with respect to any Plan and (iii) it does not have any liability with respect to a Plan; 

(o) except for the security interest granted hereunder and as otherwise permitted hereunder, shall 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 Company 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 Company (other than Permitted Liens); 

(p) 
 (i) shall
promptly furnish to the Administrative Agent, and the Administrative Agent shall furnish to the Lenders, copies of the following financial statements, reports and information: (i) within 120 days after the end of each fiscal year of the Parent,
a copy of the audited consolidated balance sheet of the Parent and its consolidated Subsidiaries, and a copy of the unaudited consolidating balance sheet of the Company, in each case 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 Securities Exchange Commission, in the Parent’s annual report on Form 10-K, shall be deemed delivered to the Administrative Agent on the date such documents are made so available; (ii) 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 (with respect to the Company) balance sheet of the Parent 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 (with respect to the Company) statements of income of the Parent 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 Parent 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 financial statements required to be delivered pursuant to this clause (ii) which are made available via EDGAR, or any successor system of the Securities Exchange Commission, in Parent’s
quarterly report on Form 10-Q, shall be deemed delivered to the Administrative Agent on the date such documents are made so available; and (iii) from time to time, such other information or documents
(financial or otherwise) as the Administrative Agent or the Required Lenders may reasonably request (in each case, to the extent reasonably available to the Company and not subject to applicable obligations of confidentiality; provided that
the Portfolio Manager shall use commercially reasonable efforts to obtain any necessary consents to providing to the Administrative Agent and/or the Required Lenders any such information or documents reasonably requested by them that are subject to
an obligation of confidentiality); 

  
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 (ii) shall furnish to the Administrative Agent (with a copy to the Collateral
Agent) no later than the date any financial statements are due pursuant to Section 6.02(p)(i)(i) or (ii), a compliance certificate, certified by a Responsible Officer of the Company in such capacity (and not in its individual capacity) to be
true and correct (in the case of subclauses (ii) and (iii) below, subject to any applicable knowledge qualifications set forth in any covenant, representation or warranty) (i) stating whether any Default or Event of Default exists;
(ii) stating that Company is in compliance with the covenants set forth in this Agreement, including a certification that the Collateral has been Delivered to the Collateral Agent; (iii) stating that the representations and warranties of
Company contained in Article IV, or in any other Loan Document, or which are contained in any document furnished at any time or in connection herewith or therewith, are true and correct in all material respects on and as of the date thereof, except
to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date; and (iv) certifying that such financial statements fairly present in all
material respects, the consolidated financial condition and the results of operations of Parent on the dates and for the periods indicated, on the basis of GAAP, subject, in the case of interim financial statements, to
year-end audit adjustments permitted under GAAP and the absence of footnotes; 
 (q) shall pay or
discharge or cause to be paid or discharged, before the same shall become delinquent, all Taxes levied or imposed upon the Company or upon the income, profits or property of the Company; provided that the Company shall not be required to pay
or discharge or cause to be paid or discharged any such Tax (i) the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which disputed amounts adequate reserves in accordance with GAAP
have been made or (ii) the failure of which to pay or discharge could not reasonably be expected to have a Material Adverse Effect; 

(r) shall, subject to the requirements of Section 10.13, permit representatives of the Administrative Agent at any time and from time to
time as the Administrative Agent shall reasonably request, and at the Company’s expense, (A) to inspect and make copies of and abstracts from its records relating to the Portfolio Investments and (B) to visit its properties in
connection with the collection, processing or managing of the Portfolio Investments for the purpose of examining such records, and to discuss matters relating to the Portfolio Investments or such Person’s performance under this Agreement and
the other Loan Documents with any officer or employee or auditor (if any) of such Person having knowledge of such matters (including, if requested by the Administrative Agent, quarterly telephone conferences with representatives of the Company with
respect to review of the Portfolio Investments). The Company agrees to render to the Administrative 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 Company’s or the Portfolio Manager’s business and operations. So long as no Event of Default has occurred and is continuing and no Market Value Event has occurred, such visits and inspections
shall occur only (i) upon five (5) Business Days’ prior written notice, (ii) during normal business hours and (iii) no more than once in any calendar year. Following the occurrence of a Market Value Event or following the
occurrence and during the continuance of an Event of Default, there shall be no limit on the timing or number of such inspections and only one (1) Business Day’ prior notice will be required before any inspection. Notwithstanding anything
to the contrary in this clause (r), neither the Company nor any Affiliate thereof will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that
(x) constitutes non-financial trade secrets or non-financial proprietary information, (y) in respect of which access or inspection by, or disclosure to, the
Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Applicable Law or (z) is subject to attorney-client or similar privilege or constitutes attorney work product; 

  
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 (s) shall not use any part of the proceeds of any Advance, whether directly or indirectly, for
any purpose that entails a violation of any of the regulations of the Board of Governors of the Federal Reserve System of the United States of America, including Regulations T, U and X; 

(t) shall not make any Restricted Payments without the prior written consent of the Administrative Agent; provided that the Company may
make Permitted Distributions and Permitted Tax Distributions subject to the other requirements of this Agreement; 
 (u) shall not make or
hold any Investments, except (A) the Portfolio Investments or Investments constituting Eligible Investments (measured at the time of acquisition), (B) those that have been consented to by the Administrative Agent or (C) those the Company
shall have acquired or received as a distribution in connection with a workout, bankruptcy, foreclosure, restructuring or similar process or proceeding involving a Portfolio Investment or any issuer thereof; 

(v) shall not request any Advance, and the Company shall not directly or indirectly, use the proceeds of any Advance (A) in furtherance of
an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities,
business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or (C) in any manner that would result in the violation of any Sanctions
applicable to any party hereto; 
 (w) other than (i) with the written consent of the Administrative Agent (including via email), (ii)
pursuant to a Sale Agreement, (iii) as a permitted Substitution under Section 1.06 or (iv) in a required sale directed by the Administrative Agent under Section 1.04 following the occurrence of a Market Value Event, shall not
transfer to any of its Affiliates any Portfolio Investment purchased from any of its Affiliates (other than sales to Affiliates conducted on terms and conditions consistent with those of an arm’s length transaction and at fair market value);

 (x) shall post on a password protected website maintained by the Administrative Agent to which the Portfolio Manager will have access or
deliver via email to the Administrative Agent, with respect to each obligor in respect of a Portfolio Investment, without duplication of any other reporting requirements set forth in this Agreement or any other Loan Document, any management
discussion and analysis provided by such obligor and any financial reporting packages and formal, written notifications of Portfolio Investment Material Events with respect to such obligor and with respect to each Portfolio Investment for such
obligor (including any attached or included information, statements and calculations), in the case of formal, written notifications of Portfolio Investment Material Events, promptly following receipt thereof by the Company or the Portfolio Manager
and, in all cases, within five (5) Business Days of the receipt thereof by the Company or the Portfolio Manager. The Company shall cause the Portfolio Manager to provide such other information as the Administrative Agent may reasonably request
with respect to any Portfolio Investment or obligor (to the extent reasonably available to the Portfolio Manager and subject to applicable obligations of confidentiality; provided that the Portfolio Manager shall use commercially reasonable
efforts to obtain any necessary consents to providing to the Administrative Agent any such information reasonably requested by the Administrative Agent that is subject to an obligation of confidentiality); 

(y) shall not elect to be classified as other than a disregarded entity or partnership for U.S. federal income tax purposes, nor shall the
Company take any other action or actions that would cause it to be classified, taxed or treated as a corporation or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes (including transferring interests in the
Company on or through an established securities market or secondary market (or the substantial equivalent thereof), within the meaning of Section 7704(b) of the Code (and Treasury regulations thereunder); 

  
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 (z) shall only have partners or owners that are treated as U.S. Persons or that are disregarded
entities owned by a U.S. Person and shall not recognize the transfer of any interest in the Company that constitutes equity for U.S. federal income tax purposes to a Person that is not a U.S. Person; 

(aa) shall from time to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation
statements, instruments of further assurance and other instruments, and shall take such other action as may be reasonably necessary to secure the rights and remedies of the Secured Parties hereunder and to grant more effectively all or any portion
of the Collateral, maintain or preserve the security interest (and the priority thereof) of this Agreement or to carry out more effectively the purposes hereof, perfect, publish notice of or protect the validity of any grant made or to be made by
this Agreement, preserve and defend title to the Collateral and the rights therein of the Collateral Agent and the Secured Parties in the Collateral and the Collateral Agent against the claims of all Persons and parties (other than holders of
Permitted Liens), or give, execute, deliver, file and/or record any financing statement, notice, instrument, document, agreement or other papers that may be necessary or desirable to create, preserve, perfect or validate the security interest
granted pursuant to this Agreement or to enable the Collateral Agent to exercise and enforce its rights hereunder with respect to such pledge and security interest, and hereby authorizes the Collateral Agent to file a UCC financing statement listing
‘all assets of the debtor’ (or substantially similar language) in the collateral description of such financing statement; 
 (bb)
[Reserved] 
 (cc) shall not hire any employees; 

(dd) shall not maintain any bank accounts or securities accounts other than the Collateral Accounts; 

(ee) except as otherwise expressly permitted herein (including, without limitation, if in connection with any workout, bankruptcy or
restructuring consented to by the Portfolio Manager in compliance with Section 6.03), shall not cancel or (except in accordance with the terms of such Underlying Instruments) terminate any of the Underlying Instruments in respect of a Portfolio
Investment to which it is party or beneficiary (in any capacity), or consent to or accept any cancellation or (except in accordance with the terms of such Underlying Instruments) termination of any of such Underlying Instruments unless (in each
case) the Administrative Agent shall have consented thereto in writing in its sole discretion; 
 (ff) shall not make or incur any capital
expenditures except as reasonably required to perform its functions in accordance with this Agreement; 
 (gg) [Reserved]; 

(hh) shall not act on behalf of, a country, territory, entity or individual that, at the time of such act, is the subject or target of
Sanctions, and none of the Company, the Portfolio Manager or any of their respective Affiliates, owners, directors or officers is a natural person or entity with whom dealings are prohibited under Sanctions for a natural person or entity required to
comply with such Sanctions. The Company does not own and will not acquire, and the Portfolio Manager will not cause the Company to own or acquire, any security issued by, or interest in, any country, territory, or entity whose direct ownership would
be or is prohibited under Sanctions for a natural person or entity required to comply with Sanctions; and 

  
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 (ii) shall give notice in writing (which may be by electronic mail) to the Administrative Agent
(with a copy to the Collateral Agent) promptly upon obtaining knowledge after due inquiry of (and in no event later than (x) in the case of any Default or Event of Default, one (1) Business Day and (y) in the case of any other
circumstance listed below, three (3) Business Days after) the occurrence of any of the following: 
 (1) any Adverse
Proceeding; 
 (2) any Default or Event of Default; 

(3) any material adverse claim asserted against any of the Portfolio Investments, the Collateral Accounts or any other
Collateral; 
 (4) any change in the information provided in the Beneficial Ownership Certification delivered to any Lender
that would result in a change to the list of beneficial owners identified in such certification; and 
 (5) any Portfolio
Investment becoming an Ineligible Investment. 
 For purposes of this Section 6.02(ii), the Company and the Portfolio
Manager shall be deemed to have made due inquiry with respect to any matter under clause (5) above and any other determination relating to the characteristics of a Portfolio Investment or a change related thereto or to the obligor thereon so
long as the Portfolio Manager has complied with its standard of care set forth in Section 5.01(a) with respect to the monitoring of Portfolio Investments. 

SECTION 6.03. Amendments of Portfolio Investments, Etc. If the Company or the Portfolio Manager receives any notice or other formal,
written communication concerning any amendment, supplement, consent, waiver or other modification of any Portfolio Investment or any related Underlying Instrument or rights thereunder (each, an “Amendment”) that relates to or
includes a modification of a financial covenant or is otherwise (in the Portfolio Manager’s commercially reasonable judgment) material, or notifies in writing any obligor of any affirmative determination to exercise or refrain from exercising
any rights or remedies thereunder, it will give prompt (and in any event, not later than three (3) Business Days’) notice thereof to the Administrative Agent. In any such event, the Company shall exercise all voting and other powers of
ownership relating to such Amendment or the exercise of such rights or remedies as the Portfolio Manager shall deem appropriate under the circumstances; provided that if an Event of Default has occurred and is continuing or a Market Value
Event has occurred, the Company will exercise all voting and other powers of ownership as the Administrative Agent (acting at the direction of the Required Lenders) shall instruct (it being understood that if the terms of the related Underlying
Instrument expressly prohibit or restrict any such rights given to the Administrative Agent, then such right shall be limited to the extent necessary so that such prohibition or restriction is not violated). In any such case, following the
Company’s receipt thereof, the Company shall promptly provide to the Administrative Agent copies of all executed amendments to Underlying Instruments, executed waiver or consent forms or other documents executed or delivered in connection with
any Amendment. 

  
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 ARTICLE VII 

EVENTS OF DEFAULT 
 If any of the
following events (“Events of Default”) shall occur: 
 (a) the Company shall fail to pay any amount owing by
it in respect of the Secured Obligations (whether for principal, interest, fees or other amounts) when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise and, solely
in the case of amounts other than principal and interest, such failure continues for a period of two (2) Business Days following such failure; 

(b) any representation or warranty made or deemed made by or on behalf of the Company, the Portfolio Manager or any Seller
(collectively, the “Credit Risk Parties”) herein or in any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, or other document (other than projections, forward-looking
information, general economic data or industry information) furnished pursuant hereto or in connection herewith or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or
deemed made (it being understood that the failure of a Portfolio Investment to satisfy the Eligibility Criteria after the date of its purchase shall not constitute a failure); 

(c) (A) the Company shall fail to observe or perform any covenant, condition or agreement contained in Section 6.02(a)(i)
through (vii), (xi), (xiv) or (xix), (b)(i) through (iv), (d), (f), (h), (i), (l), (m), (o), (t), (v), (w), (cc), (hh) or (ii), Section 8.02(b) or the last sentence of the first paragraph of Section 1.04 or (B) any Credit Risk Party
shall fail to observe or perform any other covenant, condition or agreement contained herein (it being understood that the failure of a Portfolio Investment to satisfy the Eligibility Criteria after the date of its purchase shall not constitute such
a failure) or in any other Loan Document and, in the case of this clause (B), if such failure is capable of being remedied, such failure shall continue for a period of 30 days following the earlier of (i) receipt by such Credit Risk Party of
written notice of such failure from the Administrative Agent and (ii) an officer of such Credit Risk Party becoming aware of such failure; 

(d) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of any Credit Risk Party or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or
(ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Credit Risk Party or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue
undismissed for forty-five (45) days or an order or decree approving or ordering any of the foregoing shall be entered; 

(e) any Credit Risk Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (d) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for such Credit Risk Party or for a substantial
part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of
effecting any of the foregoing; 

  
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 (f) any Credit Risk Party shall become unable, admit in writing its inability or
fail generally to pay its debts as they become due; 
 (g) the passing of a resolution by the equity holders of the Company
in respect of the winding up on a voluntary basis of the Company; 
 (h) any final judgments or orders (not subject to appeal
or otherwise non-appealable) by one or more courts of competent jurisdiction for the payment of money in an aggregate amount in excess of U.S.$1,000,000 (after giving effect to insurance, if any, available
with respect thereto) shall be rendered against the Company, and the same shall remain unsatisfied, unvacated, unbonded or unstayed for a period of thirty (30) days after the date on which the right to appeal has expired; 

(i) an ERISA Event occurs except, with respect to clause (2) of the definition thereof, where such ERISA Event would not
reasonably be expected to have a Material Adverse Effect; 
 (j) a Change of Control occurs; 

(k) the Company or the pool of Collateral shall become required to register as an “investment company” within the
meaning of the Investment Company Act of 1940, as amended; 
 (l) the Portfolio Manager (i) resigns as Portfolio Manager
under this Agreement, (ii) assigns any of its obligations or duties as Portfolio Manager in contravention of the terms of this Agreement or (iii) otherwise ceases to act as Portfolio Manager in accordance with the terms of this Agreement
and, in each case, an Affiliate of the Portfolio Manager is not appointed (and has accepted such appointment) in accordance with this Agreement; 

(m) the Net Advances are greater than the product of (x) the Net Asset Value multiplied by (y) 70%, and such excess
remains uncured for one (1) Business Day; or 
 (n) (i) failure of the Company to fund the Unfunded Exposure Account
when required in accordance with Section 2.03(f) other than in the case that any Lender fails to make the Advance required in accordance with Section 2.03(f) or (ii) failure of the Company to
satisfy its obligations in respect of unfunded obligations with respect to any Delayed Funding Term Loan (including the payment of any amount in connection with the sale thereof to the extent required under this Agreement); provided that the
failure of the Company to undertake any action set forth in this clause (n) is not remedied within two (2) Business Days; 
 then, and in every
such event (other than an event with respect to the Company described in clause (d) or (e) of this Article), and at any time thereafter in each case during the continuance of such event, the Administrative Agent may, and at the request of the
Required Lenders shall, by notice to the Company, take either or both of the following actions, at the same or different times: (i) terminate the Financing Commitments, and thereupon the Financing Commitments shall terminate immediately, and
(ii) declare all of the Secured Obligations then outstanding to be due and payable in whole (or in part, in which case any Secured Obligations not so declared to be due and payable may thereafter be declared to be due and payable), and
thereupon the Secured Obligations so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Company accrued hereunder, shall become due and payable immediately, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Company; and in case of any event with respect to the Company described in clause (d) or (e) of this Article, the Financing Commitments shall automatically terminate and
all Secured Obligations then outstanding, together with accrued interest thereon and all fees and other obligations of the Company accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by the Company. 

  
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 ARTICLE VIII 

COLLATERAL ACCOUNTS; COLLATERAL SECURITY 

SECTION 8.01. The Collateral Accounts; Agreement as to Control. 

(a) Establishment and Maintenance of Collateral Accounts. The Company hereby appoints the Securities Intermediary to establish, and the
Securities Intermediary does hereby establish pursuant to the Account Control Agreement, each of the Custodial Account, the Collection Account, the MV Cure Account and the Unfunded Exposure Account (collectively, the “Collateral
Accounts”). The Securities Intermediary agrees to maintain the Collateral Accounts in accordance with the Account Control Agreement as a “securities intermediary” (within the meaning of
Section 8-102(a)(14) of the UCC), in the name of the Company subject to the lien of the Collateral Agent. 

Nothing herein shall require the Securities Intermediary to credit to any Collateral Account or to treat as a financial asset (within the
meaning of Section 8-102(a)(9) of the UCC) any asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to
“maintain” a sufficient quantity thereof (within the meaning of Section 8-504 of the UCC). Notwithstanding any term hereof or elsewhere to the contrary, it is hereby expressly acknowledged that
(a) interests in loans may be acquired and delivered by the Borrower to the Securities Intermediary or the Collateral Agent from time to time that are not evidenced by, or accompanied by delivery of, a security (as that term is defined in UCC Section 8-102) or an instrument (as that term is defined in Section 9-102(a)(47) of the UCC), and may be evidenced solely by delivery to the Collateral Agent of a
facsimile copy of an assignment agreement (“Loan Assignment Agreement”) in favor of the Borrower as assignee, (b) any such Loan Assignment Agreement (and the registration of the related loan on the books and records of the
applicable obligor or bank agent) shall be registered in the name of the Borrower and (c) any duty on the part of the Securities Intermediary or Collateral Agent with respect to such loan (including in respect of any duty it might otherwise
have to maintain a sufficient quantity of such loan for purposes of UCC Section 8-504) shall be limited to the exercise of reasonable care by the Collateral Agent in the physical custody of any such Loan
Assignment Agreement that may be delivered to it. It is acknowledged and agreed that neither the Collateral Agent nor the Securities Intermediary is under a duty to examine underlying credit agreements or loan documents to determine the validity or
sufficiency of any Loan Assignment Agreement (and shall have no responsibility for the genuineness or completeness thereof), or for the issuer’s title to any related loan. 

(b) Investment of Funds on Deposit in the Unfunded Exposure Account. All amounts on deposit in the Unfunded Exposure Account shall be
invested (and reinvested) at the written direction of the Company (or the Portfolio Manager on its behalf) delivered to the Collateral Agent in Eligible Investments; provided that, following the occurrence and during the continuance of an
Event of Default or following a Market Value Event, all amounts on deposit in the Unfunded Exposure Account shall be invested, reinvested and otherwise disposed of at the written direction of the Administrative Agent delivered to the Collateral
Agent. Income earned on such Eligible Investments shall be deposited into the Unfunded Exposure Account. 

  
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 (c) Unfunded Exposure Account. 

(i) Amounts may be deposited into the Unfunded Exposure Account from time to time in accordance with
Section 4.05. Amounts shall also be deposited into the Unfunded Exposure Account as set forth in Section 2.03(f). 

(ii) While no Event of Default has occurred and is continuing and no Market Value Event has occurred and subject to
satisfaction of the Borrowing Base Test (after giving effect to such release), the Portfolio Manager may direct, by means of an instruction in writing to the Securities Intermediary (with a copy to the Collateral Administrator), the release of funds
on deposit in the Unfunded Exposure Account (i) for the purpose of funding the Company’s unfunded commitments with respect to Delayed Funding Term Loans, for deposit into the Collection Account and (ii) so long as no Unfunded Exposure
Shortfall exists or would exist after giving effect to the withdrawal. Following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event, at the written direction of the Administrative
Agent (at the direction of the Required Lenders) (with a copy to the Collateral Administrator), the Securities Intermediary shall transfer all amounts in the Unfunded Exposure Account to the Collection Account to be applied pursuant to
Section 4.05. Upon the direction of the Company by means of an instruction in writing to the Securities Intermediary (with a copy to the Collateral Administrator, the Collateral Agent and the Administrative Agent), any
amounts on deposit in the Unfunded Exposure Account in excess of outstanding funding obligations of the Company shall be released to the Collection Account to prepay the outstanding Advances; provided that any such prepayment does not cause
the aggregate outstanding principal amount of the Advances to be less than the Minimum Funding Amount. 
 SECTION 8.02. Collateral
Security; Pledge; Delivery. 
 (a) Grant of Security Interest. As collateral security for the prompt payment in full when due of
all the Company’s obligations to the Agents, the Securities Intermediary, the Collateral Administrator and the Lenders (collectively, the “Secured Parties”) under this Agreement (collectively, the “Secured
Obligations”), the Company hereby pledges to the Collateral Agent and grants a continuing security interest in favor of the Collateral Agent in all of the Company’s right, title and interest in, to and under (in each case, whether now
owned or existing, or hereafter acquired or arising) all accounts, payment intangibles, general intangibles, chattel paper, electronic chattel paper, instruments, deposit accounts,
letter-of-credit rights, investment property, and any and all other property of any type or nature owned by it (all of the property described in this clause
(a) being collectively referred to herein as “Collateral”), including, without limitation: (1) each Portfolio Investment, (2) all of the Company’s interests in the Collateral Accounts and all investments,
obligations and other property from time to time credited thereto, (3) each Sale Agreement, any other Loan Document and all rights related to each such agreement (4) all other property of the Company and (5) all proceeds thereof, all
accessions to and substitutions and replacements for, any of the foregoing, and all rents, profits and products of any thereof. 
 (b)
Delivery and Other Perfection. In furtherance of the collateral arrangements contemplated herein, the Company shall (1) Deliver to the Collateral Agent the Collateral hereunder as and when acquired by the Company; and (2) if any of
the securities, monies or other property pledged by the Company hereunder are received by the Company, forthwith take such action as is necessary to ensure the Collateral Agent’s continuing perfected security interest in such Collateral
(including Delivering such securities, monies or other property to the Collateral Agent). 

  
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 (c) Remedies, Etc. During the period in which an Event of Default shall have occurred and
be continuing, the Collateral Agent shall (but only if and to the extent directed in writing by the Required Lenders) do any of the following: 

(i) Exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available
to it, all the rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Collateral) and also may, without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at
public or private sale, at any of the Collateral Agent’s or its designee’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent or a designee of the Collateral Agent (acting at
the direction of the Required Lenders) may deem commercially reasonable. The Company agrees that, to the extent notice of sale shall be required by law, at least ten (10) calendar days’ prior notice to the Company 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 the Collateral regardless of notice of sale having been given. The
Collateral Agent or its designee 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;

 (ii) Transfer all or any part of the Collateral into the name of the Collateral Agent or a nominee thereof; 

(iii) Enforce collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part
thereof, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto; 

(iv) Endorse any checks, drafts, or other writings in the Company’s name to allow collection of the Collateral; 

(v) Take control of any proceeds of the Collateral; 

(vi) Execute (in the name, place and stead of any of the Company) endorsements, assignments, stock powers and other instruments
of conveyance or transfer with respect to all or any of the Collateral; and/or 
 (vii) Perform such other acts as may be
reasonably required to do to protect the Collateral Agent’s rights and interest hereunder. 
 (d) Compliance with Restrictions.
The Company and the Portfolio Manager agree that in any sale of any of the Collateral whenever an Event of Default shall have occurred and be continuing, the Collateral Agent or its designee are hereby authorized to comply with any limitation or
restriction in connection with such sale as it may be advised by counsel in writing is necessary in order to avoid any violation of Applicable Law (including compliance with such procedures as may restrict the number of prospective bidders and
purchasers, require that such prospective bidders and purchasers have certain qualifications, and restrict such prospective bidders and purchasers to Persons who will represent and agree that they are purchasing for their own account for investment
and not with a view to the distribution or resale of such Collateral), or in order to obtain any required approval of the sale or of the purchaser by any governmental regulatory authority or official, and the Company and the Portfolio Manager
further agree that such compliance shall not, in and of itself, result in such sale being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Collateral Agent be liable or accountable to the Company or the
Portfolio Manager for any discount allowed by the reason of the fact that such Collateral is sold in good faith compliance with any such limitation or restriction. 

  
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 (e) Private Sale. The Collateral Agent shall incur no liability as a result of a sale of
the Collateral, or any part thereof, at any private sale pursuant to clause (c) above conducted in a commercially reasonable manner. The Company and the Portfolio Manager hereby waive any claims against each Agent and Lender arising by reason
of the fact that the price at which the Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale. 

(f) Collateral Agent Appointed Attorney-in-Fact. The
Company hereby appoints the Collateral Agent as the Company’s attorney-in-fact (it being understood that the Collateral Agent shall not be deemed to have assumed
any of the obligations of the Company by this appointment), with full authority in the place and stead of the Company and in the name of the Company, from time to time in the Collateral Agent’s discretion (exercised at the written direction of
the Administrative Agent or the Required Lenders, as the case may be), after the occurrence and during the continuation of an Event of Default, to take any action and to execute any instrument which the Administrative Agent or the Required Lenders
may deem necessary or advisable to accomplish the purposes of this Agreement. The Company hereby acknowledges, consents and agrees that the power of attorney granted pursuant to this clause is irrevocable during the term of this Agreement and is
coupled with an interest. 
 (g) Further Assurances. The Company covenants and agrees that, from time to time upon the request of the
Collateral Agent (as directed by the Administrative Agent), the Company will execute and deliver such further documents, and do such other acts and things as the Collateral Agent (as directed by the Administrative Agent) may reasonably request in
order fully to effect the purposes of this Agreement and to protect and preserve the priority and validity of the security interest granted hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with
respect to any Collateral; provided that no such document may alter the rights and protections afforded to the Company or the Portfolio Manager herein. 

(h) Termination. Upon the payment in full of all Secured Obligations (other than any unmatured contingent indemnification and
reimbursement obligations) and termination of the Financing Commitments, the security interest granted herein shall automatically (and without further action by any party) terminate and all rights to the Collateral shall revert to the Company. Upon
any such termination, the Collateral Agent will, at the Company’s sole expense, deliver to the Company, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of any kind whatsoever, all
certificates and instruments representing or evidencing all of the Collateral held by the Securities Intermediary hereunder, and execute and deliver to the Company or its nominee such documents as the Company shall reasonably request to evidence
such termination. 
 (i) Release of Security Interest upon Disposition of Collateral. Upon any sale, transfer or other disposition of
any Collateral (or portion thereof) that is permitted hereunder, the security interest granted hereunder in such Loan or other Collateral (or the portion thereof which has been sold or otherwise disposed of) shall, immediately upon the sale or other
disposition of such Loan or other Collateral (or such portion) and without any further action on the part of the Collateral Agent or any other Secured Party, be released. Upon any such release, the Collateral Agent will, at the Company’s sole
expense, deliver to the Company, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of any kind whatsoever, all certificates and instruments representing or evidencing all of the Collateral held by
the Securities Intermediary hereunder, and execute and deliver to the Company or its nominee such documents as the Company shall reasonably request to evidence such release. 

  
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 ARTICLE IX 

THE AGENTS 
 SECTION 9.01.
Appointment of Administrative Agent and Collateral Agent. Each of the Lenders hereby irrevocably appoints each of the Administrative Agent and the Collateral Agent (each, an “Agent” and collectively, the
“Agents”) as its agent and authorizes such Agents to take such actions on its behalf and to exercise such powers as are delegated to such Agent by the terms hereof, together with such actions and powers as are reasonably incidental
thereto. Anything contained herein to the contrary notwithstanding, each Agent and each Lender hereby agree that no Lender shall have any right individually to realize upon any of the Collateral hereunder, it being understood and agreed that all
powers, rights and remedies hereunder with respect to the Collateral shall be exercised solely by the Collateral Agent for the benefit of the Secured Parties at the direction of the Administrative Agent or the Required Lenders, as applicable. 

Each financial institution serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender (if applicable) as
any other Lender and may exercise the same as though it were not an Agent, and such financial institution and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Company as if it were not an
Agent hereunder. 
 None of the Agents, the Securities Intermediary nor the Collateral Administrator shall have any duties or obligations
except those expressly set forth herein. Without limiting the generality of the foregoing, (a) none of the Agents, the Securities Intermediary nor the Collateral Administrator shall be subject to any fiduciary or other implied duties,
regardless of whether a Default has occurred and is continuing, (b) none of the Agents, the Securities Intermediary nor the Collateral Administrator shall have any duty to take any discretionary action or exercise any discretionary powers,
except that the foregoing shall not limit any duty expressly set forth in this Agreement to include such rights and powers expressly contemplated hereby or that such Agent is required to exercise as directed in writing by (i) in the case of the
Collateral Agent (A) in respect of the exercise of remedies under Section 8.02(c), the Required Lenders, or (B) in all other cases, the Administrative Agent or (ii) in the case of any Agent, the Required Lenders (or such other
number or percentage of Lenders as shall be necessary under the circumstances as provided herein), and (c) except as expressly set forth herein, none of the Agents, the Securities Intermediary nor the Collateral Administrator shall have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company that is communicated to or obtained by the financial institution serving in the capacity of such Agent (except insofar as provided to it
as Agent hereunder) or any of its Affiliates in any capacity. None of the Agents, the Securities Intermediary nor the Collateral Administrator shall be liable for any action taken or not taken by it in the absence of its own gross negligence or
willful misconduct or with the consent or at the request or direction of the Administrative Agent (in the case of the Collateral Administrator and the Collateral Agent only) or the Required Lenders (or such other number or percentage of Lenders that
shall be permitted herein to direct such action or forbearance). None of the Collateral Agent, the Collateral Administrator or the Securities Intermediary shall be deemed to have knowledge of any Default, Event of Default, Market Value Event or
failure of the Borrowing Base Test unless and until a Responsible Officer has received written notice thereof from the Company, a Lender or the Administrative Agent, which notice shall specifically reference this Agreement and state that it is a
notice of such circumstance or event and specify the nature of such event. None of the Collateral Agent, the Collateral Administrator, the Securities Intermediary or the Administrative Agent shall be responsible for or have any duty to ascertain or
inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of 

  
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any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions
set forth herein, (iv) the validity, enforceability, effectiveness, genuineness, value or sufficiency of this Agreement, any other agreement, instrument or document or the Collateral, or (v) the satisfaction of any condition set forth
herein, other than to confirm receipt of items expressly required to be delivered to such Agent. Knowledge of notices or other documents delivered to any Agent in any capacity shall not constitute knowledge of or delivery to (1) such Agent in
any other capacity under the Agreement or to any Affiliate or other division of such Agent or (2) any other Agent. None of the Collateral Agent, the Collateral Administrator, the Securities Intermediary or the Administrative Agent shall be
required to risk or expend its own funds in connection with the performance of its obligations hereunder if it reasonably believes it will not receive reimbursement therefor hereunder. 

Each Agent, the Collateral Administrator and the Securities Intermediary shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, direction, opinion, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. Each Agent, the Collateral Administrator
and the Securities Intermediary also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. Each Agent, the Collateral Administrator
and the Securities Intermediary may consult with legal counsel (who may be counsel for the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the
advice of any such counsel, accountants or experts. 
 In the event the Collateral Agent or the Collateral Administrator shall receive
conflicting instruction from the Administrative Agent and the Required Lenders, the instruction of the Required Lenders shall govern. In the event the Collateral Agent or the Collateral Administrator shall receive conflicting instruction from the
Administrative Agent or the Required Lenders, on the one hand, and the Company or the Portfolio Manager, on the other hand, the instruction of the Required Lenders or the Administrative Agent, as applicable, shall govern. None of the Collateral
Administrator, the Securities Intermediary nor the Collateral Agent shall have any duties or obligations under or in respect of any other agreement (including any agreement that may be referenced herein) to which it is not a party. The grant of any
permissive right or power to the Collateral Agent hereunder shall not be construed to impose a duty to act. 
 It is expressly acknowledged
and agreed that none of the Collateral Administrator, the Securities Intermediary nor the Collateral Agent shall be responsible for, and shall not be under any duty to monitor or determine, compliance with the Eligibility Criteria or the
Concentration Limitations in any instance, to determine if the conditions of “Deliver” have been satisfied or otherwise to monitor or determine compliance by any other Person with the requirements of this Agreement. 

Each of the Agents, the Securities Intermediary and the Collateral Administrator may perform any and all its duties and exercise its rights
and powers by or through any one or more sub-agents appointed by it. None of the Agents, the Securities Intermediary nor the Collateral Administrator shall be responsible for any misconduct or negligence on
the part of any sub-agent or attorney appointed by such Person with due care. Each of the Agents, the Securities Intermediary and the Collateral Administrator and any such
sub-agent may perform any and all its duties and exercise its rights and powers through their respective Affiliates and the respective directors, officers, employees, agents and advisors of such Person and its
Affiliates (the “Related Parties”) for such Agent. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of each Agent (or such
other Person) and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative
Agent or Collateral Agent (or such other Person), as the case may be. 
  

  
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 Subject to the appointment and acceptance of a successor as provided in this paragraph, each of
the Collateral Administrator, the Collateral Agent, the Securities Intermediary and the Administrative Agent may resign at any time upon thirty (30) days’ notice to each other agent, the Lenders, the Portfolio Manager and the Company. Upon
any such resignation, the Required Lenders shall have the right to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring
Collateral Administrator, Collateral Agent, Securities Intermediary or Administrative Agent, as applicable, gives notice of its resignation, then the Administrative Agent may, on behalf of the Lenders, appoint a successor which shall be a financial
institution with an office in New York, New York, or an Affiliate of any such financial institution. If no successor shall have been so appointed by the Administrative Agent and shall have accepted such appointment within sixty (60) days after
the retiring Agent, Collateral Administrator or Securities Intermediary, as applicable, gives notice of its resignation, such Agent, Collateral Administrator or Securities Intermediary, as applicable, may petition a court of competent jurisdiction
for the appointment of a successor. Upon the acceptance of its appointment as Collateral Administrator, Securities Intermediary, Administrative Agent or Collateral Agent, as the case may be, hereunder (and, if applicable, under the Account Control
Agreement) by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, Collateral Administrator or Securities Intermediary, as applicable, hereunder and under the
Account Control Agreement, and the retiring Agent, Collateral Administrator or Securities Intermediary, as applicable, shall be discharged from its duties and obligations hereunder and under the Account Control Agreement. After the retiring
Agent’s, Collateral Administrator’s or Securities Intermediary’s, as applicable, resignation hereunder, the provisions of this Article and Sections 5.03 and 10.04 shall continue in effect for the benefit of such retiring Agent,
Collateral Administrator or Securities Intermediary, as applicable, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting
as Collateral Administrator, Securities Intermediary, Administrative Agent or Collateral Agent, as the case may be. 
 Subject to the
appointment and acceptance of a successor as provided in this paragraph, each of the Collateral Administrator, the Collateral Agent and the Securities Intermediary may be removed at any time with 30 days’ notice by the Company (with the written
consent of the Administrative Agent), with notice to the Collateral Administrator, the Collateral Agent, the Securities Intermediary, the Lenders and the Portfolio Manager (which removal of the Collateral Agent or the Securities Intermediary will
also be effective as removal under the Account Control Agreement). Upon any such removal, the Company shall have the right (with the written consent of the Administrative Agent) to appoint a successor to the Collateral Agent, the Collateral
Administrator and/or the Securities Intermediary, as applicable. If no successor to any such Person shall have been so appointed by the Company and shall have accepted such appointment within thirty (30) days after such notice of removal, then
the Administrative Agent may appoint a successor which shall be a financial institution with an office in New York, New York, or an Affiliate of any such financial institution. If no successor shall have been so appointed and shall have accepted
such appointment within sixty (60) days after the retiring Agent, Collateral Administrator or Securities Intermediary gives notice of its resignation, such Agent, Collateral Administrator or Securities Intermediary may petition a court of
competent jurisdiction for the appointment of a successor. Upon the acceptance of its appointment as Collateral Administrator, Securities Intermediary or Collateral Agent, as the case may be, hereunder by a successor, such successor shall succeed to
and become vested with all the rights, powers, privileges and duties of the removed Collateral Agent, Collateral Administrator or Securities Intermediary hereunder and under the Account Control Agreement, and the removed Collateral Agent, Collateral
Administrator or Securities Intermediary shall be discharged from its duties and obligations hereunder (and, if applicable, under the 

  
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Account Control Agreement). After the removed Collateral Agent’s, Collateral Administrator’s or Securities Intermediary’s removal hereunder, the provisions of this Article and
Sections 5.03 and 10.04 shall continue in effect for the benefit of such removed Collateral Agent, Collateral Administrator or Securities Intermediary, its sub-agents and their respective Related Parties in
respect of any actions taken or omitted to be taken by any of them while it was acting as Collateral Administrator, Securities Intermediary or Collateral Agent, as the case may be. 

Upon the request of the Company or the Administrative Agent or the successor collateral agent, collateral administrator or securities
intermediary, such retiring or removed Collateral Agent, Collateral Administrator or Securities Intermediary shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring to such successor agent all the rights,
powers and trusts of the retiring or removed Collateral Agent, Collateral Administrator or Securities Intermediary, as applicable, and shall duly assign, transfer and deliver to such successor agent all property and money held by such retiring or
removed Collateral Agent, Collateral Administrator or Securities Intermediary hereunder (and under the Account Control Agreement, if applicable). Upon request of any such successor agent, the Company and the Administrative Agent shall execute any
and all instruments for more fully and certainly vesting in and confirming to such successor collateral agent, collateral administrator or securities intermediary all such rights, powers and trusts. 

Notwithstanding anything to the contrary contained herein or in any other Loan Document, any corporation into which the Collateral Agent, the
Securities Intermediary or the Collateral Administrator may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Collateral Agent, the Securities
Intermediary or the Collateral Administrator shall be a party, or any corporation succeeding to the business of the Collateral Agent, the Securities Intermediary or the Collateral Administrator shall be the successor of the Collateral Agent, the
Securities Intermediary or the Collateral Administrator hereunder (and, if applicable, under the Account Control Agreement) without the execution or filing of any paper with any Person or any further act on the part of any Person. 

Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender and based on such documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Agent, the Collateral Administrator, the
Securities Intermediary or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related
agreement or any document furnished hereunder or thereunder. 
 Anything in this Agreement notwithstanding, in no event shall any Agent, the
Collateral Administrator or the Securities Intermediary be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including lost profits), even if such Agent, the Collateral Administrator or the Securities
Intermediary, as the case may be, has been advised of such loss or damage and regardless of the form of action. 
 Each Agent, the
Securities Intermediary and the Collateral Administrator shall not be liable for any error of judgment made in good faith by an officer or officers of such Agent, the Collateral Administrator or the Securities Intermediary, unless it shall be
conclusively determined by a court of competent jurisdiction that such Agent, the Collateral Administrator or the Securities Intermediary was grossly negligent in ascertaining the pertinent facts. 

  
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 Each Agent, the Securities Intermediary and the Collateral Administrator shall not be responsible
for the accuracy or content of any certificate, statement, direction or opinion furnished to it in connection with this Agreement. 
 Each
Agent, the Securities Intermediary and the Collateral Administrator shall not be bound to make any investigation into the facts stated in any resolution, certificate, statement, instrument, opinion, report, consent, order, approval, bond or other
document or have any responsibility for filing or recording any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder. 

In the absence of gross negligence, willful misconduct or bad faith on its part, each Agent, the Collateral Administrator and the Securities
Intermediary 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 it, reasonably believed by it 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 it, such Agent, the Collateral Administrator or the Securities Intermediary, as applicable, shall be under a duty to examine the same in accordance with the requirements of this Agreement to determine that it conforms to
the form required by such provision. 
 None of the Agents, the Collateral Administrator nor the Securities Intermediary shall be
responsible for delays or failures in performance resulting from acts beyond its control. Such acts include but are not limited to acts of God, strikes, lockouts, riots and acts of war. In connection with any payment, the Collateral Agent and the
Collateral Administrator are entitled to rely conclusively on any instructions provided to them by the Administrative Agent. 
 Before the
Collateral Agent or Collateral Administrator acts or refrains from acting, it may require, and may conclusively rely on, a certificate (which may be constituted by written directions provided in accordance with this Agreement) of an officer of the
Company, the Portfolio Manager, the Administrative Agent or the Required Lenders, as applicable, to the extent that the Collateral Agent or the Collateral Administrator is permitted to act at the direction of such person or persons in accordance
with the Loan Documents as it relates to the matter or matters to be certified. The Collateral Agent or Collateral Administrator shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate. 

