Document:

Exhibit 10.7

 

PLEDGE AND ESCROW AGREEMENT

 

THIS PLEDGE AND ESCROW
AGREEMENT (“Agreement”) is dated effective as of January 29, 2016, by and between TARSIER LTD.,
a Delaware corporation (the “Pledgor”), and TCA GLOBAL CREDIT MASTER FUND, LP, a Cayman Islands
limited partnership (the “Secured Party”), with the joinder of DAVID KAHAN, P.A. (“Escrow
Agent”).

 

RECITALS

 

WHEREAS, the
Secured Party has made certain financial accommodations for the benefit of the Pledgor pursuant to that certain Credit Agreement
of even date herewith among the Pledgor and Secured Party, among others (the “Credit Agreement”); and

 

WHEREAS,
in order to secure the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of
all of the Pledgor’s Obligations to the Secured Party, or any successor to the Secured Party, under the Credit
Agreement and all other Loan Documents, Pledgor has agreed to irrevocably pledge to the Secured Party 100% of the issued and outstanding
shares of the capital stock and/or membership interests, as applicable, of each of its Subsidiaries, including Tarsier Systems
Ltd., a New York corporation (each of the foregoing entities hereinafter referred to individually as a “Company”
and collectively as the “Companies”)(such shares and/or membership interests of all such Companies hereinafter
referred to as the “Pledged Securities”);

 

NOW, THEREFORE,
in consideration of the mutual covenants, agreements, warranties, and representations herein contained, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

1.          Recitals,
Construction and Defined Terms. The recitations set forth in the preamble of this Agreement are true and correct and incorporated
herein by this reference. In this Agreement, unless the express context otherwise requires: (i) the words “herein,”
“hereof” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any
particular provision of this Agreement; (ii) references to the words “Section” or “Subsection” refer to
the respective Sections and Subsections of this Agreement, and references to “Exhibit” or “Schedule” refer
to the respective Exhibits and Schedules attached hereto; and (iii) wherever the word “include,” “includes,”
“including” or words of similar import are used in this Agreement, such words will be deemed to be followed by the
words “without limitation.” All capitalized terms used in this Agreement that are defined in the Credit Agreement shall
have the meanings assigned to them in the Credit Agreement, unless the context of this Agreement requires otherwise (provided that
if a capitalized term used herein is defined in the Credit Agreement and separately defined in this Agreement, the meaning of such
term as defined in this Agreement shall control for purposes of this Agreement).

 

2.          Pledge.
In order to secure the full and timely payment and performance of all of the Pledgor’s Obligations to the Secured Party under
the Loan Documents, the Pledgor hereby transfers, pledges, assigns, sets over, delivers and grants to the Secured Party a continuing
lien and security interest in and to all of the following property of Pledgor, both now owned and existing and hereafter created,
acquired and arising (all being collectively hereinafter referred to as the “Collateral”) and all right,
title and interest of Pledgor in and to the Collateral, to-wit:

 

(a)          the
Pledged Securities owned by Pledgor;

 

(b)          any
certificates representing or evidencing the Pledged Securities, if any;

 

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(c)          any
and all distributions thereon, and cash and non-cash proceeds and products thereof, including all dividends, cash, distributions,
income, profits, instruments, securities, stock dividends, distributions of capital stock or other securities of the Companies
and all other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon conversion
of the Pledged Securities, whether in connection with stock splits, recapitalizations, merger, conversions, combinations, reclassifications,
exchanges of securities or otherwise; and

 

(d)          any
and all voting, management, and other rights, powers and privileges accruing or incidental to an owner of the Pledged Securities
and the other property referred to in subsections 2(a) through 2(c) above.

 

3.          Transfer
of Pledged Securities. Simultaneously with the execution of this Agreement, Pledgor shall deliver to the Escrow Agent: (i)
if the Pledged Securities are evidenced by physical certificates, then all original certificates representing or evidencing the
Pledged Securities, together with undated, irrevocable and duly executed assignments or stock powers thereof in form and substance
acceptable to Secured Party (together with medallion guaranteed signatures, if required by Secured Party), executed in blank by
Pledgor; (ii) if the Pledged Securities are not represented by physical certificates, then undated, irrevocable and duly executed
assignment instruments in form and substance acceptable to Secured Party, executed in blank by Pledgor; and (iii) all other property,
instruments, documents and papers comprising, representing or evidencing the Collateral, or any part thereof, together with proper
instruments of assignment or endorsement, as Secured Party may request or require, duly executed by Pledgor (collectively, the
“Transfer Documents”). The Pledged Securities and other Transfer Documents (collectively, the “Pledged
Materials”) shall be held by the Escrow Agent pursuant to this Agreement until the full payment and performance of
all of the Obligations, the termination or expiration of this Agreement, or delivery of the Pledged Materials in accordance with
this Agreement. In addition, all non-cash dividends, dividends paid or payable in cash or otherwise in connection with a partial
or total liquidation or dissolution of any of the Companies, instruments, securities and any other distributions, whether paid
or payable in cash or otherwise, made on or in respect of the Pledged Securities, whether resulting from a subdivision, combination,
or reclassification of the outstanding capital stock or other securities of the Companies, or received in exchange for the Pledged
Securities or any part thereof, or in redemption thereof, as a result of any merger, consolidation, acquisition, or other exchange
of assets to which the Companies may be a party or otherwise, or any other property that constitutes part of the Collateral from
time to time, including any additional certificates representing any portion of the Collateral hereafter acquired by the Pledgor,
shall be immediately delivered or cause to be delivered by Pledgor to the Escrow Agent in the same form as so received, together
with proper instruments of assignment or endorsement duly executed by Pledgor.

 

4.          Security
Interest Only. The security interests in the Collateral granted to Secured Party hereunder are granted as security only and
shall not subject the Secured Party to, or transfer or in any way affect or modify, any obligation or liability of the Pledgor
with respect to any of the Collateral or any transaction in connection therewith.

 

5.          Record
Owner of Collateral. Until an “Event of Default” (as hereinafter defined) under this Agreement shall occur, the
Pledged Securities shall remain registered in the name of the Pledgor. Pledgor will promptly give to the Secured Party copies of
any notices or other communications received by it and with respect to Collateral registered in the name of Pledgor.

 

6.          Rights
Related to Pledged Securities. Subject to the terms of this Agreement, unless and until an Event of Default under this Agreement
shall occur:

 

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(a)          Pledgor shall
be entitled to exercise any and all voting, management, and other rights, powers and privileges accruing to an owner of the Pledged
Securities, or any part thereof, for any purpose consistent with the terms of this Agreement; provided, however, such action would
not materially and adversely affect the rights inuring to Secured Party under any of the Loan Documents, or adversely affect the
remedies of the Secured Party under any of the Loan Documents, or the ability of the Secured Party to exercise same.

 

(b)          Upon
the occurrence of an Event of Default, all rights of the Pledgor in and to the Pledged Securities and all other Collateral shall
cease and all such rights shall immediately vest in Secured Party, as may be determined by Secured Party, although Secured Party
shall not have any duty to exercise such rights or be required to sell or to otherwise realize upon the Collateral, as hereinafter
authorized, or to preserve the same, and Secured Party shall not be responsible for any failure to do so or delay in doing so.
To effectuate the foregoing, Pledgor hereby grants to Secured Party a proxy to vote the Pledged Securities for and on behalf of
Pledgor, which proxy is irrevocable and coupled with an interest and which proxy shall be effective upon the occurrence of any
Event of Default. Such proxy shall remain in effect so long as the Obligations remain outstanding. The Companies hereby agree that
any vote by Pledgor in violation of this Section 6 shall be null, void and of no force or effect. Furthermore, all dividends or
other distributions received by the Pledgor shall be subject to delivery to Escrow Agent in accordance with Section 3 above, and
until such delivery, any of such dividends and other distributions shall be received in trust for the benefit of the Secured Party,
shall be segregated from other property or funds of the Pledgor and shall be forthwith delivered to Escrow Agent in accordance
with Section 3 above.

 

7.          Release
of Pledged Securities. Upon the timely payment in full of all of the Obligations in accordance with the terms thereof, Secured
Party shall notify the Escrow Agent in writing to such effect. Upon receipt of such written notice, the Escrow Agent shall return
all of the Pledged Materials in Escrow Agent’s possession to the Pledgor, whereupon any and all rights of Secured Party in
and to the Pledged Materials and all other Collateral shall be terminated.

 

8.          Representations,
Warranties, and Covenants of the Pledgor and the Companies. The Pledgor and each of the Companies hereby covenant, warrant
and represent, for the benefit of the Secured Party, as follows (the following representations and warranties shall be made as
of the date of this Agreement and as of each date when Pledged Securities are delivered to Escrow Agent hereunder, as applicable):

 

(a)          The
Pledged Securities are free and clear of any and all Liens, other than as created by this Agreement.

 

(b)          The
Pledged Securities have been duly authorized and are validly issued, fully paid and non-assessable, and are subject to no options
to purchase, or any similar rights or to any restrictions on transferability.

 

(c)          Each
certificate or document of title constituting the Pledged Securities is genuine in all respects and represents what it purports
to be.

 

(d)          By
virtue of the execution and delivery of this Agreement and upon delivery to Escrow Agent of the Pledged Securities in accordance
with this Agreement, Secured Party will have a valid and perfected, first priority security interest in the Collateral, subject
to no prior or other Liens of any nature whatsoever.

 

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(e)          Pledgor
covenants, that for so long as this Agreement is in effect, Pledgor will defend the Collateral and the priority of Secured Party’s
security interests therein, at its sole cost and expense, against the claims and demands of all Persons at anytime claiming the
same or any interest therein.

 

(f)          At
its option, Secured Party may pay, for Pledgor’s account, any taxes (including documentary stamp taxes), Liens, security
interests, or other encumbrances at any time levied or placed on the Collateral. Pledgor agrees to reimburse Secured Party on demand
for any payment made or expense incurred by Secured Party pursuant to the foregoing authorization. Any such amount, if not promptly
paid upon demand therefor, shall accrue interest at the highest non-usurious rate permitted by applicable law from the date of
outlay, until paid, and shall constitute an Obligation secured hereby.