The Collateral Agent or Collateral Administrator may, from time to time, request that the parties hereto deliver a certificate (upon which the
Collateral Agent or Collateral Administrator may conclusively rely) setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Agreement or any related document together with a
specimen signature of such authorized officers and the Collateral Agent or Collateral Administrator shall be entitled to conclusively rely on the then current certificate until receipt of a superseding certificate. 

In order to comply with 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 (“Applicable Bank Law”), the entity serving as Collateral Agent, Securities Intermediary or Collateral Administrator is required to obtain, verify
and record certain information relating to individuals and entities which maintain a business relationship with such entity. Accordingly, each of the parties agrees to provide to the Collateral Agent, the Securities Intermediary or the Collateral
Administrator upon its reasonable request from time to time such identifying information and documentation as may be available for such party in order to enable the Collateral Agent, the Securities Intermediary or the Collateral Administrator to
comply with Applicable Bank Law. 

  
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 The rights, protections and immunities given to the Agents in this Section 9.01,
Section 9.02(c) and Section 9.02(h) shall likewise be available and applicable to the Securities Intermediary and the Collateral Administrator. 

SECTION 9.02. Additional Provisions Relating to the Collateral Agent and the Collateral Administrator. 

(a) Collateral Agent May Perform. The Collateral Agent shall from time to time take such action (at the written direction of the
Administrative Agent or the Required Lenders) for the maintenance, preservation or protection of any of the Collateral or of its security interest therein and the Administrative Agent may direct the Collateral Agent in writing to take any action
incidental thereto; provided that, in each case, the Collateral Agent shall have no obligation to take any such action in the absence of such direction and shall have no obligation to comply with any such direction if it reasonably believes
that the same (1) is contrary to Applicable Law or this Agreement or (2) is reasonably likely to subject the Collateral Agent to any loss, liability, cost or expense, unless the Administrative Agent or the Required Lenders, as the case may
be, issuing such instruction make provision reasonably satisfactory to the Collateral Agent for payment of same (which provision may be payment of such cost or expense by the Company (subject to the limitations set forth herein) in accordance with
the Priority of Payments or the provision of indemnity or security by or on behalf of the directing party, in either case, if such arrangement is reasonably satisfactory to the Collateral Agent). 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 Administrative Agent; provided that the Collateral Agent shall not be required to take any action hereunder at the request of the Administrative Agent, any Secured Party or
otherwise if the taking of such action, in the reasonable 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 the requesting party makes provision reasonably satisfactory to the Collateral Agent for payment of same (which provision may be repayment for such liability by the Company (subject to the limitations set forth
herein) in accordance with the Priority of Payments or the provision of indemnity or security by or on behalf of the requesting party, in either case, if such arrangement is reasonably satisfactory to the Collateral Agent). In the event the
Collateral Agent requests the consent or direction of the Administrative Agent and the Collateral Agent does not receive a consent or direction (either positive or negative) from the Administrative Agent within 10 Business Days of its receipt of
such request, then the Administrative Agent shall be deemed to have declined to consent or applicable direction to the relevant action. 

If, in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, the
Collateral Agent shall request written instructions from the Administrative Agent as to the course of action desired by it and shall not be liable for any action taken or omitted to be taken prior to receipt of such instruction. If the Collateral
Agent does not receive such instructions within five (5) 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 five (5) 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. Each of the Collateral Agent, Collateral
Administrator and Securities Intermediary agrees to accept and act upon instructions or directions pursuant to this Agreement and other Loan Documents sent by unsecured email, facsimile transmission or other similar unsecured electronic methods;
provided, that each party providing such instructions or directions shall provide to the Collateral 

  
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Agent, Collateral Administrator or Securities Intermediary written notice of persons designated to provide instructions or directions. The Collateral Agent, Collateral Administrator and
Securities Intermediary shall not be liable for any losses, costs or expenses arising directly or indirectly from the Collateral Agent’s, Collateral Administrator’s and Securities Intermediary’s reliance upon and compliance with such
instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Each party hereto agrees to assume all risks arising out of the use of such electronic methods to submit instructions and
directions to the Collateral Agent, Collateral Administrator and Securities Intermediary, including without limitation the risk of the Collateral Agent, Collateral Administrator and Securities Intermediary acting on unauthorized instructions, and
the risk of interception and misuse by third parties. Any party providing such instructions acknowledges and agrees that there may be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the
security procedures (if any) to be followed in connection with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 

(b) Custody and Preservation. The Collateral Agent is required to hold in custody and preserve any of the Collateral in its possession
pursuant to the terms of this Agreement and the standard of care set forth herein, provided that the Collateral Agent shall be deemed to have complied with the terms of this Agreement with respect to the custody and preservation of any of the
Collateral if it takes such action for that purpose as the Company reasonably requests (or, following the occurrence of a Market Value Event or following the occurrence and during the continuance of an Event of Default, as the Administrative Agent
reasonably requests), but failure of the Collateral Agent to comply with any such request at any time shall not in itself be deemed a failure to comply with the terms of this Agreement. The Collateral Agent will not 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 liens thereon. 

(c) Collateral Agent Not Liable. Except to the extent arising from the gross negligence, willful misconduct, criminal conduct, fraud or
reckless disregard of the Collateral Agent, the Collateral Agent shall not be liable by reason of its compliance with the terms of this Agreement with respect to (1) the investment of funds held thereunder in Eligible Investments (other than
for losses attributable to the Collateral Agent’s failure to make payments on investments issued by the Collateral Agent, in its commercial capacity as principal obligor and not as collateral agent, in accordance with their terms) or
(2) losses incurred as a result of the liquidation of any Eligible Investment prior to its stated maturity. 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 Portfolio Investments or other Collateral. 
 (d) Certain Rights and
Obligations of the Collateral Agent. Without further consent or authorization from any Lenders, the Collateral Agent shall be deemed to have released, and shall execute any documents or instruments necessary to release any lien encumbering any
item of Collateral that is the subject of a sale or other disposition of assets permitted by this Agreement or as otherwise permitted or required hereunder or to which the Required Lenders have otherwise consented. Anything contained herein to the
contrary notwithstanding, in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale, any Agent or Lender may be the purchaser of any or all of such Collateral at any such sale and the
Collateral Agent, as agent for and representative of the Lenders (but not any Lender in its individual capacity unless the Required Lenders shall otherwise agree), shall be entitled, for the purpose of bidding and making settlement or payment of the
purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the purchaser at such sale. 

  
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 (e) Collateral Agent, Securities Intermediary and Collateral Administrator Fees and
Expenses. The Company agrees to pay to the Collateral Agent, the Securities Intermediary and the Collateral Administrator such fees as the Administrative Agent, the Collateral Agent, the Securities Intermediary, the Collateral Administrator and
the Portfolio Manager, may agree in writing, subject to the Priority of Payments. The Company further agrees to pay to the Collateral Agent, the Securities Intermediary and the Collateral Administrator, or reimburse the Collateral Agent, the
Securities Intermediary and the Collateral Administrator for paying, reasonable and documented out-of-pocket expenses, including attorney’s fees, in connection with
this Agreement and the transactions contemplated hereby, subject to the Priority of Payments. 
 (f) Execution by the Collateral Agent,
the Securities Intermediary and the Collateral Administrator. The Collateral Agent, the Securities Intermediary and the Collateral Administrator are executing this Agreement solely in their capacity as Collateral Agent, Securities Intermediary
and Collateral Administrator, respectively, hereunder and in no event shall have any obligation to make any Advance, provide any Advance or perform any obligation of the Administrative Agent hereunder. 

(g) Reports by the Collateral Administrator. The Company hereby appoints U.S. Bank National Association as Collateral Administrator and
directs the Collateral Administrator to prepare the reports substantially in the form reasonably agreed by the Company, the Collateral Administrator and the Administrative Agent. The Company and the Portfolio Manager shall cooperate with the
Collateral Administrator in connection with the matters described herein, including calculations relating to the reports contemplated herein or as otherwise reasonably requested hereunder. Without limiting the generality of the foregoing, the
Portfolio Manager shall supply in a timely fashion any determinations, designations, classifications or selections made by it relating to a Portfolio Investment, including in connection with the acquisition or disposition thereof, and any
information maintained by it that the Collateral Administrator may from time to time reasonably request with respect to the Portfolio Investment and reasonably need to complete the reports required to be prepared by the Collateral Administrator
hereunder or reasonably required to permit the Collateral Administrator to perform its obligations hereunder. The Collateral Administrator shall endeavor to deliver a draft of each such report to the Portfolio Manager and the Portfolio Manager shall
review, verify and approve the contents of the aforesaid reports. To the extent any of the information in such reports conflicts with data or calculations in the records of the Portfolio Manager, the Portfolio Manager shall notify the Collateral
Administrator of such discrepancy and use reasonable efforts to assist the Collateral Administrator in reconciling such discrepancy. Upon reasonable request by the Collateral Administrator, the Portfolio Manager further agrees to provide to the
Collateral Administrator from time to time during the term of this Agreement, on a timely basis, any information relating to the Portfolio Investments and any proposed purchases, sales or other dispositions thereof as to enable the Collateral
Administrator to perform its duties hereunder. 
 (h) Information Provided to Collateral Agent and Collateral Administrator. Without
limiting the generality of any terms of this Section, neither the Collateral Agent nor the Collateral Administrator shall have liability for any failure, inability or unwillingness on the part of the Portfolio Manager, the Administrative Agent, the
Company or the Required Lenders to provide accurate and complete information on a timely basis to the Collateral Agent or the Collateral Administrator, as applicable, or otherwise on the part of any such party to comply with the terms of this
Agreement, and, absent gross negligence, willful misconduct, criminal conduct, fraud or reckless disregard of the Collateral Agent or the Collateral Administrator, as applicable, shall have no liability for any inaccuracy or error in the performance
or observance on the Collateral Agent’s or Collateral Administrator’s, as applicable, 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. 

  
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 (i) Anti-Terrorism, Anti-Money Laundering. To help fight the funding of terrorism and
money laundering activities, the Collateral Agent will obtain, verify and record information that identifies individuals or entities that establish a relationship or open an account with U.S. Bank National Association. The Collateral Agent will ask
for the name, address, tax identification number and other information that will allow the Collateral Agent to identify the individual or entity who is establishing the relationship or opening the account. The Collateral Agent may also ask for
formation documents such as articles of incorporation, an offering memorandum or other identifying documents to be provided. 
 ARTICLE X

 MISCELLANEOUS 
 SECTION
10.01. Non-Petition; Limited Recourse. Each of the Collateral Agent, the Securities Intermediary, the Collateral Administrator, the Portfolio Manager
and the other parties hereto (other than the Administrative Agent acting at the direction of the Required Lenders) hereby agrees not to commence, or join in the commencement of, any proceedings in any jurisdiction for the bankruptcy, winding-up or liquidation of the Company or any similar proceedings, in each case prior to the date that is one year and one day (or if longer, any applicable preference period plus one day) after the payment in
full of all amounts owing to the parties hereto. The foregoing restrictions are a material inducement for the parties hereto to enter into this Agreement and are an essential term of this Agreement. The Administrative Agent or the Company may seek
and obtain specific performance of such restrictions (including injunctive relief), including, without limitation, in any bankruptcy, winding-up, liquidation or similar proceedings. The Company shall promptly
object to the institution of any bankruptcy, winding-up, liquidation or similar proceedings against it and take all necessary or advisable steps to cause the dismissal of any such proceeding; provided that
such obligation shall be subject to the availability of funds therefor. Nothing in this Section 10.01 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 Section that was instituted by the Company or against the Company by any Person other than a party hereto. 
 Notwithstanding any
other provision of this Agreement or any other Loan Document, no recourse under any obligation, covenant or agreement of the Company or the Portfolio Manager contained in this Agreement shall be had against any incorporator, stockholder, partner,
officer, director, member, manager, employee or agent of the Company, the Portfolio Manager 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 the Company and (with respect to the express obligations of the Portfolio Manager under the Loan Documents) the
Portfolio Manager and that no personal liability whatever shall attach to or be incurred by any incorporator, stockholder, officer, director, member, manager, employee or agent of the Company, the Portfolio Manager 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 the Company or the Portfolio Manager contained in this Agreement or any other Loan Document, or implied therefrom,
and that any and all personal liability for breaches by the Company or the Portfolio Manager 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. Without limiting the foregoing, no recourse shall be had for the payment of any
amount owing in respect of the Advances against the Portfolio Manager, the Parent or any Affiliate, shareholder, manager, officer, director, employee or member of the Portfolio Manager, the Parent or their respective successors or assigns or, except
as specifically set forth in this this Agreement and in the other Loan Documents, for any other amounts payable in respect of the Loan Documents. 

  
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 SECTION 10.02. Notices. All notices and other communications in respect hereof (including,
without limitation, any modifications hereof, or requests, waivers or consents hereunder) to be given or made by a party hereto shall be in writing (including by electronic mail or other electronic messaging system of .pdf or other similar files) to
the other parties hereto at the addresses for notices specified on the Transaction Schedule (or, as to any such party, at such other address as shall be designated by such party in a notice to each other party hereto). All such notices and other
communications shall be deemed to have been duly given when (a) transmitted by facsimile, (b) personally delivered, (c) in the case of a mailed notice, upon receipt, or (d) in the case of notices and communications transmitted by
electronic mail or any other electronic messaging system, upon delivery, in each case given or addressed as aforesaid. 
 SECTION 10.03.
No Waiver. No failure on the part of any party hereto to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any
remedies provided by law. 
 SECTION 10.04. Expenses; Indemnity; Damage Waiver; Right of Setoff. 

(a) Subject to the Priority of Payments, the Company shall pay (1) all fees and reasonable and documented
out-of-pocket expenses incurred by the Agents, the Collateral Administrator, the Securities Intermediary and their Related Parties, including the fees, charges and
disbursements of outside counsel for each Agent and the Collateral Administrator, and such other local counsel as required for the Agents and the Collateral Administrator, collectively, in connection with the preparation and administration of this
Agreement, the Account Control Agreement or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (2) all reasonable and documented
out-of-pocket expenses incurred by the Agents, the Collateral Administrator, the Securities Intermediary and the Lenders, including the fees, charges and disbursements
of outside counsel for each Agent, the Lenders, the Collateral Administrator and the Securities Intermediary and such other local counsel as required for all of them, in connection herewith, including the enforcement or protection of their rights in
connection with this Agreement and the Account Control Agreement, including their rights under this Section, or in connection with the Advances provided by them hereunder, including all such reasonable and documented
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Advances. 

(b) Subject to the Priority of Payments, the Company shall indemnify the Agents, the Collateral Administrator, the Securities Intermediary, the
Lenders and their Related Parties (each such Person being called an “Indemnitee”), against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges
and disbursements of one firm of outside counsel for each affiliated group of Indemnitees and such other local counsel as required for any Indemnitees, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result
of (1) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties thereto of their respective rights (including, without limitation, the
right to enforce the terms of this Agreement) and obligations (including, without limitation, any breach of any representation or warranty made by the Company or the Portfolio Manager hereunder (for the avoidance of doubt, after giving effect to any
limitation included in any such representation or warranty relating to materiality or causing a Material Adverse Effect)) or the exercise of the parties thereto of their respective rights (including, without limitation, the approval or disapproval
by the Administrative Agent of the acquisition of any Portfolio 

  
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Investment in accordance with the terms of this Agreement) or the consummation of the transactions contemplated hereby, (2) any Advance or the use of the proceeds therefrom, (3) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto or is pursuing or defending any
such action or (4) the enforcement of this Agreement; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (A) are determined by
a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee, (B) with respect to indemnification obligations owed to the Administrative Agent or any
Lender, are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the material non-compliance by the Administrative Agent or, with respect to such Lender or
its Related Parties as an Indemnitee, such Lender of their respective obligations under the Loan Documents or (C) relate to any claim, matter or dispute solely between or among Indemnitees. This Section 10.04(b) shall not apply with
respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 

(c) To the extent permitted by Applicable Law, no party hereto nor any Indemnitee shall assert, and each hereby waives, any claim against any
party hereto or any Indemnitee, as applicable, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, the
Account Control Agreement, any other Loan Document or any agreement, instrument or transaction contemplated hereby, any Advance or the use of the proceeds thereof. 

(d) If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and
from time to time, 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 obligations at any time owing by such Lender or Affiliate to
or for the credit or the account of the Company against any of and all the obligations of the Company now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under
this Agreement and although such obligations may be unmatured. The rights of each Lender under this clause (d) are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

SECTION 10.05. Amendments. Subject to Section 3.01(h)(ii), no amendment, modification or waiver in respect of this Agreement will
be effective unless in writing (including, without limitation, a writing evidenced by a facsimile transmission or electronic mail) and executed by each of the Agents, the Collateral Administrator, the Securities Intermediary, the Required Lenders,
the Company and the Portfolio Manager; provided, however, that any amendment to this Agreement that the Administrative Agent determines in its commercially reasonable judgment is necessary to effectuate the purposes of
Section 1.04 hereof following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event and which would not result in an increase or decrease in the rights, duties or liabilities of the
Portfolio Manager or the Company shall not be required to be executed by the Portfolio Manager or the Company; provided further that the Administrative Agent may waive any of the Eligibility Criteria and the requirements set forth in
Schedule 3 or Schedule 4 in its sole discretion; provided further that none of the Collateral Agent, the Collateral Administrator or the Securities Intermediary shall be required to execute any amendment that affects its rights,
duties, protections or immunities; provided further that any Material Amendment shall require the prior written consent of each Lender affected thereby. 

  
 - 77 - 

 SECTION 10.06. Successors; Assignments. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that the Company may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Portfolio Manager, the Administrative Agent and the Required Lenders (and any
attempted assignment or transfer by the Company without such consent shall be null and void) and the Portfolio Manager may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the
Administrative Agent. Except as expressly set forth herein, nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Subject to the conditions set forth below, any Lender may assign to one or more Persons all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Financing Commitment and the Advances at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of the Administrative Agent and, unless an Event of
Default has occurred and is continuing or a Market Value Event shall have occurred, if such assignee is not an Eligible Assignee, the Company; provided that no consent of the Administrative Agent or the Company shall be required for an
assignment of any Financing Commitment to an assignee that is a Lender with a Financing Commitment immediately prior to giving effect to such assignment. 

Assignments shall be subject to the following additional conditions: (A) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement; and (B) the parties to each assignment shall execute and deliver to the Administrative Agent an assignment and assumption agreement in form and
substance acceptable to the Administrative Agent. 
 Subject to acceptance and recording thereof below, from and after the effective date
specified in each assignment and assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such assignment and assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such assignment and assumption, be released from its obligations under this Agreement (and, in the case of an assignment and assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto as a Lender but shall continue to be entitled to the benefits of Sections 5.03 and 10.04). 

The Administrative Agent, acting solely for this purpose as an agent of the Company, shall maintain at one of its offices a copy of each
assignment and assumption delivered to it and the Register. The entries in the Register shall be conclusive absent manifest error, and the parties hereto shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as
a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company, any Lender and the Portfolio Manager, at any reasonable time and from time to time upon
reasonable prior notice. Upon its receipt of a duly completed assignment and assumption executed by an assigning Lender and an assignee, the Administrative Agent shall accept such assignment and assumption and record the information contained
therein in the Register. 
 (c) Any Lender may sell participations to one or more banks or other entities (a “Lender
Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Financing Commitment and the Advances owing to it); provided that (1) such Lender’s
obligations under this Agreement shall remain unchanged, (2) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (3) the Company, the Agents and the other Lenders shall
continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument 

  
 - 78 - 

 
pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of
any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Lender Participant, agree to any Material Amendment that adversely affects such Lender Participant.

 (d) Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Company, maintain a register on which
it enters the name and address of each Lender Participant and the principal amounts (and stated interest) of each Lender Participant’s interest in the Advances or other obligations under this Agreement (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Lender Participant or any information relating to a Lender Participant’s
interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other
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 Administrative Agent (in its
capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. The Company agrees that each Lender Participant shall be entitled to the benefits of Sections 3.01(e) and 3.03 (subject to the requirements and
limitations therein, including the requirements under Section 3.03(f) (it being understood that the documentation required under Section 3.03(f) shall be delivered to the Lender that sells the participation)) to the same extent as if it
were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Lender Participant (A) agrees to be subject to the provisions of Section 3.01(f) relating to replacement of
Lenders as if it were an assignee under paragraph (b) of this Section 10.06 and (B) shall not be entitled to receive any greater payment under Sections 3.01(e) and 3.03, with respect to any participation, than the Lender that sells
the participation would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Lender Participant acquired the applicable participation. Each Lender that
sells a participation agrees, at the Company’s request and expense, to use reasonable efforts to cooperate with the Company to effectuate the replacement of Lenders provisions set forth in Section 3.01(f) with respect to any Lender
Participant. 
 SECTION 10.07. Governing Law; Submission to Jurisdiction; Etc. 

(a) Governing Law. This Agreement will be governed by and construed in accordance with the law of the State of New York. 

(b) Submission to Jurisdiction. Any suit, action or proceedings relating to this Agreement (collectively,
“Proceedings”) shall be tried and litigated in the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City. With respect to any Proceedings, each party hereto
irrevocably (i) submits to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City and
(ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to
object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement precludes any party hereto from bringing Proceedings to enforce any judgment against any such party arising out of or
relating to this Agreement in the courts of any place where such party or any of its assets may be found or located, nor will the bringing of such Proceedings in any one or more jurisdictions preclude the bringing of such Proceedings in any other
jurisdiction. 

  
 - 79 - 

 (c) Waiver of Jury Trial. EACH OF THE PARTIES HERETO AND THE ADMINISTRATIVE AGENT ON
BEHALF OF THE LENDERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

SECTION 10.08. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable
to any Advance, together with all fees, charges and other amounts which are treated as interest on such Advance under Applicable Law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum
Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Advance in accordance with Applicable Law, the rate of interest payable in respect of such Advance hereunder, together with all Charges
payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Advance but were not payable as a result of the operation of this Section 10.08
shall be cumulated and the interest and Charges payable to such Lender in respect of other Advances or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal
Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
 SECTION 10.09. PATRIOT Act. Each Lender
and Agent that is subject to the requirements of the PATRIOT Act hereby notifies the Company that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Company, which information
includes the name and address of the Company and other information that will allow such Lender or Agent to identify the Company in accordance with the PATRIOT Act. 

SECTION 10.10. Counterparts. This Agreement may be executed in any number of counterparts by facsimile or other written form of
communication, each of which shall be deemed to be an original as against the party whose signature appears thereon, and all of which shall together constitute one and the same instrument. 

SECTION 10.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are
not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

SECTION 10.12. Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender that is an EEA Financial Institution arising
under this Agreement 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 Lender that is an EEA Financial Institution; and 
 (b) the effects of any
Bail-In Action on any such liability, including, if applicable: 
 (1) a reduction in full or in part
or cancellation of any such liability; 

  
 - 80 - 

 (2) a conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such EEA Financial Institution, its parent entity, 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 
 (3) 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. 
 As used herein: 

“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. 
 “EEA Financial Institution” means (a) any institution 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 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. 

“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. 

“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. 
 SECTION 10.13. Confidentiality. 

Each Agent, the Collateral Administrator, the Securities Intermediary and each Lender agrees to maintain the confidentiality of the Information
until the date that is two (2) years after receipt of such Information (or, with respect to Information relating to the financial and other material terms of this Agreement, until the date that is one (1) year after the Maturity Date),
except that Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is
made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority (including any self-regulatory authority), (iii) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies 

  
 - 81 - 

 
hereunder, the sale of any Portfolio Investment following the occurrence of a Market Value Event or any suit, action or proceeding relating to this Agreement or any other Loan Document or the
enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section 10.13, to (x) any permitted assignee of or permitted Participant in or any prospective
permitted assignee of or permitted Participant in, any of its rights or obligations under this Agreement, or (y) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Company and its
obligations, (vii) with the consent of the Company, (viii) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 10.13 by the delivering party or its Affiliates or
(y) becomes available to any Agent, the Collateral Administrator, the Securities Intermediary or any Lender on a nonconfidential basis from a source other than the Company or (ix) to the extent permitted or required under this Agreement or
the Account Control Agreement. For the purposes of this Section 10.13, any Person required to maintain the confidentiality of Information as provided in this Section 10.13 shall be considered to have complied with its obligation to do so
if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

[remainder of page intentionally blank] 

  
 - 82 - 

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

			
	GREAT LAKES PORTMAN RIDGE FUNDING LLC, as Company
		
	By	 	 /s/ Edward U. Gilpin

	Name: Edward U. Gilpin
	Title: Chief Financial Officer, Secretary and Treasurer
	
	 PORTMAN RIDGE FINANCE CORPORATION,

as Portfolio Manager

		
	By	 	 /s/ Edward U. Gilpin

	Name: Edward U. Gilpin
	Title: Chief Financial Officer, Secretary and Treasurer

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Collateral Agent

		
	By	 	 /s/ Ralph J. Creasia, Jr.

	Name: Ralph J. Creasia, Jr.
	Title: Senior Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Collateral Administrator

		
	By	 	 /s/ Ralph J. Creasia, Jr.

	Name: Ralph J. Creasia, Jr.
	Title: Senior Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Securities Intermediary

		
	By	 	 /s/ Ralph J. Creasia, Jr.

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

 
			
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By	 	 /s/ James Greenfield

	Name: James Greenfield
	Title: Executive Director
	
	The Lenders
	
	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Lender
		
	By	 	 /s/ James Greenfield

	Name: James Greenfield
	Title: Executive Director

 SCHEDULE 1 

Transaction Schedule 
  

			
	 1.  Types of Financing
	  	 Available     Financing Limit

		
	 Advances
	  	     yes      Prior to a Commitment
Increase Date: U.S.$115,000,000; After a Commitment Increase Date, if any, U.S.$ 115,000,000 plus the principal amount of each increase in the Financing Commitment set forth in the applicable Commitment Increase Requests up to U.S.
$215,000,000 in the aggregate

		
	 2.  Lenders
	  	Financing Commitment
		
	 JPMorgan Chase Bank, National Association
	  	Prior to a Commitment Increase Date: U.S.$115,000,000; After a Commitment Increase Date, if any, U.S.$115,000,000 plus the principal amount of each increase in the Financing Commitment set forth in the applicable Commitment
Increase Requests up to U.S. $215,000,000 in the aggregate, in each case, as reduced from time to time pursuant to Section 4.07
		
	 3.  Scheduled Termination Date:
	  	December 18, 2023
		
	 4.  Interest Rates
	  	
		
	 Applicable Margin for Advances:
	  	 With respect to interest based on the LIBO Rate, 2.85% per annum (subject to increase in accordance with Section 3.01(b)).

 
 With respect to interest based on the Base Rate, 2.85% per annum (subject to increase in
accordance with Section 3.01(b)).

		
	 5.  Account Numbers
	  	
		
	 Custodial Account:
	  	198430-700
	 Collection Account:
	  	198430-200
	 MV Cure Account:
	  	198430-202
	 Unfunded Exposure Account:
	  	198430-201
		
	 6.  Market Value Trigger:
	  	62.5%

			
	 7.  Market Value Cure Level:
	  	55%
		
	 8.  Purchases of Restricted Securities
	  	
	
	 Notwithstanding anything herein to the contrary, no Portfolio Investment may constitute, at the time of
initial purchase, a Restricted Security. As used herein, “Restricted Security” means any security that forms part of a new issue of publicly issued securities (a) with respect to which an Affiliate of any Lender that is a
“broker” or a “dealer”, within the meaning of the Securities Exchange Act of 1934, participated in the distribution as a member of a selling syndicate or group within 30 days of the proposed purchase by the Company and
(b) which the Company proposes to purchase from any such Affiliate of any Lender.

  
 - 2 - 

					
	Addresses for Notices
			
	The Company:	  	 Great Lakes Portman Ridge Funding LLC 
c/o BC Partners Advisors LP 
650 Madison Avenue, 23rd Floor

New York, New York 10022
  

with a copy to (except with respect to any notice, consent, agreement, request, waiver or approval by the Administrative Agent which may expressly be
provided via email pursuant to this Agreement other than by operation of Section 10.02)
  

Dechert LLP
 Three Bryant Park

1095 Avenue of the Americas
 New York, New York
10036-6797
	  	 Attn: Ted Gilpin
 Telephone: (212) 891-5007
 Email: Ted.Gilpin@bcpartners.com
  

Attn: Patrick Schafer
 Telephone: (212) 891-2890
 Email: patrick.schafer@bcpartners.com
  

Attn: Jay R. Alicandri
 Telephone: (212) 698-3800
 Email: jay.alicandri@dechert.com

			
	The Portfolio Manager:	  	 Portman Ridge Finance Corporation 
c/o BC Partners Advisors LP 
650 Madison Avenue, 23rd Floor

New York, New York 10022
  

with a copy to (except with respect to any notice, consent, agreement, request, waiver or approval by the Administrative Agent which may expressly be
provided via email pursuant to this Agreement other than by operation of Section 10.02)
  

Dechert LLP
 Three Bryant Park

1095 Avenue of the Americas
 New York, New York
10036-6797
	  	 Attn: Ted Gilpin
 Telephone: (212) 891-5007
 Email: Ted.Gilpin@bcpartners.com
  

Attn: Patrick Schafer
 Telephone: (212) 891-2890
 Email: patrick.schafer@bcpartners.com
  

Attn: Jay R. Alicandri
 Telephone: (212) 698-3800
 Email: jay.alicandri@dechert.com

  
 - 3 - 

					
	The Administrative Agent:	  	 JPMorgan Chase Bank, National Association
 c/o
JPMorgan Services Inc.
 500 Stanton Christiana Rd., 
3rd Floor

Newark, Delaware 19713
	  	 Attention: Ryan Hanks
 Telephone: (302) 634-2030

			
		  	with a copy to	  	
			
		  	 JPMorgan Chase Bank, National Association
 383
Madison Ave.
 New York, New York 10179
	  	 Attention: Louis Cerrotta
 Telephone: 212-622-7092
 Email:

louis.cerrotta@jpmorgan.com
 With a copy to:

de_custom_business@jpmorgan.com and brian.m.larocca@jpmorgan.com

			
	The Collateral Agent:	  	 U.S. Bank National Association 
One Federal Street, 3rd Floor

Boston, Massachusetts 02110
	  	 Attention: Global Corporate Trust – Great Lakes Portman Ridge Funding LLC

Telephone: (617) 603-6408

Email: Great.Lakes.Portman.Ridge.Funding@usbank.com

			
	The Securities Intermediary:	  	 U.S. Bank National Association 
One Federal Street, 3rd Floor

Boston, Massachusetts 02110
	  	 Attention: Global Corporate Trust – Great Lakes Portman Ridge Funding LLC

Telephone: (617) 603-6408

Email: Great.Lakes.Portman.Ridge.Funding@usbank.com

			
	The Collateral Administrator:	  	 U.S. Bank National Association 
One Federal Street, 3rd Floor

Boston, Massachusetts 02110
	  	 Attention: Global Corporate Trust – Great Lakes Portman Ridge Funding LLC

Telephone: (617) 603-6408

Email: Great.Lakes.Portman.Ridge.Funding@usbank.com

			
	JPMCB:	  	 JPMorgan Chase Bank, National Association
 c/o
JPMorgan Services Inc.
 500 Stanton Christiana Rd., 
3rd Floor

Newark, Delaware 19713
	  	 Attention: Robert Nichols
 Facsimile: (302) 634-1092

  
 - 4 - 

					
		  	 with a copy to:
  

JPMorgan Chase Bank, National Association
 383 Madison Ave.

New York, New York 10179
	  	 Attention: Louis Cerrotta
 Telephone: 212-622-7092

			
	Each other Lender:	  	The address (or facsimile number or electronic mail address) provided by it to the Administrative Agent.	  	

  
 - 5 - 

 SCHEDULE 2 

Contents of Notices of Acquisition 
 Each
Notice of Acquisition shall include the following information for the related Portfolio Investment(s): 
 JPMorgan Chase Bank, National Association, 

as Administrative Agent 
 c/o JPMorgan Services Inc. 

500 Stanton Christiana Rd., 3rd Floor 
 Attention: Ryan Hanks 

	Email:	 de_custom_business@jpmorgan.com 

brian.m.larocca@jpmorgan.com 
 JPMorgan
Chase Bank, National Association, 
 as Administrative Agent 

383 Madison Avenue 
 New York, New York 10179 

Attention: Michael Grogan 

	Email:	 NA_Private_Financing_Diligence@jpmorgan.com 

JPMorgan Chase Bank, National Association, 
 as Lender 

c/o JPMorgan Services Inc. 
 500 Stanton Christiana Rd., 3rd Floor

 Newark, Delaware 19713 
 Attention: Ryan Hanks 

cc: 
 U.S. Bank National Association 

One Federal Street, 3rd Floor 
 Boston, Massachusetts 02110 

Attention: Global Corporate Trust – Great Lakes Portman Ridge Funding LLC 

Telephone: (617) 603-6408 

Email: Great.Lakes.Portman.Ridge.Funding@usbank.com 

 Ladies and Gentlemen: 

Reference is hereby made to the Loan and Security Agreement, dated as of December 18, 2019 (as amended, the “Agreement”),
among Great Lakes Portman Ridge Funding LLC, as borrower (the “Company”), JPMorgan Chase Bank, National Association, as administrative agent (the “Administrative Agent”), Portman Ridge Finance Corporation, as
portfolio manager (the “Portfolio Manager”), the lenders party thereto and the collateral agent, collateral administrator and securities intermediary party thereto. Capitalized terms used herein and not otherwise defined herein
shall have the respective meanings given such terms in the Agreement. 
 Pursuant to the Agreement, the Portfolio Manager hereby [requests
approval for the Company to acquire][notifies the Administrative Agent of the Company’s intention to acquire] the following Portfolio Investment(s):1 

 

			
	 Fund
	 	
	 Issuer / Obligor
	 	
	 Jurisdiction
	 	
	 Identifier (LoanX; CUSIP)
	 	
	 Requested Notional Amount
	 	
	 Asset Class
	 	
	 Current Pay (Y/N)
	 	
	 Syndication Type
	 	
	 Lien
	 	
	 Tranche Size
	 	
	 Price
	 	
	 Spread / Coupon
	 	
	 Base Rate
	 	
	 LIBOR Floor
	 	
	 Maturity
	 	
	 Moody’s Industry
	 	
	 LTM EBITDA (In Millions)
	 	
	 LTM Capital Expenditures (in Millions)
	 	
	 Leverage Through Tranche (Net)
	 	
	 Interest Coverage
	 	
	 Financial Covenants
	 	
	 Security Identifier
	 	
	 Security Description
	 	
	 Quantity
	 	

  

	1 	 Company to complete as applicable. 

  
 - 2 - 

 To the extent available, we have included herewith (1) the material
Underlying Instruments (including , in the case of a Loan, the final credit agreement and collateral and security documents and, in the case of a Liquid Debt Security, the indenture or other issuance document) relating to each such Portfolio
Investment, (2) an audited financial statement for the previous most recently ended three years of the obligor of each such Portfolio Investment, (3) quarterly statements for the previous most recently ended eight fiscal quarters of the
obligor of each such Portfolio Investment, (4) any appraisal or valuation reports conducted by third parties in connection with the proposed investment by the Company, (5) applicable “proof of existence” details (if requested by
the Administrative Agent), and (6) investment committee memo. The Portfolio Manager acknowledges that it will provide such other information from time to time reasonably requested by the Administrative Agent. 

We hereby certify that all conditions to the Purchase of such Portfolio Investment(s) set forth in Section 1.03 of the Agreement are
satisfied. 
  

			
	Very truly yours,
	
	 PORTMAN RIDGE FINANCE CORPORATION,

as Portfolio Manager

		
	By	 	
                     
                        

	Name:	 	
	Title:	 	

  
 - 3 - 

 SCHEDULE 3 

Eligibility Criteria 
  

	1.	 Such obligation is a Loan or a Debt Security and is not a Synthetic Security, a Zero-Coupon Security, a
Structured Finance Obligation, a Participation Interest (other than an Initial Portfolio Investment acquired by the Company pursuant to a Sale Agreement), a Revolving Loan, a letter of credit or an interest therein, or a Mezzanine Obligation (other
than a Liquid Debt Security, if applicable) (or, for the avoidance of doubt, any other unsecured obligation of an obligor). 

  

	2.	 Such obligation does not require the making of any future advance or payment by the Company to the issuer
thereof or any related counterparty except in connection with a Delayed Funding Term Loan. 

  

	3.	 Such obligation is eligible to be entered into by, sold or assigned to the Company and pledged to the
Collateral Agent. 

  

	4.	 Such obligation is denominated and payable in U.S. dollars and purchased at a price that is at least 80% of the
par amount of such obligation. 

  

	5.	 Such obligation is issued by a company organized in an Eligible Jurisdiction. 

 

	6.	 It is an obligation upon which no payments are subject to deduction or withholding for or on account of any
withholding Taxes imposed by any jurisdiction unless the related obligor is required to make “gross-up” payments that cover the full amount of any such withholding Taxes (subject to customary
conditions to such payments which the Company (or the Portfolio Manager on behalf of the Company) in its good faith reasonable judgment expects to be satisfied). 

 

	7.	 Such obligation is not subject to an event of default (as defined in the Underlying Instruments for such
obligation) in accordance with its terms (including the terms of its Underlying Instruments after giving effect to any grace and/or cure period set forth in the related loan agreement or issuance document, but not to exceed five (5) days) and
no Indebtedness of the obligor thereon ranking pari passu with or senior to such obligation is in default with respect to the payment of principal or interest or is subject to any other event of default that would trigger a default under the
related loan agreement or issuance document (after giving effect to any grace and/or cure period set forth in the related loan agreement or issuance document, but not to exceed five (5) days) (a “Defaulted Obligation”).

  

	8.	 The timely repayment of such obligation is not subject to
non-credit-related risk as determined by the Portfolio Manager in its good faith and reasonable judgment. 

  

	9.	 It is not at the time of purchase or commitment to purchase the subject of an offer other than an offer
pursuant to the terms of which the offeror offers to acquire a debt obligation in exchange for consideration consisting solely of cash in an amount equal to or greater than the full face amount of such debt obligation plus any accrued and unpaid
interest. 

  

	10.	 Such obligation is not an equity security and does not provide, on the date of acquisition, for conversion or
exchange at any time over its life into an equity security. 

  

	11.	 Such obligation provides for periodic payments of interest thereon in cash at least semi-annually.

	12.	 Such obligation will not cause the Company or the pool of Collateral to be required to register as an
investment company under the Investment Company Act of 1940, as amended. 

  

	13.	 The Portfolio Investment has been Delivered to the Collateral Agent. 

 

	14.	 In the case of a Portfolio Investment that is a Loan, (i) the Administrative Agent is an “Eligible
Assignee” (as such term, or comparable term, is defined in the Underlying Instruments in respect of such Portfolio Investment) and such Portfolio Investment is otherwise permitted to be entered into by, sold or assigned to the Administrative
Agent and (ii) with respect to any Portfolio Investment with respect to which the administrative agent is BC Partners LLP or any Affiliate thereof, the Company has delivered to the Collateral Agent to hold in custody in accordance with this
Agreement (to be provided to the Administrative Agent following the occurrence and during the continuance of an Event of Default or following the occurrence of a Market Value Event) an assignment agreement duly executed by the administrative agent
(to the extent required to effect an assignment pursuant to such Underlying Instruments) in respect of such Portfolio Investment, naming the Administrative Agent as assignee not later than five (5) Business Days following the Settlement Date
for such Portfolio Investment . 

  

	15.	 Following the relevant Trade Date, such Portfolio Investment has not been amended to (a) reduce the
principal amount of such Portfolio Investment, (b) postpone the maturity date or any scheduled prepayment date in respect of such Portfolio Investment, (c) alter the pro rata allocation or sharing of payments or distributions required by
any related Underlying Instruments in a manner adverse to the Company, (d) release any material guarantor of such Portfolio Investment from its obligations in a manner materially adverse to the Company, or (e) terminate or release any lien
on a material portion on the collateral securing such Portfolio Investment in a manner materially adverse to the Company, in each case without the re-approval of such Portfolio Investment by the Administrative
Agent in the manner set forth in Section 1.02 of the Agreement following receipt of a request therefor from the Portfolio Manager and subject to satisfaction of the conditions set forth in clauses (a)(1), (3) and (4) of Section 1.03
of the Agreement; provided that this clause 15 shall not be applicable for purposes of Section 1.03 of the Agreement in connection with the initial acquisition of such Portfolio Investment by the Company. 

The following capitalized terms used in this Schedule 3 shall have the meanings set forth below: 

“Eligible Jurisdictions” means the United States and any State therein. 

“Revolving Loan” means any Loan (other than a Delayed Funding Term Loan, but including funded and unfunded
portions of revolving credit lines) that under the Underlying Instruments relating thereto may require one or more future advances to be made to the obligor by a creditor, but any such Loan will be a Revolving Loan only until all commitments by the
holders thereof to make advances to the obligor thereon expire or are terminated or are irrevocably reduced to zero. 

“Structured Finance Obligation” means any obligation 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. 

“Synthetic Security” means a security or swap transaction, other than a participation interest or a letter of
credit, 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. 

  
 - 2 - 

 “Zero-Coupon Security” means any debt security that by its terms
(a) does not bear interest for all or part of the remaining period that it is outstanding or (b) pays interest only at its stated maturity. 

  
 - 3 - 

 SCHEDULE 4 

Concentration Limitations 
 The
“Concentration Limitations” shall be satisfied on any date of determination if, in the aggregate, the Portfolio Investments (other than any Ineligible Investments) owned (or in relation to a proposed purchase of a Portfolio
Investment, proposed to be owned) by the Company comply with all the requirements set forth below: 
  

	 	1.	 Portfolio Investments issued by a single obligor and its affiliates may not exceed an aggregate principal
balance equal to (x) with respect to obligors (and their affiliates) of Senior Secured Loans, 5.0% of the Collateral Principal Amount and (y) with respect to obligors (and their affiliates) of Portfolio Investments that are not Senior
Secured Loans, 4.0% of the Collateral Principal Amount; provided that Senior Secured Loans issued by three (3) obligors and their respective affiliates with EBITDA (measured for the most recent twelve-month period for which financial
statements are available to the Company) exceeding $10,000,000 may each constitute up to an aggregate principal balance equal to 7.5% of the Collateral Principal Amount. 

 

	 	2.	 Not less than 65% of the Collateral Principal Amount may consist of Senior Secured Loans and cash and Eligible
Investments on deposit in the Collection Account as Principal Proceeds. 

  

	 	3.	 Not more than 35% of the Collateral Principal Amount may consist of Liquid Debt Securities and Second Lien
Loans (provided not more than 15% of the Collateral Principal Amount may consist of Liquid Debt Securities). 

  

	 	4.	 Following the Ramp-Up Period, not more than 5% of Portfolio Investments
may consist of obligations issued by obligors with EBITDA (measured for the most recent twelve-month period for which financial statements are available to the Company) of less than $10,000,000 for such Portfolio Investment; provided that no
more than 0% of Portfolio Investments may consist of obligations issued by obligors with EBITDA (measured for the most recent twelve-month period for which financial statements are available to the Company) of less than $5,000,000.

  

	 	5.	 Following the Ramp-Up Period, not more than 20% of the Collateral
Principal Amount may consist of Portfolio Investments that are issued by obligors that belong to the same Moody’s Industry Classification. As used herein, “Moody’s Industry Classifications” means the industry
classifications set forth in Schedule 6 hereto, as such industry classifications shall be updated at the option of the Portfolio Manager (with the consent of the Administrative Agent) if Moody’s publishes revised industry classifications.

  

	 	6.	 The Unfunded Exposure Amount shall not exceed 5% of the Collateral Principal Amount. 

 SCHEDULE 5 

Initial Portfolio Investments 

Part A – Parent Initial Portfolio Investments 
  

									
	 Issuer
	  	LoanX ID	  	Asset	  	Par Amt
(mm)	 
	 DreamVision
	  		  	First Lien	  	 	3,000	 
	 Anthem
	  		  	First Lien	  	 	4,757	 
	 Grupo HIMA San Pablo, Inc.
	  	LX128793	  	First Lien	  	 	2,702	 
	 Zest Acquisition Corp.
	  	LX171850	  	Second Lien	  	 	3,500	 
	 Carestream Health, Inc.
	  	LX177792	  	Second Lien	  	 	1,511	 
	 CSM Bakery Solutions Limited (fka CSM Bakery Supplies Limited)
	  	LX129907	  	Second Lien	  	 	3,000	 
	 PSC Industrial Holdings Corp.
	  	LX168738	  	Second Lien	  	 	3,000	 
	 SCSG EA Acquisition Company, Inc.
	  	LX168011	  	Second Lien	  	 	1,000	 
	 TRSO I, Inc.
	  		  	Second Lien	  	 	1,000	 
	 WireCo WorldGroup Inc.
	  	LX153858	  	Second Lien	  	 	3,000	 

 Part B – OHA Initial Portfolio Investments 

 

									
	 Issuer
	  	LoanX ID	  	Asset Type	  	Par Amt
(mm)	 
	 Pacific Architects and Engineers
	  	LX155580	  	Second Lien	  	 	6,888	 
	 Ministry Brands
	  		  	Second Lien	  	 	6,000	 
	 NAVEX
	  	LX175331	  	Second Lien	  	 	4,700	 
	 PowerSchool
	  	LX174031	  	Second Lien	  	 	3,800	 
	 WASH Multifamily Acquisition
	  	LX144741	  	Second Lien	  	 	2,978	 
	 WASH Multifamily Acquisition - Canada
	  	LX144741	  	Second Lien	  	 	522	 
	 DexKo Global Inc.
	  	LX166460	  	Second Lien	  	 	2,935	 
	 Hayward Industries Inc.
	  	LX167459	  	Second Lien	  	 	2,159	 
	 CentralSquare Technologies
	  	LX175396	  	Second Lien	  	 	2,000	 
	 Ensono
	  	LX172976	  	Second Lien	  	 	1,700	 
	 Blackboard Transact
	  		  	Second Lien	  	 	1,455	 
	 MWI (Helix Acquisition)
	  	LX168763	  	Second Lien	  	 	1,400	 
	 Aptean
	  	LX179261	  	Second Lien	  	 	1,400	 
	 JSHeld
	  		  	First Lien	  	 	1,248	 
	 PharMerica
	  	LX178459	  	Second Lien	  	 	1,200	 
	 Caliber Collision
	  	LX178201	  	Second Lien	  	 	1,100	 
	 Vertafore, Inc.
	  	LX173731	  	Second Lien	  	 	900	 
	 Imperial Dade
	  		  	Second Lien	  	 	833	 
	 Safe Fleet
	  	LX170944	  	Second Lien	  	 	700	 
	 Ardonagh (Notes)
	  		  	First Lien	  	 	600	 
	 ClearChoice (CC Dental Implants)
	  		  	Second Lien	  	 	500	 
	 MedRisk (CP VI Bella)
	  	LX170958	  	Second Lien	  	 	500	 
	 FirstLight
	  	LX173849	  	Second Lien	  	 	400	 
	 EaglePicher (EPV/Vectra)
	  	LX171490	  	Second Lien	  	 	400	 
	 Edelman
	  	LX174295	  	Second Lien	  	 	300	 

  
 - 2 - 

 Part C – Post-Effective Date Initial Portfolio Investments 

 

									
	 Issuer
	  	LoanX ID	  	Asset	  	Par Amt
(mm)	 
	 Kronos
	  	LX179810	  	First Lien	  	 	4,969	 
	 TLE Holdings, LLC
	  	LX181058	  	First Lien	  	 	5,911	 
	 Randys
	  	LX180552	  	First Lien	  	 	4,988	 
	 Triumph
	  	LX179630	  	First Lien	  	 	6,965	 
	 Cielo
	  	LX177802	  	First Lien	  	 	4,975	 
	 PHI
	  	LX181308	  	First Lien	  	 	8,676	 
	 Akumin Corp.
	  		  	First Lien	  	 	2,244	 
	 SOS Security
	  	LX180116	  	First Lien	  	 	2,494	 
	 Teneo
	  	LX181075	  	First Lien	  	 	5,000	 
	 Syndigo
	  		  	First Lien	  	 	7,937	 
	 Location Services
	  		  	First Lien	  	 	1,563	 
	 BMC Acquisition, Inc. (aka BenefitMall)
	  	LX170066	  	First Lien	  	 	2,947	 
	 BW NHHC Holdco Inc.
	  	LX173288	  	First Lien	  	 	1,975	 
	 Child Development Schools, Inc.
	  	LX153017	  	First Lien	  	 	4,589	 
	 Community Care Health Network, Inc. (aka Matrix Medical Network)
	  	LX171154	  	First Lien	  	 	1,975	 
	 Evergreen North America Acquisition, LLC (f/k/a Industrial Services Acquisition, LLC)
	  	LX153417	  	First Lien	  	 	1,056	 
	 Infobase Holdings, Inc.
	  	LX178861	  	First Lien	  	 	3,940	 
	 PVHC Holding Corp
	  	LX175100	  	First Lien	  	 	2,851	 
	 Ravn Air Group, Inc.
	  	LX145420	  	First Lien	  	 	1,814	 
	 Salient CRGT Inc.
	  	LX160199	  	First Lien	  	 	337	 
	 TronAir Parent Inc.
	  	LX154981	  	First Lien	  	 	980	 
	 Navex Topco, Inc.
	  	LX175331	  	Second Lien	  	 	3,000	 
	 Idera
	  	LX180902	  	Second Lien	  	 	7,500	 
	 First American Payment Systems, L.P.
	  	LX157641	  	Second Lien	  	 	1,500	 
	 Global Tel*Link Corporation
	  	LX177113	  	Second Lien	  	 	2,000	 
	 Global Tel*Link Corporation
	  	LX177113	  	Second Lien	  	 	5,000	 
	 Hoffmaster Group, Inc.
	  	LX155802	  	Second Lien	  	 	1,600	 
	 SCSG EA Acquisition Company, Inc.
	  	LX168011	  	Second Lien	  	 	5,000	 
	 Tex-Tech Industries, Inc.
	  		  	Second Lien	  	 	12,508	 

  
 - 3 - 

 SCHEDULE 6 
  

			
	Moody’s Industry Classifications
	Industry
 Code 
	  	Description
	  1	  	 Aerospace & Defense

	  2	  	 Automotive

	  3	  	 Banking, Finance, Insurance & Real Estate

	  4	  	 Beverage, Food & Tobacco

	  5	  	 Capital Equipment

	  6	  	 Chemicals, Plastics & Rubber

	  7	  	 Construction & Building

	  8	  	 Consumer goods: Durable

	  9	  	 Consumer goods: Non-durable

	10	  	 Containers, Packaging & Glass

	11	  	 Energy: Electricity

	12	  	 Energy: Oil & Gas

	13	  	 Environmental Industries

	14	  	 Forest Products & Paper

	15	  	 Healthcare & Pharmaceuticals

	16	  	 High Tech Industries

	17	  	 Hotel, Gaming & Leisure

	18	  	 Media: Advertising, Printing & Publishing

	19	  	 Media: Broadcasting & Subscription

	20	  	 Media: Diversified & Production

	21	  	 Metals & Mining

	22	  	 Retail

	23	  	 Services: Business

	24	  	 Services: Consumer

	25	  	 Sovereign & Public Finance

	26	  	 Telecommunications

	27	  	 Transportation: Cargo

	28	  	 Transportation: Consumer

	29	  	 Utilities: Electric

	30	  	 Utilities: Oil & Gas

	31	  	 Utilities: Water

	32	  	 Wholesale

 EXHIBIT A 

Form of Request for Advance 
 JPMorgan
Chase Bank, National Association, 
 as Administrative Agent 

c/o JPMorgan Services Inc. 
 500 Stanton Christiana Rd., 3rd Floor

 Attention: Ryan Hanks 
 JPMorgan Chase Bank, National
Association, 
 as Administrative Agent 
 383 Madison Avenue

 New York, New York 10179 
 Attention: Louis Cerrotta 

	Email: 	 louis.cerrotta@jpmorgan.com 

    de_custom_business@jpmorgan.com 

    brian.m.larocca@jpmorgan.com 

JPMorgan Chase Bank, National Association, 
 as Lender 

c/o JPMorgan Services Inc. 
 500 Stanton Christiana Rd., 3rd Floor

 Newark, Delaware 19713 
 Attention: Robert Nichols 

cc:     
 U.S. Bank National Association

 One Federal Street, 3rd Floor 
 Boston, Massachusetts 02110

 Attention: Global Corporate Trust – Great Lakes Portman Ridge Funding LLC 

Telephone: (617) 603-6408 

Email: Great.Lakes.Portman.Ridge.Funding@usbank.com 
 Ladies and
Gentlemen: 
 Reference is hereby made to the Loan and Security Agreement, dated as of December 18, 2019 (as amended, the
“Agreement”), among Great Lakes Portman Ridge Funding LLC, as borrower (the “Company”), JPMorgan Chase Bank, National Association, as administrative agent (the “Administrative Agent”), Portman Ridge
Finance Corporation, as portfolio manager (the “Portfolio Manager”), the lenders party thereto, and the collateral agent, collateral administrator and securities intermediary party thereto. Capitalized terms used herein and not
otherwise defined herein shall have the respective meanings given such terms in the Agreement. 
 Pursuant to the Agreement, you are hereby
notified of the following: 
 (1) The Company hereby requests an Advance under Section 2.03 of the Agreement to be
funded on [____________]. 

 (2) The aggregate amount of the Advance requested hereby is U.S.$[_________].2 
 (3) The proposed purchases (if any) relating to this request are as
follows: 
  

							
	 Security
	  	 Par
	  	 Price
	  	Purchased Interest (if any)

 We hereby certify that all conditions [to the Purchase
of such Portfolio Investment(s) set forth in Section 1.03 of the Agreement and] to an Advance set forth in Section 2.05 of the Agreement have been satisfied or waived as of the [related Trade Date (and shall be satisfied or waived as of
the related Settlement Date) and] Advance date[, as applicable]. 
  

	
	Very truly yours,
	
	Great Lakes Portman Ridge Funding LLC
	
	By: Portman Ridge Finance Corporation, its Portfolio Manager

  

			
	By	 	
                     
    

	Name:
	Title:

  

	2 	 Note: The requested Advance shall be in an amount such that, after giving effect thereto and the related
purchase of the applicable Portfolio Investment(s) (if any), the Borrowing Base Test is satisfied. 

  
 - 2 -EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 LOAN
AGREEMENT 
 DATED AS OF DECEMBER 20, 2019 

AMONG 
 PATTERSON
COMPANIES, INC., 
 AS THE BORROWER 

THE LENDERS FROM TIME TO TIME PARTIES HERETO 

AND 
 MUFG BANK, LTD.,

 AS ADMINISTRATIVE AGENT 
  

 
  

MUFG BANK, LTD., 
 AS
SOLE LEAD ARRANGER AND SOLE BOOKRUNNER 
  
  

 
  

 TABLE OF CONTENTS 

 
  

							
	 	 	 	  	PAGE	 
	
	 ARTICLE I
	  

	
	 DEFINITIONS
	  

	 1.1
	 	Certain Defined Terms	  	 	1	 
	 1.2
	 	Terms Generally	  	 	29	 
	 1.3
	 	Financial Covenant Calculations	  	 	30	 
	
	 ARTICLE II
	  

	
	 THE CREDITS
	  

			
	 2.1
	 	Loans	  	 	30	 
	 2.2
	 	[Reserved]	  	 	30	 
	 2.3
	 	[Reserved]	  	 	30	 
	 2.4
	 	Repayment of Loans; Termination; Mandatory Prepayments	  	 	30	 
	 2.5
	 	Ticking Fee; Aggregate Commitment Reductions	  	 	32	 
	 2.6
	 	Minimum Amount of Each Advance	  	 	32	 
	 2.7
	 	Optional Principal Payments	  	 	32	 
	 2.8
	 	Method of Selecting Types and Interest Periods for New Advances	  	 	32	 
	 2.9
	 	Conversion and Continuation of Outstanding Advances; No Conversion or Continuation of Eurodollar Advances After Default	  	 	33	 
	 2.10
	 	Method of Borrowing	  	 	34	 
	 2.11
	 	Changes in Interest Rate, etc.	  	 	34	 
	 2.12
	 	Rates Applicable After Default	  	 	34	 
	 2.13
	 	Method of Payment	  	 	34	 
	 2.14
	 	[RESERVED]	  	 	34	 
	 2.15
	 	Noteless Agreement; Evidence of Indebtedness	  	 	34	 
	 2.16
	 	Telephonic Notices	  	 	35	 
	 2.17
	 	Interest Payment Dates; Interest and Fee Basis	  	 	35	 
	 2.18
	 	Notification of Advances, Interest Rates, Prepayments and Commitment Reduction	  	 	36	 
	 2.19
	 	Lending Installations	  	 	36	 
	 2.20
	 	Non-Receipt of Funds by the Administrative Agent	  	 	36	 
	 2.21
	 	[Reserved]	  	 	36	 
	 2.22
	 	Judgment Currency	  	 	37	 
	 2.23
	 	Replacement of Lender	  	 	37	 
	 2.24
	 	[Reserved]	  	 	37	 
	 2.25
	 	[RESERVED]	  	 	37	 
	 2.26
	 	Defaulting Lenders	  	 	38	 

  
 i 

							
	
	 ARTICLE III
	  

	
	 YIELD PROTECTION; TAXES
	  

			
	 3.1
	 	Yield Protection	  	 	38	 
	 3.2
	 	Changes in Capital Adequacy Regulations	  	 	39	 
	 3.3
	 	Availability of Types of Advances	  	 	39	 
	 3.4
	 	Funding Indemnification	  	 	40	 
	 3.5
	 	Taxes	  	 	41	 
	 3.6
	 	Lender Statements; Survival of Indemnity	  	 	45	 
	 3.7
	 	Alternative Lending Installation	  	 	46	 
	
	 ARTICLE IV
	  

	
	 CONDITIONS PRECEDENT
	  

			
	 4.1
	 	Conditions Precedent to Closing	  	 	46	 
	 4.2
	 	Conditions to Funding	  	 	48	 
	
	 ARTICLE V
	  

	
	 REPRESENTATIONS AND WARRANTIES
	  

			
	 5.1
	 	Existence and Standing	  	 	49	 
	 5.2
	 	Authorization and Validity; Binding Effect	  	 	49	 
	 5.3
	 	No Conflict; Government Consent	  	 	49	 
	 5.4
	 	Financial Statements	  	 	49	 
	 5.5
	 	Material Adverse Change	  	 	49	 
	 5.6
	 	Taxes	  	 	50	 
	 5.7
	 	Litigation and Contingent Obligations	  	 	50	 
	 5.8
	 	Subsidiaries	  	 	50	 
	 5.9
	 	ERISA	  	 	50	 
	 5.10
	 	Accuracy of Information	  	 	50	 
	 5.11
	 	Regulation U	  	 	51	 
	 5.12
	 	Material Agreements	  	 	51	 
	 5.13
	 	Compliance With Laws	  	 	51	 
	 5.14
	 	Ownership of Properties	  	 	51	 
	 5.15
	 	Plan Assets; Prohibited Transactions	  	 	51	 
	 5.16
	 	Environmental Matters	  	 	51	 
	 5.17
	 	Investment Company Act	  	 	51	 
	 5.18
	 	Status as Senior Debt	  	 	51	 
	 5.19
	 	Insurance	  	 	52	 
	 5.20
	 	Solvency	  	 	52	 
	 5.21
	 	No Default or Unmatured Default	  	 	52	 
	 5.22
	 	Reportable Transaction	  	 	52	 
	 5.23
	 	Post-Retirement Benefits	  	 	52	 
	 5.24
	 	Anti-Corruption Laws and Sanctions	  	 	52	 
	 5.25
	 	Money Laundering and Counter-Terrorist Financing Laws	  	 	52	 
	 5.26
	 	EEA Financial Institutions	  	 	52	 

  
 ii 

							
	
	 ARTICLE VI
	  

	
	 COVENANTS
	  

			
	 6.1
	 	Financial Reporting	  	 	53	 
	 6.2
	 	Use of Proceeds	  	 	54	 
	 6.3
	 	Notice of Default	  	 	55	 
	 6.4
	 	Conduct of Business	  	 	55	 
	 6.5
	 	Taxes	  	 	55	 
	 6.6
	 	Insurance	  	 	55	 
	 6.7
	 	Compliance with Laws	  	 	55	 
	 6.8
	 	Maintenance of Properties	  	 	55	 
	 6.9
	 	Inspection; Keeping of Books and Records	  	 	56	 
	 6.10
	 	Dividends	  	 	56	 
	 6.11
	 	Merger	  	 	56	 
	 6.12
	 	Sale of Assets	  	 	56	 
	 6.13
	 	Investments and Acquisitions	  	 	57	 
	 6.14
	 	Indebtedness	  	 	60	 
	 6.15
	 	Liens	  	 	62	 
	 6.16
	 	Affiliates	  	 	65	 
	 6.17
	 	Financial Contracts	  	 	65	 
	 6.18
	 	Subsidiary Covenants	  	 	65	 
	 6.19
	 	Contingent Obligations	  	 	65	 
	 6.20
	 	Leverage Ratio	  	 	66	 
	 6.21
	 	Interest Expense Coverage Ratio	  	 	66	 
	 6.22
	 	[RESERVED]	  	 	66	 
	 6.23
	 	Additional Subsidiary Guarantors	  	 	66	 
	 6.24
	 	Foreign Subsidiary Investments	  	 	66	 
	 6.25
	 	Subordinated Indebtedness	  	 	66	 
	 6.26
	 	Sale of Accounts	  	 	67	 
	 6.27
	 	Anti-Corruption Laws	  	 	67	 
	 6.28
	 	Most Favored Lender Status	  	 	67	 
	
	 ARTICLE VII
	  

	
	 DEFAULTS
	  

	
	 ARTICLE VIII
	  

	
	 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	  

			
	 8.1
	 	Acceleration	  	 	70	 
	 8.2
	 	Amendments	  	 	70	 
	 8.3
	 	Preservation of Rights	  	 	72	 

  
 iii 

							
	
	 ARTICLE IX
	  

	
	 GENERAL PROVISIONS
	  

			
	 9.1
	 	Survival of Representations	  	 	72	 
	 9.2
	 	Governmental Regulation	  	 	72	 
	 9.3
	 	Headings	  	 	72	 
	 9.4
	 	Entire Agreement	  	 	72	 
	 9.5
	 	Several Obligations; Benefits of this Agreement	  	 	72	 
	 9.6
	 	Expenses; Indemnification	  	 	73	 
	 9.7
	 	Numbers of Documents	  	 	73	 
	 9.8
	 	Accounting	  	 	73	 
	 9.9
	 	Severability of Provisions	  	 	74	 
	 9.10
	 	Nonliability of Lenders	  	 	74	 
	 9.11
	 	Confidentiality	  	 	74	 
	 9.12
	 	Lenders Not Utilizing Plan Assets	  	 	75	 
	 9.13
	 	Nonreliance	  	 	75	 
	 9.14
	 	Disclosure	  	 	75	 
	 9.15
	 	Performance of Obligations	  	 	75	 
	 9.16
	 	Relations Among Lenders	  	 	76	 
	 9.17
	 	USA Patriot Act Notification	  	 	76	 
	 9.18
	 	Interest Rate Limitation	  	 	76	 
	 9.19
	 	No Advisory or Fiduciary Responsibility	  	 	76	 
	 9.20
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	77	 
	 9.21
	 	Release of Guarantors	  	 	77	 
	 9.22
	 	Acknowledgment Regarding Any Supported QFCs	  	 	78	 
	
	 ARTICLE X
	  

	
	 THE ADMINISTRATIVE AGENT
	  

			
	 10.1
	 	Appointment; Nature of Relationship	  	 	78	 
	 10.2
	 	Powers	  	 	79	 
	 10.3
	 	General Immunity	  	 	79	 
	 10.4
	 	No Responsibility for Loans, Recitals, etc.	  	 	79	 
	 10.5
	 	Action on Instructions of Lenders	  	 	79	 
	 10.6
	 	Employment of Agents and Counsel	  	 	80	 
	 10.7
	 	Reliance on Documents; Counsel	  	 	80	 
	 10.8
	 	Administrative Agent’s Reimbursement and Indemnification	  	 	80	 
	 10.9
	 	Notice of Default	  	 	80	 
	 10.10
	 	Rights as a Lender	  	 	80	 
	 10.11
	 	Lender Credit Decision	  	 	81	 
	 10.12
	 	Successor Administrative Agent	  	 	81	 
	 10.13
	 	Administrative Agent and Arranger Fees	  	 	82	 
	 10.14
	 	Delegation to Affiliates	  	 	82	 
	 10.15
	 	No Duties Imposed on Syndication Agent, Co-Documentation Agents or Arranger	  	 	82	 
	 10.16
	 	Certain ERISA Matters	  	 	82	 

  
 iv 

							
	
	 ARTICLE XI
	  

	
	 SETOFF; RATABLE PAYMENTS
	  

			
	 11.1
	 	Setoff	  	 	83	 
	 11.2
	 	Ratable Payments	  	 	83	 
	
	 ARTICLE XII
	  

	
	 BENEFIT OF AGREEMENT; ASSIGNMENTS;
PARTICIPATIONS
	  

			
	 12.1
	 	Successors and Assigns; Designated Lenders	  	 	84	 
	 12.2
	 	Participations	  	 	85	 
	 12.3
	 	Assignments	  	 	87	 
	 12.4
	 	Dissemination of Information	  	 	88	 
	 12.5
	 	Tax Certifications	  	 	88	 
	
	 ARTICLE XIII
	  

	
	 NOTICES
	  

			
	 13.1
	 	Notices; Effectiveness; Electronic Communication	  	 	89	 
	 13.2
	 	Change of Address, Etc.	  	 	89	 
	 13.3
	 	Communications on Electronic Transmission System	  	 	90	 
	
	 ARTICLE XIV
	  

	
	 COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC
EXECUTION
	  

			
	 14.1
	 	Counterparts; Effectiveness	  	 	90	 
	 14.2
	 	Electronic Execution of Assignments	  	 	90	 
	
	 ARTICLE XV
	  

	
	 CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY
TRIAL
	  

			
	 15.1
	 	CHOICE OF LAW	  	 	90	 
	 15.2
	 	CONSENT TO JURISDICTION	  	 	91	 
	 15.3
	 	WAIVER OF JURY TRIAL	  	 	91	 

  
 v 

					
	
	 ARTICLE XVI

	
	 BORROWER GUARANTY

 SCHEDULES 

Commitment Schedule 
 Pricing Schedule 

 

					
			
	 Schedule 1.1.1
	  	-  	  	Eurodollar Payment Office of the Administrative Agent
			
	 Schedule 5.8
	  	-  	  	Subsidiaries
			
	 Schedule 6.13
	  	-  	  	Investments
			
	 Schedule 6.14
	  	-  	  	Indebtedness
			
	 Schedule 6.15
	  	-  	  	Liens
	
	 EXHIBITS

			
	 Exhibit A
	  	-  	  	Form of Compliance Certificate
			
	 Exhibit B
	  	-  	  	Form of Assignment Agreement
			
	 Exhibit C
	  	-  	  	Form of Promissory Note
			
	 Exhibit D
	  	-  	  	[Reserved]
			
	 Exhibit E
	  	-  	  	Form of Designation Agreement
			
	 Exhibit F
	  	-  	  	Form of Guaranty
			
	 Exhibit G
	  	-  	  	Form of U.S. Tax Compliance Certificate

  

  
 vi 

 LOAN AGREEMENT 

This Loan Agreement, dated as of December 20, 2019 (as it may be amended, restated, supplemented or otherwise modified from time to
time), is entered into by and among Patterson Companies, Inc., a Minnesota corporation, as the Borrower, the Lenders from time to time party hereto and MUFG Bank, Ltd., as Administrative Agent. 

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

ARTICLE I 

DEFINITIONS 
 1.1
Certain Defined Terms. As used in this Agreement: 
 “2011 Note Purchase Agreement” means the Note Purchase
Agreement, dated as of December 8, 2011, entered into by the Borrower and certain of its Subsidiaries with respect to their issuance and private placement of senior unsecured debt securities (the “2011 Senior Notes”), as such
Note Purchase Agreement has been amended as of the date hereof and as may be amended, modified or supplemented from time to time in a manner that is not materially adverse to the interests of the Lenders; provided that no such amendment,
modification or supplement shall increase the aggregate outstanding principal amount of the 2011 Senior Notes in excess of the original face amount thereof (less any prepayments made in respect thereof). 

“2011 Senior Notes” has the meaning set forth in the definition of “2011 Note Purchase Agreement”. 

“2015 Note Purchase Agreement” means the Note Purchase Agreement, dated as of March 23, 2015, entered into by the
Borrower and certain of its Subsidiaries with respect to their issuance and private placement of senior unsecured debt securities (the “2015 Senior Notes”), as such Note Purchase Agreement has been amended as of the date hereof and
as may be amended, modified or supplemented from time to time in a manner that is not materially adverse to the interests of the Lenders; provided that no such amendment, modification or supplement shall increase the aggregate outstanding
principal amount of the 2015 Senior Notes in excess of the original face amount thereof (less any prepayments made in respect thereof). 

“2015 Senior Notes” has the meaning set forth in the definition of “2015 Note Purchase Agreement”. 

“2018 Note Purchase Agreement” means the Note Purchase Agreement, dated as of March 29, 2018, entered into by the
Borrower and certain of its Subsidiaries with respect to their issuance and private placement of senior unsecured debt securities (the “2018 Senior Notes”), as such Note Purchase Agreement has been amended as of the date hereof and
as may be amended, modified or supplemented from time to time in a manner that is not materially adverse to the interests of the Lenders; provided that no such amendment, modification or supplement shall increase the aggregate outstanding
principal amount of the 2018 Senior Notes in excess of the original face amount thereof (less any prepayments made in respect thereof). 

“2018 Senior Notes” has the meaning set forth in the definition of “2018 Note Purchase Agreement”. 

 “Accounting Changes” has the meaning set forth in Section 9.8 hereof.

 “Accounts” means the Borrower’s or a Subsidiary’s right to the payment of money from the sale, lease or other
disposition of goods or other assets by the Borrower or a Subsidiary, a rendering of services by the Borrower or a Subsidiary, a loan by the Borrower or a Subsidiary, the overpayment of taxes or other liabilities of the Borrower, or otherwise,
however such right to payment may be evidenced, together with all other rights and interests (including all liens and security interests) that the Borrower or Subsidiary may at any time have against any account debtor or other party obligated
thereon or against any of the property of such account debtor or other party. 
 “Acquisition” means any transaction, or
any series of related transactions, consummated on or after the Closing Date, by which the Borrower or any of its Subsidiaries (i) acquires any going concern business or all or substantially all of the assets of any Person, or division thereof,
whether through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires from one or more Persons (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes)
of the securities of a corporation which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage of voting power) of the
outstanding ownership interests of a partnership or limited liability company of any Person. 
 “Administrative Agent”
means MUFG, including its branches and affiliates, in its capacity as contractual representative of the Lenders pursuant to Article X, and not in its individual capacity as a Lender, as Administrative Agent, and any successor Administrative Agent
appointed pursuant to Article X. 
 “Administrative Questionnaire” means, with respect to any Lender, the administrative
questionnaire delivered by such Lender to the Administrative Agent upon becoming a Lender hereunder, as such questionnaire may be updated from time to time by notice from such Lender to the Administrative Agent. 

“Advance” means a borrowing hereunder consisting of the aggregate amount of the Loans (i) made by the Lenders on the
Funding Date or (ii) converted or continued by the Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate amount of the Loans of the same Type and, in the case of Eurodollar Loans, for the same
Interest Period. 
 “Affected Lenders” has the meaning set forth in Section 2.23. 

“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control
with such Person. A Person shall be deemed to control another Person if the controlling Person is the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as
amended) of 10% or more of any class of voting securities (or other ownership interests) of the controlled Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled
Person, whether through ownership of voting securities, by contract or otherwise. 
 “Aggregate Commitment” means the
aggregate of the Commitments of all the Lenders, as may be reduced from time to time pursuant to the terms hereof. The Aggregate Commitment on the Closing Date is Three Hundred Million and 00/100 Dollars ($300,000,000). 

“Agreement” means this Loan Agreement, as it may be amended, restated, supplemented or otherwise modified and as in effect
from time to time. 

  
 2 

 “Agreement Accounting Principles” means generally accepted accounting
principles as in effect in the United States from time to time, applied in a manner consistent with that used in preparing the financial statements of the Borrower referred to in Section 5.4. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such
day, (b) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1% and (c) the Eurodollar Reference Rate for a one month Interest Period in
Dollars on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that the Eurodollar Reference Rate for any day shall be based on the Eurodollar Reference Rate at approximately
11:00 a.m. London time on such day, subject to the interest rate floors set forth therein. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Eurodollar Reference Rate shall be
effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Eurodollar Reference Rate, respectively. If the Alternate Base Rate as so determined would be less than one percent (1%) per
annum, such rate shall be deemed to be one percent (1%) per annum for purposes of this Agreement. It is understood and agreed that all of the terms and conditions of this definition of “Alternate Base Rate” shall be subject to
Section 3.3. 
 “Animal Health” means Animal Health International, Inc., a Colorado corporation. 

“Annual Financial Statements” means audited consolidated balance sheets and related consolidated statements of income and
comprehensive income, changes in stockholders’ equity and cash flows of the Borrower for the fiscal years ending April 29, 2017, April 28, 2018 and April 27, 2019, in each case prepared in accordance with generally accepted
accounting principles in the United States and accompanied by an unqualified report thereon by their respective independent registered public accountants. 

“Anti-Corruption Laws” means all laws, rule and regulations of any jurisdiction applicable to the Borrower or its Affiliates
from time to time concerning or relating to bribery, corruption or money laundering. 
 “Applicable Fee Rate” means, with
respect to the Ticking Fee, a percentage per annum equal to: 
 (a) until delivery of financial statements pursuant to Section 6.1.2 for
the first fiscal quarter ending after the Closing Date, 0.30% per annum; and 
 (b) thereafter, the percentage rate per annum which is
applicable at such time with respect to such fee as set forth in the Pricing Schedule. 
 “Applicable Margin” means a
percentage per annum equal to: 
 (a) until delivery of financial statements pursuant to Section 6.1.2 for the first fiscal quarter
ending after the Closing Date, 1.75% per annum in the case of Eurodollar Advances and 0.75% per annum in the case of Floating Rate Advances; and 

(b) thereafter, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect
to Advances of such Type as set forth in the Pricing Schedule. 
 “Approved Fund” means any Fund that is administered or
managed by (i) a Lender, (ii) an Affiliate of a Lender or (iii) an entity or an Affiliate of an entity that administers or manages a Lender. 

  
 3 

 “Arranger” means MUFG in its capacity as sole lead arranger and sole
bookrunner for the loan transaction evidenced by this Agreement. 
 “Article” means an article of this Agreement unless
another document is specifically referenced. 
 “Asset Sale” means any lease, sale, transfer or other disposition of
Property. 
 “Assignment Agreement” has the meaning set forth in Section 12.3.1. 

“Authorized Officer” means, for any Person, any of the chief executive officer, president, chief operating officer, chief
financial officer, treasurer or assistant treasurer of such Person, acting singly. 
 “Availability Period” means the
period commencing on the Closing Date and ending upon the earliest of (a) the funding of the Loans, (b) 3:00 p.m. (New York City time) on January 17, 2020 and (c) such time the Aggregate Commitment is reduced to zero pursuant to
Section 2.5.2 or Section 8.1. 
 “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. 
 “Banking Services” means each and any of the following bank services provided to the Borrower or
any Subsidiary by any Lender or any of its Affiliates: (i) credit cards for commercial customers (including, without limitation, commercial credit cards and purchasing cards), (ii) stored value cards and (iii) treasury management
services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services). 

“Banking Services Agreement” means any agreement entered into by the Borrower or any Subsidiary in connection with Banking
Services. 
 “Banking Services Obligations” of a Person means any and all obligations of such Person, whether absolute or
contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under any and all Banking Services Agreements. 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it (including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity), or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of,
or acquiescence in, any such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or
instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

  
 4 

 “Benchmark Replacement” means the sum of: (a) the alternate benchmark
rate (which may include Term SOFR) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the
Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the Eurodollar Reference Rate for U.S. dollar-denominated syndicated credit facilities and (b) the
Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of the Eurodollar Reference Rate with an Unadjusted
Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent
and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Eurodollar Reference Rate with the applicable
Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the
replacement of the Eurodollar Reference Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters)
that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market
practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark
Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement). 

“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the Eurodollar Reference
Rate: 
  

	 	(1)	 in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Eurodollar Reference Rate permanently or indefinitely ceases to provide the Eurodollar Reference Rate;
and 

  

	 	(2)	 in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 

 “Benchmark Transition Event” means
the occurrence of one or more of the following events with respect to the Eurodollar Reference Rate: 
  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of the Eurodollar
Reference Rate announcing that such administrator has ceased or will cease to provide the Eurodollar Reference Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide the Eurodollar Reference Rate; 

  
 5 

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Eurodollar Reference Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the Eurodollar Reference Rate, a resolution authority with jurisdiction over the administrator for the Eurodollar
Reference Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the Eurodollar Reference Rate, which states that the administrator of the Eurodollar Reference Rate has ceased or will cease to provide
the Eurodollar Reference Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Eurodollar Reference Rate; or 

 

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Eurodollar Reference Rate announcing that the Eurodollar Reference Rate is no longer representative. 

 “Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of
information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or
publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to
the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders. 
 “Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the Eurodollar Reference Rate and solely to the extent that the Eurodollar Reference Rate has not been
replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the Eurodollar Reference Rate for all purposes hereunder in
accordance with Section 3.3 and (y) ending at the time that a Benchmark Replacement has replaced the Eurodollar Reference Rate for all purposes hereunder pursuant to Section 3.3. 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the
Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is
subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations or
otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”. 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Borrower” means Patterson Companies, Inc., a Minnesota corporation. 

“Borrowing Notice” has the meaning set forth in Section 2.8. 

  
 6 

 “Business Day” means any day that is not a Saturday, Sunday or other day on
which commercial banks in New York City are authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not
open for dealings in Dollars in the London interbank market. 
 “Capitalized Lease” of a Person means any lease of Property
by such Person as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles; provided, that in the event of an Accounting Change requiring all leases by such Person as
lessee to be capitalized on a balance sheet of such Person, the term “Capitalized Lease” shall be deemed to mean only any lease constituting a “Finance Lease” as such term is defined in the Agreement Accounting Principles, and
all calculations and deliverables under this Agreement or any other Loan Document shall be made or delivered, as applicable, in accordance therewith. 

“Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which
would be shown as a liability on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles. 

“Capital Stock” means (a) in the case of a corporation, capital stock, (b) in the case of a partnership,
partnership interests (whether general or limited) (c) in the case of a limited liability company, membership interests and (d) any other interest or participation in a Person that confers on the holder the right to receive a share of the
profits and losses of, or distributions of assets of, such Person. 
 “Cash Equivalent Investments” means
(i) short-term obligations of, or fully guaranteed by, the United States of America, (ii) commercial paper rated A-1 or better by S&P or P-1 or better by
Moody’s, (iii) demand deposit accounts maintained in the ordinary course of business, (iv) certificates of deposit issued by and time deposits with commercial banks (whether domestic or foreign) having capital and surplus in excess of
$100,000,000, and (v) money market funds investing primarily in assets of the type described in clauses (i) and (ii) of this definition; provided in each case that the same provides for payment of both principal and interest
(and not principal alone or interest alone) and is not subject to any contingency regarding the payment of principal or interest. 

“Change in Capital Adequacy Regulations” has the meaning set forth in Section 3.2. 

“Change in Control” means (i) the acquisition by any Person, or two or more Persons acting in concert, of beneficial
ownership (within the meaning of Rule 13d-3 of the SEC under the Securities Exchange Act of 1934, as amended) of 30% or more of the outstanding shares of voting stock of the Borrower; (ii) other than
pursuant to a transaction otherwise permitted under this Agreement, the Borrower shall cease to own, directly or indirectly and free and clear of all Liens or other encumbrances, all of the outstanding shares of voting stock of the Guarantors on a
fully diluted basis; (iii) the majority of the Board of Directors of the Borrower fails to consist of Continuing Directors; or (iv) any “Change in Control” (or similar term) under (and as defined in) the Existing Credit
Agreement, the 2015 Note Purchase Agreement, the 2015 Senior Notes, the 2011 Note Purchase Agreement, the 2011 Senior Notes, the 2018 Note Purchase Agreement or the 2018 Senior Notes or the documentation governing any other Indebtedness that
constitutes a Permitted Refinancing of any of the foregoing. 
 “Change in Law” means the occurrence, after the date of
this Agreement, of any of the following: (i) the adoption or taking effect of any law, rule, regulation or treaty, (ii) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or
application thereof by any Governmental Authority, or (iii) the making or issuance of any request, rules, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided,
however, that notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer 

  
 7 

 
Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, and (b) all requests, rules,
guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to a “Change in Law” regardless of the date enacted, adopted, issued or implemented. 

“Closing Date” means the date on which the conditions precedent set forth in Section 4.1 are satisfied or duly waived,
which date is December 20, 2019. 
 “Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise
modified from time to time, and any rule or regulation issued thereunder. 
 “Commitment” means, for each Lender, such
Lender’s obligation to make Loans to the Borrower in an aggregate amount not exceeding the amount set forth for such Lender’s name on the Commitment Schedule under the caption “Commitment” or in any Assignment Agreement delivered
pursuant to Section 12.3, as such amount may be modified from time to time pursuant to the terms hereof. 
 “Commitment
Schedule” means the Schedule identifying each Lender’s Commitment as of the Closing Date attached hereto and identified as such. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any
successor statute. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income
(however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated Adjusted EBITDA” means, as to
any Person for any period, the sum, without duplication, of (a) Consolidated EBIT for such period, plus (b) consolidated depreciation and amortization for such period, plus (c) commencing with the calculations for the
fiscal period ending January 31, 2019, for any period of calculation for which Consolidated Adjusted EBITDA of the Borrower is being calculated (x) inclusive of the fiscal quarter during which the Specified Litigation Settlement shall be
paid in cash, extraordinary non-recurring cash expenses in an aggregate amount not to exceed $30,000,000 during any four fiscal quarter period and (y) for any period after any period applicable under
clause (x) and exclusive of the fiscal quarter during which the Specified Litigation Settlement shall be paid in cash, extraordinary non-recurring cash expenses in an aggregate amount not to exceed
$10,000,000 during any four fiscal quarter period, plus (d) inclusive of the fiscal quarter during which the Specified Animal Health Settlement shall be paid in cash, non-recurring cash expenses
attributable to the Specified Animal Health Settlement in an aggregate amount not to exceed $58,300,000 during the term of this Agreement (which, for the avoidance of doubt, is in addition to the amount referenced in clause (c) of this
definition); provided that the foregoing clause (d) shall be added back to Consolidated EBIT pursuant to this definition solely for purposes of determining compliance with the financial covenants set forth in Sections 6.20 and 6.21 (and
not, for the avoidance of doubt, in connection with any other purpose under the Loan Documents, including, without limitation, any determination of the Applicable Margin or Applicable Fee Rate or any test, basket or other limitation or condition
determined by reference to the Leverage Ratio or the Interest Expense Coverage Ratio). If, during the period for which Consolidated Adjusted EBITDA of the Borrower is being calculated, the Borrower or any Subsidiary has: (i) acquired sufficient
Capital Stock of a Person to cause such Person to become a Subsidiary; (ii) acquired all or substantially all of the assets or operations, division or line of business of a person; or (iii) disposed of one or more Subsidiaries (or disposed
of all or substantially all of the assets or operations, division or line of business of a Subsidiary or other person), Consolidated Adjusted EBITDA shall be calculated after giving pro forma effect thereto as if all of such acquisitions and
dispositions had occurred on the first day of such period. Consolidated Adjusted EBITDA will be calculated on a rolling four-quarter basis. 