 

(g)          The
Pledgor and the Companies acknowledge, represent and warrant that Secured Party is not an “affiliate” of the Pledgor
or the Companies, as such term is used and defined under Rule 144 of the federal securities laws.

 

(h)          The
Pledged Securities constitute all of the securities owned, legally or beneficially, by the Pledgor, and such securities represent
100% of the issued and outstanding capital stock or other securities, on a fully diluted basis, of each of the Companies. At all
times while this Agreement remains in effect, the Pledged Securities shall constitute and represent 100% of the issued and outstanding
shares of the capital stock or other securities of each of the Companies, on a fully-diluted basis.

 

(i)          The
Companies and the Pledgor hereby authorize Secured Party to prepare and file such financing statements, amendments and other documents
and do such acts as Secured Party deems necessary in order to establish and maintain valid, attached and perfected, first priority
security interests in the Collateral in favor of Secured Party, for its own benefit and as agent for its Affiliates, free and clear
of all Liens and claims and rights of third parties whatsoever. The Companies and Pledgor hereby irrevocably authorize Secured
Party at any time, and from time to time, to file in any jurisdiction any initial financing statements, amendments, continuations
and other documents in furtherance of the foregoing.

 

9.          Events
of Default. The occurrence of any one or more of the following events shall constitute an “Event of Default”
hereunder:

 

(a)          Default.
The occurrence of any breach, default or “Event of Default” (as such term may be defined in any Loan Documents), after
applicable notice and cure periods, under any of the Loan Documents.

 

(b)          Covenants
and Agreements. The failure of Pledgor or the Companies to perform, observe or comply with any and all of the covenants, promises
and agreements of the Pledgor and the Companies in this Agreement, which such failure is not cured by the Pledgor or the Companies
within ten (10) days after receipt of written notice thereof from Secured Party, except that there shall be no notice or cure period
with respect to any failure to pay any sums due under or as part of the Obligations (provided that if the failure to perform or
default in performance is not capable of being cured, in Secured Party’s sole discretion, then the cure period set forth
herein shall not be applicable and the failure or default shall be an immediate Event of Default hereunder).

 

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(c)          Information,
Representations and Warranties. If any representation or warranty made herein or in any other Loan Documents, or if any information
contained in any financial statement, application, schedule, report or any other document given by the Companies to Secured Party
in connection with the Obligations, with the Collateral, or with the Loan Documents, is not in all material respects true, accurate
and complete, or if the Pledgor or the Companies omitted to state any material fact or any fact necessary to make such information
not misleading.

 

10.         Rights
and Remedies. Subject at all times to the Uniform Commercial Code as then in effect in the State governing this Agreement,
the Secured Party shall have the following rights and remedies upon the occurrence and continuation of an Event of Default:

 

(a)          Upon
and anytime after the occurrence and continuation of an Event of Default, the Secured Party shall have the right to acquire the
Pledged Securities and all other Collateral in accordance with the following procedure: (i) the Secured Party shall provide written
notice of such Event of Default (the “Default Notice”) to the Escrow Agent, with a copy to the Pledgor
and the Companies; (ii) as soon as practicable after receipt of a Default Notice, the Escrow Agent shall deliver the Pledged Securities
and all other Collateral, along with the applicable Transfer Documents, to the Secured Party.

 

(b)          Upon
receipt of the Pledged Securities and other Collateral issued to the Secured Party, the Secured Party shall have the right to,
without notice or demand to Pledgor or the Companies: (i) sell the Collateral and to apply the proceeds of such sales, net of any
selling commissions, to the Obligations owed to the Secured Party by the Companies under the Loan Documents, including outstanding
principal, interest, legal fees, and any other amounts owed to the Secured Party; and (ii) exercise in any jurisdiction in which
enforcement hereof is sought, any rights and remedies available to Secured Party under the provisions of any of the Loan Documents,
the rights and remedies of a secured party under the Uniform Commercial Code as then in effect in the State governing this Agreement,
and all other rights and remedies available to the Secured Party, under equity or applicable law, all such rights and remedies
being cumulative and enforceable alternatively, successively or concurrently. In furtherance of the foregoing rights and remedies:

 

(i)          Secured
Party may sell the Pledged Securities, or any part thereof, or any other portion of the Collateral, in one or more sales, at public
or private sale, conducted by any agent of, or auctioneer or attorney for Secured Party, at Secured Party’s place of business
or elsewhere, or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery, and at
such price or prices, all as Secured Party may deem appropriate. Secured Party may be a purchaser at any such sale of any or all
of the Collateral so sold. In the event Secured Party is a purchaser at any such sale, Secured Party may apply to such purchase
all or any portion of the sums then due and owing by the Companies to Secured Party under any of the Loan Documents or otherwise,
and the Secured Party may, upon compliance with the terms of the sale, hold, retain and dispose of such property without further
accountability to the Pledgor or the Companies therefore. Secured Party is authorized, in its absolute discretion, to restrict
the prospective bidders or purchasers of any of the Collateral at any public or private sale as to their number, nature of business
and investment intention, including the restricting of bidders or purchasers to one or more persons who represent and agree, to
the satisfaction of Secured Party, that they are purchasing the Collateral, or any part thereof, for their own account, for investment,
and not with a view to the distribution or resale of any of such Collateral.

 

(ii)         Upon
any such sale, Secured Party shall have the right to deliver, assign and transfer to each purchaser thereof the Collateral so sold
to such purchaser. Each purchaser (including Secured Party) at any such sale shall, to the full extent permitted by law, hold the
Collateral so purchased absolutely free from any claim or right whatsoever, including, without limitation, any equity or right
of redemption of the Pledgor, who, to the full extent that it may lawfully do so, hereby specifically waives all rights of redemption,
stay, valuation or appraisal which she now has or may have under any rule of law or statute now existing or hereafter adopted.

 

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(iii)        At
any such sale, the Collateral may be sold in one lot as an entirety, in separate blocks or individually as Secured Party may determine,
in its sole and absolute discretion. Secured Party shall not be obligated to make any sale of any Collateral if it shall determine
in its sole and absolute discretion, not to do so, regardless of the fact that notice of sale of such Collateral shall have been
given. Secured Party may, without notice or publication, adjourn any public or private sale from time to time by announcement at
the time and place fixed for such sale, or any adjournment thereof, and any such sale may be made at any time or place to which
the same may be so adjourned without further notice or publication.

 

(iv)        The
Pledgor and the Companies acknowledge that compliance with applicable federal and state securities laws (including, without limitation,
the Securities Act of 1933, as amended, blue sky or other state securities laws or similar laws now or hereafter existing analogous
in purpose or effect) might very strictly limit or restrict the course of conduct of Secured Party if Secured Party were to attempt
to sell or otherwise dispose of all or any part of the Collateral, and might also limit or restrict the extent to which or the
manner in which any subsequent transferee of any such securities could sell or dispose of the same. The Pledgor and the Companies
further acknowledge that under applicable laws, Secured Party may be held to have certain general duties and obligations to the
Pledgor, as pledgors of the Collateral, or the Companies, to make some effort toward obtaining a fair price for the Collateral
even though the obligations of the Pledgor and the Companies may be discharged or reduced by the proceeds of sale at a lesser price.
The Pledgor and the Companies understand and agree that, to the extent allowable under applicable law, Secured Party is not to
have any such general duty or obligation to the Pledgor or the Companies, and neither the Pledgor nor the Companies will attempt
to hold Secured Party responsible for selling all or any part of the Collateral at an inadequate price even if Secured Party shall
accept the first offer received or does not approach more than one possible purchaser. Without limiting their generality, the foregoing
provisions would apply if, for example, Secured Party were to place all or any part of such securities for private placement by
an investment banking firm, or if such investment banking firm purchased all or any part of such securities for its own account,
or if Secured Party placed all or any part of such securities privately with a purchaser or purchasers.

 

(c)          To
the extent that the net proceeds received by the Secured Party are insufficient to satisfy the Obligations in full, the Secured
Party shall be entitled to a deficiency judgment against each Company and any other Person obligated for the Obligations for such
deficiency amount. The Secured Party shall have the absolute right to sell or dispose of the Collateral, or any part thereof, in
any manner it sees fit and shall have no liability to the Pledgor, the Companies, or any other party for selling or disposing of
such Collateral even if other methods of sales or dispositions would or allegedly would result in greater proceeds than the method
actually used. The Companies and any other Person obligated for the Obligations shall remain liable for all deficiencies and shortfalls,
if any, that may exist after the Secured Party has exhausted all remedies hereunder.

 

(d)          Each
right, power and remedy of the Secured Party provided for in this Agreement or any other Transaction Document shall be cumulative
and concurrent and shall be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by
the Secured Party of any one or more of the rights, powers or remedies provided for in this Agreement or any other Loan Documents,
or now or hereafter existing at law or in equity or by statute or otherwise, shall not preclude the simultaneous or later exercise
by the Secured Party of all such other rights, powers or remedies, and no failure or delay on the part of the Secured Party to
exercise any such right, power or remedy shall operate as a waiver thereof. No notice to or demand on the Pledgor in any case shall
entitle it to any other or further notice or demand in similar or other circumstances or constitute a waiver of any of the rights
of the Secured Party to any other further action in any circumstances without demand or notice. The Secured Party shall have the
full power to enforce or to assign or contract its rights under this Agreement to a third party.

 

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(e)          In
addition to all other remedies available to the Secured Party, upon the issuance of the Pledged Securities to the Secured Party
after an Event of Default, Pledgor and the Companies each agree to: (i) take such action and prepare, distribute and/or file such
documents and papers, as are required or advisable in the opinion of Secured Party and/or its counsel, to permit the sale of the
Pledged Securities, whether at public sale, private sale or otherwise, including, without limitation, issuing, or causing its counsel
to issue, any opinion of counsel for Pledgor or the Companies required to allow the Secured Party to sell the Pledged Securities
or any other Collateral under Rule 144; (ii) to bear all costs and expenses of carrying out its obligations under this Section
8(e), which shall be a part of the Obligations secured hereby; and (iv) that there is no adequate remedy at law for the failure
by the Pledgor and the Companies to comply with the provisions of this Section 8(e) and that such failure would not be adequately
compensable in damages, and therefore agrees that its agreements contained in this subsection may be specifically enforced.