  
 8 

 “Consolidated Adjusted Net Income” means, as to any Person for any period,
the Consolidated Net Income of such Person; provided that if, during the period for which Consolidated Adjusted Net Income of the Borrower is being calculated, the Borrower or any Subsidiary has (i) acquired sufficient Capital Stock of a
Person to cause such Person to become a Subsidiary; (ii) acquired all or substantially all of the assets or operations, division or line of business of a person; or (iii) disposed of one or more Subsidiaries (or disposed of all or
substantially all of the assets or operations, division or line of business of a Subsidiary or other person), Consolidated Adjusted Net Income shall be calculated after giving pro forma effect thereto (using historical financial statements and
containing reasonable adjustments satisfactory to the Administrative Agent) as if all of such acquisitions and dispositions had occurred on the first day of such period. Consolidated Adjusted Net Income will be calculated on a rolling four-quarter basis. 
 “Consolidated EBIT” means, as to any Person and with reference to
any period, Consolidated Net Income plus, to the extent deducted from revenues in determining Consolidated Net Income, (i) Consolidated Interest Expense and (ii) expense for federal, state, local and foreign income and franchise taxes paid
or accrued, all calculated for such Person and its Subsidiaries on a consolidated basis in accordance with Agreement Accounting Principles. 

“Consolidated Interest Expense” means, as to any Person and with reference to any period, the consolidated interest expense
of such Person and its Subsidiaries for such period (including capitalized lease interest and the interest component of Capitalized Leases), determined on a consolidated basis in accordance with Agreement Accounting Principles; provided that,
notwithstanding the foregoing and solely for the purposes of determining compliance with Section 6.20 and 6.21 (but not, for the avoidance of doubt, for any other purpose in this Agreement or any other Loan Document, including, without
limitation, any determination of the Applicable Margin or the Applicable Fee Rate or compliance with any basket, cap, threshold or pro forma compliance test based on the Interest Coverage Ratio, the Leverage Ratio or the financial covenants set
forth in Section 6.20 or 6.21), Consolidated Interest Expense for any period shall include any make-whole amount or other prepayment premium paid by the Borrower and its Subsidiaries in connection with any prepayment or repayment of any Senior
Note or any other obligations under any Note Purchase Agreement. 
 “Consolidated Net Income” means as to any Person and
with reference to any period, the net income (or loss) of such Person and its Subsidiaries calculated on a consolidated basis in accordance with Agreement Accounting Principles for such period, excluding any
non-cash charges, non-cash employee stock based expenses or gains which are unusual, non-recurring or extraordinary. 

“Consolidated Total Assets” means, as of any date, the total assets of the Borrower and its Subsidiaries as of such date,
determined on a consolidated basis in accordance with Agreement Accounting Principles. 
 “Consolidated Total Debt” means,
as of any date, all Debt of the Borrower and its Subsidiaries on such date, determined on a consolidated basis in accordance with Agreement Accounting Principles. 

“Consolidated Total Tangible Assets” means, as of any date, the total assets of the Borrower and its Subsidiaries as of such
date, excluding any and all intangible assets, determined on a consolidated basis in accordance with Agreement Accounting Principles. 

  
 9 

 “Contingent Obligation” of a Person means any agreement, undertaking or
arrangement by which such Person assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other Person, or agrees to
maintain the net worth or working capital or other financial condition of any other Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement, take-or-pay contract, application for a letter of credit or the obligations of any such Person as general partner of a partnership with respect to the liabilities of the
partnership. The amount of any Contingent Obligation shall be deemed to be an amount equal to the lesser of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Contingent Obligation is
made and (b) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Contingent Obligation, unless such primary obligation and the maximum amount for which such guaranteeing
person may be liable are not stated or determinable, in which case the amount of the Contingent Obligation shall be such guaranteeing person’s reasonably anticipated liability in respect thereof as determined by such Person in good faith. 

“Continuing Director” means, with respect to any Person as of any date of determination, any member of the board of directors
of such Person who (i) was a member of such board of directors on the Closing Date or (ii) was nominated for election or elected to such board of directors with the approval of the required majority of the Continuing Directors who were
members of such board at the time of such nomination or election. 
 “Controlled Group” means all members of a controlled
group of corporations or other business entities and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any of its Subsidiaries, are treated as a single employer under Section 414 of
the Code. 
 “Conversion/Continuation Notice” has the meaning set forth in Section 2.9. 

“Covered Entity” means any of the following: 
  

	 	(i)	 a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
252.82(b); 

  

	 	(ii)	 a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or 

  

	 	(iii)	 a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 

 “Covered Party” has the meaning assigned to it in Section 9.22. 

“Credit Party” means, collectively, the Borrower and each of the Guarantors. 

“Customer Installment Contract” means a contract between the Borrower or any Subsidiary and a customer providing for the
installment sale, licensing or secured financing of equipment, furnishings or computer software. 
 “Debt” with respect to
any Person means, at any time, without duplication: 
 (a) its liabilities for borrowed money and its redemption obligations in respect of
mandatorily redeemable preferred stock; 
 (b) its liabilities for the deferred purchase price of property acquired by such Person (excluding
accounts payable and other accrued liabilities arising in the ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); 

  
 10 

 (c) all liabilities appearing on its balance sheet in respect of Capitalized Leases in
accordance with generally accepted accounting principles in the United States; 
 (d) all liabilities for borrowed money secured by any Lien
with respect to any property owned by such Person (whether or not it has assumed or otherwise become liable for such liabilities); 
 (e) all
of its liabilities in respect of letters of credit or instruments serving a similar function issued or accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money); 

(f) Swaps of such Person; 
 (g)
any recourse liability of such Person under or in connection with a Receivables Purchase Facility; and 
 (h) any Guarantee of such Person
with respect to liabilities of a type described in any of clauses (a) through (g) hereof. 
 “Debtor Relief Laws”
means the Bankruptcy Code of the Unites States and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 

“Default” means an event described in Article VII. 

“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable. 
 “Defaulting Lender” means, subject to Section 2.26(d), any Lender that
(a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such
failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been
satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b) has notified the Borrower or the Administrative Agent in writing
that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such
position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied),
(c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations
hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect
parent company that has become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or
acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or 

  
 11 

 
provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a)
through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.26(d)) upon delivery of written notice of such determination to the Borrower and each
Lender. 
 “Dental Holdings” means Patterson Dental Holdings, Inc., a Minnesota corporation. 

“Designated Jurisdiction” means any country, territory or region to the extent that such country, territory or region itself
is the subject of any Sanctions. 
 “Designated Lender” means, with respect to each Designating Lender, each Eligible
Designee designated by such Designating Lender pursuant to Section 12.1.2. 
 “Designating Lender” means, with respect
to each Designated Lender, the Lender that designated such Designated Lender pursuant to Section 12.1.2. 
 “Designation
Agreement” has the meaning set forth in Section 12.1.2. 
 “Disposition Value” means, at any time, with
respect to any property: 
 (a) in the case of property that does not constitute Subsidiary Stock, the book value thereof, valued at the time
of such disposition in good faith by the Borrower; and 
 (b) in the case of property that constitutes Subsidiary Stock, an amount equal to
that percentage of book value of the assets of the Subsidiary that issued such stock as is equal to the percentage that the book value of such Subsidiary Stock represents of the book value of all of the outstanding capital stock of such Subsidiary
(assuming, in making such calculations, that all securities convertible into such capital stock are so converted and giving full effect to all transactions that would occur or be required in connection with such conversion) determined at the time of
the disposition thereof, in good faith by the Obligors. 
 “Disqualified Stock” means any preferred or other capital stock
that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is ninety-one (91) days after the Maturity Date. 

“Dollar” and “$” means the lawful currency of the United States of America. 

“Domestic Subsidiary” means any Subsidiary of any Person that is not a Foreign Subsidiary. 

“Early Opt-in Election” means the occurrence of: 

 

	 	(1)	 (i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the
Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in
Section 3.3 are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the Eurodollar Reference Rate, and 

  
 12 

	 	(2)	 (i) the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that
an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Required Lenders of written
notice of such election to the Administrative Agent. 

 “ECP” means an “eligible contract
participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC. 

“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. 

“Eligible Designee” means a special purpose corporation, partnership, trust, limited partnership or limited liability company
that is administered by the respective Designating Lender or an Affiliate of such Designating Lender and (i) is organized under the laws of the United States of America or any state thereof, (ii) is engaged primarily in making, purchasing
or otherwise investing in commercial loans in the ordinary course of its business and (iii) issues (or the parent of which issues) commercial paper rated at least A-1 or the equivalent thereof by S&P
or P-1 or the equivalent thereof by Moody’s; provided that, in no event shall any Ineligible Institution constitute an Eligible Designee. 

“Environmental Laws” means any and all applicable federal, state, local and foreign statutes, laws (including common law),
judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses, agreements and other governmental restrictions or requirements relating to (i) the
environment, (ii) the effect of the environment on human health or safety, (iii) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground water or land, or (iv) the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or wastes or the clean-up or other remediation thereof. 

“Equivalent Amount” of any currency with respect to any amount of Dollars at any date shall mean the equivalent in such
currency of such amount of Dollars, calculated on the basis of the Exchange Rate for such other currency at 11:00 a.m., London time, on the date on or as of which such amount is to be determined. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rules or regulations
promulgated thereunder. 
 “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. 

  
 13 

 “Eurodollar Advance” means an Advance which, except as otherwise provided
in Section 2.12, bears interest at the applicable Eurodollar Rate. 
 “Eurodollar Loan” means a Loan which, except as
otherwise provided in Section 2.12, bears interest at the applicable Eurodollar Rate. 
 “Eurodollar Payment Office”
of the Administrative Agent shall mean the office, branch, affiliate or correspondent bank of the Administrative Agent specified as the “Eurodollar Payment Office” for such currency in Schedule 1.1.1 hereto or such other office,
branch, affiliate or correspondent bank of the Administrative Agent as it may from time to time specify to the Borrower and each Lender as its Eurodollar Payment Office. 

“Eurodollar Rate” means, with respect to a Eurodollar Advance for the relevant Interest Period, the sum of (i) the
result of (a) the Eurodollar Reference Rate applicable to such Interest Period, multiplied by (b) the Statutory Reserve Rate, plus, without duplication, (ii) the then Applicable Margin, changing as and when the Applicable Margin
changes. 
 “Eurodollar Reference Rate” means, with respect to any Eurodollar Advance for any applicable Interest Period,
the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for Dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01 or
LIBOR02 of the Reuters screen or, in the event such rate does not appear on either of such Reuters pages, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that
publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion (in each case, the “LIBOR Screen Rate”) at approximately 11:00 a.m., London time, two (2) Business Days
prior to the commencement of such Interest Period; provided that, if the LIBOR Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided, further, that if a LIBOR
Screen Rate shall not be available at such time for such Interest Period (the “Impacted Interest Period”), then the Eurodollar Reference Rate for such Interest Period shall be the Interpolated Rate; provided that, if any
Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. It is understood and agreed that all of the terms and conditions of this definition of “Eurodollar Reference Rate” shall be
subject to Section 3.3. 
 “Exchange Rate” means, on any day, with respect to any Foreign Currency, the rate at which
such Foreign Currency may be exchanged into Dollars, as set forth at approximately 11:00 a.m. (local time for the primary offshore market for such Foreign Currency) on such date on the Reuters World Currency Page for such Foreign Currency. In
the event that such rate does not appear on any Reuters World Currency Page, the Exchange Rate with respect to such Foreign Currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be
reasonably selected by the Administrative Agent or, in the event no such service is selected, such Exchange Rate shall instead be calculated on the basis of the arithmetical mean of the buy and sell spot rates of exchange of the Administrative Agent
for such Foreign Currency on the London market at 11:00 a.m. (local time for the primary offshore market for such Foreign Currency) on such date for the purchase of Dollars with such Foreign Currency, for delivery two Business Days later;
provided that if at the time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent, after consultation with the Borrower, may use any reasonable method it deems appropriate to determine such
rate, and such determination shall be conclusive absent manifest error. 

  
 14 

 “Excluded Swap Obligation” means, with respect to any Credit Party, any
Specified Swap Obligation if, and to the extent that, all or a portion of the Guarantee of such Credit Party of, or the grant by such Credit Party of a security interest to secure, such Specified Swap Obligation (or any Guarantee thereof) is or
becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Credit Party’s failure for any reason
to constitute an ECP at the time the Guarantee of such Credit Party or the grant of such security interest becomes effective with respect to such Specified Swap Obligation. If a Specified Swap Obligation arises under a master agreement governing
more than one swap, such exclusion shall apply only to the portion of such Specified Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any 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 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 a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires
such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.23) or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to
Section 3.5(a)(ii) or (iii), 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 3.5(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA. 

“Exhibit” refers to an exhibit to this Agreement, unless another document is specifically referenced. 

“Existing Credit Agreement” means the Amended and Restated Credit Agreement, dated as of January 27, 2017, among the
Borrower, the lenders party thereto from time to time and MUFG, as administrative agent, as amended, restated, supplemented or otherwise modified from time to time. 

“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), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of
1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a
Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it;
provided that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at
http://www.newyorkfed.org, or any successor source. 
 “Fee Letter” means the Fee Letter, dated November 22, 2019,
between MUFG and the Borrower. 
 “Financials” means the annual or quarterly financial statements of the Borrower delivered
pursuant to Section 6.1.1 or 6.1.2. 

  
 15 

 “Floating Rate” means, for any day, a rate per annum equal to the sum of
(i) the Alternate Base Rate for such day, changing when and as the Alternate Base Rate changes plus (ii) the then Applicable Margin, changing as and when the Applicable Margin changes. 

“Floating Rate Advance” means an Advance which, except as otherwise provided in Section 2.12, bears interest at the
Floating Rate. 
 “Floating Rate Loan” means a Loan which, except as otherwise provided in Section 2.12, bears
interest at the Floating Rate. 
 “Foreign Currency” means any currency other than Dollars. 

“Foreign Lender” means a Lender that is not a U.S. Person. 

“Foreign Subsidiary” means (i) any Subsidiary that is not organized under the laws of a jurisdiction located in the
United States of America and (ii) any Subsidiary of a Person described in clause (i) hereof that is organized under the laws of a jurisdiction located in the United States of America. 

“Foreign Subsidiary Investment” means the sum, without duplication, of: (i) the aggregate outstanding principal amount
of all intercompany loans made on or after the Closing Date from any Credit Party to any Foreign Subsidiary; (ii) all outstanding Investments made on or after the Closing Date by any Credit Party in any Foreign Subsidiary; and (iii) an
amount equal to the net benefit derived by the Foreign Subsidiaries resulting from any non-arm’s-length transactions, or any other transfer of assets conducted, in
each case entered into on or after the Closing Date, between any Credit Party, on the one hand, and such Foreign Subsidiaries, on the other hand, other than (a) transactions in the ordinary course of business and (b) in respect of legal,
accounting, reporting, listing and similar administrative services provided by any Credit Party to any such Foreign Subsidiary in the ordinary course of business consistent with past practice. 

“Fund” means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 
 “Funding
Date” means the date of the initial funding of the Loans hereunder. 
 “Governmental Authority” means the
government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank) and any group or body charged with setting
financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar
authority to any of the foregoing). 
 “Guarantor” means each Person listed on the signature pages of the Guaranty under
the caption “Guarantors” and each Subsidiary that shall, at any time after the date hereof, become a Guarantor in satisfaction of the provisions of Section 6.23. 

  
 16 

 “Guarantee” means with respect to any Person, any obligation (except the
endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner, whether
directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person: 

(a) to purchase such indebtedness or obligation or any property constituting security therefor; 

(b) to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to maintain any working
capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such indebtedness or obligation; 

(c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such indebtedness or
obligation of the ability of any other Person to make payment of the indebtedness or obligation; or 
 (d) otherwise to assure the owner of
such indebtedness or obligation against loss in respect thereof. 
 “Guaranty” means the Guaranty, in substantially the
form of Exhibit F, entered into by each Guarantor in favor of the Administrative Agent for the benefit of the Holders of Obligations, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Holders of Obligations” means the holders of the Obligations, the Rate Management Obligations and the Banking Services
Obligations and shall refer to (i) each Lender in respect of its Loans, (ii) the Administrative Agent and the Lenders in respect of all other present and future obligations and liabilities of the Borrower or any of its Domestic
Subsidiaries of every type and description arising under or in connection with this Agreement or any other Loan Document, (iii) each Person benefiting from indemnities made by the Borrower or any Subsidiary hereunder or under other Loan
Documents in respect of the obligations and liabilities of the Borrower or such Subsidiary to such Person, (iv) each Lender (or Affiliate thereof), in respect of all Rate Management Obligations owing to any Person in such Person’s capacity
as exchange party or counterparty under any Rate Management Transaction so long as such Person is (or, at the time such Person entered into such Rate Management Transaction, was) a Lender or an Affiliate of a Lender, (v) each Lender (or
Affiliate thereof), in respect of all Banking Services Obligations owing to any Person in such Person’s capacity as provider of any Banking Services so long as such Person is (or, at the time such Person entered into such Banking Services
Agreement, was) a Lender or an Affiliate of a Lender and (vi) their respective permitted successors, transferees and assigns. 

“Impacted Interest Period” has the meaning assigned to such term in the definition of “Eurodollar Reference Rate”.

 “Indebtedness” of a Person means, at any time, without duplication, such Person’s (i) obligations for borrowed
money, (ii) obligations representing the deferred purchase price of Property or services (other than current accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade),
(iii) obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from Property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, bonds, debentures,
acceptances, or other instruments, (v) obligations to purchase securities or other Property arising out of or in connection with the sale of the same or substantially similar securities or Property, (vi) Capitalized Lease Obligations,
(vii) Contingent Obligations of such Person, (viii) reimbursement obligations under letters of credit, bankers’ acceptances, surety bonds and similar instruments (ix) Off-Balance Sheet
Liabilities, (x) obligations under Sale and Leaseback Transactions, (xi) Net Mark-to-Market Exposure under Rate Management Transactions,
(xii) Disqualified Stock, and (xiii) any other obligation for borrowed money or other financial accommodation which in accordance with Agreement Accounting Principles would be shown as a liability on the consolidated balance sheet of such
Person. 

  
 17 

 “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 any Credit Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender or its Parent, (c) the Borrower,
any of its Subsidiaries or any of its Affiliates, or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof. 

“Interest Expense Coverage Ratio” means the ratio of Consolidated Adjusted EBITDA to Consolidated Interest Expense, in each
case for the Borrower’s most recently completed four fiscal quarters and calculated for the Borrower and its Subsidiaries on a consolidated basis. 

“Interest Period” means, with respect to a Eurodollar Advance, a period of one, two, three or six months, or, to the extent
agreed by each Lender of such Eurodollar Advance, twelve months, commencing on a Business Day selected by the Borrower pursuant to this Agreement. Such Interest Period shall end on but exclude the day which corresponds numerically to such date one,
two, three or six months, or, if applicable, twelve months, thereafter, provided, however, that if there is no such numerically corresponding day in such next, second, third, sixth or twelfth succeeding month, such Interest Period
shall end on the last Business Day of such next, second, third, sixth or twelfth succeeding month. If an Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day,
provided, however, that if said next succeeding Business Day falls in a new calendar month, such Interest Period shall end on the immediately preceding Business Day. 

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum determined by the Administrative Agent
(which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBOR Screen Rate for the longest period (for which the LIBOR Screen Rate is
available) that is shorter than the Impacted Interest Period and (b) the LIBOR Screen Rate for the shortest period (for which the LIBOR Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at such time. When
determining the rate for a period which is less than the shortest period for which the LIBOR Screen Rate is available, the LIBOR Screen Rate for purposes of paragraph (a) above shall be deemed to be the overnight screen rate where
“overnight screen rate” means the overnight rate determined by the Administrative Agent from such service as the Administrative Agent may select. 

“Investment” of a Person means: any loan, advance (other than commission, travel, relocation and similar advances to
directors, officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade) or contribution of capital by such Person;
stocks, bonds, mutual funds, partnership interests, notes, debentures or other securities owned by such Person; any deposit accounts and certificates of deposit owned by such Person; and structured notes, derivative financial instruments and other
similar instruments or contracts owned by such Person. 
 “IRS” means the United States Internal Revenue Service. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

  
 18 

 “Lender Party” means the Administrative Agent or any Lender. 

“Lenders” means the lending institutions listed on the signature pages of this Agreement and their respective successors and
assigns. 
 “Lending Installation” means, with respect to a Lender or the Administrative Agent, the office, branch,
subsidiary or affiliate of such Lender or the Administrative Agent listed in Section 13.1 (in the case of the Administrative Agent) or in the Administrative Questionnaire provided to the Administrative Agent in connection herewith (in the case
of a Lender) or on a Schedule or otherwise selected by such Lender or the Administrative Agent pursuant to Section 2.19 or 13.2. 

“Leverage Ratio” means, at the end of any of the Borrower’s fiscal quarters, the ratio of (i) (a) Consolidated
Total Debt as of the end of such fiscal quarter minus (b) unrestricted cash and Cash Equivalent Investments of the Borrower and its Subsidiaries at such time not in excess of $200,000,000 to (ii) Consolidated Adjusted EBITDA for the four
consecutive fiscal quarters then ended. 
 “LIBOR Screen Rate” has the meaning assigned to such term in the definition of
“Eurodollar Reference Rate”. 
 “Lien” means any lien (statutory or other), mortgage, pledge, hypothecation,
assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional
sale, Capitalized Lease or other title retention agreement, and, in the case of stock, stockholders agreements, voting trust agreements and all similar arrangements). 

“Loan” means, with respect to a Lender, such Lender’s loan made pursuant to Article II (or any conversion or
continuation thereof). 
 “Loan Documents” means this Agreement, the Guaranty, and all other documents, instruments, notes
(including any Notes issued pursuant to Section 2.15 (if requested)) and agreements executed in connection herewith or therewith or contemplated hereby or thereby, as the same may be amended, restated or otherwise modified and in effect from
time to time. 
 “Losses” has the meaning specified in Section 9.6(b). 

“Material Adverse Effect” means a material adverse effect on (i) the business, Property, condition (financial or
otherwise), operations or results of operations or performance of the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Borrower or any Subsidiary to perform its obligations under the Loan Documents, (iii) the
validity or enforceability of any of the Loan Documents or (iv) the rights or remedies of the Administrative Agent or the Lenders under any of the Loan Documents. 

“Material Domestic Subsidiary” means (i) PDSI, Patterson Veterinary Supply, Patterson Management, Dental Holdings and
Animal Health and (ii) any other Domestic Subsidiary of the Borrower (other than an SPV) that meets one or both of the following criteria: (i) such Domestic Subsidiary’s total assets, determined on a consolidated basis with its
Subsidiaries, is greater than or equal to 15% of the consolidated total assets of the Borrower and its Subsidiaries; or (ii) such Domestic Subsidiary’s Consolidated Adjusted Net Income is greater than or equal to 15% of the Borrower’s
Consolidated Adjusted Net Income, in each case for the four consecutive fiscal quarters most recently ended. 

  
 19 

 “Material Foreign Subsidiary” means any Foreign Subsidiary of the Borrower
that meets one or both of the following criteria: (i) such Foreign Subsidiary’s total assets, determined on a consolidated basis with its Subsidiaries, is greater than or equal to 5% of the consolidated total assets of the Borrower and its
Subsidiaries; or (ii) such Foreign Subsidiary’s Consolidated Adjusted Net Income is greater than or equal to 5% of the Borrower’s Consolidated Adjusted Net Income, in each case for the four consecutive fiscal quarters most recently
ended. 
 “Material Indebtedness” means (a) Indebtedness evidenced by the Existing Credit Agreement (or any
Indebtedness constituting a Permitted Refinancing thereof) or (b) any Indebtedness in an outstanding principal amount of $50,000,000 or more in the aggregate (or the equivalent thereof in any currency other than Dollars). 

“Material Indebtedness Agreement” means (a) the Existing Credit Agreement (or any agreement, document or instrument
evidencing any Permitted Refinancing thereof) or (b) any agreement under which any Material Indebtedness was created or is governed or which provides for the incurrence of Indebtedness in an amount which would constitute Material Indebtedness
(whether or not an amount of Indebtedness constituting Material Indebtedness is outstanding thereunder). 
 “Material
Subsidiary” means a Material Domestic Subsidiary or a Material Foreign Subsidiary. 
 “Maturity Date” means the
earlier of (i) December 20, 2022 and (ii) the date of termination in whole of the Aggregate Commitment pursuant to Section 2.5.2 hereof or the Commitments pursuant to Section 8.1 hereof. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“MUFG” means MUFG Bank, Ltd., in its individual capacity, and its successors. 

“Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, which is covered by
Title IV of ERISA and to which the Borrower or any member of the Controlled Group is obligated to make contributions. 
 “Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the excess (if any) of all unrealized losses over all unrealized profits of such Person
arising from Rate Management Transactions. As used in this definition, “Unrealized losses” means the fair market value of the cost to such Person of replacing such Rate Management Transaction as of the date of determination
(assuming the Rate Management Transaction were to be terminated as of that date), and “unrealized profits” means the fair market value of the gain to such Person of replacing such Rate Management Transaction as of the date of
determination (assuming such Rate Management Transaction were to be terminated as of that date). 
 “Net Proceeds Amount”
means, with respect to any Asset Sale by any Person, an amount equal to: 
 (a) the aggregate amount of the consideration (valued at the fair
market value of such consideration at the time of the consummation of such Asset Sale) received by such Person in respect of such Asset Sale, minus 

(b) all ordinary and reasonable out-of-pocket costs and
expenses actually incurred by such Person in connection with such Asset Sale. 
 “Non-U.S.
Lender” has the meaning set forth in Section 3.5(d). 

  
 20 

 “Note” has the meaning set forth in Section 2.15. 

“Note Purchase Agreements” means, collectively, the 2018 Note Purchase Agreement, the 2011 Note Purchase Agreement and the
2015 Note Purchase Agreement. 
 “Obligations” means all Loans, Banking Services Obligations, Rate Management Obligations,
advances, debts, liabilities, obligations, covenants and duties owing by the Borrower or any Subsidiary to the Administrative Agent, any Lender, the Arranger, any affiliate of the Administrative Agent, any Lender or the Arranger, or any indemnitee
under the provisions of Section 9.6 or any other provisions of the Loan Documents, in each case of any kind or nature, present or future, arising under this Agreement or any other Loan Document, whether or not evidenced by any note, guaranty or
other instrument, whether or not for the payment of money, whether arising by reason of an extension of credit, loan, foreign exchange risk, guaranty, indemnification, or in any other manner, whether direct or indirect (including those acquired by
assignment), absolute or contingent, due or to become due, now existing or hereafter arising and however acquired. The term includes, without limitation, all interest, charges, expenses, fees, attorneys’ fees and disbursements, paralegals’
fees (in each case whether or not allowed), and any other sum chargeable to the Borrower or any Subsidiary under this Agreement or any other Loan Document. Notwithstanding the foregoing, the definition of “Obligations” shall not create or
include any guarantee by any Credit Party of (or grant of security interest by any Credit Party to support, as applicable) any Excluded Swap Obligations of such Credit Party for purposes of determining any obligations of any Credit Party. 

“OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury. 

“Off-Balance Sheet Liability” of a Person means the principal component of
(i) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (ii) any liability under any Sale and Leaseback Transaction which is not a Capitalized Lease, (iii) any
liability under any so-called “synthetic lease” or “tax ownership operating lease” transaction entered into by such Person, (iv) any Receivables Purchase Facility or (v) any
obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the consolidated balance sheets of such Person, but excluding from this
clause (v) all Operating Leases. 
 “Off-Balance Sheet Trigger Event” has the
meaning set forth in Section 7.17. 
 “Operating Lease” of a Person means any lease of Property (other than a
Capitalized Lease) by such Person as lessee which has an original term (including any required renewals and any renewals effective at the option of the lessor) of one year or more. 

“Other Applicable Debt” has the meaning set forth in Section 2.4.4(a). 

“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 Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“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 Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.23). 

  
 21 

 “Outstanding Amount” means, with respect to the Loans on any date, the
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Loans occurring on such date. 

“Overnight LIBOR Bank Funding Rate” means, for any day or other period determined by the Administrative Agent in its sole
discretion, the rate comprised of overnight eurodollar borrowings by U.S.–managed banking offices of depository institutions (as such composite rate shall be determined by the Administrative Agent in its reasonable discretion) for such day or
period; provided that, if the Overnight LIBOR Bank Funding Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary. 

“Participant Register” has the meaning set forth in Section 12.2.3. 

“Participants” has the meaning set forth in Section 12.2.1. 

“Patterson Management” means Patterson Management, LP, a Minnesota limited partnership. 

“Patterson Veterinary Supply” means Patterson Veterinary Supply, Inc., a Minnesota corporation. 

“Payment Date” means the last day of each March, June, September and December and the Maturity Date. 

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 

“PDSI” means Patterson Dental Supply, Inc., a Minnesota corporation. 

“Permitted Acquisition” has the meaning set forth in Section 6.13.5. 

“Permitted Purchase Money Indebtedness” has the meaning set forth in Section 6.14.5. 

“Permitted Refinancing” means, with respect to any Indebtedness, any replacement, renewal, refinancing or extension of such
Indebtedness (including successive refinancing) that (i) does not exceed the aggregate principal amount (plus accrued interest and any applicable premium and associated fees and expenses) of the Indebtedness being replaced, renewed, refinanced
or extended, (ii) does not have a maturity date at the time of such replacement, renewal, refinancing or extension that is earlier than the maturity date of the Indebtedness being replaced, renewed, refinanced or extended, (iii) does not
have a Weighted Average Life to Maturity at the time of such replacement, renewal, refinancing or extension that is less than the Weighted Average Life to Maturity of the Indebtedness being replaced, renewed, refinanced or extended and
(iv) does not rank at the time of such replacement, renewal, refinancing or extension senior to the Indebtedness being replaced, renewed, refinanced or extended. 

“Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company, association,
enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof. 

  
 22 

 “Plan” means an employee pension benefit plan, excluding any Multiemployer
Plan, which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code as to which the Borrower or any member of the Controlled Group may have any liability. 

“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by
Section 3(42) of ERISA, as amended from time to time. 
 “Pricing Schedule” means the Schedule identifying the
Applicable Margin and Applicable Fee Rate attached hereto and identified as such. 
 “Prime Rate” means the rate of
interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board of Governors of the Federal Reserve System
in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any
similar release by the Board of Governors of the Federal Reserve System (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being
effective. 
 “Pro Forma Financial Statements” means a pro forma balance sheet and related
statement of operations of the Borrower and its Subsidiaries as of and for the twelve-month period ending with the latest quarterly period covered by any of the Quarterly Financial Statements (or, if later, the latest annual period covered by any of
the Annual Financial Statements), in each case after giving effect to the Transactions and in a form reasonably satisfactory to the Arranger. 

“Pro Rata Share” means, with respect to each Lender at any time, a fraction (expressed as a percentage, carried out to the
ninth decimal place), the numerator of which is the amount of the unused Commitments and, if applicable and without duplication, outstanding Loans of such Lender at such time and the denominator of which is the amount of the aggregate unused
Commitments and, if applicable and without duplication, outstanding Loans at such time. 
 “Property” of a Person means any
and all property, whether real, personal, tangible, intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person. 

“Property Reinvestment Application” means, with respect to any Asset Sale, the application of an amount equal to the Net
Proceeds Amount with respect to such Asset Sale to the acquisition by the Borrower or any Subsidiary of operating assets of the Borrower or such Subsidiary to be used in the principal business of such Person as conducted immediately prior to such
Asset Sale. 
 “PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such
exemption may be amended from time to time. 
 “Purchase Price” means the total consideration and other amounts payable in
connection with any Acquisition, including, without limitation, any portion of the consideration payable in cash, all Indebtedness, liabilities and contingent obligations incurred or assumed in connection with such Acquisition and all transaction
costs and expenses incurred in connection with such Acquisition, but exclusive of the value of any capital stock or other equity interests of the Borrower or any Subsidiary issued as consideration for such Acquisition. 

“Purchasers” has the meaning set forth in Section 12.3.1. 

  
 23 

 “Qualified Acquisition” means any Permitted Acquisition if the aggregate
amount of Indebtedness incurred by the Borrower and its Subsidiaries to finance the purchase price of, or assumed by one or more of them in connection with, such Permitted Acquisition is at least $500,000,000. 

“Quarterly Financial Statements” means the unaudited consolidated balance sheets and related consolidated statements of
income and cash flows of the Borrower for the fiscal quarters ending July 27, 2019 and October 26, 2019, in each case prepared in accordance with Agreement Accounting Principles. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in
accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” has the meaning assigned to it in Section 9.22. 

“Rate Management Obligations” of the Borrower or any Subsidiary means any and all obligations of such Person to any Lender or
any of its Affiliates, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (i) any and all Rate
Management Transactions, and (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Rate Management Transactions. 

“Rate Management Transaction” means any transaction (including an agreement with respect thereto) now existing or hereafter
entered into by the Borrower or a Subsidiary which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign
exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect
to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 

“Receivables Purchase Documents” means each of (i) the Receivables Sale Agreement dated as of May 10, 2002, among
the originators named therein and PDC Funding Company, LLC, as buyer, as amended by Amendment No. 1 thereto, dated as of May 9, 2003, as further amended by Amendment No. 2 thereto, dated as of October 7, 2004, and as further
amended by Amendment No. 3 thereto, dated as of December 3, 2010, and the Third Amended and Restated Receivables Purchase Agreement dated as of December 3, 2010 among PDC Funding Company, LLC, the Borrower, the Conduits party thereto,
the Financial Institutions party thereto, the Purchase Agents party thereto and MUFG Bank, Ltd., formerly known as The Bank of Tokyo-Mitsubishi UFJ, Ltd. New York Branch, as agent, as such agreements have been and may be amended, restated, extended
or otherwise modified from time to time, (ii) the Amended and Restated Contract Purchase Agreement, dated as of August 12, 2011 among the Borrower, PDC Funding Company II, LLC, the Purchasers party thereto and Fifth Third Bank, as agent,
as amended by that First Amendment thereto dated as of September 9, 2011, and the Amended and Restated Receivables Sale Agreement dated as of August 12, 2011 among the Originators named therein and PDC Funding Company II, LLC, as buyer, as
such agreements have been and may be amended, restated, extended or otherwise modified from time to time, and (iii) any comparable additional or replacement facility made available to the Borrower or any Subsidiary; provided that any of
such facilities: (a) provides for the sale by the Borrower or such Subsidiary of rights to payment arising under Customer Installment Contracts; (b) provides for a purchase price in an amount that represents the reasonably equivalent value
of the assets subject thereto (determined as of the date of such sale); (c) evidences the intent of the parties that for accounting and all other purposes, such sale is to be treated as a sale by the Borrower or a Subsidiary, as the case may
be, and a purchase by such institution(s) or special purpose entity (and not as a lending transaction); (d) provides for the delivery of opinions of outside counsel to the effect that, under, applicable bankruptcy, insolvency and similar laws
(subject to assumptions and qualifications customary for opinions 

  
 24 

 
of such type), such transaction will be treated as a true sale and not as a lending transaction and that the assets of any purchasing special purpose entity will not be consolidated with the
assets of the selling entity, the Borrower or any Affiliate of the Borrower; (e) provides for the parties to such transaction to, and such parties do, treat such transaction as a sale for all other accounting purposes; and (f) provides
that such sale is without recourse to the Borrower or such Subsidiary, except to the extent of normal and customary conditions and rights of limited recourse that are consistent with the opinions referred to in clause (d) and with the treatment
of such sale as a true sale for accounting purposes. 
 “Receivables Purchase Facility” means (i) the transactions
contemplated by the Receivables Purchase Documents and (ii) other sales (including licenses), with limited recourse or no recourse, by PDSI, Patterson Veterinary Supply, Patterson Management, or Animal Health of Accounts derived from
(x) sales on contract of furnishings and equipment, (y) open account sales of supplies or (z) provisions of services. 

“Recipient” means the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of
any obligation of any Credit Party hereunder. 
 “Register” has the meaning set forth in Section 12.3.4. 

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and
any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and
any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks, non-banks and non-broker lenders
for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System. 
 “Regulation
X” means Regulation X of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by
foreign lenders for the purpose of purchasing or carrying margin stock (as defined therein). 
 “Relevant Governmental
Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under such
section, with respect to a Plan subject to Title IV of ERISA, excluding, however, such events as to which the PBGC has by regulation waived the requirement of Section 4043(a) or (b) of ERISA that it be notified within 30 days of
the occurrence of such event; provided, however, that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such
waiver of the notice requirement in accordance with either Section 4043(a) or (b) of ERISA or Section 412(d) of the Code. 

“Required Lenders” means, at any date, Lenders in the aggregate holding more than 50% of the sum of the (a) Total
Outstandings and (b) aggregate unused Commitments as of such date; provided that the unused Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a
determination of Required Lenders. 
 “Risk-Based Capital Guidelines” has the meaning set forth in Section 3.2. 

  
 25 

 “S&P” means Standard & Poor’s Financial Services, LLC, a
subsidiary of S&P Global, and any successor to its rating agency business. 
 “Sale and Leaseback Transaction” means
any sale or other transfer of Property by any Person with the intent to lease such Property as lessee. 
 “Sanctioned
Country” means, at any time, a country, territory or region which is itself the subject or target of any Sanctions (at the Closing Date, Cuba, Crimea, Iran, North Korea and Syria). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, any EU member state or Her Majesty’s Treasury of the United Kingdom, (b) any Person operating, organized or resident in a
Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions. 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the
United Kingdom. 
 “Schedule” refers to a specific schedule to this Agreement, unless another document is specifically
referenced. 
 “SEC” means the United States Securities and Exchange Commission, and any successor thereto. 

“Section” means a numbered section of this Agreement, unless another document is specifically referenced. 

“Senior Debt” means any Indebtedness of any Credit Party, other than Indebtedness that is in any manner subordinated in right
of payment in respect of the Obligations. 
 “Senior Notes” means, collectively, the 2018 Senior Notes, the 2011 Senior
Notes and the 2015 Senior Notes. 
 “Single Employer Plan” means a Plan maintained by the Borrower or any member of the
Controlled Group for employees of the Borrower or any member of the Controlled Group. 
 “SOFR” with respect
to any day, means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website. 

“Solvent” means, when used with respect to any Person, that at the time of determination: 

(i)         the fair value of its assets (both at fair valuation and at present fair
saleable value) is equal to or in excess of the total amount of its liabilities, including, without limitation, contingent liabilities; and 

(ii)         it is then able and expects to be able to pay its debts as they mature;
and 

  
 26 

 (iii)         it has capital
sufficient to carry on its business as conducted and as proposed to be conducted. 
 With respect to contingent liabilities (such as
litigation, guarantees and pension plan liabilities), such liabilities shall be computed at the amount which, in light of all the facts and circumstances existing at the time, represent the amount which can reasonably be expected to become an actual
or matured liability. 
 “Specified Animal Health Settlement” means the aggregate cash amount of the settlement paid by the
Borrower or any of its Subsidiaries in connection with the U.S. Department of Justice investigation of Animal Health International, Inc. disclosed in the Borrower’s filings with the SEC. 

“Specified Litigation Settlement” means the aggregate cash amount of the settlement paid by the Borrower or any of its
Subsidiaries in connection with In re Dental Supplies Antitrust Litigation,
No. 1:16-CV-00696-BMC-GRB in the U.S. District Court for the Eastern District
of New York. 
 “Specified Swap Obligation” means, with respect to any Credit Party, any obligation to pay or perform under
any agreement, contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder. 

“SPV” means any special purpose entity established for the purpose of purchasing receivables in connection with a receivables
securitization transaction permitted under the terms of this Agreement. 
 “Statutory Reserve Rate” means, with respect to
any currency, a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve, liquid asset, fees or similar requirements (including any
marginal, special, emergency or supplemental reserves or other requirements) established by any central bank, monetary authority, the Board of Governors of the Federal Reserve System, the Financial Conduct Authority, the Prudential Regulation
Authority, the European Central Bank or other Governmental Authority for any category of deposits or liabilities customarily used to fund loans in such currency, expressed in the case of each such requirement as a decimal. Such reserve percentages
shall include those imposed pursuant to Regulation D. Eurodollar Loans shall be deemed to be subject to such reserve, liquid asset or similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from
time to time to any Lender under any applicable law, rule or regulation, including Regulation D. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid asset or similar
requirement. 
 “Subordinated Indebtedness” of a Person means any Indebtedness of such Person the payment of which is
subordinated to payment of the Obligations to the written satisfaction of the Required Lenders. 
 “Subsidiary” of a Person
means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person
and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the
time be so owned or controlled. Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Borrower. 

“Subsidiary Stock” means, with respect to any Person, the capital stock (or any options or warrants to purchase stock, shares
or other securities exchangeable for or convertible into stock or shares) of any Subsidiary of such Person. 

  
 27 

 “Substantial Portion” means, with respect to the Property of the Borrower
and its Subsidiaries, Property which represents more than 10% of the consolidated assets of the Borrower and its Subsidiaries or Property which is responsible for more than 10% of the consolidated net sales or of the Consolidated Net Income of the
Borrower and its Subsidiaries, in each case, as would be shown in the consolidated financial statements of the Borrower and its Subsidiaries as at the end of the four fiscal quarter period ending with the fiscal quarter immediately prior to the
fiscal quarter in which such determination is made (or if financial statements have not been delivered hereunder for that fiscal quarter which ends the four fiscal quarter period, then the financial statements delivered hereunder for the quarter
ending immediately prior to that quarter). 
 “Supported QFC” has the meaning assigned to it in Section 9.22. 

“Swap” means, with respect to any Person, payment obligations with respect to Rate Management Transactions and similar
obligations obligating such Person to make payments, whether periodically or upon the happening of a contingency. For the purposes of this Agreement, the amount of the obligation under any Swap shall be the amount determined in respect thereof as of
the end of the then most recently ended fiscal quarter of such Person, based on the assumption that such Swap had terminated at the end of such fiscal quarter, and in making such determination, if any agreement relating to such Swap provides for the
netting of amounts payable by and to such Person thereunder or if any such agreement provides for the simultaneous payment of amounts by and to such Person, then in each such case, the amount of such obligation shall be the net amount so determined.

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

“Temporary Increase Period” has the meaning specified in Section 6.20. 

“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant
Governmental Body. 
 “Ticking Fee” has the meaning set forth in Section 2.5.1. 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans. 

“Transferee” has the meaning set forth in Section 12.4. 

“Transactions” means, collectively, the execution, delivery and performance by the Credit Parties of this Agreement and the
other Loan Documents, the borrowing of Loans, Advances and other credit extensions and the use of the proceeds thereof. 

“Type” means, with respect to any Advance, its nature as a Floating Rate Advance or a Eurodollar Advance and with respect to
any Loan, its nature as a Floating Rate Loan or a Eurodollar Loan. 
 “Unadjusted Benchmark Replacement” means the
Benchmark Replacement excluding the Benchmark Replacement Adjustment; provided that, if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed to be zero for the
purposes of this Agreement. 

  
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 “Unfunded Liabilities” means the amount (if any) by which the present value
of all vested and unvested accrued benefits under each Single Employer Plan subject to Title IV of ERISA exceeds the fair market value of all such Plan’s assets allocable to such benefits, all determined as of the then most recent
valuation date for such Plan for which a valuation report is available, using PBGC actuarial assumptions for single employer plan terminations. 

“Unmatured Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute a
Default. 
 “U.S. Person” means any Person that is a “United States person” as defined in
Section 7701(a)(30) of the Code. 
 “U.S. Special Resolution Regime” has the meaning assigned to it
in Section 9.22. 
 “USA Patriot Act” has the meaning set forth in Section 9.17. 

“Weighted Average Life to Maturity” means when applied to any Indebtedness at any date, the number of years obtained by
dividing (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required scheduled payments of principal, including payment at final maturity, in
respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment, by (ii) the then outstanding principal amount of
such Indebtedness. 
 “Wholly Owned Subsidiary” of a Person means (i) any Subsidiary all of the outstanding voting
securities (other than directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) of which shall at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly Owned
Subsidiaries of such Person, or by such Person and one or more Wholly Owned Subsidiaries of such Person, or (ii) any partnership, limited liability company, association, joint venture or similar business organization 100% of the ownership
interests having ordinary voting power of which shall at the time be so owned or controlled. 
 “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. 

1.2 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws
(including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental Authorities. Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified
(subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time
amended, supplemented or otherwise modified (including by succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions on
assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”, “hereof” and
“hereunder”, and words 

  
 29 

 
of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 1.3 Financial
Covenant Calculations. Financial covenants shall be calculated (a) without giving effect to any election under Accounting Standards Codification 825-10-25 (or
any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein and
(b) without giving effect to any treatment of indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or
Financial Accounting Standard having a similar result or effect) to value any such indebtedness in a reduced or bifurcated manner as described therein, and such indebtedness shall at all times be valued at the full stated principal amount thereof.

 1.4 Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law
(or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been
transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Capital
Stock at such time. 
 ARTICLE II 

THE CREDITS 
 2.1
Loans. Subject to the terms and conditions set forth herein, each Lender severally and not jointly agrees to make a term loan denominated in Dollars to the Borrower in a single drawing on any Business Day during the Availability Period in an
aggregate amount not to exceed such Lender’s Commitment. Each Advance under this Section 2.1 shall consist of Loans made by each Lender ratably in proportion to such Lender’s respective Pro Rata Share. Amounts borrowed under this
Section 2.1 and repaid or prepaid may not be reborrowed. Loans shall be denominated solely in Dollars and may initially be Floating Rate Loans or Eurodollar Loans, as further provided herein. Following the Funding Date, the Loans may be
continued as Floating Rate Loans or converted into Eurodollar Loans in the manner provided in Section 2.8 and subject to the other conditions and limitations therein set forth and set forth in this Article II and set forth in the definition of
Interest Period. Additionally, the Borrower shall make the scheduled repayment of principal prescribed in Section 2.4.2 and the mandatory prepayments prescribed in Section 2.4.4. 

2.2 [Reserved] 
 2.3 [Reserved].

 2.4 Repayment of Loans; Termination; Mandatory Prepayments. 

2.4.1 [Reserved]. 
 2.4.2
Required Payments; Terminations. 

  
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 (a) The Borrower shall repay to the Administrative Agent for the ratable
account of the Lenders on the Maturity Date the aggregate principal amount of all Loans outstanding on such date. 
 (b)
Notwithstanding the termination of the Commitments under this Agreement, until all of the Obligations (other than contingent indemnity obligations) shall have been fully paid and satisfied and all financing arrangements among the Borrower and the
Lenders hereunder and under the other Loan Documents shall have been terminated, all of the rights and remedies under this Agreement and the other Loan Documents shall survive. 

2.4.3 [Reserved]. 

2.4.4 Mandatory Prepayments from Asset Sales. 

(a) To the extent required pursuant to Section 6.12.7, within 90 days before or 365 days after the receipt by
the Borrower or any of its Subsidiaries of any Net Proceeds Amount from any Asset Sale, the Borrower shall prepay Loans in an aggregate amount equal to 100% of such Net Proceeds Amount; provided that if at the time that any such prepayment
would be required, the Borrower is required to prepay or repurchase (or offer to prepay or repurchase) any other Senior Debt (other than the Loans), in each case pursuant to the terms of the documentation governing such Debt, with the Net Proceeds
Amount from such Asset Sale (such other Senior Debt required to be prepaid or repurchased (or offered to be prepaid or repurchased, “Other Applicable Debt”), then the Borrower may apply such Net Proceeds Amount on a pro rata
basis (determined on the basis of the aggregate outstanding principal amount of the Loans and Other Applicable Debt at such time; provided, further that the portion of such Net Proceeds Amount allocated to the Other Applicable Debt
shall not exceed the amount of such Net Proceeds Amount required to be allocated to the Other Applicable Debt pursuant to the terms thereof, and the remaining amount, if any, of such Net Proceeds Amount shall be allocated to the Loans in accordance
with the terms hereof) to the prepayment of the Loans and to the repurchase or prepayment of Other Applicable Debt, and the amount of prepayment of the Loans that would have otherwise been required pursuant to this Section 2.4.4(a) shall be
reduced accordingly; provided, further, that to the extent the holders of Other Applicable Debt decline to have such Other Applicable Debt repurchased or prepaid, the declined amount shall promptly (and in any event within five
(5) Business Days after the date of such rejection) be applied to prepay the Loans in accordance with the terms hereof. 

(b) Each prepayment of Loans made pursuant to this Section 2.4.4 shall be (x) applied to the Loans, and (y) paid
to the Lenders in accordance with their respective Pro Rata Shares of such prepayment. 
 (c) The Borrower shall notify the
Administrative Agent in writing of any mandatory prepayment of Loans required to be made by the Borrower pursuant to this Section 2.4.4 promptly, and in no event more than three (3) Business Days, following the event giving rise to such
mandatory prepayment. Each such notice shall specify the date of such prepayment and provide a reasonably detailed calculation of the aggregate amount of such prepayment. The Administrative Agent will promptly notify each applicable Lender of the
contents of the Borrower’s prepayment notice and of such Lender’s Pro Rata Share of the prepayment. 

  
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 2.4.5 Mandatory Prepayments of Eurodollar Advances. Mandatory
prepayments of Eurodollar Advances shall be accompanied by (a) accrued and unpaid interest thereon and (b) funding indemnification amounts pursuant to Section 3.4. 

2.5 Ticking Fee; Aggregate Commitment Reductions. 

2.5.1 The Ticking Fee. The Borrower shall pay to the Administrative Agent, for the account of the Lenders in accordance
with their Pro Rata Shares, from and after the Closing Date until the date on which the Aggregate Commitment shall be terminated in whole (the “Ticking Fee Payment Date”), a ticking fee (the “Ticking Fee”) accruing
at the rate of the then Applicable Fee Rate on the daily average Aggregate Commitment. All such Ticking Fees payable hereunder shall be payable on the Ticking Fee Payment Date. 

2.5.2 Reductions in Aggregate Commitment. 

(a) Optional Reductions. The Borrower may permanently reduce the Aggregate Commitment in whole, or in part, ratably
among the Lenders in a minimum amount of $5,000,000 (and in multiples of $1,000,000 if in excess thereof), upon at least three (3) Business Days’ prior written notice to the Administrative Agent, which notice shall specify the amount of
any such reduction and the effective date thereof. Each notice delivered by the Borrower pursuant to this Section 2.5.2 shall be irrevocable. 

(b) Automatic Reductions. Unless previously terminated, the Commitments shall automatically and irrevocably terminate
upon the expiration of the Availability Period. 
 2.5.3 [Reserved] 

2.6 Minimum Amount of Each Advance. Each Eurodollar Advance shall be in the minimum amount of $1,000,000 (and in multiples of $100,000
if in excess thereof), and each Floating Rate Advance shall be in the minimum amount of $1,000,000 (and in multiples of $100,000 if in excess thereof). 

2.7 Optional Principal Payments. The Borrower may from time to time pay, without penalty or premium, all outstanding Floating
Rate Advances, or any portion of the outstanding Floating Rate Advances, in a minimum aggregate amount of $1,000,000 or any integral multiple of $1,000,000 in excess thereof, with prior notice delivered to the Administrative Agent no later than
11:00 a.m. (New York City time) one (1) Business Day prior to the date of any such anticipated repayment. The Borrower may from time to time pay, subject to the payment of any funding indemnification amounts required by Section 3.4
but without penalty or premium, all outstanding Eurodollar Advances, or, in a minimum aggregate amount of $1,000,000 or any integral multiple of $1,000,000 in excess thereof, any portion of the outstanding Eurodollar Advances, with notice delivered
to the Administrative Agent no later than 12:00 noon (New York City time) three (3) Business Days prior to the date of any such anticipated repayment. Prepayments shall be accompanied by accrued and unpaid interest thereon. 

2.8 Method of Selecting Types and Interest Periods for New Advances. The Borrower shall select the Type of each Advance and, in the case
of each Eurodollar Advance, the Interest Period; provided that there shall be no more than two (2) Interest Periods in effect with respect to all of the Loans at any time, unless such limit has been waived by the Administrative Agent in
its sole discretion. The Borrower shall give the Administrative Agent irrevocable written notice (a “Borrowing Notice”) not later than 11:00 a.m. (New York City time) on the Funding Date in the case of each Floating Rate
Advance and not later than three (3) Business Days before the Funding Date in the case of each Eurodollar Advance, specifying: 

(a) the Funding Date, which shall be a Business Day, of such Advance, 

  
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 (b) the aggregate amount of such Advance, 

(c) the Type of Advance selected, 

(d) in the case of each Eurodollar Advance, the Interest Period applicable thereto, and 

(e) the payment instructions for the account of the Borrower to which such Advance shall be credited. 

The Borrower may not select an Interest Period that ends after the Maturity Date. 

2.9 Conversion and Continuation of Outstanding Advances; No Conversion or Continuation of Eurodollar Advances After Default. Floating
Rate Advances shall continue as Floating Rate Advances unless and until such Floating Rate Advances are converted into Eurodollar Advances pursuant to this Section 2.9, are prepaid in accordance with Section 2.4.4 or are repaid in
accordance with Section 2.4.2 or Section 2.7. Each Eurodollar Advance shall continue as a Eurodollar Advance until the end of the then applicable Interest Period therefor, at which time each such Eurodollar Advance shall be automatically
converted into a Floating Rate Advance unless (x) such Eurodollar Advance is or was prepaid in accordance with Section 2.4.4 or repaid in accordance with Section 2.4.2 or Section 2.7 or (y) the Borrower shall have given the
Administrative Agent a Conversion/Continuation Notice (as defined below) requesting that, at the end of such Interest Period, such Eurodollar Advance either continue as a Eurodollar Advance for the same or another Interest Period or be converted
into a Floating Rate Advance. Subject to the terms of Section 2.6 and the payment of any funding indemnification amounts required by Section 3.4, the Borrower may elect from time to time to convert all or any part of an Advance of any Type
into any other Type or Types of Advances; provided that any conversion of any Eurodollar Advance shall be made on, and only on, the last day of the Interest Period applicable thereto. Notwithstanding anything to the contrary contained in this
Section 2.9 during the continuance of a Default or an Unmatured Default, the Administrative Agent may (or shall at the direction of the Required Lenders), by notice to the Borrower, declare that no Advance may be made as, converted to or,
following the expiration of any Interest Periods then in effect, continued as a Eurodollar Advance. The Borrower shall give the Administrative Agent irrevocable notice (a “Conversion/Continuation Notice”) of (i) each conversion
of an Advance to a Floating Rate Advance not later than 11:00 a.m. (New York City time) on date of the requested conversion and (ii) each conversion of an Advance to, or continuation of, a Eurodollar Advance not later than 12:00 noon (New
York City time) three (3) Business Days prior to the date of the requested conversion or continuation, specifying: 

(a) the requested date, which shall be a Business Day, of such conversion or continuation, and 

(b) the amount and Type(s) of Advance(s) into which such Advance is to be converted or continued and, in the case of a
conversion into or continuation of a Eurodollar Advance, the duration of the Interest Period applicable thereto. 

  
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 2.10 Method of Borrowing. On the Funding Date, each applicable Lender shall make
available its Loan or Loans, if any, not later than 12:00 noon (New York City time), in Federal or other funds immediately available to the Administrative Agent, in New York, New York at its address specified in or pursuant to Article XIII. Unless
the Administrative Agent determines that any applicable condition specified in Article IV has not been satisfied, the Administrative Agent will make the funds so received from the Lenders available to the Borrower at the Administrative Agent’s
aforesaid address or, if applicable, to the Borrower’s account specified on the applicable Borrowing Notice. 
 2.11 Changes in
Interest Rate, etc. Each Floating Rate Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is automatically converted from a Eurodollar Advance into a
Floating Rate Advance pursuant to Section 2.9, to but excluding the date it is paid or is converted into a Eurodollar Advance pursuant to Section 2.9 hereof, at a rate per annum equal to the Floating Rate for such day. Changes in the rate
of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Alternate Base Rate. Each Eurodollar Advance shall bear interest on the outstanding principal amount thereof
from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the Eurodollar Rate determined by the Administrative Agent as applicable to such Eurodollar Advance based upon
the Borrower’s selections under Sections 2.8 and 2.9 and otherwise in accordance with the terms hereof. No Interest Period in respect of any Loan may end after the Maturity Date. 

2.12 Rates Applicable After Default. During the continuance of a Default the Required Lenders may, at their option, by notice to the
Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (a) each Eurodollar Advance
shall bear interest for the remainder of the applicable Interest Period at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum and (b) each Floating Rate Advance shall bear interest at a rate per annum
equal to the Floating Rate in effect from time to time plus 2% per annum; provided that, during the continuance of a Default under Section 7.2, 7.3 (solely arising as a result of a breach of Section 6.20 or 6.21), 7.6 or 7.7, the
interest rates set forth in clauses (a) and (b) above shall be applicable to all Loans, Advances, fees and other Obligations hereunder without any election or action on the part of the Administrative Agent or any Lender. 

2.13 Method of Payment. Each Advance shall be repaid and each payment of interest thereon shall be paid in Dollars. All payments of the
Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Administrative Agent at (except as set forth in the next sentence) the Administrative Agent’s address specified pursuant to
Article XIII, or at any other Lending Installation of the Administrative Agent specified in writing by the Administrative Agent to the Borrower, by 12:00 noon (New York City time) on the date when due and shall be applied ratably by the
Administrative Agent among the Lenders. Each payment delivered to the Administrative Agent for the account of any Lender shall be delivered promptly by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent
received at its address specified pursuant to Article XIII or at any Lending Installation specified in a notice received by the Administrative Agent from such Lender. The Administrative Agent is hereby authorized to charge the account of the
Borrower maintained with MUFG for each payment of the Obligations as it becomes due hereunder. 
 2.14 [RESERVED]. 

2.15 Noteless Agreement; Evidence of Indebtedness. 

(a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the
Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

  
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 (b) The Administrative Agent shall also maintain accounts in which it will
record (i) the date and the amount of each Loan made hereunder and Type thereof and the Interest Period (in the case of a Eurodollar Advance) with respect thereto, (ii) the amount of any principal or interest due and payable or to become
due and payable from the Borrower to each Lender hereunder, (iii) the effective date and amount of each Assignment Agreement delivered to and accepted by it and the parties thereto pursuant to Section 12.3, (iv) the amount of any sum
received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof, and (v) all other appropriate debits and credits as provided in this Agreement, including, without limitation, all fees, charges, expenses
and interest. 
 (c) The entries maintained in the accounts maintained pursuant to paragraphs (a) and (b) above
shall be prima facie evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent or any Lender to maintain such accounts or any error therein shall not in
any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms. 
 (d) Any Lender
may request that its Loans be evidenced by promissory notes (the “Notes”) in substantially the form of Exhibit C. In such event, the Borrower shall prepare, execute and deliver to such Lender such Note(s)
payable to the order of such Lender or its registered assigns. Thereafter, the Loans evidenced by such Notes and interest thereon shall at all times (prior to any assignment pursuant to Section 12.3) be represented by one or more Notes payable
to the order of the payee named therein, except to the extent that any such Lender subsequently returns any such Note(s) for cancellation and requests that such Loans once again be evidenced as described in paragraphs (a) and (b) above. No
such substitutions, amendments and restatements shall constitute or effect a repayment, refinancing or novation of the amounts evidenced by the Notes but rather a modification and substitution of their respective terms. 

2.16 Telephonic Notices. The Borrower hereby authorizes the Lenders and the Administrative Agent to extend, convert or continue
Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any person or persons the Administrative Agent or any Lender in good faith believes to be acting on behalf of the Borrower, it being
understood that the foregoing authorization is specifically intended to allow Borrowing Notices and Conversion/Continuation Notices to be given telephonically. The Borrower agrees to deliver promptly to the Administrative Agent a written
confirmation, signed by an Authorized Officer of the Borrower, if such confirmation is requested by the Administrative Agent or any Lender, of each telephonic notice. If the written confirmation differs in any material respect from the action taken
by the Administrative Agent and the Lenders, the records of the Administrative Agent and the Lenders shall govern absent manifest error. 

2.17 Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Floating Rate Advance shall be payable in arrears on each
Payment Date, commencing with the first Payment Date to occur after the Funding Date, on any date on which the Floating Rate Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on that portion of the
outstanding principal amount of any Floating Rate Advance converted into a Eurodollar Advance on a day other than a Payment Date shall be payable on the date of conversion. Interest accrued on each Eurodollar Advance shall be payable on the last day
of its applicable Interest Period, on any date on which the Eurodollar Advance is prepaid, whether by acceleration or otherwise, and at maturity. Interest accrued on each Eurodollar Advance having an Interest Period longer than three (3) months
shall also be payable on the last day of each three-month interval during such Interest Period. Interest on Advances and all other fees hereunder shall 

  
 35 

 
be calculated for actual days elapsed on the basis of a 360-day year, except for interest on Loans determined by reference to the Prime Rate, which shall
be calculated for actual days elapsed on the basis of a 365/366-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received
prior to 12:00 noon (New York City time) at the place of payment. If any payment of principal of or interest on an Advance, any fees or any other amounts payable to the Administrative Agent or any Lender hereunder shall become due on a day which is
not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest, fees and commissions in connection with such payment. 

2.18 Notification of Advances, Interest Rates, Prepayments and Commitment Reduction. Promptly after receipt thereof, the Administrative
Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice and repayment notice received by it hereunder. The Administrative Agent will notify the Borrower and each
Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give the Borrower and each Lender prompt notice of each change in the Alternate Base Rate applicable to any outstanding
Advance. 
 2.19 Lending Installations. Each Lender may book its Loans at any Lending Installation selected by such Lender and may
change its Lending Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the Loans and any Notes evidencing a Loan issued hereunder shall be deemed held by each Lender for the benefit of any
such Lending Installation. Each Lender may, by written notice to the Administrative Agent and the Borrower in accordance with Article XIII, designate replacement or additional Lending Installations through which Loans will be made by it and for
whose account Loan payments are to be made. In addition, each such Lender that books its Loans at any Lending Installation as provided in this Section 2.19, (i) shall keep a register for the registration relating to each such Loan,
specifying such Lending Installation’s name, address and entitlement to payments of principal and interest or any other payments with respect to such Loan and each transfer thereof and the name and address of each transferee and (ii) shall
collect, prior to the time such Lending Installation receives payment with respect to such Loans from each such Lending Installation, the appropriate forms, certificates, and statements described in Section 3.5 (and updated as required by
Section 3.5) as if Lending Installation were a Lender under Section 3.5. 
 2.20
Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as the case may be, notifies the Administrative Agent prior to the date on which it is scheduled to make payment to the
Administrative Agent of (a) in the case of a Lender, the proceeds of a Loan or (b) in the case of the Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to
make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such
assumption. If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount
so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per
annum equal to (x) in the case of payment by a Lender, the greater of (i) the Federal Funds Effective Rate for such day for the first three days and, thereafter, the interest rate applicable to the relevant Loan and (ii) a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan. 

2.21 [Reserved]. 

  
 36 

 2.22 Judgment Currency. If for the purposes of obtaining judgment in any court it is
necessary to convert a sum due from the Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties hereto agree, to the fullest extent that they may effectively do
so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the Administrative Agent’s main New York City
office on the Business Day preceding that on which final, non-appealable judgment is given. The obligations of the Borrower in respect of any sum due to any Lender or the Administrative Agent hereunder shall,
notwithstanding any judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be) of any sum adjudged to be so
due in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with normal, reasonable banking procedures purchase the specified currency with such other currency. If the amount of the specified currency so
purchased is less than the sum originally due to such Lender or the Administrative Agent, as the case may be, in the specified currency, the Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and
notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally due to any Lender or the
Administrative Agent, as the case may be, in the specified currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment to such Lender under Section 12.2, such Lender or the
Administrative Agent, as the case may be, agrees to remit such excess to the Borrower. 
 2.23 Replacement of Lender. If (a) the
Borrower is required pursuant to Section 3.1, 3.2 or 3.5 to make any additional or increased payment to any Lender, (b) if any Lender’s obligation to make or continue, or to convert Floating Rate Advances into, Eurodollar Advances
shall be suspended pursuant to Section 3.3, (c) any Lender refuses to consent to certain proposed changes, waivers, discharges or terminations with respect to this Agreement requiring the consent of all Lenders (or all affected Lenders)
pursuant to Section 8.2 and the same have been approved by the Required Lenders, or (d) any Lender becomes a Defaulting Lender (any Lender in clauses (a) through (d) above being an “Affected Lender”) the Borrower may
elect, if such amounts continue to be charged or such suspension is still effective or such Lender remains a Defaulting Lender, to replace such Affected Lender, provided that no Default or Unmatured Default shall have occurred and be
continuing at the time of such replacement, and provided that any assignment resulting from a claim for compensation for payments under Section 3.5 will result in a reduction in such compensation or payments thereafter, and
provided, further that, concurrently with such replacement, (i) another bank or other entity (other than any Ineligible Institution) which is reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of
such date, to purchase for cash the outstanding Loans and unused outstanding Commitments of the Affected Lender pursuant to an Assignment Agreement and to become a Lender for all purposes under this Agreement and to assume all obligations of the
Affected Lender to be replaced as of such date and to comply with the requirements of Section 12.3 applicable to assignments (provided that no consent of the Affected Lender shall be required for such assignment), and (ii) the
Borrower shall pay to such Affected Lender in immediately available funds on the day of such replacement (A) all interest, fees and other amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and including the
date of replacement, including without limitation payments due to such Affected Lender under Sections 3.1, 3.2 and 3.5, and (B) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement
under Section 3.4 had the Loans of such Affected Lender been prepaid on such date rather than sold to the replacement Lender, in each case to the extent not paid by the replacement Lender. 

2.24 [Reserved]. 
 2.25
[RESERVED]. 

  
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 2.26 Defaulting Lenders. Notwithstanding anything to the contrary contained in this
Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(a) fees shall cease to accrue on the Commitment of such Defaulting Lender pursuant to Section 2.5.1; and 

(b) the Commitments and outstanding Loans of such Defaulting Lender shall not be included in determining whether all Lenders or
the Required Lenders, as applicable, have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 8.2); provided that this clause (b) shall not apply to the vote of a Defaulting
Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby. 

Subject to the provisions of Section 9.20, nothing contained in the foregoing shall be deemed to constitute a waiver by the Borrower of
any of its rights or remedies (whether in equity or law) against any Lender which fails to fund any of its Loans hereunder at the time or in the amount required to be funded under the terms of this Agreement. 

ARTICLE III 
 YIELD
PROTECTION; TAXES 
 3.1 Yield Protection. If any Change in Law: 

(a) subjects any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b)
through (d) of the definition of “Excluded Taxes” and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto, or 
 (b) imposes or increases or deems applicable any reserve, assessment, insurance charge, special
deposit, liquidity or similar requirement (including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending
Installation (other than reserves and assessments taken into account in determining the interest rate applicable to Eurodollar Advances) with respect to its Commitments or Loans, or 

(c) imposes any other condition the result of which is to increase the cost to any Lender or any applicable Lending
Installation of making, funding or maintaining its Commitments or Loans, or reduces any amount receivable by any Lender or any applicable Lending Installation in connection with its Commitments or Loans, or requires any Lender or any applicable
Lending Installation to make any payment calculated by reference to the amount of Commitments or Loans held or interest received by it, by an amount deemed material by such Lender, 

and the result of any of the foregoing is to increase the cost to the Administrative Agent, such Lender or applicable Lending Installation of making or
maintaining, continuing or converting its Loans or Commitment, as applicable, or to reduce the return received by the Administrative Agent, such Lender or applicable Lending Installation in connection with such Loans or Commitment, then, within
15 days of demand, accompanied by the written statement required by Section 3.6, by the Administrative Agent or such Lender, the Borrower shall pay the Administrative Agent or such Lender such additional amount or amounts as will
compensate the Administrative Agent or such Lender for such increased cost or reduction in amount received. 

  
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 3.2 Changes in Capital Adequacy Regulations. If a Lender determines the amount of
capital or liquidity required or expected to be maintained by such Lender, any Lending Installation of such Lender or any Parent controlling such Lender is increased as a result of a Change in Capital Adequacy Regulations, then, within 15 days
of demand, accompanied by the written statement required by Section 3.6, by such Lender, the Borrower shall pay such Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital or
liquidity which such Lender determines is attributable to this Agreement, its Loans or its Commitments, as applicable, hereunder (after taking into account such Lender’s or such Parent’s policies as to capital adequacy and liquidity).
“Change in Capital Adequacy Regulations” means (a) any change after the Closing Date in the Risk-Based Capital Guidelines or (b) any adoption of, or change in, or change in the interpretation, implementation or
administration of any other law, governmental or quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or not having the force of law) after the Closing Date which affects the amount of capital or liquidity
required or expected to be maintained by any Lender or any Lending Installation or any Parent controlling any Lender. “Risk-Based Capital Guidelines” means (a) the risk-based capital guidelines in effect in the United States on
the Closing Date, including transition rules, (b) the corresponding capital regulations promulgated by regulatory authorities outside the United States implementing the July 1988 report of the Basel Committee on Banking Regulation and
Supervisory Practices Entitled “International Convergence of Capital Measurements and Capital Standards,” including transition rules, and any amendments to such regulations adopted prior to the Closing Date, (c) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof and (d) all requests, rules, regulations, guidelines,
interpretations or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the
force of Law), in each case pursuant to Basel III. 
 3.3 Availability of Types of Advances. 

3.3.1 If (a) any Lender determines that maintenance of its Eurodollar Loans at a suitable Lending Installation would
violate any applicable law, rule, regulation, or directive, whether or not having the force of law, (b) the Required Lenders determine that (i) deposits of a type, currency and maturity appropriate to match fund Eurodollar Advances are not
available or (ii) the interest rate applicable to Eurodollar Advances does not accurately reflect the cost of making or maintaining Eurodollar Advances, or (c) the Administrative Agent determines (which determination shall be conclusive
and binding absent manifest error) that no adequate and reasonable basis or means exists for determining the Eurodollar Reference Rate or the LIBOR Screen Rate (including, without limitation, because the LIBOR Screen Rate is not available or
published on a current basis) (provided that no Benchmark Transition Event shall have occurred at such time), then, in each case, the Administrative Agent shall suspend the availability of Eurodollar Advances and require any affected
Eurodollar Advances to be repaid or converted to Floating Rate Advances on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law, subject to the payment of any
funding indemnification amounts required by Section 3.4. 

  
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 3.3.2 Notwithstanding anything to the contrary herein or in any other Loan
Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the Eurodollar Reference
Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the Administrative Agent has posted such proposed
amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment. No
replacement of the Eurodollar Reference Rate with a Benchmark Replacement pursuant to this Section 3.3 will occur prior to the applicable Benchmark Transition Start Date. 

3.3.3 In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make
Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without
any further action or consent of any other party to this Agreement. 
 3.3.4 The Administrative Agent will promptly notify
the Borrower and the Lenders of (a) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start
Date, (b) the implementation of any Benchmark Replacement, (c) the effectiveness of any Benchmark Replacement Conforming Changes and (d) the commencement or conclusion of any Benchmark Unavailability Period. Any determination,
decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 3.3, including any determination with respect to a tenor, rate or adjustment or of the occurrence or
non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion
and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.3. 

3.3.5 Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may
revoke any request for an Advance of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request
into a request for a Borrowing of or conversion to Floating Rate Advances. During any Benchmark Unavailability Period, the component of the Alternate Base Rate based upon the Eurodollar Reference Rate will not be used in any determination of the
Alternate Base Rate. 
 3.4 Funding Indemnification. If any payment of a Eurodollar Advance occurs on a date which is not the last day
of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or a Eurodollar Advance is not made or continued, or a Floating Rate Advance is not converted into a Eurodollar Advance, on the date specified by the
Borrower for any reason other than default by the Lenders, or a Eurodollar Advance is not prepaid on the date specified by the Borrower for any reason, the Borrower will indemnify each Lender for any reasonable loss or cost incurred by it resulting
therefrom, including, without limitation, any reasonable loss or cost in liquidating or employing deposits acquired to fund or maintain such Eurodollar Advance. 

  
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 3.5 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. (i) Any and all payments by or on
account of any obligation of any Credit Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable Laws. If any applicable Laws (as determined in the good faith discretion of the
Administrative Agent) require the deduction or withholding of any Tax from any such payment by the Administrative Agent or a Credit Party, then the Administrative Agent or such Credit Party shall be entitled to make such deduction or withholding,
upon the basis of the information and documentation to be delivered pursuant to subsection (e) below. 
 (ii) If any
Credit Party or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall
withhold or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the
full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Credit Party
shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.5) the applicable Recipient receives an amount
equal to the sum it would have received had no such withholding or deduction been made. 
 (iii) If any Credit Party or the
Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then (A) such Credit Party or the Administrative Agent, as required by such Laws, shall withhold or make such
deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Credit Party or the Administrative Agent, to the extent required by such Laws, shall
timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the
applicable Credit Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section 3.5) the applicable Recipient
receives an amount equal to the sum it would have received had no such withholding or deduction been made. 
 (b) Payment
of Other Taxes by the Credit Parties. Without limiting the provisions of subsection (a) above, the Credit Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the
Administrative Agent timely reimburse it for the payment of, any Other Taxes. 
 (c) Tax Indemnifications. (i) Each of
the Credit Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect thereof 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 3.5) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A 

  
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certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on
behalf of a Lender, shall be conclusive absent manifest error. Each of the Credit Parties shall, and does hereby, jointly and severally indemnify the Administrative Agent, and shall make payment in respect thereof within 10 days after demand
therefor, for any amount which a Lender for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.5(c)(ii) below. 

(ii) Each Lender shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days
after demand therefor, (x) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent that any Credit Party has not already indemnified the Administrative Agent for such Indemnified Taxes and
without limiting the obligation of the Credit Party to do so), (y) the Administrative Agent and the Credit Party, as applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.2.3
relating to the maintenance of a Participant Register and (z) the Administrative Agent and the Credit Party, as applicable, against any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative
Agent or a Credit Party in connection with any Loan 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 Governmental Authority. A
certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts
at any time owing to such Lender, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii). 

(d) Evidence of Payments. As soon as practicable after any payment of Taxes by any Credit Party to a Governmental
Authority as provided in this Section 3.5, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws
to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e)
Status of Lenders; Tax Documentation. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent,
at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law or the taxing authorities of a jurisdiction pursuant to such applicable law or
reasonably requested by the Borrower or the Administrative 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 Administrative
Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative 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 either (A) set
forth in Section 3.5(e)(ii)(A), (ii)(B) and (ii)(D) below 

  
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or (B) required by applicable law other than the Code or the taxing authorities of the jurisdiction pursuant to such applicable law to comply with the requirements for exemption or reduction
of withholding tax in that jurisdiction) 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, in the event that
a Borrower is a U.S. Person: 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and the
Administrative 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 Administrative Agent), executed copies 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 Administrative
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
Administrative 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 Loan Document, executed copies of IRS
Form W-8BEN-E (or W-8BEN, as applicable) 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 Loan Document, IRS
Form W-8BEN-E (or W-8BEN, as applicable) 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 copies
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 copies of IRS Form W-8BEN-E (or W-8BEN, as applicable); or 

  
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 (IV) to the extent a Foreign Lender is not the beneficial owner, executed
copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN-E (or W-8BEN, as applicable), 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 Administrative 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 Administrative Agent), executed copies 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 Administrative Agent to determine the withholding or deduction required to be
made; and 
 (D) if a payment made to a Lender under any Loan 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
Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative 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 Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA, and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include
any amendments made to FATCA after the date of this Agreement. 
 (iii) Each Lender agrees that if any form or certification
it previously delivered pursuant to this Section 3.5 expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal
inability to do so. 

  
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 (f) Treatment of Certain Refunds. Unless required by applicable Laws,
at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the
account of such Lender, as the case may be. If any Recipient 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 by any Credit Party or with respect to which any
Credit Party has paid additional amounts pursuant to this Section 3.5, it shall pay to such Credit Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by a Credit Party under this
Section 3.5 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without
interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided that each Credit Party, upon the request of the Recipient, agrees to repay the amount paid over to such Credit Party (plus
any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this
subsection, in no event will the applicable Recipient be required to pay any amount to such Credit Party pursuant to this subsection the payment of which would place the Recipient in a less favorable net
after-Tax position than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems
confidential) to any Credit Party or any other Person. 
 (g) Survival. Each party’s obligations under this
Section 3.5 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other
Obligations. 
 3.6 Lender Statements; Survival of Indemnity. Each Lender shall deliver a written statement of such Lender to the
Borrower (with a copy to the Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined such amount and
shall be final, conclusive and binding on the Borrower in the absence of manifest error. Determination of amounts payable under such Sections in connection with a Eurodollar Loan shall be calculated as though each Lender funded its Eurodollar Loan
through the purchase of a deposit of the type, currency and maturity corresponding to the deposit used as a reference in determining the Eurodollar Rate applicable to such Loan, whether in fact that is the case or not. Unless otherwise provided
herein, the amount specified in the written statement of any Lender shall be payable on demand after receipt by the Borrower of such written statement. The obligations of the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the
Obligations and termination of this Agreement. Failure or delay on the part of any Lender to demand compensation pursuant to Sections 3.1, 3.2, 3.4 or 3.5 shall not constitute a waiver of such Lender’s right to demand such compensation;
provided that the Borrower shall not be required to compensate a Lender (or such Lender’s Parent) for any amounts payable pursuant to Section 3.1, 3.2, 3.4 or 3.5 incurred more than 180 days prior to the date such Lender
notifies the Borrower of the applicable Change in Law (as described in Section 3.1), the applicable Change in Capital Adequacy Regulations (as described in Section 3.2), the applicable event giving rise to funding indemnification (as
described in Section 3.4) or the applicable Taxes (as described in Section 3.5) and of such Lender’s intention, as the case may be, to claim compensation therefor; provided, further that, if any Change in Law or Change
in Capital Adequacy Regulations or Taxes giving rise to such requested amounts is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.

  
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 3.7 Alternative Lending Installation. Each Lender may make any Loan to the Borrower
through any Lending Installation; provided that the exercise of this option shall not affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. If any Lender requests compensation under
Section 3.1 or 3.2, or requires the Borrower to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.5, then at the request of the Borrower such
Lender shall, as applicable, use reasonable efforts to designate a different Lending Installation for funding or booking its Loans hereunder 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 3.1, 3.2 or 3.5, as the case may be, in the future and (ii) in each case, would not subject such Lender to
any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

ARTICLE IV 

CONDITIONS PRECEDENT 
 4.1
Conditions Precedent to Closing. The effectiveness of this Agreement and shall be subject to the satisfaction (or waiver) of the following conditions precedent: 

4.1.1 The Administrative Agent and the Arranger shall have received the following: 

(a) Copies of the articles or certificate of incorporation (or the equivalent thereof) of each Credit Party, in each case,
together with all amendments thereto, and a certificate of good standing, each certified not more than 30 days prior to the Closing Date by the appropriate governmental officer in its jurisdiction of organization and accompanied by a certification
by the Secretary or Assistant Secretary of such Credit Party that there have been no changes in the matters certified by such governmental officer since the date of such governmental officer’s certification. 

(b) Copies, certified by the Secretary or Assistant Secretary (or the equivalent thereof) of each Credit Party, in each case,
of its by-laws and of its Board of Directors’ resolutions and of resolutions or actions of any other body authorizing the execution of the Loan Documents to which such Credit Party is a party. 

(c) An incumbency certificate, executed by the Secretary or Assistant Secretary (or the equivalent thereof) of each Credit
Party which shall identify by name and title and bear the signatures of the Authorized Officers and any other officers of each such Credit Party authorized to sign the Loan Documents to which it is a party, upon which certificate the Administrative
Agent and the Lenders shall be entitled to rely until informed of any change in writing by the applicable Credit Party. 

(d) A certificate reasonably acceptable to the Administrative Agent signed by the chief financial officer of the Borrower and
dated as of the Closing Date, certifying as to the matters described in Sections 4.1.2 and 4.1.3. 
 (e) A written opinion
(addressed to the Administrative Agent and the Lenders and dated as of the Closing Date) of each of (A) Briggs and Morgan, P.A., counsel to the Credit Parties, (B) Hogan Lovells US LLP, Colorado counsel to the Credit Parties, and

  
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(C) Les Korsh, counsel to the Borrower, in each case in form and substance reasonably satisfactory to the Administrative Agent. 

(f) Duly executed counterparts of this Agreement and the Guaranty from each of the Credit Parties party hereto or thereto and,
in the case of this Agreement, from each Lender and the Administrative Agent (which requirement may in each case be satisfied by telecopy or electronic transmission of a signed signature page to this Agreement or the Guaranty, as the case may be).

 (g) An amendment to the Existing Credit Agreement executed by the Borrower and the “Required Lenders” (under and
as defined in the Existing Credit Agreement), in form and substance satisfactory to the Administrative Agent and the Arranger, which amendment shall, inter alia, permit the term loan facility evidenced by this Agreement and make certain
conforming changes to the Existing Credit Agreement to reflect the terms of this Agreement; 
 4.1.2 As of the Closing Date
and after giving pro forma effect to the Transactions to occur on such date (a) there exists no Default or Unmatured Default and (b) the representations and warranties contained in Article V are true and correct in all material respects
(or, if qualified by materiality, “Material Adverse Effect” or like term, in all respects) as of such date (except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such
representation or warranty shall have been true and correct in all material respects (or, if qualified by materiality, “Material Adverse Effect” or like term, in all respects) on and as of such earlier date). 

4.1.3 Since April 27, 2019, there shall have been no change in the business, property, condition (financial or otherwise),
operations or results of operations or performance of the Borrower and its Subsidiaries taken as a whole which could reasonably be expected to have a Material Adverse Effect. 

4.1.4 The Lenders shall have received not less than five Business Days prior to the Closing Date (i) all documentation and
other information reasonably requested in writing and required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations and the USA Patriot Act and (ii) to the extent the Borrower
qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, any Lender that has requested, in a written notice to the Borrower at least ten (10) days prior to the Closing Date, a Beneficial Ownership
Certification in relation to the Borrower shall have received such Beneficial Ownership Certification. 
 4.1.5 All costs,
fees, and all reasonable and documented out-of-pocket expenses (including, without limitation, legal fees and expenses for which invoices have been presented) and all
other compensation contemplated hereby and by the Fee Letter, payable to the Arranger, the Administrative Agent and the Lenders, in each case required to be paid hereunder or under the Fee Letter on the Closing Date, shall have been paid on or prior
to the Closing Date. 
 For purposes of determining compliance with the conditions specified in this Section 4.1, each Lender that has
signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the
Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

  
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 4.2 Conditions to Funding. The obligation of each Lender to make the Loans on the
Funding Date shall be subject to the satisfaction (or waiver) of the following conditions precedent: 
 4.2.1 The Closing
Date shall have occurred. 
 4.2.2 The Administrative Agent shall have received the following: 

(a) A Borrowing Notice in respect of the Advances to be made on the Funding Date. 