 

11.         Concerning
the Escrow Agent.

 

(a)          The
Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no implied duties or obligations shall
be read into this Agreement against the Escrow Agent. Escrow Agent agrees to release any property held by it hereunder (the “Escrowed
Property”) in accordance with the terms and conditions set forth in this Agreement.

 

(b)          The
Escrow Agent may act in reliance upon any writing or instrument or signature which it, in good faith, believes to be genuine, may
assume the validity and accuracy of any statement or assertion contained in such a writing or instrument, and may assume that any
person purporting to give any writing, notice, advice or instructions in connection with the provisions hereof has been duly authorized
to do so. The Escrow Agent shall not be liable in any manner for the sufficiency or correctness as to form, manner, and execution,
or validity of any instrument deposited in this escrow, nor as to the identity, authority, or right of any person executing the
same; and its duties hereunder shall be limited to the safekeeping of the Escrowed Property, and for the disposition of the same
in accordance with this Agreement. Escrow Agent shall not be deemed to have knowledge of any matter or thing unless and until Escrow
Agent has actually received written notice of such matter or thing and Escrow Agent shall not be charged with any constructive
notice whatsoever.

 

(c)          Escrow
Agent shall hold in escrow, pursuant to this Agreement, the Escrowed Property actually delivered and received by Escrow Agent hereunder,
but Escrow Agent shall not be obligated to ascertain the existence of (or initiate recovery of) any other property that may be
part or portion of the Collateral, or to become or remain informed with respect to the possibility or probability of additional
Collateral being realized upon or collected at any time in the future, or to inform any parties to this Agreement or any third
party with respect to the nature and extent of any Collateral realized and received by Escrow Agent (except upon the written request
of such party), or to monitor current market values of the Collateral. Further, Escrow Agent shall not be obligated to proceed
with any action or inaction based on information with respect to market values of the Collateral which Escrow Agent may in any
manner learn, nor shall Escrow Agent be obligated to inform the parties hereto or any third party with respect to market values
of any of the Collateral at any time, Escrow Agent having no duties with respect to investment management or information, all parties
hereto understanding and intending that Escrow Agent’s responsibilities are purely ministerial in nature. Any reduction in
the market value or other value of the Collateral while deposited with Escrow Agent shall be at the sole risk of Pledgor and Secured
Party. If all or any portion of the Escrowed Property is in the form of a check or in any other form other than cash, Escrow Agent
shall deposit same as required but shall not be liable for the nonpayment thereof, nor responsible to enforce collection thereof.

 

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(d)          In
the event instructions from Secured Party, Pledgor, or any other Person would require Escrow Agent to expend any monies or to incur
any cost, Escrow Agent shall be entitled to refrain from taking any action until it receives payment for such costs. It is agreed
that the duties of Escrow Agent are purely ministerial in nature and shall be expressly limited to the safekeeping of the Escrowed
Property and for the disposition of same in accordance with this Agreement. Secured Party, Pledgor and the Companies, jointly and
severally, each hereby indemnifies Escrow Agent and holds it harmless from and against any and all claims, liabilities, damages,
costs, penalties, losses, actions, suits or proceedings at law or in equity, or any other expenses, fees or charges of any character
or nature (collectively, the “Claims”), which it may incur or with which it may be threatened, directly
or indirectly, arising from or in any way connected with this Agreement or which may result from Escrow Agent’s following
of instructions from Secured Party, Pledgor or the Companies, and in connection therewith, indemnifies Escrow Agent against any
and all expenses, including attorneys’ fees and the cost of defending any action, suit, or proceeding or resisting any Claim,
whether or not litigation is instituted, unless any such Claims arise as a result of Escrow Agent’s gross negligence or willful
misconduct. Escrow Agent shall be vested with a lien on all Escrowed Property under the terms of this Agreement, for indemnification,
attorneys’ fees, court costs and all other costs and expenses arising from any suit, interpleader or otherwise, or other
expenses, fees or charges of any character or nature, which may be incurred by Escrow Agent by reason of disputes arising between
Pledgor, the Companies, Secured Party, or any third party as to the correct interpretation of this Agreement, and instructions
given to Escrow Agent hereunder, or otherwise, with the right of Escrow Agent, regardless of the instruments aforesaid and without
the necessity of instituting any action, suit or proceeding, to hold any property hereunder until and unless said additional expenses,
fees and charges shall be fully paid. Any fees and costs charged by the Escrow Agent for serving hereunder shall be paid by the
Pledgor and the Companies, jointly and severally.

 

(e)          In
the event Escrow Agent shall be uncertain as to its duties or rights hereunder or shall receive instructions, claims or demands
from Secured Party, the Companies, Pledgor or from third persons with respect to the Escrowed Property, which, in Escrow Agent’s
sole opinion, are in conflict with each other or with any provision of this Agreement, Escrow Agent shall be entitled to refrain
from taking any action until it shall be directed otherwise in writing by Pledgor, the Companies and Secured Party and said third
persons, if any, or by a final order or judgment of a court of competent jurisdiction. If any of the parties shall be in disagreement
about the interpretation of this Agreement, or about the rights and obligations, or the propriety of any action contemplated by
the Escrow Agent hereunder, the Escrow Agent may, at its sole discretion, deposit the Escrowed Property with a court having jurisdiction
over this Agreement, and, upon notifying all parties concerned of such action, all liability on the part of the Escrow Agent shall
fully cease and terminate. The Escrow Agent shall be indemnified by the Pledgor, the Companies and Secured Party for all costs,
including reasonable attorneys’ fees, in connection with the aforesaid proceeding, and shall be fully protected in suspending
all or a part of its activities under this Agreement until a final decision or other settlement in the proceeding is received.
In the event Escrow Agent is joined as a party to a lawsuit by virtue of the fact that it is holding the Escrowed Property, Escrow
Agent shall, at its sole option, either: (i) tender the Collateral in its possession to the registry of the appropriate court;
or (ii) disburse the Collateral in its possession in accordance with the court’s ultimate disposition of the case, and Secured
Party, the Companies and Pledgor hereby, jointly and severally, indemnify and hold Escrow Agent harmless from and against any damages
or losses in connection therewith including, but not limited to, reasonable attorneys’ fees and court costs at all trial
and appellate levels.

 

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(f)          The
Escrow Agent may consult with counsel of its own choice (and the costs of such counsel shall be paid by the Pledgor, the Companies
and Secured Party, jointly and severally) and shall have full and complete authorization and protection for any action taken or
suffered by it hereunder in good faith and in accordance with the opinion of such counsel. The Escrow Agent shall not be liable
for any mistakes of fact or error of judgment, or for any actions or omissions of any kind, unless caused by its willful misconduct
or gross negligence.

 

(g)          The
Escrow Agent may resign upon ten (10) days’ written notice to the parties in this Agreement. If a successor Escrow Agent
is not appointed by Secured Party and Pledgor within this ten (10) day period, the Escrow Agent may petition a court of competent
jurisdiction to name a successor.

 

(h)          Conflict
Waiver. The Pledgor and each Company hereby acknowledges that the Escrow Agent is counsel to the Secured Party in connection
with the transactions contemplated and referred herein. The Pledgor and the Companies agree that in the event of any dispute arising
in connection with this Agreement or otherwise in connection with any transaction or agreement contemplated and referred herein,
the Escrow Agent shall be permitted to continue to represent the Secured Party and neither the Pledgor, nor the Companies, will
seek to disqualify such counsel and each of them waives any objection Pledgor or the Companies might have with respect to the Escrow
Agent acting as the Escrow Agent pursuant to this Agreement. Pledgor, the Companies and Secured Party acknowledge and agree that
nothing in this Agreement shall prohibit Escrow Agent from: (i) serving in a similar capacity on behalf of others; or (ii) acting
in the capacity of attorneys for one or more of the parties hereto in connection with any matter.

 

12.         Increase
in Obligations. It is the intent of the parties to secure payment of the Obligations, as the amount of such Obligations may
increase from time to time in accordance with the terms and provisions of the Loan Documents, and all of the Obligations, as so
increased from time to time, shall be and are secured hereby. Upon the execution hereof, Pledgor and the Companies shall pay any
and all documentary stamp taxes and/or other charges required to be paid in connection with the execution and enforcement of the
Loan Documents, and if, as and to the extent the Obligations are increased from time to time in accordance with the terms and provisions
of the Loan Documents, then Pledgor and the Companies shall immediately pay any additional documentary stamp taxes or other charges
in connection therewith.

 

13.         Irrevocable
Authorization and Instruction. If applicable, Pledgor and the Companies hereby authorize and instruct the transfer agent for
the Companies (or transfer agents if there is more than one) to comply with any instruction received by it from Secured Party in
writing that: (i) states that an Event of Default hereunder exists or has occurred; and (b) is otherwise in accordance
with the terms of this Agreement, without any other or further instructions from Pledgor or the Companies, and Pledgor and the
Companies agree that such transfer agents shall be fully protected in so complying with any such instruction from Secured Party.

 

    	 	9	 

     

    

 

14.         Appointment
as Attorney-in-Fact. Each of the Companies and Pledgor hereby irrevocably constitutes and appoints Secured Party and any officer
or agent of Secured Party, with full power of substitution, as its true and lawful attorney-in-fact, with full irrevocable power
and authority in the place and stead of Pledgor or the Companies, as applicable, and in the name of Pledgor, the Companies, or
in the name of Secured Party, as applicable, from time to time in the discretion of Secured Party, so long as an Event of Default
hereunder exists, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute
any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement, including
any financing statements, endorsements, assignments or other instruments of transfer. Pledgor and the Companies each hereby ratify
all that said attorneys shall lawfully do or cause to be done pursuant to the power of attorney granted in this Section 14.
All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until the
Obligations are paid and performed in full.

 

15.         Continuing
Obligation of Pledgor and the Companies. The obligations, covenants, agreements and duties of the Pledgor and the Companies
under this Agreement shall in no way be affected or impaired by: (i) the modification or amendment (whether material or otherwise)
of any of the obligations of the Pledgor or the Companies or any other Person, as applicable; (ii) the voluntary or involuntary
bankruptcy, assignment for the benefit of creditors, reorganization, or other similar proceedings affecting the Companies, Pledgor
or any other Person, as applicable; (iii) the release of the Companies, Pledgor or any other Person from the performance or observance
of any of the agreements, covenants, terms or conditions contained in any Loan Documents, by the operation of law or otherwise,
including the release of the Companies’ or Pledgor’s obligation to pay interest or attorney's fees.

 

Pledgor and the Companies
further agree that Secured Party may take other guaranties or collateral or security to further secure the Obligations, and consent
that any of the terms, covenants and conditions contained in any of the Loan Documents may be renewed, altered, extended, changed
or modified by Secured Party or may be released by Secured Party, without in any manner affecting this Agreement or releasing Pledgor
herefrom, and Pledgor shall continue to be liable hereunder to pay and perform pursuant hereto, notwithstanding any such release
or the taking of such other guaranties, collateral or security. This Agreement is additional and supplemental to any and all other
guarantees, security agreements or collateral heretofore and hereafter executed by Pledgor and the Companies for the benefit of
Secured Party, whether relating to the indebtedness evidenced by any of the Loan Documents or not, and shall not supersede or be
superseded by any other document or guaranty executed by Pledgor, the Companies or any other Person for any purpose. Pledgor and
the Companies hereby agree that Pledgor, the Companies, and any additional parties who may become liable for repayment of the sums
due under the Loan Documents, may hereafter be released from their liability hereunder and thereunder; and Secured Party may take,
or delay in taking or refuse to take, any and all action with reference to any of the Loan Documents (regardless of whether same
might vary the risk or alter the rights, remedies or recourses of Pledgor), including specifically the settlement or compromise
of any amount allegedly due thereunder, all without notice to, consideration to or the consent of the Pledgor, and without in any
way releasing, diminishing or affecting in any way the absolute nature of Pledgor’s obligations and liabilities hereunder.

 

    	 	10	 

     

    

 

No delay on the part
of the Secured Party in exercising any rights hereunder or failure to exercise the same shall operate as a waiver of such rights.
Pledgor and each Company hereby waives any and all legal requirements, statutory or otherwise, that Secured Party shall institute
any action or proceeding at law or in equity or exhaust its rights, remedies and recourses against Pledgor, any Company or anyone
else with respect to the Loan Documents, as a condition precedent to bringing an action against Pledgor or any Company upon this
Agreement or as a condition precedent to Secured Party’s rights to sell the Pledged Securities or any other Collateral. Pledgor
and each Company agrees that Secured Party may simultaneously maintain an action upon this Agreement and an action or proceeding
upon the Loan Documents. All remedies afforded by reason of this Agreement are separate and cumulative remedies and may be exercised
serially, simultaneously and in any order, and the exercise of any of such remedies shall not be deemed an exclusion of the other
remedies and shall in no way limit or prejudice any other contractual, legal, equitable or statutory remedies which Secured Party
may have in the Pledged Securities, any other Collateral, or under the Loan Documents. Until the Obligations, and all extensions,
renewals and modifications thereof, are paid in full, and until each and all of the terms, covenants and conditions of this Agreement
are fully performed, Pledgor shall not be released by any act or thing which might, but for this provision of this Agreement, be
deemed a legal or equitable discharge of a surety, or by reason of any waiver, extension, modification, forbearance or delay of
Secured Party or any obligation or agreement between any Company or their successors or assigns, and the then holder of the Loan
Documents, relating to the payment of any sums evidenced or secured thereby or to any of the other terms, covenants and conditions
contained therein, and Pledgor hereby expressly waive and surrender any defense to liability hereunder based upon any of the foregoing
acts, things, agreements or waivers, or any of them. Pledgor and each Company also waives any defense arising by virtue of any
disability, insolvency, bankruptcy, lack of authority or power or dissolution of Pledgor or any Company, even though rendering
the Loan Documents void, unenforceable or otherwise uncollectible, it being agreed that Pledgor and each Company shall remain liable
hereunder, regardless of any claim which Pledgor or any Company might otherwise have against Secured Party by virtue of Secured
Party's invocation of any right, remedy or recourse given to it hereunder or under the Loan Documents. In addition, Pledgor waives
and renounces any right of subrogation, reimbursement or indemnity whatsoever, and any right of recourse to security for the Obligations
of the Companies to Secured Party, unless and until all of said Obligations have been paid in full to Secured Party.

 

		16.	Miscellaneous.

 

(a)          Performance
for Pledgor or the Companies. The Pledgor and the Companies agree and hereby acknowledge that Secured Party may, in Secured
Party’s sole discretion, but Secured Party shall not be obligated to, whether or not an Event of Default shall have occurred,
advance funds on behalf of the Companies or Pledgor, without prior notice to the Pledgor or the Companies, in order to insure the
Companies’ and Pledgor’s compliance with any covenant, warranty, representation or agreement of the Pledgor or the
Companies made in or pursuant to this Agreement or the other Loan Documents, to continue or complete, or cause to be continued
or completed, performance of the Pledgor’s and the Companies’ obligations under any contracts of the Pledgor or the
Companies, or to preserve or protect any right or interest of Secured Party in the Collateral or under or pursuant to this Agreement
or the other Loan Documents; provided, however, that the making of any such advance by Secured Party shall not constitute a waiver
by Secured Party of any Event of Default with respect to which such advance is made, nor relieve the Pledgor or the Companies of
any such Event of Default. The Pledgor and the Companies, respectively and as applicable, shall pay to Secured Party upon demand
all such advances made by Secured Party with interest thereon at the highest rate permitted by applicable law. All such advances
shall be deemed to be included in the Obligations and secured by the security interest granted Secured Party hereunder; provided,
however, that the provisions of this Subsection shall survive the termination of this Agreement and Secured Party’s security
interest hereunder and the payment of all other Obligations.

 

(b)          Applications
of Payments and Collateral. Except as may be otherwise specifically provided in this Agreement or the other Loan Documents,
all Collateral and proceeds of Collateral coming into Secured Party’s possession may be applied by Secured Party (after payment
of any costs, fees and other amounts incurred by Secured Party in connection therewith) to any of the Obligations, whether matured
or unmatured, as Secured Party shall determine in its sole discretion. Any surplus held by the Secured Party and remaining after
the indefeasible payment in full in cash of all of the Obligations shall be paid over to whomsoever shall be lawfully entitled
to receive the same or as a court of competent jurisdiction shall direct. In the event that the proceeds of any such sale, collection
or realization are insufficient to pay all amounts to which the Secured Party is legally entitled, the Companies shall be jointly
and severally liable for the deficiency, together with interest thereon at the highest rate permitted by applicable law, together
with the costs of collection and the reasonable fees, costs, expenses and other client charges of any attorneys employed by the
Secured Party to collect such deficiency.

 

    	 	11	 

     

    

 

(c)          Waivers
by Pledgor and the Companies. Each of the Companies and the Pledgor hereby waives, to the extent the same may be waived under
applicable law: (i) notice of acceptance of this Agreement; (ii) all claims and rights of the Pledgor and the Companies against
Secured Party on account of actions taken or not taken by Secured Party in the exercise of Secured Party’s rights or remedies
hereunder, under any other Loan Documents or under applicable law; (iii) all claims of the Pledgor and the Companies for failure
of Secured Party to comply with any requirement of applicable law relating to enforcement of Secured Party’s rights or remedies
hereunder, under the other Loan Documents or under applicable law; (iv) all rights of redemption of the Pledgor with respect to
the Collateral; (v) in the event Secured Party seeks to repossess any or all of the Collateral by judicial proceedings, any bond(s)
or demand(s) for possession which otherwise may be necessary or required; (vi) presentment, demand for payment, protest and
notice of non-payment and all exemptions applicable to any of the Collateral or the Pledgor or the Companies; (vii) any and all
other notices or demands which by applicable law must be given to or made upon the Pledgor or the Companies by Secured Party; (viii)
settlement, compromise or release of the obligations of any person or entity primarily or secondarily liable upon any of the Obligations;
(ix) all rights of the Pledgor or the Companies to demand that Secured Party release account debtors or other persons or entities
liable on any of the Collateral from further obligation to Secured Party; and (x) substitution, impairment, exchange or release
of any Collateral for any of the Obligations. The Pledgor and the Companies agree that Secured Party may exercise any or all of
its rights and/or remedies hereunder and under any other Loan Documents and under applicable law without resorting to and without
regard to any Collateral or sources of liability with respect to any of the Obligations.

 

(d)          Waivers
by Secured Party. No failure or any delay on the part of Secured Party in exercising any right, power or remedy hereunder or
under any other Loan Documents or under applicable law, shall operate as a waiver thereof.

 

(e)          Secured
Party’s Setoff. Secured Party shall have the right, in addition to all other rights and remedies available to it, following
an Event of Default, to set off against any Obligations due Secured Party, any debt owing to the Pledgor or the Companies by Secured
Party.

 

(f)          Modifications,
Waivers and Consents. No modifications or waiver of any provision of this Agreement or any other Loan Documents, and no consent
by Secured Party to any departure by the Pledgor or the Companies therefrom, shall in any event be effective unless the same shall
be in writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given,
and any single or partial written waiver by Secured Party of any term, provision or right of Secured Party hereunder shall only
be applicable to the specific instance to which it relates and shall not be deemed to be a continuing or future waiver of any other
right, power or remedy. No notice to or demand upon the Pledgor or the Companies in any case shall entitle Pledgor or the Companies
to any other or further notice or demand in the same, similar or other circumstances.

 

(g)          Notices.
All notices of request, demand and other communications hereunder shall be addressed, sent and deemed delivered in accordance with
the Credit Agreement, including delivery of any such notices or communications to the Pledgor on behalf of the Companies, which
the each Company hereby agrees and acknowledges shall be valid and effective notice to the Companies hereunder.