(b) A solvency certificate in such form previously agreed between the Borrower and the Arranger, dated as of the Funding Date,
from the chief financial officer, chief accounting officer or other financial officer of the Borrower confirming that the Borrower and its Subsidiaries on a consolidated basis will, pro forma for the Transactions to occur on such date, be
Solvent. 
 4.2.3 [Reserved]. 

4.2.4 After giving effect to the Transactions to occur on the Funding Date, neither the Borrower nor any of its Subsidiaries
shall have any Indebtedness for borrowed money other than Indebtedness otherwise permitted hereunder and under the Existing Credit Agreement. 

4.2.5 Since April 27, 2019, there shall have been no change in the business, property, condition (financial or otherwise),
operations or results of operations or performance of the Borrower and its Subsidiaries taken as a whole which could reasonably be expected to have a Material Adverse Effect. 

4.2.6 As of the Funding Date and after giving pro forma effect to the Transactions to occur on such date (a) there exists
no Default or Unmatured Default and (b) the representations and warranties contained in Article V are true and correct in all material respects (or, if qualified by materiality, “Material Adverse Effect” or like term, in all respects)
as of such date (except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects (or, if qualified by
materiality, “Material Adverse Effect” or like term, in all respects) on and as of such earlier date). 
 4.2.7 All
costs, fees, and all reasonable and documented out-of-pocket expenses (including, without limitation, legal fees and expenses for which invoices have been presented) and
all other compensation contemplated hereby and by the Fee Letter, payable to the Arranger, the Administrative Agent and the Lenders, in each case required to be paid hereunder or under the Fee Letter on the Funding Date, shall have been paid on or
prior to the Funding Date. 
 4.2.8 The Availability Period shall not have expired. 

The Borrowing Notice in respect of the Loans to be made on the Funding Date shall constitute a representation and warranty by the Borrower
that the conditions contained in Sections 4.2 have been satisfied. 

  
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 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to each Lender and the Administrative Agent as of each of (i) the Closing Date and (ii) the
Funding Date: 
 5.1 Existence and Standing. Each of the Borrower and its Subsidiaries is a corporation, partnership (in the case of
Subsidiaries only) or limited liability company duly and properly incorporated or organized, as the case may be, validly existing and (to the extent such concept applies to such entity) in good standing under the laws of its jurisdiction of
incorporation or organization, (a) has all requisite corporate, partnership or limited liability company power and authority, as the case may be, to own, operate and encumber its Property and (b) is qualified to do business and is in good
standing (to the extent such concept applies to such entity) in all jurisdictions where the nature of the business conducted by it makes such qualification necessary and where failure to so qualify would reasonably be expected to have a Material
Adverse Effect. 
 5.2 Authorization and Validity; Binding Effect. Each Credit Party has the requisite corporate, partnership or
limited liability company power and authority and legal right to execute and deliver the Loan Documents to which it is a party and to perform its obligations thereunder. The execution and delivery by each Credit Party of the Loan Documents to which
it is a party and the performance of its obligations thereunder have been duly authorized by proper corporate, partnership or limited liability company, as the case may be, proceedings, and the Loan Documents to which each Credit Party is a party
constitute legal, valid and binding obligations of such Credit Party enforceable against such Credit Party in accordance with their terms, except as enforceability may be limited by (a) bankruptcy, insolvency, fraudulent conveyances,
reorganization or similar laws relating to or affecting the enforcement of creditors’ rights generally; (b) general equitable principles (whether considered in a proceeding in equity or at law); and (c) requirements of reasonableness,
good faith and fair dealing. 
 5.3 No Conflict; Government Consent. Neither the execution and delivery by any Credit Party of the
Loan Documents to which it is a party, nor the consummation by such Credit Party of the transactions therein contemplated, nor compliance by such Credit Party with the provisions thereof will violate (a) any applicable law, rule, regulation,
order, writ, judgment, injunction, decree or award binding on such Credit Party or (b) such Credit Party’s articles or certificate of incorporation, partnership agreement, certificate of partnership, articles or certificate of
organization, by-laws, or operating agreement or other management agreement, as the case may be, or (c) the provisions of any indenture, instrument or agreement (including, for the avoidance of doubt, the
Existing Credit Agreement, the Note Purchase Agreements and the Senior Notes) to which such Credit Party is a party or is subject, or by which it, or its Property, is bound, or conflict with, or constitute a default under, or result in, or require,
the creation or imposition of any Lien in, of or on the Property of such Credit Party pursuant to the terms of, any such indenture, instrument or agreement. No order, consent, adjudication, approval, license, authorization, or validation of, or
filing, recording or registration with, or exemption by, or other action in respect of any governmental or public body or authority, or any subdivision thereof, which has not been obtained by any Credit Party, is required to be obtained by such
Credit Party in connection with the execution and delivery of the Loan Documents, the borrowings under this Agreement, the payment and performance by the Credit Parties of the Obligations or the legality, validity, binding effect or enforceability
of any of the Loan Documents. 
 5.4 Financial Statements. The Annual Financial Statements and the Quarterly Financial Statements were
prepared in accordance with generally accepted accounting principles in effect on the dates such statements were prepared and fairly present the consolidated financial condition and operations of the Borrower and its Subsidiaries at such dates and
the consolidated results of their operations for the periods then ended. 
 5.5 Material Adverse Change. Since April 27, 2019,
there has been no change in the business, Property, condition (financial or otherwise), operations or results of operations or performance of the Borrower and its Subsidiaries taken as a whole which could reasonably be expected to have a Material
Adverse Effect. 

  
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 5.6 Taxes. The Borrower and its Subsidiaries have filed all Federal, state and other
material tax returns and reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and
payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with generally accepted accounting principles. There is no proposed tax
assessment against the Borrower or any Subsidiary that would, if made, reasonably be expected to have a Material Adverse Effect. Neither any Credit Party nor any Subsidiary thereof is party to any tax sharing agreement. 

5.7 Litigation and Contingent Obligations. There is no litigation, arbitration, governmental investigation, proceeding or inquiry
pending or, to the knowledge of any of their Authorized Officers, threatened against or affecting the Borrower or any Subsidiaries which could reasonably be expected to have a Material Adverse Effect or which seeks to prevent, enjoin or delay the
making of any Loans. Other than any liability incident to any litigation, arbitration or proceeding which could not reasonably be expected to have a Material Adverse Effect, the Borrower and its Subsidiaries have no material contingent obligations
required to be reflected on the Borrower’s consolidated balance sheet in accordance with generally accepted accounting principles and not provided for or disclosed in the financial statements referred to in Section 5.4. 

5.8 Subsidiaries. Schedule 5.8 contains an accurate list of all Subsidiaries of the Borrower as of the Closing Date, setting forth
their respective jurisdictions of organization and the percentage of their respective capital stock or other ownership interests owned by the Borrower or its Subsidiaries. All of the issued and outstanding shares of capital stock or other ownership
interests of such Subsidiaries have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and are fully paid and non-assessable. 

5.9 ERISA. The Unfunded Liabilities of all Single Employer Plans do not in the aggregate exceed $10,000,000. Neither the Borrower nor
any other member of the Controlled Group has incurred, or is reasonably expected to incur, pursuant to Section 4201 of ERISA, any withdrawal liability to Multiemployer Plans. Each Plan complies in all material respects with all applicable
requirements of law and regulations. No Reportable Event has occurred with respect to any Plan. Neither the Borrower nor any other member of the Controlled Group has withdrawn from any Multiemployer Plan within the meaning of Title IV of ERISA
or initiated steps to do so, and, to the knowledge of the Borrower, no steps have been taken to reorganize or terminate, within the meaning of Title IV of ERISA, any Multiemployer Plan. 

5.10 Accuracy of Information. (a) All information, exhibits or reports (other than the projected and
pro-forma financial information referenced in clause (b) below (the “Projections”)) furnished by the Borrower or any Subsidiary to the Administrative Agent or to any Lender in
connection with the Transactions or with the negotiation of, or compliance with, the Loan Documents are, when furnished, complete and correct in all material respects and do not, when furnished, contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements contained therein, in light of the circumstances under which they were made, not materially misleading and (b) the Projections furnished by or on behalf of any Credit Party to the
Administrative Agent or any Lender in connection with the Transactions or with the negotiation of, or compliance with, the Loan Documents, were prepared in good faith based upon assumptions believed to be reasonable at the time. As of the Closing
Date, to the best knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Closing Date to any Lender in connection with this Agreement is true and correct in all respects. 

  
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 5.11 Regulation U. Neither the Borrower nor any Subsidiary is engaged
principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate of buying or carrying margin stock (as defined in Regulation U), and after applying the proceeds of
the Loans, margin stock (as defined in Regulation U) constitutes less than 25% of the value of those assets of the Borrower and the Subsidiaries which are subject to any limitation on sale, pledge, or any other restriction hereunder. 

5.12 Material Agreements. Neither the Borrower nor any Subsidiary is a party to any agreement or instrument or subject to any charter or
other corporate restriction which could reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any Subsidiary is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions
contained in (a) any agreement or instrument to which it is a party, which default could reasonably be expected to have a Material Adverse Effect or (b) any agreement or instrument evidencing or governing Indebtedness. 

5.13 Compliance With Laws. The Borrower and the Subsidiaries have complied in all material respects with all applicable statutes, rules,
regulations, orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof having jurisdiction over the conduct of their respective businesses or the ownership of their respective Property except for any
failure to comply with any of the foregoing which could not reasonably be expected to have a Material Adverse Effect. 
 5.14 Ownership of
Properties. The Borrower and the Subsidiaries have good title, free of all Liens other than those permitted by Section 6.15, to all of the assets reflected in the Borrower’s most recent consolidated financial statements provided to the
Administrative Agent, as owned by the Borrower and the Subsidiaries except (a) assets sold or otherwise transferred as permitted under Section 6.12 and (b) to the extent the failure to hold such title could not reasonably be expected
to have a Material Adverse Effect. 
 5.15 Plan Assets; Prohibited Transactions. None of the Credit Parties is an entity deemed to
hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan
(within the meaning of Section 4975 of the Code), and assuming the accuracy of the representations and warranties made in Section 9.12 and in any assignment made pursuant to Section 12.3.3, neither the execution of this Agreement nor
the making of Loans hereunder gives rise to a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code. 

5.16 Environmental Matters. In the ordinary course of its business, the officers of the Borrower and the Subsidiaries consider the
effect of Environmental Laws on the business of the Borrower and the Subsidiaries, in the course of which they identify and evaluate potential risks and liabilities accruing to the Borrower or any Subsidiary due to Environmental Laws. Liabilities or
costs pursuant to Environmental Laws cannot reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any Subsidiary has received any notice to the effect that it or its operations are not in compliance with any of the
requirements of applicable Environmental Laws or are the subject of any federal, state or local investigation evaluating whether any remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the environment,
which non-compliance or remedial action could reasonably be expected to have a Material Adverse Effect. 

5.17 Investment Company Act. Neither the Borrower nor any Subsidiary is an “investment company” or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. 
 5.18
Status as Senior Debt. The Obligations constitute “Senior Debt” as defined in each of the Note Purchase Agreements and in the Existing Credit Agreement. 

  
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 5.19 Insurance. The Borrower maintains, and has caused each Subsidiary to maintain,
with financially sound and reputable insurance companies insurance on all their Property in such amounts, subject to such deductibles and self-insurance retentions and covering such properties and properties and risks as is consistent with sound
business practice. 
 5.20 Solvency. After giving effect to (a) the Loans to be made on the Funding Date, (b) the
Transactions and the other transactions contemplated by this Agreement and the other Loan Documents, and (c) the payment and accrual of all transaction costs with respect to the foregoing, the Borrower and its Subsidiaries taken as a whole are
Solvent. 
 5.21 No Default or Unmatured Default. No Default or Unmatured Default has occurred and is continuing. 

5.22 Reportable Transaction. The Borrower does not intend to treat the Advances and related transactions as being a “reportable
transaction” (within the meaning of the Treasury Regulation Section 1.6011-4). In the event the Borrower determines to take any action inconsistent with such intention, it will promptly notify
the Administrative Agent thereof. The Borrower acknowledges that one or more of the Lenders may treat its Advances as part of a transaction that is subject to Treasury Regulation Section 1.6011-4 or Section 301.6112-1, and the Administrative Agent and such Lender or Lenders, as applicable, may file such IRS forms or maintain such lists and other records as they may determine is required by such Treasury
Regulations. 
 5.23 Post-Retirement Benefits. The present value of the expected cost of post-retirement medical and insurance
benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero. 

5.24 Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in effect policies designed to ensure compliance by
the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and is implementing policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective
directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower and its Subsidiaries and to the knowledge of an Authorized Officer of the Borrower, their respective officers, employees, directors and
agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary or to the knowledge of an Authorized Officer of the Borrower or such Subsidiary any of their
respective directors, officers or employees, or (b) to the knowledge of an Authorized Officer of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility
established hereby, is a Sanctioned Person. No borrowing of any Loan, use of proceeds of any Loan or the execution, delivery and performance by the Credit Parties of this Agreement and the other Loan Documents will violate any Anti-Corruption Law or
applicable Sanctions. 
 5.25 Money Laundering and Counter-Terrorist Financing Laws. The Borrower and its Subsidiaries are in
compliance in all material respects with the Bank Secrecy Act, as amended by Title III of the USA Patriot Act, to the extent applicable, and all other applicable anti-money laundering and counter-terrorist financing laws and regulations. 

5.26 EEA Financial Institutions. No Credit Party is an EEA Financial Institution. 

  
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 ARTICLE VI 

COVENANTS 
 During the
term of this Agreement, unless the Required Lenders shall otherwise consent in writing: 
 6.1 Financial Reporting. The Borrower will
maintain, for itself and each Subsidiary, a system of accounting established and administered in accordance with generally accepted accounting principles, and furnish to the Lenders: 

6.1.1 Within 90 days after the close of each of the Borrower’s fiscal years, commencing with the fiscal year ending
in 2020, financial statements prepared in accordance with Agreement Accounting Principles on a consolidated basis, for itself and its Subsidiaries, including balance sheets as of the end of such period, statements of income and statements of cash
flows, accompanied by (a) an audit report, unqualified as to scope, of a nationally recognized firm of independent public accountants or other independent public accountants reasonably acceptable to the Required Lenders; (b) any management
letter prepared by said accountants, and (c) a certificate of said accountants that, in the course of their examination necessary for their certification of the foregoing, they have obtained no knowledge of any Default or Unmatured Default, or
if, in the opinion of such accountants, any Default or Unmatured Default shall exist, stating the nature and status thereof. 

6.1.2 Within 45 days after the close of the first three quarterly periods of each of the Borrower’s fiscal years,
commencing with the fiscal quarter ending January 25, 2020, for the Borrower and its Subsidiaries, consolidated unaudited balance sheets as at the close of each such period and consolidated statements of income and a statement of cash flows for
the period from the beginning of such fiscal year to the end of such quarter, all certified as to fairness of presentation, compliance with Agreement Accounting Principles and consistency by its chief financial officer or treasurer. 

6.1.3 Together with the financial statements required under Sections 6.1.1 and 6.1.2, a compliance certificate in substantially
the form of Exhibit A signed by its chief financial officer or treasurer showing the calculations necessary to determine compliance with this Agreement, which certificate shall also state that no Default or Unmatured Default exists, or if any
Default or Unmatured Default exists, stating the nature and status thereof, and a certificate executed and delivered by the chief executive officer or chief financial officer stating that the Borrower and each of its respective principal officers
are in compliance with all requirements of Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002 and all rules and regulations related thereto. 

6.1.4 Within 120 days after the close of each of the Borrower’s fiscal years, a copy of the plan and forecast
(including a projected balance sheet, income statements and funds flow statements, and any narrative prepared with respect thereto) of the Borrower and its Subsidiaries for the upcoming fiscal year prepared in such detail as shall be reasonably
satisfactory to the Administrative Agent. 
 6.1.5 Within 270 days after the close of each fiscal year of the Borrower,
if applicable, a copy of the actuarial report showing the Unfunded Liabilities of each Single Employer Plan as of the valuation date occurring in such fiscal year, certified by an actuary enrolled under ERISA. 

  
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 6.1.6 As soon as possible and in any event within 10 days after the
Borrower knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the chief financial officer or treasurer of the Borrower, describing said Reportable Event and the action which the Borrower proposes to take with
respect thereto. 
 6.1.7 As soon as possible and in any event within 10 days after receipt by the Borrower or any
Subsidiary, a copy of (a) any notice or claim to the effect that the Borrower or any Subsidiary is or may be liable to any Person as a result of the release by the Borrower, any Subsidiary, or any other Person of any toxic or hazardous waste or
substance into the indoor or outdoor environment, and (b) any notice alleging any non-compliance with, violation of or liability pursuant to any Environmental Law by the Borrower or any Subsidiary, which,
in either case, could reasonably be expected to have a Material Adverse Effect. 
 6.1.8 Promptly upon the furnishing thereof
to the shareholders of the Borrower, copies of all financial statements, reports and proxy statements so furnished. 
 6.1.9
Promptly upon the filing thereof, copies of all registration statements and annual, quarterly, monthly or other regular reports which the Borrower or any Subsidiary files with the SEC, including, without limitation, all certifications and other
filings required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002 and all rules and regulations related thereto. 

6.1.10 Prior to the execution thereof, draft copies of (x) all material amendments to the Existing Credit Agreement, the
Note Purchase Agreements, the Senior Notes and any notes, indenture or other agreements evidencing Indebtedness incurred pursuant to clause (b) of Section 6.14.11, pursuant to Section 6.14.12 or pursuant to clause (b) of
Section 6.14.16 and (y) the documents governing the initial issuance of any Indebtedness incurred pursuant to clause (b) of Section 6.14.11, pursuant to Section 6.14.12 or pursuant to clause (b) of Section 6.14.16.

 6.1.11 Such other information (including (x) non-financial information and
(y) information and documentation for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation) as the
Administrative Agent or any Lender may from time to time reasonably request. 
 6.1.12 Promptly upon the occurrence thereof,
written notice of any change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to the list of beneficial owners identified in such certification. 

6.2 Use of Proceeds. The Borrower and its Subsidiaries will use the proceeds of the Loans for general corporate purposes including,
without limitation, for working capital, repayment of certain existing Indebtedness of the Borrower, and to pay fees and expenses incurred in connection with this Agreement. The Borrower and its Subsidiaries shall use the proceeds of the Loans in
compliance with all applicable legal and regulatory requirements and any such use shall not result in a violation of any such requirements, including, without limitation, Regulation U and X, the Securities Act of 1933, as amended, and the Securities
Exchange Act of 1934, as amended, and the regulations promulgated thereunder. The Borrower shall not request any Loan, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees
and agents shall not use, the proceeds of any Loan (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws,
(ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country or (iii) in any manner that would result in the violation of any Sanctions
applicable to any party hereto. 

  
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 6.3 Notice of Default. Within five (5) Business Days after an Authorized Officer
of the Borrower becomes aware thereof, the Borrower will, and will cause each Subsidiary to, give notice in writing to the Lenders of the occurrence of (i) any Default or Unmatured Default, (ii) the occurrence of any Off-Balance Sheet Trigger Event or any material default under or with respect to any Material Indebtedness or any material service agreement to which the Borrower or any Subsidiary is a party (together with copies
of all default notices, if any, pertaining thereto) and (iii) any other development, financial or otherwise, which could reasonably be expected to have a Material Adverse Effect. 

6.4 Conduct of Business. The Borrower will, and will cause each Subsidiary to, carry on and conduct its business in substantially the
same manner and in substantially the same fields of enterprise as conducted by the Borrower or its Subsidiaries as of the Closing Date, and do all things necessary to remain duly incorporated or organized, validly existing and (to the extent such
concept applies to such entity) in good standing as a domestic corporation, partnership or limited liability company in its jurisdiction of incorporation or organization, as the case may be, as in effect on the Closing Date, and, except to the
extent failure to do so could not reasonably be expected to have a Material Adverse Effect, maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 

6.5 Taxes. The Borrower will, and will cause its Subsidiaries to, timely file all Federal, state and other material tax returns and
reports required to be filed, pay all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except (i) those which
are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with generally accepted accounting principles and (ii) those taxes, assessments, fees and other
governmental charges which by reason of the amount involved or the remedies available to the applicable taxing authority could not reasonably be expected to have a Material Adverse Effect. 

6.6 Insurance. The Borrower will, and will cause each Subsidiary to, maintain with financially sound and reputable insurance companies
insurance on all their Property in such amounts, subject to such deductibles and self-insurance retentions, and covering such properties and risks as is consistent with sound business practice, and the Borrower will furnish to any Lender upon
request full information as to the insurance carried. 
 6.7 Compliance with Laws. The Borrower will, and will cause each Subsidiary
to, comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject including, without limitation, all Environmental Laws and Section 302 and Section 906 of the Sarbanes-Oxley
Act of 2002, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. The Borrower will conduct its business in compliance in all material respects with applicable
Anti-Corruption Laws and Sanctions and maintain in effect and enforce policies reasonably designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with all applicable
Anti-Corruption Laws and Sanctions. 
 6.8 Maintenance of Properties. Subject to Section 6.12, the Borrower will, and will cause
each Subsidiary to, do all things necessary to maintain, preserve, protect and keep its Property used in the operation of its business in good repair, working order and condition (ordinary wear and tear excepted), and make all necessary and proper
repairs, renewals and replacements so that its business carried on in connection therewith may be properly conducted at all times, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect. 

  
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 6.9 Inspection; Keeping of Books and Records. The Borrower will, and will cause each
Subsidiary to, permit the Administrative Agent and the Lenders, by their respective representatives and agents, to inspect any of the Property, books and financial records of the Borrower and each Subsidiary, to examine and make copies of the books
of accounts and other financial records of the Borrower and each Subsidiary, and to discuss the affairs, finances and accounts of the Borrower and each Subsidiary with, and to be advised as to the same by, their respective officers at such
reasonable times and intervals as the Administrative Agent or any Lender may designate. The Borrower shall keep and maintain, and shall cause each Subsidiary to keep and maintain, in all material respects, complete, accurate and proper books of
record and account in which entries in conformity with Agreement Accounting Principles shall be made of all dealings and transactions in relation to their respective businesses and activities. If a Default has occurred and is continuing, the
Borrower, upon the Administrative Agent’s request, shall turn over copies of any such records to the Administrative Agent or its representatives. 

6.10 Dividends. The Borrower will not, and will not permit any Subsidiary to, declare or pay any dividend or make any distribution on
its capital stock (other than dividends payable in its own capital stock) or redeem, repurchase or otherwise acquire or retire any of its capital stock at any time outstanding, except that (a) any Subsidiary of the Borrower may declare and pay
dividends or make distributions to the Borrower or to a Guarantor or any other Wholly Owned Subsidiary of the Borrower and (b) the Borrower may declare and pay dividends on its capital stock, and may repurchase shares of its capital stock,
provided that (x) no Default or Unmatured Default shall exist before or after giving effect (including giving effect on a pro forma basis) to such dividends (or be created as a result thereof) and (y) the Borrower shall be in
compliance with the financial covenants set forth in Sections 6.20 and 6.21 for the four fiscal quarter period reflected in the compliance certificate most recently delivered to the Administrative Agent pursuant to Section 6.1.3 (or, if prior
to such date, for the four fiscal quarter period ended as of the end of the most recent fiscal quarter set forth in the Quarterly Financial Statements) prior to the payment of such dividend or such repurchase (after giving effect (including giving
effect on a pro forma basis) to the issuance of any Indebtedness in connection therewith and such dividend or repurchase as if made on the first day of such period). 

6.11 Merger. The Borrower will not, and will not permit any Subsidiary to, merge or consolidate with or into any other Person, except
that: 
 6.11.1 A Guarantor may merge into (a) the Borrower, provided that the Borrower shall be the continuing
or surviving corporation, or (b) another Guarantor or any other Person that becomes a Guarantor promptly upon the completion of the applicable merger or consolidation. 

6.11.2 A Subsidiary that is not a Guarantor and not required to be a Guarantor may merge or consolidate with or into the
Borrower or any Wholly Owned Subsidiary; provided that if a Credit Party is party to any such merger or consolidation, such Credit Party shall be the continuing or surviving entity. 

6.11.3 Subject to the provisos set forth in Sections 6.11.1 and 6.11.2 above, any Subsidiary of the Borrower may consummate any
merger or consolidation in connection with any Permitted Acquisition. 
 6.12 Sale of Assets. The Borrower will not, and will not
permit any Subsidiary to, consummate any Asset Sale to any other Person, except: 
 6.12.1 Sales of inventory in the ordinary
course of business. 

  
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 6.12.2 A disposition of assets (a) by the Borrower or any Subsidiary to
any Credit Party, (b) by a Subsidiary that is not a Credit Party and not required to be a Guarantor to any other Subsidiary and (c) subject to Section 6.24, by any Credit Party to any Foreign Subsidiary. 

6.12.3 A disposition of obsolete property or property no longer used in the business of the Borrower or any Subsidiary. 

6.12.4 So long as no Default or Unmatured Default has occurred, a disposition of assets for an aggregate purchase price of up
to $825,000,000 outstanding at any time pursuant to, and in accordance with, the Receivables Purchase Facilities. 
 6.12.5
The license or sublicense of software, trademarks, and other intellectual property in the ordinary course of business which do not materially interfere with the business of the Borrower or any Subsidiary. 

6.12.6 Consignment arrangements (as consignor or consignee) or similar arrangements for the sale of goods in the ordinary
course of business and consistent with the past practices of the Borrower and the Subsidiaries. 
 6.12.7 So long as no
Default or Unmatured Default shall have occurred and is continuing or would result therefrom, Asset Sales that (a) are for consideration consisting at least seventy-five percent (75%) of cash and (b) are for not less than fair market
value; provided that, immediately after giving effect (including giving effect on a pro forma basis) to such Asset Sale, the aggregate Disposition Value of all property that was the subject of all such Asset Sales occurring in the then
current fiscal year of the Borrower would not exceed 15% of Consolidated Total Assets as of the end of the then most recently completed fiscal year of the Borrower; provided still further, however, that if the Net
Proceeds Amount for any such Asset Sale is applied, within 90 days before or 365 days after the receipt thereof, (x) to prepay the Loans and other Senior Debt in accordance with Section 2.4.4 (in the case of any such prepayment
of other Senior Debt, subject to any rights of the holders of such other Senior Debt to decline such prepayments in accordance with the applicable terms of the documentation governing such other Senior Debt) or (y) to a Property Reinvestment
Application, then such Asset Sale, only for the purpose of determining compliance with this Section 6.12.7 as of any date, shall be deemed not constitute an Asset Sale. 

6.13 Investments and Acquisitions. The Borrower will not, and will not permit any Subsidiary to, make or suffer to exist any Investments
(including without limitation, loans and advances to, and other Investments in, Subsidiaries), or to create any Subsidiary or to become or remain a partner in any partnership or joint venture, or to make any Acquisition of any Person, except: 

6.13.1 Cash and Cash Equivalent Investments and other Investments that comply with the Borrower’s investment policy as in
effect on the Closing Date, a copy of which the Borrower has provided to the Administrative Agent. 
 6.13.2 Investments in
existence on the Closing Date and described in Schedule 6.13 and any renewal or extension of any such Investments that does not increase the amount of the Investment being renewed or extended as determined as of such date of renewal or
extension. 
 6.13.3 Investments in trade receivables or other investments received in connection with the bankruptcy or
reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business. 

  
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 6.13.4 Investments consisting of intercompany loans permitted under
Section 6.14.6. 
 6.13.5 All Acquisitions meeting the following requirements or otherwise approved by the Required
Lenders (each such Acquisition constituting a “Permitted Acquisition”): 
 (a) as of the date of the
consummation of such Acquisition, no Default or Unmatured Default shall have occurred and be continuing or would result from such Acquisition, and the representation and warranty contained in Section 5.11 shall be true both before and after
giving effect (including giving effect on a pro forma basis) to such Acquisition; 
 (b) such Acquisition is consummated on a
non-hostile basis pursuant to a negotiated acquisition agreement approved by the board of directors or other applicable governing body of the seller or entity to be acquired, and no material challenge to such
Acquisition (excluding the exercise of appraisal rights) shall be pending or threatened in writing by any shareholder or director of the seller or entity to be acquired; 

(c) the business to be acquired in such Acquisition is similar or related to one or more of the lines of business in which the
Borrower and the Subsidiaries are engaged on the Closing Date; 
 (d) as of the date of the consummation of such Acquisition,
all material governmental and corporate approvals required in connection therewith shall have been obtained; 
 (e) the
Borrower shall be in compliance with the financial covenants set forth in Sections 6.20 and 6.21 for the four fiscal quarter period reflected in the compliance certificate most recently delivered to the Administrative Agent pursuant to
Section 6.1.3 (or, if prior to such date, for the four fiscal quarter period ended as of the end of the most recent fiscal quarter set forth in the Quarterly Financial Statements) prior to the consummation of such Acquisition (after giving
effect (including giving effect on a pro forma basis) to such Acquisition and the issuance or assumption of any Indebtedness in connection therewith, in each case as if consummated on the first day of such period); 

(f) with respect to each Permitted Acquisition with respect to which the Purchase Price shall be greater than $200,000,000, not
less than fifteen (15) days prior to the consummation of such Permitted Acquisition, the Borrower shall have delivered to the Administrative Agent a pro forma consolidated balance sheet, income statement and cash flow statement of the
Borrower and the Subsidiaries (the “Acquisition Pro Forma”), based on the Borrower’s most recent financial statements delivered pursuant to Section 6.1.1 and using historical financial statements for the
acquired entity provided by the seller(s) or which shall be complete and shall fairly present, in all material respects, the financial condition and results of operations and cash flows of the Borrower and its Subsidiaries in accordance with
Agreement Accounting Principles, but taking into account such Permitted Acquisition and the repayment of any Indebtedness in connection with such Permitted Acquisition, and such Acquisition Pro Forma shall reflect that, on a pro forma
basis, the Borrower would have been in compliance with the financial covenants set forth in Sections 6.20 and 6.21 for the four fiscal quarter period reflected in the compliance certificate most recently delivered to the Administrative Agent
pursuant to Section 6.1.3 (or, if prior to such date, for the four fiscal quarter period ended as of the end of the most recent fiscal quarter set forth in the Quarterly Financial Statements) prior to the consummation of such Permitted
Acquisition (giving effect (including giving effect on a pro forma basis) to such Permitted Acquisition as if made on the first day of such period); and 

  
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 (g) the Borrower shall deliver to the Administrative Agent, in form and
substance acceptable to the Administrative Agent: 
 (i) concurrently with the consummation of each such Permitted
Acquisition, to the extent required under 6.23, a supplement to the Guaranty if the Permitted Acquisition is an Acquisition of Capital Stock and the target company will not be merged with the Borrower; and 

(ii) on or prior to the consummation of each such Permitted Acquisition with respect to which the Purchase Price shall be
greater than $200,000,000: 
 (A) the financial statements of the target entity together with any pro forma financial
statements, projections, forecasts and budgets prepared by the Borrower in connection therewith; 
 (B) a copy of the
acquisition agreement for such Acquisition, together with drafts of the material schedules thereto; 
 (C) a copy of all
documents, instruments and agreements with respect to any Indebtedness to be incurred or assumed in connection with such Acquisition; and 

(D) such other documents or information as shall be reasonably requested by the Administrative Agent or any Lender 

6.13.6 Investments constituting promissory notes and other non-cash consideration
received in connection with any transfer of assets permitted under Section 6.12.7. 
 6.13.7 Customer advances in the
ordinary course of business. 
 6.13.8 Extensions of customer or trade credit in the ordinary course of business consistent
with the Borrower’s and the Subsidiaries’ past practices. 
 6.13.9 Investments constituting Rate Management
Transactions permitted under Section 6.17. 
 6.13.10 Subject to Section 6.24, the creation or formation of new
Subsidiaries (as opposed to the Acquisition of new Subsidiaries), so long as all applicable requirements under Section 6.23 shall have been, or concurrently therewith are, satisfied. 

6.13.11 Investments constituting expenditures for any purchase or other acquisition of any asset which would be classified as a
fixed or capital asset on a consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with Agreement Accounting Principles to the extent otherwise permitted under this Agreement. 

  
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 6.13.12 Investments by (a) the Borrower and its Subsidiaries in any
Credit Party, (b) any Subsidiary which is not a Credit Party and is not required to be a Guarantor in any other Subsidiary which is not a Credit Party and is not required to be a Guarantor and (c) subject to Section 6.24, any Credit
Party in any Foreign Subsidiary. 
 6.13.13 Deposits made in the ordinary course of business and referred to in Sections
6.15.4, 6.15.6 and 6.15.7. 
 6.13.14 (a) Cash Investments constituting the initial capitalization of an SPV in connection
with the consummation of any Receivables Purchase Facility permitted under this Agreement in an aggregate amount (calculated based on aggregate of the initial cash capitalization amount of each such SPV) not to exceed $10,000,000, and (b) other
Investments in connection with any Receivables Purchase Facility permitted under this Agreement (including intercompany Indebtedness permitted under Section 6.14.4(b)). 

6.13.15 Additional Investments so long as at the time of and immediately after giving effect (including giving effect on a pro
forma basis) to such any such Investment (a) no Default or Unmatured Default exists or would result therefrom and (b) the aggregate amount of all Investments made pursuant to this Section 6.13.15 does not exceed $35,000,000 during the
term of this Agreement (calculated exclusive of any Investment made pursuant to this Section 6.13.15 if, at the time of and immediately after giving effect (including giving effect on a pro forma basis) to such Investment, the Leverage Ratio is
less than or equal to 2.50 to 1.00 on a pro forma basis for the four fiscal quarter period reflected in the compliance certificate most recently delivered to the Administrative Agent pursuant to Section 6.1.3 (or, if prior to such date,
for the four fiscal quarter period ended as of the end of the most recent fiscal quarter set forth in the Quarterly Financial Statements)). 
 For the
avoidance of doubt, for purposes of determining compliance with this Section 6.13, if an Investment meets the criteria of more than one of the types of Investments described in the above clauses, the Borrower, in its reasonable discretion,
shall classify, and from time to time may reclassify, such Investment and only be required to include the amount and type of such Investment in one of such clauses. 

6.14 Indebtedness. The Borrower will not, and will not permit any Subsidiary to, create, incur or suffer to exist any Indebtedness,
except: 
 6.14.1 The Obligations. 

6.14.2 Indebtedness existing on the Closing Date and described in Schedule 6.14, and any Permitted Refinancing thereof.

 6.14.3 Indebtedness arising under Rate Management Transactions permitted under Section 6.17; 

6.14.4 (a) Amounts owing under the Receivables Purchase Facilities, the principal amount of which shall not exceed $825,000,000
in the aggregate at any time and (b) subordinated intercompany Indebtedness owing to the Borrower or any Subsidiary of the Borrower by any SPV in connection with a Receivables Purchase Facility permitted hereunder. 

  
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 6.14.5 Secured or unsecured purchase money Indebtedness (including
Capitalized Leases) incurred by the Borrower or any Subsidiary after the Closing Date to finance the acquisition of assets used in its business, if (a) at the time of such incurrence, no Default or Unmatured Default has occurred and is
continuing or would result from such incurrence, (b) such Indebtedness does not exceed the lower of the fair market value or the cost of the applicable fixed assets on the date acquired, (c) such Indebtedness does not exceed $50,000,000 in
the aggregate outstanding at any time, and (d) any Lien securing such Indebtedness is permitted under Section 6.15 (such Indebtedness being referred to herein as “Permitted Purchase Money Indebtedness”). 

6.14.6 Indebtedness arising from intercompany loans and advances made by (a) the Borrower or any Subsidiary to any Credit
Party, provided that all such Indebtedness shall be expressly subordinated to the Obligations, (b) any Subsidiary that is not a Credit Party to any other Subsidiary that is not a Credit Party or (c) subject to Section 6.24, any
Credit Party to any Foreign Subsidiary. 
 6.14.7 Indebtedness assumed by the Borrower or any Subsidiary in connection with a
Permitted Acquisition but not created in contemplation of such event. 
 6.14.8 Indebtedness constituting Contingent
Obligations otherwise permitted by Section 6.19. 
 6.14.9 Indebtedness under (a) performance bonds and surety
bonds and (b) bank overdrafts and other Indebtedness arising in connection with customary cash management services outstanding for not more than five (5) Business Days, in each case incurred in the ordinary course of business. 

6.14.10 To the extent the same constitutes Indebtedness, obligations in respect of
earn-out arrangements permitted pursuant to a Permitted Acquisition. 
 6.14.11 (a)
Unsecured Indebtedness arising under the Note Purchase Agreements and the Senior Notes (and any guarantees in respect thereof), and (b) any Permitted Refinancing thereof; provided that, in the case of this clause (b), (i) no
Default or Unmatured Default shall be continuing as of the date of issuance thereof, (ii) the Borrower shall be in compliance with the financial covenants set forth in Sections 6.20 (without giving effect to any Temporary Increase Period) and
6.21 for the four fiscal quarter period reflected in the compliance certificate most recently delivered (prior to the issuance and use of proceeds of such Indebtedness) to the Administrative Agent pursuant to Section 6.1.3 (or, if prior to such
date, for the four fiscal quarter period ended as of the end of the most recent fiscal quarter set forth in the Quarterly Financial Statements) after giving effect (including giving effect on a pro forma basis) to the issuance of such Indebtedness
(and the use of proceeds thereof) as if made on the first day of such period and (iii) such Indebtedness shall be unsecured. 

6.14.12 Additional unsecured Indebtedness of the Borrower or any Subsidiary; provided that (w) no Default or
Unmatured Default shall be continuing as of the date of issuance or incurrence thereof or would result therefrom, (x) at the time of and immediately after giving effect (including giving effect on a pro forma basis) to the issuance or
incurrence of such Indebtedness (and the use of proceeds thereof), (i) the Borrower shall be in compliance on a pro forma basis for the four fiscal quarter period reflected in the compliance certificate most recently delivered to the
Administrative Agent pursuant to Section 6.1.3 (or, if prior to such date, for the four fiscal quarter period ended as of the end of the most recent fiscal quarter set forth in the Quarterly Financial Statements) with the financial covenants
set forth in Section 6.20 (without giving effect to any Temporary Increase Period) and Section 6.21 and (ii) the Leverage Ratio is less than or equal to 2.50 to 1.00 on a pro forma basis for the four fiscal quarter period
reflected in the compliance certificate most recently delivered to the Administrative Agent pursuant to Section 

  
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6.1.3 (or, if prior to such date, for the four fiscal quarter period ended as of the end of the most recent fiscal quarter set forth in the Quarterly Financial Statements), (y) such
Indebtedness shall have a maturity date no earlier than the Maturity Date, shall not provide for any mandatory principal prepayments or amortization prior to the Maturity Date in excess of one percent (1%) per year and shall have terms and
conditions (including covenants and events of default) that are not more restrictive in any material respect than those contained in this Agreement, as determined by the Borrower in good faith, and (z) the aggregate principal amount of all such
Indebtedness of Subsidiaries that are not Guarantors shall not exceed $35,000,000 at any time outstanding. 
 6.14.13
Customer deposits and advance payments received by the Borrower or any Subsidiary in the ordinary course of business from customers for goods or services purchased in the ordinary course of business. 

6.14.14 Indebtedness representing deferred compensation, stock-based compensation or retirement benefits to employees of the
Borrower or any Subsidiary incurred in the ordinary course of business. 
 6.14.15 Indebtedness of the Borrower or any
Subsidiary consisting of (A) Indebtedness owed to any insurance provider for the financing of insurance premiums so long as such Indebtedness shall not be in excess of the amount of such premiums, and shall be incurred only to defer the cost of
such premiums, for the annual period in which such Indebtedness is incurred or (B) take-or-pay obligations contained in supply arrangements, in each case incurred
in the ordinary course of business. 
 6.14.16 (a) Unsecured Indebtedness arising under the Existing Credit Agreement (and
any guarantees in respect thereof), and (b) any Permitted Refinancing thereof; provided that, in the case of this clause (b), (i) no Default or Unmatured Default shall be continuing as of the date of issuance thereof,
(ii) the Borrower shall be in compliance with the financial covenants set forth in Sections 6.20 (without giving effect to any Temporary Increase Period) and 6.21 for the four fiscal quarter period reflected in the compliance certificate most
recently delivered (prior to the issuance and use of proceeds of such Indebtedness) to the Administrative Agent pursuant to Section 6.1.3 (or, if prior to such date, for the four fiscal quarter period ended as of the end of the most recent
fiscal quarter set forth in the Quarterly Financial Statements) after giving effect (including giving effect on a pro forma basis) to the issuance of such Indebtedness (and the use of proceeds thereof) as if made on the first day of such period and
(iii) such Indebtedness shall be unsecured. 
 For the avoidance of doubt, for purposes of determining compliance with this Section 6.14, if an
item of Indebtedness meets the criteria of more than one of the types of Indebtedness described in the above clauses, the Borrower, in its reasonable discretion, shall classify, and from time to time may reclassify, such item of Indebtedness and
only be required to include the amount and type of such Indebtedness in one of such clauses; provided, that (i) all Indebtedness arising under the Note Purchase Agreements and the Senior Notes (and any guarantees in respect thereof) and
any Permitted Refinancing thereof shall be permitted to be outstanding only under Section 6.14.11 and (ii) all Indebtedness arising under the Existing Credit Agreement (and any guarantees in respect thereof) and any Permitted Refinancing
thereof shall be permitted to be outstanding only under Section 6.14.16. 
 6.15 Liens. The Borrower will not, and will not
permit any Subsidiary to, create, incur, or suffer to exist any Lien in, of or on the Property of the Borrower or any Subsidiary, except: 

6.15.1 Liens, if any, securing Obligations. 

  
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 6.15.2 Liens for taxes, assessments or governmental charges or levies on its
Property if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves in accordance with Agreement Accounting
Principles shall have been set aside on its books. 
 6.15.3 Liens imposed by law, such as landlords’, wage
earners’, carriers’, warehousemen’s and mechanics’ liens and other similar liens arising in the ordinary course of business which secure payment of obligations not more than 45 days past due or which are being contested in
good faith by appropriate proceedings and for which adequate reserves in accordance with Agreement Accounting Principles shall have been set aside on its books. 