 

    	 	12	 

     

    

 

(h)          Applicable
Law and Consent to Jurisdiction. The Pledgor, the Companies and the Secured Party each irrevocably agrees that any dispute
arising under, relating to, or in connection with, directly or indirectly, this Agreement or related to any matter which is the
subject of or incidental to this Agreement (whether or not such claim is based upon breach of contract or tort) shall be subject
to the exclusive jurisdiction and venue of the state and/or federal courts located in Broward County, Florida; provided, however,
Secured Party may, at Secured Party’s sole option, elect to bring any action in any other jurisdiction. This provision is
intended to be a “mandatory” forum selection clause and governed by and interpreted consistent with Florida law. The
Pledgor, the Companies and Secured Party each hereby consents to the exclusive jurisdiction and venue of any state or federal court
having its situs in said county (or to any other jurisdiction or venue, if Secured Party so elects), and each waives any objection
based on forum non conveniens. The Pledgor and the Companies each hereby waives personal service of any and all process and consent
that all such service of process may be made by certified mail, return receipt requested, directed to the Pledgor or the Companies,
as applicable, as set forth herein and in the manner provided by applicable statute, law, rule of court or otherwise. Except for
the foregoing mandatory forum selection clause, this Agreement shall be construed in accordance with the laws of the State of Nevada,
without regard to the principles of conflicts of laws.

 

(i)          Survival:
Successors and Assigns. All covenants, agreements, representations and warranties made herein shall survive the execution and
delivery hereof, and shall continue in full force and effect until all Obligations have been paid in full, there exists no commitment
by Secured Party which could give rise to any Obligations. Whenever in this Agreement any of the parties hereto is referred to,
such reference shall be deemed to include the successors and assigns of such party. In the event that Secured Party assigns this
Agreement and/or its security interest in the Collateral, such assignment shall be binding upon and recognized by the Pledgor.
All covenants, agreements, representations and warranties by or on behalf of the Pledgor or the Companies which are contained in
this Agreement shall inure to the benefit of Secured Party, its successors and assigns. Neither the Pledgor, nor the Companies,
may assign this Agreement or delegate any of their respective rights or obligations hereunder, without the prior written consent
of Secured Party, which consent may be withheld in Secured Party’s sole and absolute discretion.

 

(j)          Severability.
If any term, provision or condition, or any part thereof, of this Agreement shall for any reason be found or held invalid or unenforceable
by any court or governmental authority of competent jurisdiction, such invalidity or unenforceability shall not affect the remainder
of such term, provision or condition nor any other term, provision or condition, and this Agreement shall survive and be construed
as if such invalid or unenforceable term, provision or condition had not been contained therein.

 

(k)          Merger
and Integration. This Agreement and the other Loan Documents contain the entire agreement of the parties hereto with respect
to the matters covered and the transactions contemplated hereby, and no other agreement, statement or promise made by any party
hereto, or by any employee, officer, agent or attorney of any party hereto, which is not contained herein shall be valid or binding.

 

    	 	13	 

     

    

 

(l)          WAIVER
OF JURY TRIAL. THE PLEDGOR AND THE COMPANIES EACH HEREBY: (i) COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY OF ANY
ISSUE TRIABLE OF RIGHT BY A JURY; AND (ii) WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH THE PLEDGORS, ANY COMPANY
AND SECURED PARTY MAY BE PARTIES, ARISING OUT OF, IN CONNECTION WITH OR IN ANY WAY PERTAINING TO THIS AGREEMENT, AND/OR ANY TRANSACTIONS,
OCCURRENCES, COMMUNICATIONS, OR UNDERSTANDINGS (OR THE LACK OF ANY OF THE FOREGOING) RELATING IN ANY WAY TO DEBTOR-CREDITOR RELATIONSHIP
BETWEEN THE PARTIES. IT IS UNDERSTOOD AND AGREED THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL
PARTIES TO SUCH ACTIONS OR PROCEEDINGS, INCLUDING CLAIMS AGAINST PARTIES WHO ARE NOT PARTIES TO THIS AGREEMENT. THIS WAIVER OF
JURY TRIAL IS SEPARATELY GIVEN, KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY THE PLEDGORS AND THE COMPANIES AND THE PLEDGOR AND
THE COMPANIES HEREBY AGREE THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER OF
TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. SECURED PARTY IS HEREBY AUTHORIZED TO SUBMIT THIS AGREEMENT TO ANY
COURT HAVING JURISDICTION OVER THE SUBJECT MATTER AND THE PLEDGORS, THE COMPANIES AND SECURED PARTY, SO AS TO SERVE AS CONCLUSIVE
EVIDENCE OF SUCH WAIVER OF RIGHT TO TRIAL BY JURY. THE PLEDGORS AND THE COMPANIES REPRESENT AND WARRANT THAT EACH OF THEM HAS BEEN
REPRESENTED IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN
FREE WILL, AND/OR THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

 

(m)          Execution.
This Agreement may be executed in one or more counterparts, all of which taken together shall be deemed and considered one and
the same Agreement. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf”
format file or other similar format file, such signature shall be deemed an original for all purposes and shall create a valid
and binding obligation of the party executing same with the same force and effect as if such facsimile or “.pdf” signature
page was an original thereof.

 

(n)          Headings.
The headings and sub-headings contained in the titling of this Agreement are intended to be used for convenience only and shall
not be used or deemed to limit or diminish any of the provisions hereof.

 

(o)          Gender
and Use of Singular and Plural. All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural,
as the identity of the party or parties or their personal representatives, successors and assigns may require. The word “Company”
or “Companies” shall mean all of the undersigned Persons.

 

(p)          Further
Assurances. The parties hereto will execute and deliver such further instruments and do such further acts and things as may
be reasonably required to carry out the intent and purposes of this Agreement, including the execution and filing of UCC-1 Financing
Statements in any jurisdiction as Secured Party may require.

 

(q)          Time
is of the Essence. The parties hereby agree that time is of the essence with respect to performance of each of the parties’
obligations under this Agreement. The parties agree that in the event that any date on which performance is to occur falls on a
Saturday, Sunday or state or national holiday, then the time for such performance shall be extended until the next business day
thereafter occurring.

 

(r)          Joint
Preparation. The preparation of this Agreement has been a joint effort of the parties and the resulting documents shall not,
solely as a matter of judicial construction, be construed more severely against one of the parties than the other.

 

    	 	14	 

     

    

 

(s)          Prevailing
Party. If any legal action or other proceeding is brought for the enforcement of this Agreement or any other Loan Documents,
or because of an alleged dispute, breach, default or misrepresentation in connection with any provisions of this Agreement or any
other Loan Documents, the successful or prevailing party or parties shall be entitled to recover from the non-prevailing party,
reasonable attorneys’ fees, court costs and all expenses, even if not taxable as court costs (including, without limitation,
all such fees, costs and expenses incident to appeals), incurred in that action or proceeding, in addition to any other relief
to which such party or parties may be entitled.

 

(t)          Costs
and Expenses. The Pledgor and the Companies, jointly and severally, agree to pay to the Secured Party, upon demand, the amount
of any and all costs and expenses, including the reasonable fees, costs, expenses and disbursements of counsel for the Secured
Party and of any experts and agents, which the Secured Party may incur in connection with: (i) the preparation, negotiation,
execution, delivery, recordation, administration, amendment, waiver or other modification or termination of this Agreement; (ii) the
custody, preservation, use or operation of, or the sale of, collection from, or other realization upon, any Collateral; (iii) the
exercise or enforcement of any of the rights of the Secured Party hereunder; or (iv) the failure by the Pledgor or the Companies
to perform or observe any of the provisions hereof. Included in the foregoing shall be the amount of all expenses paid or incurred
by Secured Party in consulting with counsel concerning any of its rights hereunder, under any Loan Documents or under applicable
law, as well as such portion of Secured Party’s overhead as Secured Party shall allocate to collection and enforcement of
the Obligations in Secured Party’s sole but reasonable discretion. All such costs and expenses shall bear interest from the
date of outlay until paid, at the highest rate allowed by law. The provisions of this Subsection shall survive the termination
of this Agreement and Secured Party’s security interest hereunder and the payment of all Obligations.

 

(u)          Joint
and Several Liability. The liability of Pledgor shall be joint and several with the liability of the Companies and any other
Person liable for the Obligations. The liability of any Company shall also be joint and several with the liability of all other
Companies under this Agreement.

 

[Signatures on the following page]

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement as of the day and year first above written.

 

	PLEDGOR:	 
	 	 
	TARSIER LTD., a Delaware corporation	 
	 	 	 
	By:	/s/ Isaac H. Sutton	 
	Name:	 	 
	Title:	 	 

 

	STATE OF 	 	  )	 
	 	 	   SS.	 
	COUNTY OF 	 	)	 

 

The foregoing instrument
was acknowledged before me this ___ day of ________, 2016 by _________________, who is the _________________ of Tarsier Ltd., on
behalf of such entity. He/She is personally known to me or has produced __________________________ as identification.

 

	My Commission Expires:	 
	 	 
	 	 
	 	Notary Public
	 	 
	 	 
	 	Name of Notary typed or printed

 

    	 	16	 

     

    

 

	COMPANIES:	 
	 	 
	TARSIER SYSTEMS, LTD., a New York corporation	 
	 	 	 
	By:	/s/ Isaac H. Sutton	 
	Name:	 	 
	Title:	 	 

 

	STATE OF 	 	  )	 
	 	 	   SS.	 
	COUNTY OF 	 	)	 

 

The foregoing instrument
was acknowledged before me this ___ day of ________, 2016 by _________________, who is the _________________ of Tarsier Systems
Ltd., on behalf of such entity. He/She is personally known to me or has produced __________________________ as identification.

 

	My Commission Expires:	 
	 	 
	 	 
	 	Notary Public
	 	 
	 	 
	 	Name of Notary typed or printed

 

SECURED PARTY:

 

	TCA GLOBAL CREDIT MASTER FUND, LP	 
	 	 	 
	By:	TCA Global Credit Fund GP, Ltd.	 
	Its:	General Partner	 
	 	 	 
	By:	/s/ Robert Press	 
	 	Robert Press, Director	 

 

    	 	17EX-4.1

 Exhibit 4.1 

Owl Rock Capital Corporation 
 (A Maryland Corporation) 

FORM OF SUBSCRIPTION AGREEMENT 

Article I. 
 Section 1.01
Subscription. 
  

	 	(a)	Subject to the terms and conditions hereof, and in reliance upon the representations and warranties contained in this subscription agreement (this “Subscription Agreement”), the undersigned (the
“Investor”) irrevocably subscribes for and agrees to purchase shares of common stock, par value $0.01 per share (“Shares”), of Owl Rock Capital Corporation (the “Company”) on the terms and
conditions described herein, in the Company’s Confidential Private Placement Memorandum (together with any appendices and supplements thereto, the “Memorandum”), in the Company’s Amended and Restated Charter, dated as of
                    , 2016 (the “Charter”), in the Company’s Bylaws, dated as of
                    , 2016 (the “Bylaws”), in the Investment Advisory Agreement between the Company and Owl Rock Capital Advisors
LLC (the “Adviser”), dated as of                     , 2016 (the “Investment Advisory Agreement”) and in the
Administration Agreement between the Company and the Adviser, dated as of                     , 2016 (the “Administration Agreement”
and together with the Charter, the Bylaws, the Investment Advisory Agreement and the Memorandum, the “Operative Documents”). The Investor has received the Operative Documents. The Company expects to enter into separate subscription
agreements (the “Other Subscription Agreements”) with other investors (the “Other Investors,” and together with the Investor, the “Investors”), providing for the sale of Shares to the Other
Investors. This Subscription Agreement and the Other Subscription Agreements are separate agreements, and the sales of Shares to the undersigned and the Other Investors are to be separate sales. 

 

	 	(b)	The Investor agrees to purchase Shares for an aggregate purchase price equal to the amount set forth on the signature page hereof (the “Capital Commitment”), payable at such times and in such amounts as
required by the Company, under the terms and subject to the conditions set forth herein. On each Drawdown Date (as defined below), the Investor agrees to purchase from the Company, and the Company agrees to issue to the Investor, a number of Shares
equal to the Drawdown Share Amount (as defined below) at an aggregate price equal to the Drawdown Purchase Price (as defined below); provided, however, that in no circumstance will an Investor be required to purchase Shares for an amount in
excess of its Unused Capital Commitment (as defined below). 

  

	 	(c)	To accommodate the legal, tax, regulatory or fiscal concerns of certain Other Investors, the Adviser may determine to allow certain Other Investors (the “Fully Funded Other Investors”) to fully fund
their Capital Commitment. 

 “Drawdown Purchase Price” shall mean, for each Drawdown Date, an amount in U.S.
dollars determined by multiplying (i) the aggregate amount of Capital Commitments being drawn down by the Company from all Investors on that Drawdown Date, by (ii) a fraction, the numerator of which is the Unused Capital Commitment of the
Investor and the denominator of which is the aggregate Unused Capital Commitments of all Investors that are not Defaulting Investors or Excluded Investors (as defined below). 

“Drawdown Share Amount” shall mean, for each Drawdown Date, a number of Shares determined by dividing (i) the Drawdown
Purchase Price for that Drawdown Date by (ii) the Per Share NAV (as defined below) as of the Drawdown Date, subject to adjustment in accordance with the procedures set forth in “II. Summary of Principal Terms and Conditions — Per
Share Price Adjustments” in the Memorandum (the “Adjustment Procedures”), with the resulting quotient adjusted to the nearest whole number to avoid the issuance of fractional shares. 

 “Per Share NAV” shall mean, for any date, the net asset value per share of
Common Stock determined in accordance with the procedures set forth in “II. Summary of Principal Terms and Conditions — Valuation of Assets; Independent Valuation Firm,” and “III. The Company — Valuation”
in the Memorandum (as those procedures may be changed from time to time in a manner consistent with the limitations of the Investment Company Act of 1940, as amended (the “1940 Act”)) as of the last day of the Company’s fiscal
quarter immediately preceding such date. 
 “Unused Capital Commitment” shall mean, with respect to an Investor, the amount
of such Investor’s Capital Commitment as of any date reduced by the aggregate amount of contributions made by that Investor at all previous Drawdown Dates and any Catch-up Date pursuant to Section 1.01(b) and Section 1.02(b),
respectively. 
 Section 1.02 Closings. 
  

	 	(a)	The closing of this subscription agreement will take place at 245 Park Ave. 41st Floor, New York, New York on
                    , 2016 (such date being the “Closing Date,” and the date upon which the first closing of any Subscription
Agreement occurs being referred to herein as the “Initial Closing Date”). The Investor agrees to provide any information reasonably requested by the Company to verify the accuracy of the representations contained herein, including
without limitation the investor suitability questionnaire attached as Appendix A (the “Investor Suitability Questionnaire”). Promptly after the Closing Date, the Company will deliver to the Investor or its representative, if
the Investor’s subscription has been accepted, a countersigned copy of this Subscription Agreement and other documents and instruments necessary to reflect the Investor’s status as an investor in the Company, including any documents and
instruments to be delivered pursuant to this Subscription Agreement. 

  

	 	(b)	The Company may enter into Other Subscription Agreements with Other Investors after the Closing Date, with any closing thereunder referred to as a “Subsequent Closing” and any Other Investor whose
subscription has been accepted at such Subsequent Closing referred to as a “Subsequent Investor.” Notwithstanding the provisions of Sections 1.01(b) and 2.01, on a date to be determined by the Company that occurs on or
following the Subsequent Closing but no later than the next succeeding Drawdown Date (the “Catch-up Date”), each Subsequent Investor shall be required to purchase from the Company a number of Shares with an aggregate purchase price
necessary to ensure that, upon payment of the aggregate purchase price for such Shares by the Subsequent Investor on the Catch-up Date, such Subsequent Investor’s Invested Percentage (as defined below) shall be equal to the Invested Percentage
of all prior Investors (other than any Defaulting Investors, Excluded Investors or Fully Funded Other Investors) (the “Catch-up Purchase Price”). Upon payment of the Catch-up Purchase Price by the Investor on the Catch-up Date, the
Company shall issue to each such Subsequent Investor a number of Shares determined by dividing (x) the Catch-up Purchase Price minus the Organizational Expense Allocation by (y) the Per Share NAV as of the Catch-up Date, subject to
adjustment in accordance with the Adjustment Procedures. For the avoidance of doubt, in the event that the Catch-up Date and a Drawdown Date occur on the same calendar day, the Catch-up Date (and the application of the provisions of this
Section 1.02(b)) shall be deemed to have occurred immediately prior to the relevant Drawdown Date. 

 “Invested
Percentage” means, with respect to an Investor, the quotient determined by dividing (i) the aggregate amount of contributions made by such Investor pursuant to Section 1.01(b) and this Section 1.02(b) by (ii) such
Investor’s Capital Commitment. 
 “Organizational Expense Allocation” means, with respect to an Investor, the product
obtained by multiplying (i) a fraction, the numerator of which is such Investor’s Capital Commitment and the denominator of which is the total Capital Commitments received by the Company through such date by (ii) the total amount of
organizational expenses spent by the Company in connection with the Company’s formation. 
  

	 	(c)	At each Drawdown Date following any Subsequent Closing, all Investors, including Subsequent Investors, shall purchase Shares in accordance with the provisions of Section 1.01(b); provided,
however, that notwithstanding the foregoing, the definition of Drawdown Share Amount and the provisions of Section 2.01(b), nothing in this Subscription Agreement shall prohibit the Company from issuing Shares to Subsequent Investors
at a per share price greater than the Per Share NAV as of the Drawdown Date, as adjusted pursuant to the Adjustment Procedures. 

  
 2 

	 	(d)	In the event that any Investor is permitted by the Company to make an additional capital commitment to purchase Shares on a date after its initial subscription has been accepted, such Investor will be required to enter
into a separate subscription agreement with the Company and such other documents as may be requested by the Company, it being understood and agreed that such separate subscription agreement will be considered to be an Other Subscription Agreement
for the purposes of this Subscription Agreement. 

 Article II. 

Section 2.01 Drawdowns. 
  

	 	(a)	Subject to Section 2.01(f), purchases of Shares will take place on dates selected by the Company in its sole discretion (each, a “Drawdown Date”) and shall be made in accordance with the provisions
of Section 1.01(b). 

  

	 	(b)	Prior to each Drawdown Date, the Company shall deliver to the Investor a notice (each, a “Drawdown Notice”) setting forth (i) the aggregate purchase price for Shares being purchased on the Drawdown
Date; (ii) the applicable Drawdown Purchase Price; (iii) the estimated Drawdown Share Amount; (iv) applicable Per Share NAV as of the applicable Drawdown Date, and (v) the account to which the Drawdown Purchase Price should be
wired. The Company shall deliver each Drawdown Notice to the Investor at least 10 Business Days prior to the Drawdown Date. On the Drawdown Date, if as a result of adjustments to the Per Share NAV in accordance with the Adjustment Procedures,
the estimated Drawdown Share Amount set forth in the Drawdown Notice is not the actual Drawdown Share Amount, the Company will deliver to the Investor an additional notice setting forth the adjusted Per Share NAV and the actual Drawdown Share
Amount. 

 For the purposes of this Subscription Agreement, the term “Business Day” means any day, other than
Saturday, Sunday or a federal holiday, and shall consist of the time period from 12:01 a.m. through 12:00 midnight Eastern time. 
  

	 	(c)	The delivery of a Drawdown Notice to the Investor shall be the sole and exclusive condition to the Investor’s obligation to pay the Drawdown Purchase Price identified in each Drawdown Notice. 

 

	 	(d)	On each Drawdown Date, the Investor shall pay the Drawdown Purchase Price to the Company by bank wire transfer in immediately available funds in U.S. dollars to the account specified in the Drawdown Notice.