6.15.4 Liens arising out of pledges or deposits under worker’s compensation laws, unemployment insurance, old age
pensions, or other social security or retirement benefits, or similar legislation. 
 6.15.5 Liens existing on the Closing
Date and described in Schedule 6.15. 
 6.15.6 Deposits securing liability to insurance carriers under insurance or
self-insurance arrangements. 
 6.15.7 Deposits to secure the performance of bids, trade contracts (other than for borrowed
money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business. 

6.15.8 Easements, reservations, rights-of-way,
restrictions, survey exceptions and other similar encumbrances as to real property of the Borrower and the Subsidiaries which customarily exist on properties of corporations engaged in similar activities and similarly situated and which are not
material in amount and that do not materially interfere with the conduct of the business of the Borrower or such Subsidiary conducted at the property subject thereto. 

6.15.9 Liens arising by reason of any judgment, decree or order of any court or other Governmental Authority, but only to the
extent and for an amount and for a period not resulting in a Default under Section 7.9. 
 6.15.10 Liens on receivables
and related assets (including, without limitation, (a) any interest in the equipment or inventory (including returned or repossessed goods), if any, the sale, financing or lease of which gave rise to the receivables, together with insurance
related thereto, (b) all security interests purporting to secure payment of the receivables, (c) all guaranties, insurance, letters of credit or other agreements supporting or securing payment of the receivables, (d) all contracts
associated with the receivables, (e) all collection accounts and lockbox accounts into which receivables payments are made, (f) all records relating to the receivables, and (g) all proceeds of the foregoing), arising in connection
with a Receivables Purchase Facility permitted under Section 6.14.4. 
 6.15.11 Liens existing on any specific fixed
asset of any Subsidiary of the Borrower at the time such Subsidiary becomes a Subsidiary and not created in contemplation of such event. 

6.15.12 Liens on any specific fixed asset securing Indebtedness incurred or assumed for the purpose of financing or refinancing
all or any part of the cost of acquiring or constructing such asset; provided that such Lien attaches to such asset concurrently with or within six (6) months after the acquisition or completion or construction thereof. 

  
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 6.15.13 Liens existing on any specific fixed asset of any Subsidiary of the
Borrower at the time such Subsidiary is merged or consolidated with or into the Borrower or any Subsidiary and not created in contemplation of such event. 

6.15.14 Liens existing on any specific fixed asset prior to the acquisition thereof by the Borrower or any Subsidiary and not
created in contemplation thereof; provided that such Liens do not encumber any other property or assets, other than improvements thereon and proceeds thereof. 

6.15.15 Liens arising out of the refinancing, extension, renewal or refunding of any Indebtedness secured by any Lien permitted
under Sections 6.15.5, 6.15.10, and 6.15.11 through 6.15.14; provided that (a) such Indebtedness is not secured by any additional assets, other than improvements thereon and proceeds thereof, and (b) the amount of such Indebtedness
secured by any such Lien is not increased. 
 6.15.16 Liens securing Permitted Purchase Money Indebtedness; provided
that such Liens shall not apply to any property of the Borrower or any Subsidiary other than that purchased with the proceeds of such Permitted Purchase Money Indebtedness, other than improvements thereon and proceeds thereof. 

6.15.17 Liens in respect of Capitalized Lease Obligations to the extent permitted hereunder and Liens arising under any
equipment, furniture or fixtures leases or Property consignments to the Borrower or any Subsidiary otherwise permitted under the Loan Documents. 

6.15.18 Licenses, leases or subleases granted to others in the ordinary course of business consistent with the Borrower’s
and the Subsidiaries’ past practices that do not materially interfere with the conduct of the business of the Borrower and the Subsidiaries taken as a whole. 

6.15.19 Statutory and contractual landlords’ Liens under leases to which the Borrower or any Subsidiary is a party. 

6.15.20 Liens in favor of a banking institution arising as a matter of applicable law encumbering deposits (including the right
of set-off) held by such banking institutions incurred in the ordinary course of business and which are within the general parameters customary in the banking industry. 

6.15.21 Liens in favor of customs and revenue authorities arising as a matter of applicable law to secure the payment of
customs’ duties in connection with the importation of goods. 
 6.15.22 Any interest or title of a lessor, sublessor,
licensee or licensor under any lease or license agreement permitted by this Agreement. 
 6.15.23 Liens not otherwise
permitted under this Section 6.15 to the extent attaching to Properties and assets with an aggregate fair market value not in excess of, and securing liabilities not in excess of, $25,000,000 in the aggregate at any one time outstanding. 

6.15.24 Liens on the properties or assets or any Foreign Subsidiary, whether now or hereafter acquired, securing Indebtedness
that is non-recourse to the Borrower or any Domestic Subsidiary, provided that the aggregate principal amount of Indebtedness secured by all such Liens does not exceed $5,000,000 at any time. 

  
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 6.15.25 Contractual rights of setoff or any contractual Liens or netting
rights, in each case arising in connection with Rate Management Transactions. 
 6.15.26 Precautionary Uniform Commercial
Code financing statements filed solely as a precautionary measure in connection with operating leases or consignment of goods. 

6.15.27 Liens on specific items of inventory or other goods and the proceeds thereof securing obligations in respect of
documentary letters of credit or bankers’ acceptances issued or created for the account of the Borrower or any Subsidiary in the ordinary course of business to facilitate the purchase, shipment or storage of such inventory or other goods. 

6.16 Affiliates. The Borrower will not enter into, directly or indirectly, and will not permit any Subsidiary to enter into, directly or
indirectly, any transaction (including, without limitation, the purchase or sale of any Property or service) with, or make any payment or transfer to, any Affiliate (other than the Borrower and the Guarantors) except (a) in the ordinary course
of business and pursuant to the reasonable requirements of the Borrower’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary than the Borrower or such Subsidiary would
obtain in a comparable arm’s-length transaction and (b) in connection with any Receivables Purchase Facility permitted under Section 6.14.4. 

6.17 Financial Contracts. The Borrower will not, and will not permit any Subsidiary to, enter into or remain liable upon any Rate
Management Transactions except for those entered into (a) by the Borrower and its Subsidiaries in the ordinary course of business for bona fide hedging purposes and not for speculative purposes and (b) by any SPV in connection with a
Receivables Purchase Facility permitted hereunder. 
 6.18 Subsidiary Covenants. The Borrower will not, and will not permit any
Subsidiary (other than any SPV) to, create or otherwise cause to become effective any consensual encumbrance or restriction of any kind on the ability of any Subsidiary (other than any SPV) (a) to pay dividends or make any other distribution on
its stock, (b) to pay any Indebtedness or other obligation owed to the Borrower or any Subsidiary, (c) to make loans or advances or other Investments in the Borrower or any Subsidiary, or (d) to sell, transfer or otherwise convey any
of its property to the Borrower or any Subsidiary, except for such encumbrances or restrictions existing under or by reason of (i) this Agreement, the other Loan Documents, the Existing Credit Agreement, the Note Purchase Agreements and the
Receivables Purchase Documents, (ii) customary provisions restricting subletting or assignment of any lease governing any leasehold interest of the Borrower or any of its Subsidiaries, (iii) customary provisions restricting assignment of
any licensing agreement or other contract entered into by Borrower and its Subsidiaries in the ordinary course of business, (iv) restrictions on the transfer of any asset pending the close of the sale of such asset, (v) restrictions on the
transfer of any assets subject to a Lien permitted by Section 6.15, (vi) agreements binding on Property or Persons acquired in a Permitted Acquisition or Investment permitted hereunder, not entered into in contemplation of such Permitted
Acquisition or such Investment and not applicable to any Person other than the Person acquired, or to any Property other than the Property so acquired, and (vii) customary provisions restricting Liens on assets of and interests in joint
ventures. 
 6.19 Contingent Obligations. The Borrower will not, and will not permit any Subsidiary to, make or suffer to exist any
Contingent Obligation (including, without limitation, any Contingent Obligation with respect to the obligations of a Subsidiary), except Contingent Obligations arising with respect to (a) this Agreement and the other Loan Documents,
(b) customary indemnification obligations in favor of purchasers in connection with asset dispositions permitted hereunder, (c) customary indemnification obligations under such Person’s charter and bylaws (or equivalent formation
documents), (d) indemnities in favor of the Persons issuing title insurance policies insuring the title to any property, (e) guarantees of 

  
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(i) real property leases of the Borrower and its Subsidiaries and (i) personal property Operating Leases of the Borrower and its Subsidiaries, in each case entered into in the ordinary
course of business by the Borrower or any of the Subsidiaries, (f) the Receivables Purchase Facility, (g) the Existing Credit Agreement (or any Indebtedness constituting a Permitted Refinancing thereof) and (h) other Contingent
Obligations constituting guarantees of Indebtedness of the Borrower or any of its Subsidiaries permitted under Section 6.14, provided that to the extent such Indebtedness is subordinated to the Obligations, each such Contingent
Obligation shall be subordinated to the Obligations on terms reasonably acceptable to the Administrative Agent. 
 6.20 Leverage
Ratio. The Borrower will maintain, as of the end of each fiscal quarter ending on or after January 25, 2020, a Leverage Ratio of not greater than 3.50 to 1.00; provided that, upon notice by the Borrower to the Administrative Agent,
as of the last day of the fiscal quarter in which a Qualified Acquisition is consummated and the last day of each of the four consecutive fiscal quarters ending immediately after such initial fiscal quarter in which such Qualified Acquisition was
consummated, the maximum Leverage Ratio permitted under this Section 6.20 shall be increased to 4.00 to 1.00 (any such period, a “Temporary Increase Period”); provided further that no Temporary Increase Period
shall be available during the two (2) consecutive fiscal quarters occurring immediately after any Temporary Increase Period shall have concluded. 

6.21 Interest Expense Coverage Ratio. The Borrower will maintain, as of the end of each fiscal quarter ending on or after
January 25, 2020, an Interest Expense Coverage Ratio of not less than 3.00 to 1.00. 
 6.22 [RESERVED]. 

6.23 Additional Subsidiary Guarantors. The Borrower shall execute or shall cause to be executed on the date any Person becomes a
Material Domestic Subsidiary of the Borrower (other than an SPV and other than any Person that is already a Guarantor under the Guaranty), a supplement to the Guaranty pursuant to which such Material Domestic Subsidiary shall become a Guarantor, and
shall deliver or cause to be delivered to the Administrative Agent all appropriate corporate resolutions and other documentation (including opinions of counsel) in each case in form and substance reasonably satisfactory to the Administrative Agent.
If at any time (a) the aggregate assets of all of the Borrower’s Domestic Subsidiaries that are not Guarantors under the Guaranty exceeds 20% of the consolidated total assets of the Borrower and its Subsidiaries, or (b) the aggregate
Consolidated Adjusted Net Income for the four consecutive fiscal quarters most recently ended of all of the Borrower’s Domestic Subsidiaries that are not Guarantors under the Guaranty exceeds 20% of the Borrower’s Consolidated Adjusted Net
Income for such period, the Borrower will, within 30 days after its senior management becomes aware (or reasonably should have become aware) of such event, cause to be executed and delivered to the Administrative Agent a supplement to the
Guaranty (together with such other documents, opinions and information as the Administrative Agent may require) with respect to additional Domestic Subsidiaries to the extent necessary so that, after giving effect thereto, the threshold levels in
clauses (a) and (b) above are not exceeded. 
 6.24 Foreign Subsidiary Investments. The Borrower will not, and will not
permit any other Credit Party to, enter into or suffer to exist Foreign Subsidiary Investments at any time in an aggregate amount greater than $500,000,000. 

6.25 Subordinated Indebtedness. The Borrower will not, and will not permit any Subsidiary to, make any amendment or modification to the
indenture, note or other agreement evidencing or governing any Subordinated Indebtedness, or directly or indirectly voluntarily prepay, defease or in substance defease, purchase, redeem, retire or otherwise acquire, any Subordinated Indebtedness.

  
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 6.26 Sale of Accounts. The Borrower will not, and will not permit any Subsidiary to,
sell or otherwise dispose of any notes receivable or accounts receivable, with or without recourse, except to the extent permitted by Section 6.12.4. 

6.27 Anti-Corruption Laws. The Borrower will not, and will not permit any Subsidiary to, directly or indirectly use the proceeds of the
Loans for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions. 

6.28 Most Favored Lender Status. If the Borrower suffers to exist any terms or conditions (other than any gross leverage test applicable
under the 2018 Note Purchase Agreement, the 2011 Note Purchase Agreement or the 2015 Note Purchase Agreement, in each case as in effect as of the Closing Date), or enters into any amendment or other modification, of the Existing Credit Agreement,
the Note Purchase Agreements, the Senior Notes or any notes, indenture or other agreements evidencing Indebtedness incurred pursuant to clause (b) of Section 6.14.11, pursuant to Section 6.14.12 or pursuant to clause (b) of
Section 6.14.16 (collectively, “Other Specified Indebtedness”) that (i) results in one or more additional or more restrictive Financial Covenants than those contained in this Agreement or (ii) solely in the case of
Other Specified Indebtedness permitted under Section 6.14.16, results in any term, condition or provision (including, for the avoidance of doubt, any covenant, representation, default, security, guaranty or mandatory prepayment) that is not
included in this Agreement or the other Loan Documents or otherwise differs from the similar or equivalent term, condition or provision set forth in this Agreement or the other Loan Documents in any material respect, then, in each case, the terms of
this Agreement or such other applicable Loan Document, without any further action on the part of the Borrower, the Administrative Agent or any of the Lenders, will unconditionally be deemed on the Closing Date or the date of execution of any such
amendment or other modification, as applicable, to be automatically amended to include each such additional or more restrictive Financial Covenant or other term, condition or provision, together with all definitions relating thereto, and any event
of default in respect of any such additional or more restrictive covenant(s) so included herein shall be deemed to be a Default under Section 7.3, subject to all applicable terms and provisions of this Agreement, including, without limitation,
all grace periods, all limitations in application, scope or duration, and all rights and remedies exercisable by the Administrative Agent and the Lenders hereunder. For purposes of this Section 6.28, “Financial Covenant” means
any covenant (or other provision having similar effect) the subject matter of which pertains to measurement of the Borrower’s financial condition or financial performance, including a measurement of the Borrower’s leverage, ability to
cover expenses, earnings, net income, fixed charges, interest expense, net worth or other component of the Borrower’s consolidated financial position or results of operations (however expressed and whether stated as a ratio, a fixed threshold,
as an event of default or otherwise). 
 ARTICLE VII 

DEFAULTS 
 The occurrence
of any one or more of the following events shall constitute a Default: 
 7.1. Any representation or warranty made or deemed made by or on
behalf of the Borrower or any Subsidiary to the Lenders or the Administrative Agent under or in connection with this Agreement, the Loans, or any certificate or information delivered in connection with this Agreement or any other Loan Document shall
be false in any material respect on the date as of which made or deemed made. 
 7.2. Nonpayment of (a) principal of any Loan when due,
or (b) interest upon any Loan, any Ticking Fee or other Obligations under any of the Loan Documents within three (3) days after such interest, fee or other Obligation becomes due. 

  
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 7.3. The breach by the Borrower of any of the terms or provisions of any of Sections 6.1
through 6.3 or any of Sections 6.10 through 6.27. 
 7.4. The breach by the Borrower (other than a breach which constitutes a Default under
another Section of this Article VII) or any other Credit Party of any of the terms or provisions of this Agreement or any other Loan Document to which it is a party which is not remedied within thirty (30) days after the earlier to occur of
(a) written notice from the Administrative Agent or any Lender to the Borrower or (b) an Authorized Officer of the Borrower otherwise become aware of any such breach. 

7.5. Failure of the Borrower or any Subsidiary to pay when due any Material Indebtedness (beyond the applicable grace period with respect
thereto, if any); or the default by the Borrower or any Subsidiary in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any Material Indebtedness Agreement, or any
other event shall occur or condition exist, the effect of which default, event or condition is to cause, or to permit the holder(s) of such Material Indebtedness or the lender(s) under any Material Indebtedness Agreement to cause, such Material
Indebtedness to become due prior to its stated maturity or any commitment to lend under any Material Indebtedness Agreement to be terminated prior to its stated expiration date; or any Material Indebtedness of the Borrower or any Subsidiary shall be
declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; or the Borrower or any Subsidiary shall not pay, or admit in writing its inability to pay,
its debts generally as they become due; provided that this Section 7.5 shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such
sale or transfer is permitted hereunder. 
 7.6. Any Credit Party or any Material Subsidiary shall (a) have an order for relief entered
with respect to it under any Debtor Relief Law, (b) make an assignment for the benefit of creditors, (c) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar
official for it or any Substantial Portion of its Property, (d) institute any proceeding seeking an order for relief under any Debtor Relief Law or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up,
liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any Debtor Relief Law or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (e) take
any corporate or partnership action to authorize or effect any of the foregoing actions set forth in this Section 7.6 or (f) fail to contest in good faith any appointment or proceeding described in Section 7.7. 

7.7. A receiver, trustee, examiner, liquidator or similar official shall be appointed for any Credit Party or any Material Subsidiary or any
Substantial Portion of its Property, or a proceeding described in Section 7.6(d) shall be instituted against any Credit Party or any Material Subsidiary and such appointment continues undischarged or such proceeding continues undismissed or
unstayed for a period of 30 consecutive days. 
 7.8. Any court, government or governmental agency shall condemn, seize or otherwise
appropriate, or take custody or control of, all or any portion of the Property of the Borrower and the Subsidiaries which, when taken together with all other Property of the Borrower and the Subsidiaries so condemned, seized, appropriated, or taken
custody or control of, during the twelve-month period ending with the month in which any such action occurs, constitutes a Substantial Portion. 

7.9. The Borrower or any Subsidiary shall fail within 30 days to pay, bond or otherwise discharge one or more (a) judgments or orders
for the payment of money in excess of $20,000,000 (or the equivalent thereof in currencies other than Dollars) in the aggregate (excluding the amount of any insurance coverage by insurance companies with the financial ability to pay the same and who
have agreed in writing 

  
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to cover the applicable claim(s)), or (b) nonmonetary judgments or orders which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, which
judgment(s), in any such case, is/are not (i) stayed on appeal or otherwise being appropriately contested in good faith or (ii) paid in full by third-party insurers under the Borrower’s or any Subsidiary’s insurance policies.

 7.10. The Unfunded Liabilities of all Single Employer Plans shall exceed $20,000,000 in the aggregate, or any Reportable Event shall occur
in connection with any Plan. 
 7.11. [Reserved] 

7.12. Any Change in Control shall occur. 

7.13. The Borrower or any other member of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan that it has
incurred, pursuant to Section 4201 of ERISA, withdrawal liability to such Multiemployer Plan in an amount which, when aggregated with all other amounts required to be paid to Multiemployer Plans by the Borrower or any other member of the
Controlled Group as withdrawal liability (determined as of the date of such notification), exceeds $20,000,000 or requires payments exceeding $20,000,000 per annum. 

7.14. The Borrower or any other member of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan that such
Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, if as a result of such reorganization or termination the aggregate annual contributions of the Borrower and the other members of the
Controlled Group (taken as a whole) to all Multiemployer Plans which are then in reorganization or being terminated have been or will be increased, in the aggregate, over the amounts contributed to such Multiemployer Plans for the respective plan
years of such Multiemployer Plans immediately preceding the plan year in which the reorganization or termination occurs by an amount exceeding $20,000,000. 

7.15. The Borrower or any Subsidiary shall (a) be the subject of any proceeding or investigation pertaining to the release by the Borrower
or any Subsidiary or any other Person of any toxic or hazardous waste or substance into the indoor or outdoor environment, or (b) violate any Environmental Law, which, in the case of an event described in clause (a) or clause (b), has
resulted in liability to the Borrower or any Subsidiary in an amount equal to $20,000,000 (excluding the amount of any insurance coverage by insurance companies with the financial ability to pay the same and who have agreed in writing to cover the
applicable claim(s)) or more, which liability is not paid, bonded or otherwise discharged within 60 days or which is not stayed on appeal and being appropriately contested in good faith. 

7.16. Any Loan Document shall fail to remain in full force or effect against the Borrower or any Subsidiary, or the Borrower or any Subsidiary
shall assert that its obligations thereunder are discontinued, invalid or unenforceable for any reason or any action shall be taken or shall fail to be taken to discontinue or to assert the invalidity or unenforceability of, or which results in the
discontinuation or invalidity or unenforceability of, any Loan Document. 
 7.17. An event (such event, an “Off-Balance Sheet Trigger Event”) shall occur which (a) permits the investors or purchasers in respect of Off-Balance Sheet Liabilities of the Borrower or any
Affiliate of the Borrower to require the amortization or liquidation of such Off-Balance Sheet Liabilities as a result of the non-payment of any Off-Balance Sheet Liability having an aggregate outstanding principal amount (or similar outstanding liability) greater than or equal to $10,000,000 and (x) such
Off-Balance Sheet Trigger Event shall not be remedied or waived within the later to occur of the tenth day after the occurrence thereof or the expiry date of any grace period related thereto under the
agreement evidencing such Off-Balance Sheet Liabilities, or (y) such investors shall require the amortization or liquidation of 

  
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such Off-Balance Sheet Liabilities as a result of such Off-Balance Sheet Trigger Event, (b) results in the
termination of reinvestments of collections or proceeds of receivables and related assets under the agreements evidencing such Off-Balance Sheet Liabilities, or (c) causes or otherwise permits the
replacement or substitution of the Borrower or any Affiliate thereof as the servicer under the agreements evidencing such Off-Balance Sheet Liabilities; provided, however, that this
Section 7.17 shall not apply on any date with respect to (i) any voluntary request by the Borrower or an Affiliate thereof for an above-described amortization, liquidation, or termination of reinvestments so long as the aforementioned
investors or purchasers cannot independently require on such date such amortization, liquidation or termination of reinvestments or (ii) any scheduled amortization or liquidation at the stated maturity of the facility evidencing such Off-Balance Sheet Liabilities. 
 ARTICLE VIII 

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

8.1 Acceleration. (a) If any Default described in Section 7.6 or 7.7 occurs with respect to any Credit Party, the obligations
of the Lenders to make Loans hereunder shall automatically terminate and the Obligations shall immediately become due and payable without any election or action on the part of the Administrative Agent or any Lender. Without prejudice to the
provisions of Section 4.2, if any other Default occurs, the Required Lenders (or the Administrative Agent with the consent of the Required Lenders) may terminate or suspend the obligations of the Lenders to make Loans hereunder, or declare the
Obligations to be due and payable, or both, whereupon the Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives. 

(b) If, after acceleration of the maturity of the Obligations or termination of the obligations of the Lenders to make Loans
hereunder as a result of any Default (other than any Default as described in Section 7.6 or 7.7 with respect to any Credit Party) and before any judgment or decree for the payment of the Obligations due shall have been obtained or entered, the
Required Lenders (in their sole discretion) shall so direct, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination. 

8.2 Amendments. (a) Subject to the provisions of this Section 8.2, the Required Lenders (or the Administrative Agent with the
consent in writing of the Required Lenders) and the Borrower may enter into agreements supplemental hereto for the purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the Lenders or the
Borrower hereunder or thereunder or waiving any Default hereunder or thereunder; provided, however, that no such supplemental agreement shall: 

(i) Without the consent of each Lender adversely affected thereby, extend the Maturity Date or extend the final maturity of
any Loan or postpone any regularly scheduled payment of principal of any Loan or forgive all or any portion of the principal amount thereof, or reduce the rate or extend the time of payment of interest or fees thereon (other than (x) a waiver
of the application of the default rate of interest pursuant to Section 2.12 hereof, which shall only require the approval of the Required Lenders, (y) any amendment or modification of the financial covenants in this Agreement (or defined
terms used in the financial covenants in this Agreement), which shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i) and (z) any reduction of the amount of, or any extension of the payment date for,
the mandatory prepayments required under Section 2.4.4, in each case which shall only require the approval of the Required Lenders). 

  
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 (ii) Without the consent of each Lender (other than Defaulting Lenders),
(1) reduce the percentage specified in the definition of “Required Lenders” or any other percentage of Lenders specified to be the applicable percentage in this Agreement to act on specified matters or (2) amend the definition of
“Pro Rata Share”. 
 (iii) Increase the amount of the Commitment of any Lender hereunder without the consent of
such Lender. 
 (iv) Without the consent of each Lender (other than Defaulting Lenders), amend this Section 8.2. 

(v) Without the consent of each Lender (other than Defaulting Lenders), permit the Borrower to assign its rights or
obligations under this Agreement or release the Borrower from its obligations under Article XVI; 
 (vi) Without the consent
of each Lender (other than Defaulting Lenders), other than in connection with a transaction permitted under this Agreement, release any Guarantor that remains a Material Domestic Subsidiary from its obligations under the Guaranty. 

(vii) [Reserved]. 

(viii) [Reserved]. 

(ix) Extend or increase the amount of the Commitment of any Defaulting Lender hereunder without the consent of such Defaulting
Lender. 
 (x) Effect any waiver, amendment or modification with respect to this Agreement, in each case requiring the
consent of all Lenders or each Lender adversely affected thereby, without the consent of each Defaulting Lender that is affected differently from the other Lenders affected thereby. 

(b) No amendment of any provision of this Agreement relating to the Administrative Agent shall be effective without the written
consent of the Administrative Agent. The Administrative Agent may waive payment of the fee required under Section 12.3.3 without obtaining the consent of any other party to this Agreement. 

(c) Notwithstanding the foregoing, (i) this Agreement may be amended (x) in accordance with and pursuant to
Section 3.3 solely with the consent of the parties specified therein and (y) as otherwise provided in the Fee Letter with the consent of the parties specified therein and (ii) this Agreement may be amended (or amended and restated)
with the written consent of the Required Lenders, the Administrative Agent and the Borrower (x) to add one or more credit facilities to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued
interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such
credit facilities in any determination of the Required Lenders and the Lenders. 

  
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 (d) Notwithstanding anything to the contrary herein the Administrative Agent
may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency. 

8.3 Preservation of Rights. No delay or omission of the Lenders or the Administrative Agent to exercise any right under the Loan
Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan notwithstanding the existence of a Default or Unmatured Default or the inability of a Borrower to satisfy the
conditions precedent to such Loans shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or
other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by, or by the Administrative Agent with the consent of, the requisite number of Lenders required pursuant to
Section 8.2, and then only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent and the Lenders until
all of the Obligations have been paid in full. 
 ARTICLE IX 

GENERAL PROVISIONS 
 9.1
Survival of Representations. All representations and warranties of the Borrower contained in this Agreement shall survive the making of the Loans herein contemplated. 

9.2 Governmental Regulation. Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be obligated to
extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 
 9.3
Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the provisions of the Loan Documents. 

9.4 Entire Agreement. The Loan Documents embody the entire agreement and understanding among the Borrower, the Administrative Agent and
the Lenders and supersede all prior agreements and understandings among the Borrower, the Administrative Agent and the Lenders relating to the subject matter thereof other than those contained in the Fee Letter, which shall survive and remain in
full force and effect during the term of this Agreement. 
 9.5 Several Obligations; Benefits of this Agreement. The respective
obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to perform any
of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their
respective successors and assigns, provided, however, that the parties hereto expressly agree that the Arranger shall enjoy the benefits of the provisions of Sections 9.6, 9.10 and 10.11 to the extent specifically set forth therein and
shall have the right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this Agreement. 

  
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 9.6 Expenses; Indemnification. 

(a) The Borrower shall reimburse the Administrative Agent and the Arranger for any reasonable costs, internal charges and out-of-pocket expenses (including outside attorneys’ and paralegals’ fees and, with the consent of the Borrower (provided that no such consent shall be
required if a Default shall be continuing), expenses of and fees for other advisors and professionals engaged by the Administrative Agent or the Arranger) paid or incurred by the Administrative Agent or the Arranger in connection with the
investigation, preparation, negotiation, documentation, execution, delivery, syndication, distribution (including, without limitation, via the Internet), review, amendment, modification and administration of the Loan Documents. The Borrower also
agrees to reimburse the Administrative Agent, the Arranger and the Lenders for any costs, internal charges and out-of-pocket expenses (including outside attorneys’
and paralegals’ fees and expenses of outside attorneys and paralegals for the Administrative Agent, the Arranger and the Lenders) paid or incurred by the Administrative Agent, the Arranger or any Lender in connection with the collection and
enforcement of the Loan Documents. Expenses being reimbursed by the Borrower under this Section include, without limitation, costs and expenses incurred in connection with the Reports described in the following sentence. The Borrower acknowledges
that from time to time MUFG may prepare and may distribute to the Lenders (but shall have no obligation or duty to prepare or to distribute to the Lenders) certain audit reports (the “Reports”) pertaining to the Borrower’s
assets for internal use by MUFG from information furnished to it by or on behalf of the Borrower, after MUFG has exercised its rights of inspection pursuant to this Agreement. 

(b) The Borrower hereby further agrees to indemnify the Administrative Agent, the Arranger, each Lender and their respective
affiliates and each of their partners, directors, officers and employees, trustees, investment advisors, attorneys, advisors and agents against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without
limitation, all expenses of litigation or preparation therefor whether or not the Administrative Agent, the Arranger, any Lender or any affiliate is a party thereto, settlement costs and all outside attorneys’ and paralegals’ fees and
expenses of outside attorneys and paralegals of the party seeking indemnification) (collectively, “Losses”) which any of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents and the other
transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any Loan hereunder (including, in each case, any Losses pursuant to Environmental Laws) except to the extent that they are determined
in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the party seeking indemnification. The obligations of the Borrower
under this Section 9.6 shall survive the termination of this Agreement. 
 9.7 Numbers of Documents. All statements, notices,
closing documents, and requests hereunder shall be furnished to the Administrative Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders, to the extent that the Administrative Agent deems
necessary. 
 9.8 Accounting. Except as provided to the contrary herein, all accounting terms used in the calculation of any financial
covenant or test shall be interpreted and all accounting determinations hereunder in the calculation of any financial covenant or test shall be made in accordance with Agreement Accounting Principles. If any changes in generally accepted accounting
principles are hereafter required or permitted and are adopted by the Borrower or any Subsidiary with the agreement of its independent certified public accountants and such changes result in a change in the method of calculation of any of the
financial covenants, tests, restrictions or standards herein or in the related definitions or terms used therein 

  
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(“Accounting Changes”), the parties hereto agree, at the Borrower’s request, to enter into negotiations, in good faith, in order to amend such provisions in a credit neutral
manner so as to reflect equitably such changes with the desired result that the criteria for evaluating the Borrower’s and its Subsidiaries’ financial condition shall be the same after such changes as if such changes had not been made;
provided, however, until such provisions are amended in a manner reasonably satisfactory to the Administrative Agent and the Required Lenders, no Accounting Change shall be given effect in such calculations. In the event such amendment
is entered into, all references in this Agreement to Agreement Accounting Principles shall mean generally accepted accounting principles, including the Accounting Change, as of the date of such amendment. Notwithstanding the foregoing, all financial
statements to be delivered by the Borrower pursuant to Section 6.1 shall be prepared in accordance with generally accepted accounting principles in effect at such time. 

9.9 Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any
jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to
this end the provisions of all Loan Documents are declared to be severable. 
 9.10 Nonliability of Lenders. The relationship between
the Borrower on the one hand and the Lenders and the Administrative Agent on the other hand shall be solely that of borrower and lender. Neither the Administrative Agent (except to the limited extent as provided by Section 12.3.4 relating to
maintaining the Register), the Arranger, nor any Lender shall have any fiduciary responsibilities to the Borrower or any other Credit Party. Neither the Administrative Agent, the Arranger nor any Lender undertakes any responsibility to the Borrower
or any other Credit Party to review or inform any Credit Party of any matter in connection with any phase of any Credit Party’s business or operations. The Borrower agrees that neither the Administrative Agent, the Arranger, nor any Lender
shall have liability to the Borrower (whether sounding in tort, contract or otherwise) for losses suffered by the Borrower in connection with, arising out of, or in any way related to, the transactions contemplated and the relationship established
by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final non-appealable judgment by a court of competent jurisdiction that such losses resulted
from the gross negligence or willful misconduct of the party from which recovery is sought. Neither the Administrative Agent, the Arranger nor any Lender shall have any liability with respect to, and the Borrower hereby waives, releases and agrees
not to sue for, any special, indirect, consequential or punitive damages suffered by the Borrower or any Subsidiary in connection with, arising out of, or in any way related to the Loan Documents or the transactions contemplated thereby. 

9.11 Confidentiality. Each Lender agrees to hold any confidential information which it may receive from the Borrower pursuant to this
Agreement in confidence in accordance with its respective customary practices (but in any event in accordance with reasonable confidentiality practices), except for disclosure (a) to its Affiliates and to other Lenders and their respective
Affiliates, for use solely in connection with the transactions contemplated hereby, (b) to legal counsel, accountants, and other professional advisors to such Lender or to a Transferee who are expected to be involved in the evaluation of such
information in connection with the transactions contemplated hereby, in each case which have been informed as to the confidential nature of such information, (c) to regulatory officials having jurisdiction over it, (d) to any Person as
required by law, regulation, or legal process, (e) of information that presently or hereafter becomes available to such Lender on a non-confidential basis from a source other than the Borrower and other
than as a result of disclosure not otherwise permitted by this Section 9.11, (f) to any Person in connection with any legal proceeding to which such Lender is a party, (g) to such Lender’s direct or indirect contractual
counterparties in credit derivative transactions or to legal counsel, accountants and other professional advisors to such counterparties, in each case which have been informed as to the confidential nature of such information, (h) permitted by
Section 12.4, (i) to rating agencies if requested or 

  
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required by such agencies in connection with a rating relating to the Loans hereunder, (j) with the prior consent of the Borrower and (k) of information that (i) was or becomes
publicly available other than as a result of a breach of this Section 9.11, (ii) was or becomes independently developed by the Administrative Agent, any Lender or any of their respective Affiliates or (iii) pertains to this Agreement
that is routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry. Without limiting Section 9.4, the Borrower agrees that the terms of this Section 9.11 shall set forth the
entire agreement between the Borrower and each Lender (including the Administrative Agent) with respect to any confidential information previously or hereafter received by such Lender in connection with this Agreement or any other Loan Document, and
this Section 9.11 shall supersede any and all prior confidentiality agreements entered into by such Lender with respect to such confidential information. 

9.12 Lenders Not Utilizing Plan Assets. Each Lender and Designated Lender represents and warrants that none of the consideration used by
such Lender or Designated Lender to make its Loans constitutes for any purpose of ERISA or Section 4975 of the Code assets of any “plan” as defined in Section 3(3) of ERISA or Section 4975 of the Code and the rights and
interests of such Lender or Designated Lender in and under the Loan Documents shall not constitute such “plan assets” under ERISA. 

9.13 Nonreliance. Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined in Regulation U) as
collateral in the extension or maintenance of the credit provided for herein. 
 9.14 Disclosure. The Borrower and each Lender hereby
acknowledge and agree that each Lender and/or its Affiliates from time to time may hold investments in, make other loans to or have other relationships with the Borrower and its Affiliates. 

9.15 Performance of Obligations. The Borrower agrees that the Administrative Agent may, but shall have no obligation to (a) at any
time, pay or discharge taxes, liens, security interests or other encumbrances levied or placed on or threatened against any collateral for the Obligations and (b) after the occurrence and during the continuance of a Default make any other
payment or perform any act required of the Borrower or any Subsidiary under any Loan Document or take any other action which the Administrative Agent in its discretion deems necessary or desirable to protect or preserve the collateral, if any, for
the Obligations, including, without limitation, any action to (x) effect any repairs or obtain any insurance called for by the terms of any of the Loan Documents and to pay all or any part of the premiums therefor and the costs thereof and
(y) pay any rents payable by the Borrower or any Subsidiary which are more than 30 days past due, or as to which the landlord has given notice of termination, under any lease. The Administrative Agent shall use its best efforts to give the
Borrower notice of any action taken under this Section 9.15 prior to the taking of such action or promptly thereafter; provided the failure to give such notice shall not affect the Borrower’s obligations in respect thereof. The
Borrower agrees to pay the Administrative Agent, upon demand, the principal amount of all funds advanced by the Administrative Agent under this Section 9.15, together with interest thereon at the rate from time to time applicable to Floating
Rate Loans from the date of such advance until the outstanding principal balance thereof is paid in full. If the Borrower fails to make payment in respect of any such advance under this Section 9.15 within one (1) Business Day after the
date the Borrower receives written demand therefor from the Administrative Agent, the Administrative Agent shall promptly notify each Lender and each Lender agrees that it shall thereupon make available to the Administrative Agent, in Dollars in
immediately available funds, the amount equal to such Lender’s Pro Rata Share of such advance. If such funds are not made available to the Administrative Agent by such Lender within one (1) Business Day after the Administrative
Agent’s demand therefor, the Administrative Agent will be entitled to recover any such amount from such Lender together with interest thereon at the Federal Funds Effective Rate for each day during the period commencing on the date of such
demand and ending on the date such amount is received. The failure of any Lender to make available to the Administrative Agent its Pro Rata Share of any such unreimbursed 

  
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advance under this Section 9.15 shall neither relieve any other Lender of its obligation hereunder to make available to the Administrative Agent such other Lender’s Pro Rata Share of
such advance on the date such payment is to be made nor increase the obligation of any other Lender to make such payment to the Administrative Agent. All outstanding principal of, and interest on, advances made under this Section 9.15 shall
constitute Obligations until paid in full by the Borrower. 
 9.16 Relations Among Lenders. 

9.16.1 No Action Without Consent. Except with respect to the exercise of setoff rights of any Lender in accordance with
Section 11.1, the proceeds of which are applied in accordance with this Agreement, each Lender agrees that it will not take any action, nor institute any actions or proceedings, against the Borrower or any other obligor hereunder or with
respect to any Loan Document, without the prior written consent of the Required Lenders or, as may be provided in this Agreement or the other Loan Documents, with the consent of the Administrative Agent. 

9.16.2 Not Partners; No Liability. The Lenders are not partners or co-venturers,
and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative Agent) authorized to act for, any other Lender. The Administrative Agent shall have the exclusive right on behalf of
the Lenders to enforce the payment of the principal of and interest on any Loan after the date such principal or interest has become due and payable pursuant to the terms of this Agreement. 

9.17 USA Patriot Act Notification. Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “USA Patriot Act”) hereby notifies the Credit Parties that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify
and record information that identifies each Credit Party, which information includes the name, address and tax identification number of such Credit Party and other information that will allow such Lender to identify the Credit Parties in accordance
with the USA Patriot Act. 
 9.18 Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the
interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall
be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds
Effective Rate to the date of repayment, shall have been received by such Lender. 
 9.19 No Advisory or Fiduciary Responsibility. In
connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (a) (i) the
arranging and other services regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Lenders and their
Affiliates, on the other hand, (ii) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) the Borrower is capable of evaluating, and understands and accepts,
the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) each of the Lenders and their Affiliates is and has been acting solely as a principal and, except as expressly agreed in
writing by the relevant parties, has not been, is not, and will not be acting as an advisor, 

  
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agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (ii) no Lender or any of its Affiliates has any obligation to the Borrower or any of its Affiliates with
respect to the transactions contemplated hereby except, in the case of a Lender, those obligations expressly set forth herein and in the other Loan Documents; and (c) each of the Lenders and their respective Affiliates may be engaged in a broad
range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and no Lender or any of its Affiliates has any obligation to disclose any of such interests to the Borrower or its Affiliates. To the fullest
extent permitted by law, the Borrower hereby waives and releases any claims that it may have against each of the Lenders and their Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of
any transaction contemplated hereby. 
 9.20 Acknowledgement and Consent to Bail-In of EEA
Financial Institutions. Notwithstanding anything to the contrary in any Loan 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 Loan 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:

 9.20.1 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 
 9.20.2 the
effects of any Bail-In Action on any such liability, including, if applicable: 
 (a)
a reduction in full or in part or cancellation of any such liability; 
 (b) 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 Loan Document; or 

(c) 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. 
 9.21 Release of Guarantors. 

9.21.1 A Guarantor shall automatically be released from its obligations under the Guaranty upon the consummation of any
transaction permitted by this Agreement as a result of which such Guarantor ceases to be a Subsidiary; provided that, if so required by this Agreement, the Required Lenders shall have consented to such transaction. In connection with any termination
or release pursuant to this Section, the Administrative Agent shall (and is hereby irrevocably authorized by each Lender to) execute and deliver to any Credit Party, at such Credit Party’s expense, all documents that such Credit Party shall
reasonably request to evidence such termination or release. 
 9.21.2 Further, the Administrative Agent may (and is hereby
irrevocably authorized by each Lender to), upon the request of the Borrower, release any Guarantor from its obligations under the Guaranty if such Guarantor is no longer a Material Domestic Subsidiary. 

  
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 9.21.3 At such time as the principal and interest on the Loans, the fees,
expenses and other amounts payable under the Loan Documents and the other Obligations (other than contingent indemnity obligations) shall have been paid in full in cash and the Commitments shall have been terminated, the Guaranty and all obligations
(other than those expressly stated to survive such termination) of each Guarantor thereunder shall automatically terminate, all without delivery of any instrument or performance of any act by any Person. 