  

	 	(e)	The Company has appointed State Street Bank and Trust Company, a Massachusetts company, to act as transfer agent and registrar for the Shares. 

 

	 	(f)	 At the earlier of (i) the date of an Exchange Listing, if any, and (ii) the end of the Commitment Period (as defined below), any Unused
Capital Commitment (other than any Defaulted Commitment) shall automatically be reduced to zero, provided, however that for two years following the end of the Commitment Period and prior to an Exchange Listing, Investor’s will remain obligated
to fund Drawdowns to the extent necessary to pay amounts due under Drawdown Notices that the Company may thereafter issue to: (a) pay Company expenses, including management fees, amounts that may become due under any borrowings or other
financings or similar obligations, or indemnity obligations, (b) complete investments in any transactions for which there are binding written agreements as of the end of the Commitment Period (including investments that are funded in phases),
(c) fund follow-on investments made in existing portfolio companies within three years from the end of the Commitment Period that, in the aggregate, do not exceed five percent (5%) of total Capital Commitments, (d) fund obligations
under any Company guarantee, and/or (e) as necessary for the Company to preserve its status as a “regulated investment company” under Subchapter M of the Code. An “Exchange Listing” shall mean the listing of the
Common Stock on a national securities exchange. “Commitment Period” shall mean the period beginning on the date of the 

  
 3 

	 	
Initial Closing and continuing through the five year anniversary of the Initial Closing; provided, however, that the Commitment Period for any shareholder in the Company that makes its initial
Capital Commitment after the two year anniversary of the Initial Closing will extend until the three year anniversary of such shareholder’s initial Capital Commitment. If the Company has not consummated an Exchange Listing by the five year
anniversary of the Initial Closing, subject to extension for two additional one-year periods, in the sole discretion of the Board of Directors, the Board of Directors (subject to any necessary Investors approvals and applicable requirements of the
1940 Act) will use its commercially reasonable efforts to wind down and/or liquidated and dissolve the Company in an orderly manner. 

  

	 	(g)	Notwithstanding anything to the contrary contained in this Subscription Agreement, the Company shall have the right (a “Limited Exclusion Right”) to exclude any Investor (such Investor, an
“Excluded Investor”) from purchasing Shares from the Company on any Drawdown Date if, in the reasonable discretion of the Company, there is a substantial likelihood that such Investor’s purchase of Shares at such time would
(i) result in a violation of, or noncompliance with, any law or regulation to which such Investor, the Company, the Adviser, any Other Investor or a portfolio company would be subject or (ii) cause the investments of “Benefit Plan
Investors” (within the meaning of Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and certain Department of Labor regulations) to be significant and any assets of the Company
to be considered “plan assets” under ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”). In the event that any Limited Exclusion Rights is exercised, the Company shall be
authorized to issue an additional Drawdown Notice to the non-Excused Investors to make up any applicable shortfall caused by such Limited Exclusion Right. 

Section 2.02 Pledging. Without limiting the generality of the foregoing, the Investor specifically agrees and consents that the Company may, at
any time, and without further notice to or consent from the Investor (except to the extent otherwise provided in this Subscription Agreement), grant security over (and, in connection therewith, Transfer (as defined in Section 4.01(c)(i)) its
right to draw down capital from the Investor pursuant to Section 2.01, and the Company’s right to receive the Drawdown Share Purchase Price (and any related rights of the Company), to lenders or other creditors of the Company, in
connection with any indebtedness, guarantee or surety of the Company; provided that, for the avoidance of doubt, any such grantee’s right to draw down capital shall be subject to the limitations on the Company’s right to draw down
capital pursuant to Section 2.01. In connection with any such secured financing (a “Subscription Facility”), the Investor specifically agrees, for the benefit of the Company and such lenders, to the following: 

(a) The Company may incur indebtedness for Company purposes pursuant to a Subscription Facility and secure such facility by (i) the Unused
Capital Commitments, (ii) the Company’s rights to issue Drawdown Notices, (iii) the Company’s right to exercise remedies against the Investors and the Other Investors for failure to pay for such Shares as required by the Drawdown
Notices, (iv) the deposit account into which the payments for such Shares will be wired on the applicable Drawdown Dates, and (v) any related collateral and proceeds thereof, (b) the Investor acknowledges and agrees that the lender
(or agent for the lenders) under a Subscription Facility is relying on each Investor’s Unused Capital Commitment as its primary source of repayment and may issue future Drawdown Notices and may exercise all remedies of the Company with respect
thereto as part of such lenders’ remedies under the Subscription Facility, (c) in the event of a failure by any Investor to pay for such Shares, the Company and such lender is entitled to pursue any and all remedies available to it under
this Subscription Agreement, including issuing additional Drawdown Notices to non-Defaulting Investors in order to make up any deficiency caused by the default of the Investor, whose ownership in the Company would be diluted as a result,
(d) the Investor agrees that its obligation to fund Drawdown Notices pursuant to Section 2.01 is irrevocable, and shall be without setoff, counterclaim or defense of any kind, including any defense pursuant to Section 365 of the U.S.
Bankruptcy Code (other than any defenses provided hereunder), (e) the Investor has received full and adequate consideration on the date hereof for its Shares notwithstanding that they are to be paid and issued in subsequent installments, and
any defense of non-consideration or similar defenses for its subscription are hereby waived by the Investor, whether in bankruptcy, insolvency, receivership or similar proceedings or otherwise, including any failure or inability of the Company to
issue Shares or for any such Shares to have positive value on the date of a Drawdown Notice, (f) the Company may use the proceeds of any Share issuance for repaying outstanding loans under the 

  
 4 

 
Subscription Facility, (g) the Investor agrees that the Company may reveal the Investor’s identity on a confidential basis to the lenders under a Subscription Facility, (h) upon
the reasonable request of the Company, the Investor will provide the Company with copies of its financial statements to the extent such financial statements are not otherwise publically available and information about the Investor’s beneficial
owners to enable the Company to comply with underwriting requests from any lender under a Subscription Facility, (i) any claim the Investor may have against the Company or another Investor in the Company shall be subordinate to any claim a
lender under the Subscription Facility may have against the Company or such Investor, (j) from time to time upon request, the Investor will provide to any lender under a Subscription Facility a certificate setting forth such Investor’s
then Unused Capital Commitment, (k) it acknowledges and confirms that the terms of the applicable Subscription Facility and each agreement executed in connection therewith can be modified (including, without limitation, increases, decreases or
renewals of credit extended, or the release of any guarantee or security) without further notice to such Investor and without its consent; provided, however, that in no event shall any such modification of any such document alter an Investor’s
rights or obligations hereunder without such Investor’s written consent, (l) each Investor acknowledges that the making and performance of its obligations hereunder constitute private and commercial acts rather than governmental or public
acts, and that neither it nor any of its properties or revenues has any right of immunity from suit, court jurisdiction, execution of a judgment or from any other legal process with respect to its obligations hereunder, and to the extent that it may
hereafter be entitled to claim any such immunity, or to the extent that there may be attributed to it such an immunity (whether or not claimed), unless otherwise agreed in writing by the Company, it hereby irrevocably agrees not to claim and hereby
irrevocably waives such immunity, (m) upon the withdrawal or transfer of the Investor’s interest in the Company in accordance with the terms hereof, such Investor acknowledges that it may be required at the time of such withdrawal or
transfer to fund a Drawdown Notice to repay amounts outstanding under the Subscription Facility equal to its share thereof; provided that such Investor shall not be required to fund a Drawdown Notice in excess of its Unused Capital Commitment, and
(n) that the lenders under a Subscription Facility are third party beneficiaries of this Subscription Agreement who may rely on the Investor’s agreements in this Section 2.02 in providing a Subscription Facility to the Company. 

Section 2.03 Dividends; Dividend Reinvestment Program. 
  

	 	(a)	As described more fully in the Memorandum, the Company generally intends to distribute, out of assets legally available for distribution, substantially all of its available earnings, on a quarterly basis, as determined
by the Company’s Board of Directors (the “Board of Directors”) in its discretion. The Company will reinvest all cash dividends declared by the Board of Directors on behalf of Investors who do not elect to receive their
dividends in cash, crediting to each such Investor a number of Shares equal to the quotient determined by dividing the cash value of the dividend payable to such Investor by the Per Share NAV as of the date such dividend was declared, subject to
adjustment in accordance with the Adjustment Procedures. The Investor may elect to receive any or all such dividends in cash by notifying the Adviser in writing no later than 10 days prior to the record date for the first dividend that the
Investor wishes to receive in cash, using the form of notice contained in Appendix C. The Investor and the Company agree and acknowledge that any dividends received by the Investor or reinvested by the Company on the Investor’s behalf
shall have no effect on the amount of the Investor’s Unused Capital Commitment. 

  

	 	(b)	The Company represents and warrants that it shall not make any distributions consisting of securities that are not Marketable Securities except in connection with liquidation distributions in accordance with Maryland
General Corporate Law. “Marketable Securities” means securities which are traded or quoted on the New York Stock Exchange, American Stock Exchange or the Nasdaq Global Market or on a comparable securities market or exchange now or
in the future. 

 Article III. 