9.22 Acknowledgment Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or
otherwise, for Rate Management Transactions or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows
with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated
thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to
be governed by the laws of the State of New York and/or of the United States or any other state of the United States): 
 In the event a Covered Entity that
is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and
obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a
Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that
may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws
of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered
Party with respect to a Supported QFC or any QFC Credit Support. 
 ARTICLE X 

THE ADMINISTRATIVE AGENT 

10.1 Appointment; Nature of Relationship. MUFG is hereby appointed by each of the Lenders as its contractual representative (herein
referred to as the “Administrative Agent”) hereunder and under each other Loan Document, and each of the Lenders irrevocably authorizes the Administrative Agent to act as the contractual representative of such Lender with the rights
and duties expressly set forth herein and in the other Loan Documents. The Administrative Agent agrees to act as such contractual representative upon the express conditions contained in this Article X. Notwithstanding the use of the defined term
“Administrative Agent,” it is expressly understood and agreed that the Administrative Agent shall not have any fiduciary responsibilities to any of the Holders of Obligations (including, without limitation, the Lenders) by reason of this
Agreement or any other Loan Document and that the Administrative Agent is merely acting as the contractual representative of the Lenders with only those duties as are expressly set forth in this Agreement and the other Loan Documents. In its
capacity as the Lenders’ contractual representative, the Administrative Agent (a) does not hereby assume any fiduciary duties to any of the Holders of Obligations, (b) is a “representative” of the Holders of Obligations
within the meaning of the term “secured party” as defined in the New York Uniform Commercial Code and (c) is acting as an independent contractor, the rights and duties of which are limited to those expressly set forth in this
Agreement and the other Loan Documents. Each of the Lenders, for itself and on behalf of its Affiliates as Holders of Obligations, hereby agrees to assert no claim against the Administrative Agent on any agency theory or any other theory of
liability for breach of fiduciary duty, all of which claims each Holder of Obligations hereby waives. 

  
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 10.2 Powers. The Administrative Agent shall have and may exercise such powers under
the Loan Documents as are specifically delegated to the Administrative Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto. The Administrative Agent shall have no implied duties or fiduciary duties to
the Lenders, or any obligation to the Lenders to take any action thereunder except any action specifically provided by the Loan Documents to be taken by the Administrative Agent. 

10.3 General Immunity. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable to the
Borrower, any Subsidiary, any Lender or any Holder of Obligations for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith except to the extent such action or
inaction is determined in a final, non-appealable judgment by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Person. 

10.4 No Responsibility for Loans, Recitals, etc. Neither the Administrative Agent nor any of its directors, officers, agents or
employees shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in connection with any Loan Document or any borrowing hereunder; (b) the performance or observance
of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender; (c) the satisfaction of any condition specified in Article
IV, except receipt of items required to be delivered solely to the Administrative Agent; (d) the existence or possible existence of any Default or Unmatured Default; (e) the validity, enforceability, effectiveness, sufficiency or
genuineness of any Loan Document or any other instrument or writing furnished in connection therewith; (f) the value sufficiency, creation, perfection or priority of any Lien in any collateral security; or (g) the financial condition of
the Borrower, any Subsidiary or any guarantor of any of the Obligations or of any of the Borrower’s, such Subsidiary’s or any such guarantor’s respective Subsidiaries. The Administrative Agent shall have no duty to disclose, and shall
have no liability for the failure to disclose, to the Lenders information that is not required to be furnished by the Borrower to the Administrative Agent at such time, but is voluntarily furnished by the Borrower to the Administrative Agent (either
in its capacity as Administrative Agent or in its individual capacity) or any of its Affiliates. 
 10.5 Action on Instructions of
Lenders. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders (or all of the
Lenders in the event that and to the extent that this Agreement expressly requires such approval), and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders. The Lenders hereby acknowledge
that the Administrative Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless it shall be requested in writing to do so by the
Required Lenders (or all of the Lenders in the event that and to the extent that this Agreement expressly requires such approval). The Administrative Agent shall be fully justified in failing or refusing to take any action hereunder and under any
other Loan Document unless it shall first be indemnified to its satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action. 

  
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 10.6 Employment of Agents and Counsel. The Administrative Agent may execute any of
its duties as Administrative Agent hereunder and under any other Loan Document by or through employees, agents, and attorneys-in-fact and shall not be answerable to the
Lenders, except as to money or securities received by it or its authorized agents, for the default or misconduct of any such agents or attorneys-in-fact selected by it
with reasonable care. The Administrative Agent shall be entitled to advice of counsel concerning the contractual arrangement between the Administrative Agent and the Lenders and all matters pertaining to the Administrative Agent’s duties
hereunder and under any other Loan Document. 
 10.7 Reliance on Documents; Counsel. The Administrative Agent shall be entitled to
rely upon any Note, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex, electronic mail message, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or
persons, and, in respect to legal matters, upon the opinion of counsel selected by the Administrative Agent, which counsel may be employees of the Administrative Agent. For purposes of determining compliance with the conditions specified in Sections
4.1 and 4.2, each Lender that has signed this Agreement (or otherwise become party hereto pursuant to an Assignment Agreement) shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the applicable date specifying its objection thereto. 

10.8 Administrative Agent’s Reimbursement and Indemnification. The Lenders agree to reimburse and indemnify the
Administrative Agent ratably in proportion to the Lenders’ Pro Rata Shares of the sum of the outstanding Loans and the unused Aggregate Commitment (a) for any amounts not reimbursed by the Borrower for which the Administrative Agent is
entitled to reimbursement by any Credit Party under the Loan Documents, (b) for any other expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and
enforcement of the Loan Documents (including, without limitation, for any expenses incurred by the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders) and
(c) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in
any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against the
Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms of the Loan Documents or of any such other documents, provided
that (i) no Lender shall be liable for any of the foregoing to the extent any of the foregoing is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the
gross negligence or willful misconduct of the Administrative Agent and (ii) any indemnification required pursuant to Section 3.5(f) shall, notwithstanding the provisions of this Section 10.8, be paid by the relevant Lender in
accordance with the provisions thereof. The obligations of the Lenders under this Section 10.8 shall survive payment of the Obligations and termination of this Agreement. 

10.9 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or
Unmatured Default hereunder unless the Administrative Agent has received written notice from a Lender or the Borrower referring to this Agreement describing such Default or Unmatured Default and stating that such notice is a “notice of
default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders. 

10.10 Rights as a Lender. In the event the Person serving as the Administrative Agent is a Lender, such Person shall have the same
rights and powers hereunder and under any other Loan Document with respect to its Commitment and its Loans as any Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or
“Lenders” shall, at any time when the Person 

  
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serving as the Administrative Agent is a Lender, unless the context otherwise indicates, include such Person in its individual capacity. The Administrative Agent and its Affiliates may accept
deposits from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any Subsidiary in which the Borrower or
such Subsidiary is not restricted hereby from engaging with any other Person. The Person serving as the Administrative Agent, in its individual capacity, is not obligated to remain a Lender. 

10.11 Lender Credit Decision. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent,
the Arranger or any other Lender and based on the financial statements prepared by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the
other Loan Documents. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Arranger or any other Lender and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents. Except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be
liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. 

10.12 Successor Administrative Agent. The Administrative Agent may resign at any time by giving written notice thereof to the Lenders
and the Borrower, such resignation to be effective upon the appointment of a successor Administrative Agent or, if no successor Administrative Agent has been appointed, thirty days after the retiring Administrative Agent gives notice of its
intention to resign. Upon any such resignation, the Required Lenders shall have the right to appoint, on behalf of the Borrower and the Lenders, a successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by
the Required Lenders within thirty days after the resigning Administrative Agent’s giving notice of its intention to resign, then the resigning Administrative Agent may appoint, on behalf of the Borrower and the Lenders, a successor
Administrative Agent. Notwithstanding the two immediately preceding sentences: (x) subject to clause (y) of this sentence, the consent of the Borrower shall be required prior to the appointment of a successor Administrative Agent unless
such successor Administrative Agent is a Lender or an Affiliate of a Lender, provided that the consent of the Borrower shall not be required if a Default has occurred and is continuing, and (y) the Administrative Agent may at any time
without the consent of the Borrower or any Lender, appoint any of its Affiliates which is a commercial bank as a successor Administrative Agent hereunder. If the Administrative Agent has resigned and no successor Administrative Agent has been
appointed, the Lenders may perform all the duties of the Administrative Agent hereunder and the Borrower shall make all payments in respect of the Obligations to the applicable Lender and for all other purposes shall deal directly with the Lenders.
No successor Administrative Agent shall be deemed to be appointed hereunder until such successor Administrative Agent has accepted the appointment. Any such successor Administrative Agent shall be a commercial bank having capital and retained
earnings of at least $100,000,000. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights,
powers, privileges and duties of the resigning Administrative Agent. Upon the effectiveness of the resignation of the Administrative Agent, the resigning Administrative Agent shall be discharged from its duties and obligations hereunder and under
the Loan Documents. After the effectiveness of the resignation of an Administrative Agent, the provisions of this Article X shall continue in effect for the benefit of such Administrative Agent in respect of any actions taken or omitted to be taken
by it while it was acting as the Administrative Agent hereunder and under the other Loan Documents. In the event that there is a successor to the Administrative Agent by merger, or the Administrative Agent assigns its duties and obligations to an
Affiliate pursuant to this Section 10.12, then the term “Prime Rate” as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new Administrative Agent. 

  
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 10.13 Administrative Agent and Arranger Fees. The Borrower agrees to pay to the
Administrative Agent and the Arranger, for their respective accounts, the fees agreed to by the Borrower, the Administrative Agent, and the Arranger pursuant to the Fee Letter, or as otherwise agreed from time to time. 

10.14 Delegation to Affiliates. The Borrower and the Lenders agree that the Administrative Agent may delegate any of its duties under
this Agreement to any of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the indemnification,
waiver and other protective provisions to which the Administrative Agent is entitled under Articles IX and X. 
 10.15 No Duties Imposed
on Arranger. None of the Persons identified on the cover page to this Agreement, the signature pages to this Agreement or otherwise in this Agreement as an “Arranger” shall have any right, power, obligation, liability, responsibility
or duty under this Agreement other than, if such Person is a Lender, those applicable to all Lenders as such. Without limiting the foregoing, none of the Persons identified on the cover page to this Agreement, the signature pages to this Agreement
or otherwise in this Agreement as an “Arranger” shall have or be deemed to have any fiduciary duty to or fiduciary relationship with any Holder of Obligations. Each of the Holders of Obligations acknowledges that it has not relied, and
will not rely, on any of the Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder. 

10.16 Certain ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto,
to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and the Arranger and their respective Affiliates, and not,
for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that at least one of the following is and will be true: 

(i) such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit
Plans in connection with the Loans or the Commitments, 
 (ii) the transaction exemption set forth in one or more PTEs, such
as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain
transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE
91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the
Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections
(b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are
satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or 

  
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 (iv) such other representation, warranty and covenant as may be agreed in
writing between the Administrative Agent, in its sole discretion, and such Lender. 
 (b) In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and the Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the
benefit of the Borrower or any other Credit Party, that none of the Administrative Agent, or the Arranger, or any of their respective Affiliates is a fiduciary with respect to or the assets of such Lender (including in connection with the
reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto). 

ARTICLE XI 

SETOFF; RATABLE PAYMENTS 

11.1 Setoff. In addition to, and without limitation of, any rights of the Lenders under applicable law, if the Borrower becomes
insolvent, however evidenced, or any other Default occurs and continues, any and all deposits (including all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any time held or
owing by any Lender or any Affiliate of any Lender to or for the credit or account of the Borrower or any Subsidiary may be offset and applied toward the payment of the Obligations owing to such Lender, whether or not the Obligations, or any part
thereof, shall then be due. 
 11.2 Ratable Payments. If any Lender, whether by setoff or otherwise, has payment made to it in respect
of any principal or interest on any of its Loans or any other obligations owing to it (other than payments received pursuant to Section 3.1, 3.2, 3.4 or 3.5) in a greater proportion than that received by any other Lender, such Lender agrees to
(a) notify the Administrative Agent of such fact and (b) purchase (for cash at face value) a participation in the Loans and Obligations with respect thereto held by the other Lenders, or make such other adjustments as shall be equitable,
so that the benefit of all such payments shall be shared by the Lenders ratably in proportion to their respective Pro Rata Shares of the Loans. If any Lender, whether in connection with setoff or amounts which might be subject to setoff or
otherwise, receives collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees to (a) notify the Administrative Agent of such fact and (b) take such action necessary such that all
Lenders share in the benefits of such collateral ratably in proportion to their respective Pro Rata Shares of the Loans. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 

  
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 ARTICLE XII 

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 

12.1 Successors and Assigns; Designated Lenders. 

12.1.1 Successors and Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the
benefit of the Borrower, the Administrative Agent and the Lenders and their respective successors and assigns permitted hereby, except that (a) the Borrower shall not have any right to assign its rights or obligations under the Loan Documents
without the prior written consent of each Lender, (b) any assignment by any Lender must be made in compliance with Section 12.3, and (c) any transfer by Participants must be made in compliance with Section 12.2. Any attempted
assignment or transfer by any party not made in compliance with this Section 12.1 shall be null and void, unless such attempted assignment or transfer is treated as a participation in accordance with Section 12.3.2. The parties to this
Agreement acknowledge that clause (b) of this Section 12.1 relates only to absolute assignments and this Section 12.1 does not prohibit assignments creating security interests, including, without limitation, (x) any pledge or
assignment by any Lender of all or any portion of its rights under this Agreement and any Note to a Federal Reserve Bank or any other central banking authority have jurisdiction over such Lender, (y) in the case of a Lender which is a Fund, any
pledge or assignment of all or any portion of its rights under this Agreement and any Note to its trustee in support of its obligations to its trustee or (z) any pledge or assignment by any Lender of all or any portion of its rights under this
Agreement and any Note to direct or indirect contractual counterparties in credit derivative transactions relating to the Loans; provided, however, that no such pledge or assignment creating a security interest shall release the
transferor Lender from its obligations hereunder unless and until the parties thereto have complied with the provisions of Section 12.3. The Administrative Agent may treat the Person which made any Loan or which holds any Note as the owner
thereof for all purposes hereof unless and until such Person complies with Section 12.3; provided, however, that the Administrative Agent may in its discretion (but shall not be required to) follow instructions from the Person
which made any Loan or which holds any Note to direct payments relating to such Loan or Note to another Person. Any assignee of the rights to any Loan or any Note agrees by acceptance of such assignment to be bound by all the terms and provisions of
the Loan Documents. Any request, authority or consent of any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan (whether or not a Note has been issued in evidence thereof), shall
be conclusive and binding on any subsequent holder or assignee of the rights to such Loan. 
 12.1.2 Designated
Lenders. 
 (a) Subject to the terms and conditions set forth in this Section 12.1.2, any Lender may from time to
time elect to designate an Eligible Designee to provide all or any part of the Loans to be made by such Lender pursuant to this Agreement; provided that the designation of an Eligible Designee by any Lender for purposes of this
Section 12.1.2 shall be subject to the approval of the Administrative Agent (which consent shall not be unreasonably withheld or delayed). Upon the execution by the parties to each such designation of an agreement in the form of
Exhibit E hereto (a “Designation Agreement”) and the acceptance thereof by the Administrative Agent, the Eligible Designee shall become a Designated Lender for purposes of this Agreement. The Designating
Lender shall thereafter have the right to permit the Designated Lender to provide all or a portion of the Loans to be made by the Designating Lender pursuant to the terms of this Agreement and the making of the Loans or portion thereof shall satisfy
the obligations of the Designating Lender to the same extent, and as if, such Loan was made by the Designating Lender. As to any Loan made by it, each Designated Lender shall have all the rights a Lender making such Loan would have under this
Agreement and otherwise; provided that (x) all voting rights under this Agreement shall be exercised solely by the Designating Lender, (y) each Designating Lender shall remain solely responsible to the other parties hereto for its
obligations under this Agreement, including the obligations of a Lender in 

  
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respect of Loans made by its Designated Lender and (z) no Designated Lender shall be entitled to reimbursement under Article III hereof for any amount which would exceed the amount that
would have been payable by the Borrower to the Lender from which the Designated Lender obtained any interests hereunder. No additional Notes shall be required with respect to Loans provided by a Designated Lender; provided, however, to
the extent any Designated Lender shall advance funds, the Designating Lender shall be deemed to hold the Notes in its possession as a non-fiduciary agent for such Designated Lender to the extent of the Loan
funded by such Designated Lender. Such Designating Lender shall act as administrative agent for its Designated Lender and give and receive notices and communications hereunder. Any payments for the account of any Designated Lender shall be paid to
its Designating Lender as administrative agent for such Designated Lender and neither the Borrower nor the Administrative Agent shall be responsible for any Designating Lender’s application of such payments. In addition, any Designated Lender
may (1) with notice to, but without the consent of the Borrower or the Administrative Agent, assign all or portions of its interests in any Loans to its Designating Lender or to any financial institution consented to by the Administrative Agent
providing liquidity and/or credit facilities to or for the account of such Designated Lender and (2) subject to advising any such Person that such information is to be treated as confidential in accordance with Section 9.11, disclose on a
confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any guarantee, surety or credit or liquidity enhancement to such Designated
Lender. In addition, each such Designating Lender that elects to designate an Eligible Designee and such Eligible Designee becomes a Designated Lender, (i) shall keep a register for the registration relating to each such Loan, specifying such
Designated Lender’s name, address and entitlement to payments of principal and interest with respect to such Loan and each transfer thereof and the name and address of each transferees and (ii) shall collect, prior to the time such
Designated Lender receives payment with respect to such Loans from each such Designated Lender, the appropriate forms, certificates, and statements described in Section 3.5 (and updated as required by Section 3.5) as if such Designated
Lender were a Lender under Section 3.5. 
 (b) Each party to this Agreement hereby agrees that it shall not institute
against, or join any other Person in instituting against, any Designated Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceedings under any federal or state bankruptcy or similar law for one year
and a day after the payment in full of all outstanding senior indebtedness of any Designated Lender; provided that the Designating Lender for each Designated Lender hereby agrees to indemnify, save and hold harmless each other party hereto
for any loss, cost, damage and expense arising out of its inability to institute any such proceeding against such Designated Lender. This Section 12.1.2 shall survive the termination of this Agreement. 

12.2 Participations. 

12.2.1 Permitted Participants; Effect. Any Lender may at any time sell to one or more banks or other entities (other
than an Ineligible Institution) (“Participants”) participating interests in any Loans of such Lender, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender under the Loan Documents. In the
event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations, such Lender shall remain the owner of its Loans and/or its Commitment and the holder of any Note issued to it in evidence thereof for all purposes 

  
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under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if such Lender had not sold such participating interests, and the Borrower and the
Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents. In addition, each such Lender that sells any participating interest to a
Participant under this Section 12.2.1 shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, (i) keep a register for the registration relating to each such participation,
specifying such Participant’s name, address and entitlement to payment of principal and interest with respect to such participation and each transfer thereof and the name and address of each transferee, and (ii) collect prior to the time
such Participant receives payments with respect to such participation, from each such Participant the appropriate forms, certificates and statements described in Section 3.5 (and updated as required by Section 3.5) as if such Participant
were a Lender under Section 3.5. 
 12.2.2 Voting Rights. Each Lender shall retain the sole right to approve,
without the consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents other than any amendment, modification or waiver with respect to any Loan or Commitment in which such Participant has an interest
which would require consent of all of the Lenders pursuant to the terms of Section 8.2. 
 12.2.3 Benefit of Certain
Provisions. The Borrower agrees that each Participant shall be deemed to have the right of setoff provided in Section 11.1 in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the
amount of its participating interest were owing directly to it as a Lender under the Loan Documents, provided that each Lender shall retain the right of setoff provided in Section 11.1 with respect to the amount of participating
interests sold to each Participant. The Lenders agree to share with each Participant, and each Participant, by exercising the right of setoff provided in Section 11.1, agrees to share with each Lender, any amount received pursuant to the
exercise of its right of setoff, such amounts to be shared in accordance with Section 11.2 as if each Participant were a Lender. The Borrower further agrees that each Participant shall be entitled to the benefits of Sections 3.1, 3.2, 3.4 and
3.5 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 12.3 (it being understood that the documentation required under Section 3.5(e) shall be delivered to the Lender who sells the
participation), provided that (a) a Participant shall not be entitled to receive any greater payment under Section 3.1, 3.2 or 3.5 than the Lender that sold the participating interest to such Participant would have received had it
retained such interest for its own account, unless the sale of such interest to such Participant is made with the prior written consent of the Borrower, and (b) any Participant not incorporated under the laws of the United States of America or
any State thereof agrees to comply with the provisions of Section 3.5 to the same extent as if it were a Lender (it being understood that the documentation required under Section 3.5 shall be delivered to the participating Lender). Each
Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary 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 this Agreement (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 the obligations under this Agreement) except to the extent that such disclosure is necessary
to establish that such interest 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. 

  
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 12.2.4 No Participations to Borrower. No such participation shall be
made to the Borrower or any of its Affiliates or Subsidiaries. 
 12.3 Assignments. 

12.3.1 Permitted Assignments. Any Lender may at any time assign to one or more banks or other entities (other than an
Ineligible Institution) (“Purchasers”) all or any part of its rights and obligations under the Loan Documents. Such assignment shall be evidenced by an agreement substantially in the form of Exhibit B or in such other form
(including electronic records generated by the use of an electronic platform approved by the Administrative Agent) as may be agreed to by the parties thereto (each such agreement, an “Assignment Agreement”). Each such assignment
with respect to a Purchaser which is not a Lender or an Affiliate of a Lender or an Approved Fund shall, unless otherwise consented to in writing by the Borrower and the Administrative Agent, be in an aggregate amount not less than $1,000,000. The
amount of the assignment shall be based on the Loans and/or Commitment subject to the assignment, determined as of the date of such assignment or as of the “Trade Date,” if the “Trade Date” is specified in the Assignment
Agreement. 
 12.3.2 Consents. The consent of the Borrower shall be required prior to an assignment becoming effective
unless the Purchaser is a Lender, an Affiliate of a Lender or an Approved Fund (other than a Lender or Affiliate of a Lender or an Approved Fund that becomes a Lender solely by means of the settlement of a credit derivative) (which consent shall not
be unreasonably withheld or delayed and, in any event, the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having
received notice thereof); provided that the consent of the Borrower shall not be required if (a) a Default or Unmatured Default has occurred and is continuing, (b) such assignment is made in connection with the primary syndication
of the Loans or (c) such assignment is in connection with the physical settlement of any Lender’s obligations to direct or indirect contractual counterparties in credit derivative transactions relating to the Loans; provided
further that the assignment without the Borrower’s consent pursuant to the foregoing clause (c) shall not increase the Borrower’s liability under Section 3.5. The consent of the Administrative Agent shall be required prior
to any assignment becoming effective; provided that provided no consent of the Administrative Agent shall be required for an assignment of all or any portion of a Loan or Commitment to a Lender (other than a Defaulting Lender), an Affiliate
of a Lender or an Approved Fund. Any consent required under this Section 12.3.2 shall not be unreasonably withheld or delayed. 

12.3.3 Effect; Effective Date. Upon (a) delivery to the Administrative Agent of an Assignment Agreement, together
with any consents required by Sections 12.3.1 and 12.3.2, and (b) payment of a $3,500 fee to the Administrative Agent by the assigning Lender or the Purchaser for processing such assignment (unless such fee is waived by the Administrative Agent
or unless such assignment is made to such assigning Lender’s Affiliate), such assignment shall become effective on the effective date specified in such assignment. The Assignment Agreement shall contain a representation and warranty by the
Purchaser to the effect that none of the funds, money, assets or other consideration used to make the purchase and assumption of the Commitment and/or Loans under the applicable Assignment Agreement constitutes “plan assets” as defined
under ERISA and that the rights, benefits and interests of the Purchaser in and under the Loan Documents will not be “plan assets” under ERISA. On and after the effective date of such assignment, such Purchaser shall for all purposes be a
Lender party to this Agreement and any other Loan Document executed by or on behalf of the Lenders and shall have all the rights, benefits and obligations of a Lender under the Loan Documents, to the same extent as if it were an original party
thereto, and 

  
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the transferor Lender shall be released with respect to the Commitment and/or Loans, as the case may be, assigned to such Purchaser without any further consent or action by the Borrower, the
Lenders or the Administrative Agent. In the case of an assignment covering all of the assigning Lender’s rights, benefits and obligations under this Agreement, such Lender shall cease to be a Lender hereunder but shall continue to be entitled
to the benefits of, and subject to, those provisions of this Agreement and the other Loan Documents which survive payment of the Obligations and termination of the Loan Documents. Any assignment or transfer by a Lender of rights or obligations under
this Agreement that does not comply with this Section 12.3 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.2. Upon the consummation of
any assignment to a Purchaser pursuant to this Section 12.3.3, the transferor Lender, the Administrative Agent and the Borrower shall, if the transferor Lender or the Purchaser desires that its Loans be evidenced by Notes, make appropriate
arrangements so that, upon cancellation and surrender to the Borrower of the Notes (if any) held by the transferor Lender, new Notes or, as appropriate, replacement Notes are issued to such transferor Lender, if applicable, and new Notes or, as
appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts reflecting their respective Loans and/or Commitments, as applicable, as adjusted pursuant to such assignment. 

12.3.4 Register. The Administrative Agent, acting solely for this purpose as a
non-fiduciary agent of the Borrower (and the Borrower hereby designates the Administrative Agent to act in such capacity), shall maintain at one of its offices in New York, New York a copy of each Assignment
Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders, and the Loans and Commitments of, and principal amounts of and interest on the Loans owing to, each Lender
pursuant to the terms hereof from time to time and whether such Lender is an original Lender or assignee of another Lender pursuant to an assignment under this Section 13.3. The entries in the Register shall be conclusive absent manifest error,
and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.
The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

12.3.5 No Assignments to Borrower. No such assignment shall be made to the Borrower or any of its Affiliates or
Subsidiaries. 
 12.4 Dissemination of Information. The Borrower authorizes each Lender to disclose to any Participant or Purchaser or
any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession concerning the creditworthiness of the
Borrower and the Subsidiaries; provided that each Transferee and prospective Transferee agrees to be bound by Section 9.11 of this Agreement. 

12.5 Tax Certifications. If any interest in any Loan Document is transferred to any Transferee which is not organized under the laws of
the United States or any State thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of Section 3.5(d). 

  
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 ARTICLE XIII 

NOTICES 
 13.1 Notices;
Effectiveness; Electronic Communication. 
 13.1.1 Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in Section 13.1.2), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by telecopier as follows: 
 (a) if to the Borrower, to it at Patterson
Companies, Inc., 1031 Mendota Heights Road, St. Paul, Minnesota 55120, Attention: Donald J. Zurby, Chief Financial Officer (Telephone: 651-405-5142; Email:
Don.zurbay@pattersoncompanies.com); 
 (b) if to the Administrative Agent, to it at MUFG Bank, Ltd., 1221 Avenue of the
Americas, New York, NY 10020, Attention: Lawrence Blat, Telephone: 212-405-6621, Email: AgencyDesk@us.sc.mufg.jp; and 

(c) if to a Lender, to it at its address (or telecopier number) set forth in its Administrative Questionnaire delivered to the
Administrative Agent. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to
have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the
next Business Day for the recipient). Notices delivered through electronic communications to the extent provided in Section 13.1.2 shall be effective as provided in Section 13.1.2. 

13.1.2 Electronic Communications. Notices and other communications to the Lenders may be delivered or furnished by
electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent or as otherwise determined by the Administrative Agent; provided
that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative
Agent or the Borrower, on behalf of the Borrower, may, in its respective discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it or as it otherwise determines;
provided that such determination or approval may be limited to particular notices or communications. 
 Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such
as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not given during the
normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet
website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor. 
 13.2 Change of Address, Etc. Any party hereto may change its address
or telecopier number for notices and other communications hereunder by notice to the other parties hereto. 

  
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 13.3 Communications on Electronic Transmission System. The Borrower agrees that the
Administrative Agent may make communications available to the Lenders by posting such communications on Debtdomain or a substantially similar electronic transmission system (the “Platform”). THE PLATFORM IS PROVIDED
“AS IS” AND “AS AVAILABLE”. THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN
THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM
VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS,
ADVISORS OR REPRESENTATIVES (COLLECTIVELY, THE “AGENT PARTIES”) HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL
DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS
FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 

ARTICLE XIV 

COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION 

14.1 Counterparts; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Except as provided in Article IV, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the parties hereto, and thereafter shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 

14.2 Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like
import in any assignment and assumption agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other state laws based
on the Uniform Electronic Transactions Act. 
 ARTICLE XV 

CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 

15.1 CHOICE OF LAW. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK BUT
OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

  
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 15.2 CONSENT TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO
THE EXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR
HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY HOLDER OF OBLIGATIONS TO
BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER OR HOLDER OF OBLIGATIONS OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT, ANY LENDER OR
HOLDER OF OBLIGATIONS INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT SITTING IN NEW YORK, NEW YORK. 

15.3 WAIVER OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT, EACH LENDER AND EACH HOLDER OF OBLIGATIONS HEREBY WAIVE
TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED
THEREUNDER. 
 ARTICLE XVI 

BORROWER GUARANTY 
 In
order to induce the Lenders to extend credit to the Borrower hereunder and for other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Borrower hereby absolutely and irrevocably and unconditionally
guarantees, as a primary obligor and not merely as a surety, the payment when and as due of the Rate Management Obligations and Banking Services Obligations of the Subsidiaries (collectively, the “Specified Ancillary Obligations”).
The Borrower further agrees that the due and punctual payment of such Specified Ancillary Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee
hereunder notwithstanding any such extension or renewal of any such Specified Ancillary Obligation. 
 The Borrower waives presentment to,
demand of payment from and protest to any Subsidiary of any of the Specified Ancillary Obligations, and also waives notice of acceptance of its obligations and notice of protest for nonpayment. The obligations of the Borrower hereunder shall not be
affected by: (a) the failure of any applicable Lender (or any of its Affiliates) to assert any claim or demand or to enforce any right or remedy against any Subsidiary under the provisions of any Banking Services Agreement, any Rate Management
Transaction or otherwise; (b) any extension or renewal of any of the Specified Ancillary Obligations; (c) any rescission, waiver, amendment or modification of, or release from, 

  
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any of the terms or provisions of this Agreement, any other Loan Document, any Banking Services Agreement, any Rate Management Transaction or other agreement; (d) any default, failure or
delay, willful or otherwise, in the performance of any of the Specified Ancillary Obligations; (e) the failure of any applicable Lender (or any of its Affiliates) to take any steps to perfect and maintain any security interest in, or to
preserve any rights to, any security or collateral for the Specified Ancillary Obligations, if any; (f) any change in the corporate, partnership or other existence, structure or ownership of any Subsidiary or any other guarantor of any of the
Specified Ancillary Obligations; (g) the enforceability or validity of the Specified Ancillary Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral
securing the Specified Ancillary Obligations or any part thereof, or any other invalidity or unenforceability relating to or against any Subsidiary or any other guarantor of any of the Specified Ancillary Obligations, for any reason related to this
Agreement, any other Loan Document, any Banking Services Agreement, any Rate Management Transaction, or any provision of applicable law, decree, order or regulation of any jurisdiction purporting to prohibit the payment by such Subsidiary or any
other guarantor of the Specified Ancillary Obligations, of any of the Specified Ancillary Obligations or otherwise affecting any term of any of the Specified Ancillary Obligations; or (h) any other act, omission or delay to do any other act
which may or might in any manner or to any extent vary the risk of the Borrower or otherwise operate as a discharge of a guarantor as a matter of law or equity or which would impair or eliminate any right of the Borrower to subrogation. 

The Borrower further agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar
proceeding shall have stayed the accrual or collection of any of the Specified Ancillary Obligations or operated as a discharge thereof) and not merely of collection, and waives any right to require that any resort be had by any applicable Lender
(or any of its Affiliates) to any balance of any deposit account or credit on the books of the Administrative Agent or any Lender in favor of any Subsidiary or any other Person. 

The obligations of the Borrower hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, and
shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability of any of the Specified Ancillary Obligations,
any impossibility in the performance of any of the Specified Ancillary Obligations or otherwise. 
 The Borrower further agrees that its
obligations hereunder shall constitute a continuing and irrevocable guarantee of all Specified Ancillary Obligations now or hereafter existing and shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any
part thereof, of any Specified Ancillary Obligation (including a payment effected through exercise of a right of setoff) is rescinded, or is or must otherwise be restored or returned by any applicable Lender (or any of its Affiliates) upon the
insolvency, bankruptcy or reorganization of any Subsidiary or otherwise (including pursuant to any settlement entered into by a holder of Specified Ancillary Obligations in its discretion). 

In furtherance of the foregoing and not in limitation of any other right which any applicable Lender (or any of its Affiliates) may have at
law or in equity against the Borrower by virtue hereof, upon the failure of any Subsidiary to pay any Specified Ancillary Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or
otherwise, the Borrower hereby promises to and will, upon receipt of written demand by any applicable Lender (or any of its Affiliates), forthwith pay, or cause to be paid, to such applicable Lender (or any of its Affiliates) in cash an amount equal
to the unpaid principal amount of such Specified Ancillary Obligations then due, together with accrued and unpaid interest thereon. The Borrower further agrees that if payment in respect of any Specified Ancillary Obligation shall be due in a
currency other than Dollars and/or at a place of payment other than New York, Chicago or any other Eurodollar Payment Office and if, by reason of any Change in Law, disruption of currency or foreign exchange markets, war or civil disturbance or
other event, payment of 

  
 92 

 
such Specified Ancillary Obligation in such currency or at such place of payment shall be impossible or, in the reasonable judgment of any applicable Lender (or any of its Affiliates),
disadvantageous to such applicable Lender (or any of its Affiliates) in any material respect, then, at the election of such applicable Lender, the Borrower shall make payment of such Specified Ancillary Obligation in Dollars (based upon the
applicable Equivalent Amount in effect on the date of payment) and/or in New York or such other Eurodollar Payment Office as is designated by such applicable Lender (or its Affiliate) and, as a separate and independent obligation, shall indemnify
such applicable Lender (and any of its Affiliates) against any losses or reasonable out-of-pocket expenses that it shall sustain as a result of such alternative payment.

 Upon payment by the Borrower of any sums as provided above, all rights of the Borrower against any Subsidiary arising as a result thereof
by way of right of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment in full in cash of all the Specified Ancillary Obligations owed by such Subsidiary to the applicable
Lender (or its applicable Affiliates). 
 Nothing shall discharge or satisfy the liability of the Borrower hereunder except the full
performance and payment in cash of the Obligations. 
 The Borrower hereby absolutely, unconditionally and irrevocably undertakes to provide
such funds or other support as may be needed from time to time by each Guarantor to honor all of its obligations under the Guaranty in respect of Specified Swap Obligations (provided, however, that the Borrower shall only be liable under this
paragraph for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this paragraph or otherwise under this Article XVI voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer, and not for any greater amount). The Borrower intends that this paragraph constitute, and this paragraph shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each Guarantor for all purposes
of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 [The remainder of this page is intentionally blank] 

  
 93 

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

					
	PATTERSON COMPANIES, INC.,
	as the Borrower
		
	By:	 	 /s/ Donald J. Zurbay

		 	Name:	 	Donald J. Zurbay
		 	Title:	 	Chief Financial Officer

 
			
	MUFG BANK, LTD., as Administrative Agent
		
	By:	 	 /s/ Lawrence Blat

		 	Name: Lawrence Blat
		 	Title: Authorized Signatory

  
 95 

 
			
	MUFG BANK, LTD., as a Lender
		
	By:	 	 /s/ Eric Hill

		 	Name: Eric Hill
		 	Title: Authorized Signatory

  
 96 

 
			
	THE NORTHERN TRUST COMPANY, as a Lender
		
	By:	 	 /s/ Thomas Gawel

		 	Name: Thomas Gawel
		 	Title: Second Vice President

  
 97 

 
			
	THE TORONTO-DOMINION BANK, NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Brian MacFarlane

		 	Name: Brian MacFarlane
		 	Title: Authorized Signatory

  
 98 

 
			
	FIFTH THIRD BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Nathaniel E. Sher

		 	Name: Nathaniel E. Sher
		 	Title: Senior Vice President

  
 99 

 
			
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	 /s/ Christopher A. Salek

		 	Name: Christopher A. Salek
		 	Title: Vice President

  
 100 

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Linda E.C. Alto

		 	Name: Linda E.C. Alto
		 	Title: Senior Vice President

  
 101 

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Scott MacVicar

		 	Name: Scott MacVicar
		 	Title: Authorized Signatory

  
 102 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ David C Mruk

		 	Name: David C Mruk
		 	Title: SVP

  
 103 

 
			
	Wells Fargo Bank, National Association, as a Lender
		
	By:	 	 /s/ Andrea S Chen

		 	Name: Andrea S Chen
		 	Title: Managing Director

  
 104 

 COMMITMENT SCHEDULE 

Commitments 
  

									
	 Lender
	  	Commitment	 	  	% of Aggregate
Commitment	 
	 MUFG Bank, Ltd.
	  	$	55,000,000.00	 	  	 	18.3333333333	% 
	 The Northern Trust Company
	  	$	45,000,000.00	 	  	 	15.0000000000	% 
	 The Toronto-Dominion Bank, New York Branch
	  	$	45,000,000.00	 	  	 	15.0000000000	% 
	 Fifth Third Bank, National Association
	  	$	35,000,000.00	 	  	 	11.6666666667	% 
	 JPMorgan Chase Bank, N.A.
	  	$	35,000,000.00	 	  	 	11.6666666667	% 
	 Bank of America, N.A.
	  	$	25,000,000.00	 	  	 	8.3333333333	% 
	 Royal Bank of Canada, New York Branch
	  	$	25,000,000.00	 	  	 	8.3333333333	% 
	 U.S. Bank National Association
	  	$	20,000,000.00	 	  	 	6.6666666667	% 
	 Wells Fargo Bank, National Association
	  	$	15,000,000.00	 	  	 	5.0000000000	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	300,000,000.00	 	  	 	100.000000000	% 
		  	  
	  
	 	  	  
	  
	 

  

  
 105 

 PRICING SCHEDULE 

 

																									
	 Applicable

Margin
	  	Level I
Status	 	 	Level II
Status	 	 	Level III
Status	 	 	Level IV
Status	 	 	Level V
Status	 	 	Level VI
Status	 
	 Eurodollar Rate
	  	 	1.000	% 	 	 	1.125	% 	 	 	1.250	% 	 	 	1.500	% 	 	 	1.750	% 	 	 	2.125	% 
	 Floating Rate
	  	 	0.000	% 	 	 	0.125	% 	 	 	0.250	% 	 	 	0.500	% 	 	 	0.750	% 	 	 	1.125	% 

  

																									
	 Applicable

Fee Rate
	  	Level I
Status	 	 	Level II
Status	 	 	Level III
Status	 	 	Level IV
Status	 	 	Level V
Status	 	 	Level VI
Status	 
	 Ticking Fee
	  	 	0.150	% 	 	 	0.175	% 	 	 	0.200	% 	 	 	0.250	% 	 	 	0.300	% 	 	 	0.350	% 

 The Applicable Margin shall be Level V Status until the delivery of the Financials for the first fiscal
quarter ending after the Closing Date. The Applicable Fee Rate shall be Level V Status until the delivery of the Financials for the first fiscal quarter ending after the Closing Date. 

For the purposes of this Schedule, the following terms have the following meanings, subject to the final paragraph of this Schedule: 

“Level I Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most
recent Financials, the Leverage Ratio is less than 1.50 to 1.00. 
 “Level II Status” exists at any date if, as of the last
day of the fiscal quarter of the Borrower referred to in the most recent Financials, (i) the Borrower has not qualified for Level I Status and (ii) the Leverage Ratio is less than 2.00 to 1.00. 

“Level III Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most
recent Financials, (i) the Borrower has not qualified for Level I Status or Level II Status and (ii) the Leverage Ratio is less than 2.50 to 1.00. 

“Level IV Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most
recent Financials, (i) the Borrower has not qualified for Level I Status, Level II Status or Level III Status and (iii) the Leverage Ratio is less than 3.00 to 1.00. 

“Level V Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most
recent Financials, (i) the Borrower has not qualified for Level I Status, Level II Status, Level III Status or Level IV Status and (iii) the Leverage Ratio is less than 3.50 to 1.00. 

“Level VI Status” exists at any date if the Borrower has not qualified for Level I Status, Level II Status, Level III Status,
Level IV Status or Level V Status. 
 “Status” means Level I Status, Level II Status, Level III Status, Level IV Status,
Level V Status or Level VI Status. 
 The Applicable Margin and Applicable Fee Rate shall be determined in accordance with the foregoing
table based on the Borrower’s Status as reflected in the then most recent Financials. Adjustments, if any, to the Applicable Margin or Applicable Fee Rate shall be effective five Business Days after the Administrative Agent has received the
applicable Financials. If the Borrower fails to deliver the Financials to the Administrative Agent at the time required pursuant to Section 6.1, then the Applicable Margin and Applicable Fee Rate shall be the highest Applicable Margin and
Applicable Fee Rate set forth in the foregoing table until five days after such Financials are so delivered. 

 If, as a result of any restatement of or other adjustment to the financial statements of the
Borrower or for any other reason, the Borrower or the Lenders determine that (i) the Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Leverage Ratio would have
resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the applicable Lenders, as the case may be, promptly on demand by the Administrative
Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent or any Lender), an
amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative Agent or any
Lender, as the case may be, under Section 2.12 or under Article VII. The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder.

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