Section 3.01 Remedies Upon Investor Default. In the event that an Investor fails to pay all or any portion of the Drawdown Purchase Price
due from such Investor on any Drawdown Date (such amount, together with the full amount of such Investor’s remaining Capital Commitment, a “Defaulted Commitment”) and such default remains uncured for a period of 10 Business
Days, the Company shall be permitted to declare such Investor to be in default 

  
 5 

 
of its obligations under this Subscription Agreement (any such Investor, a “Defaulting Investor”) and shall be permitted to pursue one or any combination of the following
remedies: 
  

	(a)	The Company may prohibit the Defaulting Investor from purchasing additional Shares on any future Drawdown Date; 

  

	 	(b)	The Company may offer up to 25% of the Defaulting Investor’s Shares (the “Offered Shares”) first, to the Other Investors (other than any defaulting Other Investors) and if such Other Investors do
not pruchase all of such Offered Shares, to third parties for purchase at a price equal to the lesser of the then net asset value of such Shares or the highest price reasonably obtainable by the Company, subject to such other terms as the Company in
its discretion shall determine, which offer(s) shall be binding upon the Defaulting Investor if the purchasing Other Investors or third parties agree to assume the related Capital Commitment with respect to such Shares of the Defaulting Investor,
including any portion then due and unpaid, and the Company pursuant to its authority under Section 5.01 may execute on behalf of the Defaulting Investor any documents necessary to effect the Transfer (as defined herein) of the Defaulting
Investor’s Shares pursuant to this Section 3.01(b); provided, however, that notwithstanding anything to the contrary contained in this Subscription Agreement, no Shares shall be transferred to any Other Investor pursuant to this
Section 3.01(b) in the event that such Transfer (as defined in herein) would (x) violate the Securities Act of 1933, as amended (the “1933 Act”), the 1940 Act or any state (or other jurisdiction) securities or “Blue
Sky” laws applicable to the Company or such Transfer (as defined in Section 4.01(c)(i)), (y) constitute a non-exempt “prohibited transaction” under Section 406 of ERISA or Section 4975 of the Code or (z) cause
all or any portion of the assets of the Company to constitute “plan assets” under ERISA or Section 4975 of the Code (it being understood that this proviso shall operate only to the extent useful to avoid the occurrence of the
consequences contemplated herein); 

  

	 	(c)	The Company may pursue any other remedies against the Defaulting Investor available to the Company, subject to applicable law. The Investor agrees that this Section 3.01 is solely for the benefit of the Company and
shall be interpreted by the Company against a Defaulting Investor in the discretion of the Company. The Investor further agrees that the Investor cannot and shall not seek to enforce this Section 3.01 against the Company or any shareholder in
the Company; and 

  

	 	(d)	The Company shall be authorized to issue additional Drawdown Notices to non-Defaulting Investors to make up for any short-fall caused by a Defaulting Investor’s failure to fund any Drawdown Notice, provided that no
Investor shall be obligated to fund more than its then Unused Capital Commitment. 

 Article IV. 

Section 4.01 Investor Representations, Warranties and Covenants. The Investor hereby acknowledges, represents and warrants to, and agrees with,
the Company as follows: 
  

	 	(a)	This Subscription Agreement has been duly authorized, executed and delivered by the Investor and, upon due authorization, execution and delivery by the Company, will constitute the valid and legally binding agreement of
the Investor enforceable in accordance with its terms against the Investor, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other laws of general application relating to or
affecting the enforcement of creditors’ rights and remedies, as from time to time in effect. 

  

	 	(b)	The Investor is acquiring the Shares for the Investor’s own account as principal for investment and not with a view to the distribution or sale thereof. 

 

	 	(c)	 (i) The Investor understands that the offering and sale of the Shares are intended to be exempt from registration under the 1933 Act, applicable
U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption from registration provided in Section 4(2) of the 1933 Act, exemptions under applicable U.S. state securities laws and exemptions
under the laws of any non-U.S. jurisdictions, and it agrees that any Shares acquired by the Investor may not be sold, offered for 

  
 6 

	 	
sale, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of (each, a “Transfer”) in any manner that would require the Company to register the Shares
under the 1933 Act, under any U.S. state securities laws or under the laws of any non-U.S. jurisdictions. 

 (ii) The Investor
understands that the Company requires each investor in the Company to be an “accredited investor” as defined in Rule 501(a) of Regulation D of the 1933 Act (“Accredited Investor”) and the Investor represents and
warrants that it is an Accredited Investor. 
 (iii) The Investor understands that the offering and sale of the Shares in non-U.S.
jurisdictions may be subject to additional restrictions and limitations, and represents and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations and other legal requirements applicable to the Investor
including, without limitation, the legal requirements of jurisdictions in which the Investor is resident and in which such acquisition is being consummated. Furthermore, the Investor understands that all offerings and sales made outside the United
States will be made pursuant to Regulation S under the 1933 Act. 
  

	 	(d)	The Investor: (i) is not registered as an investment company under the 1940 Act; (ii) has not elected to be regulated as a business development company under the 1940 Act; and (iii) either (A) is not
relying on the exception from the definition of “investment company” under the 1940 Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is permitted to acquire and hold more than 3% of the outstanding voting securities
of a business development company. 

  

	 	(e)	(i) The Investor may not Transfer any of its Shares or its Capital Commitment unless (i) the Adviser provides its prior written consent, (ii) the Transfer is made in accordance with applicable securities laws
and (iii) the Transfer is otherwise in compliance with the transfer restrictions set forth in Appendix D. No Transfer will be effectuated except by registration of the Transfer on the Company books. Each transferee must agree to be bound
by these restrictions and the terms of the Operative Documents and all other obligations as a shareholder in the Company. 

(ii) The Investor is aware and understands that there are other substantial restrictions on the transferability of Shares or Capital Commitment
under this Subscription Agreement, the Operative Documents and under applicable law including, but not limited to, the fact that (a) there is no established market for the Shares and it is possible that no public market for the Shares will
develop; (b) the Shares are not currently, and Investors have no rights to require that the Shares be, registered under the 1933 Act or the securities laws of the various states of the United States or any non-U.S. jurisdiction and therefore
cannot be transferred unless subsequently registered or unless an exemption from such registration is available; and (c) the Investor may have to hold the Shares herein subscribed for and bear the economic risk of this investment indefinitely,
and it may not be possible for the Investor to liquidate its investment in the Company. The Investor acknowledges that it has no need for liquidity in this investment, has the ability to bear the economic risk of this investment, has the ability to
retain its Shares for an indefinite period and at the present time and in the foreseeable future can afford a complete loss of this investment. 

(iii) Notwithstanding any other provision of this Subscription Agreement, the Investor covenants that it will not Transfer all or any part of
the Shares or its Capital Commitment (or purport to do so) if such Transfer would cause (A) the Company or the Adviser to be in violation of the U.S. Bank Secrecy Act, as amended, the U.S. Money Laundering Control Act of 1986, as amended, the
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”), as amended, or any similar U.S. federal, state or non-U.S. law or regulation
(collectively, “Anti-Money Laundering Laws”); or (B) the Shares to be held by a country, territory, entity or individual currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S.
Treasury Department (“OFAC”) or any entity or individual that resides or has a place of business in, or is organized under the laws of, a country or territory that is subject to any sanctions administered by OFAC. 

 

	 	(f)	 (i) If the Investor is not a natural person, (x) the Investor was not formed or recapitalized for the specific purpose of acquiring any Shares in
the Company, (y) the Investor has the power and authority to enter into this Subscription Agreement and each other document required to be executed and delivered by the 

  
 7 

	 	
Investor in connection with this subscription for Shares, and to perform its obligations hereunder and thereunder and consummate the transactions contemplated hereby and thereby and (z) the
person signing this Subscription Agreement on behalf of the Investor has been duly authorized to execute and deliver this Subscription Agreement and each other document required to be executed and delivered by the Investor in connection with this
subscription for Shares. 

 (ii) If the Investor is a natural person, the Investor has all requisite legal capacity to acquire
and hold the Shares and to execute, deliver and comply with the terms of each of the documents required to be executed and delivered by the Investor in connection with this subscription for Shares. 

(iii) The execution, delivery and performance of this Subscription Agreement by the Investor do not and will not result in a breach of any of
the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or
certificate, to which the Investor is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate the organizational documents of the
Investor, or violate in any material respect any statute, regulation, law, order, writ, injunction or decree to which the Investor is subject. 

(iv) The Investor has obtained all authorizations, consents, approvals and clearances of all courts, governmental agencies and authorities and
such other persons, if any, required to permit the Investor to enter into this Subscription Agreement and to consummate the transactions contemplated hereby and thereby. 
  

	 	(g)	The Investor understands, and gives full authorization, approval and consent to, the remedies described in Section 3.01. 

  

	 	(h)	The Investor agrees to deliver to the Company such other information as to certain matters under the 1933 Act, the 1940 Act and the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”)
as the Company may reasonably request (including, but not limited to, the Investor Suitability Questionnaire) in order to ensure compliance with such Acts and the availability of any exemption thereunder. 

 

	 	(i)	The Investor acknowledges and agrees that, pursuant to the Charter and the Investment Advisory Agreement, the Company and/or the Adviser have the power and discretion to make all investment decisions in accordance with
the terms of the Charter and the Investment Advisory Agreement. Accordingly, the Investor acknowledges that neither the Company, the Adviser nor any affiliate thereof has rendered or will render any investment advice or securities valuation advice
to the Investor, and that the Investor is neither subscribing for nor acquiring any Shares in reliance upon, or with the expectation of, any such advice. 

  

	 	(j)	The Investor has reviewed the Operative Documents, as each may be amended and/or restated through the closing date of the Investor’s subscription for Shares, and has read and understands the risks of, and other
considerations relating to, a purchase of Shares and the Company’s investment objectives, policies and strategies, including, but not limited to, the information contained in the Memorandum. The Investor has such knowledge and experience in
financial and business matters that the Investor is capable of evaluating the merits and risks of the prospective investment in the Shares. 

  

	 	(k)	 The Investor was offered the Shares through private negotiations, not through any general solicitation or general advertising and in the state listed
in the Investor’s permanent address set forth in the Investor Suitability Questionnaire. Other than as set forth herein and in the Operative Documents, the Investor is not relying upon any information (including, without limitation, any
advertisement, article, notice or other communication published in any newspaper, magazine, website or similar media or broadcast over television or radio, and any seminars or meetings whose attendees have been invited by any general solicitation or
advertising) provided by the Company, the Adviser, any affiliate of the foregoing or any agent of them, written or otherwise, in determining to invest in the Company and the Investor understands that the Memorandum is not intended to convey tax or
legal advice. The Investor has consulted to the 

  
 8 

	 	
extent deemed appropriate by the Investor with the Investor’s own advisers as to the financial, tax, legal, accounting, regulatory and other matters concerning an investment in Shares and on
that basis understands the financial, tax, legal, accounting, regulatory and other consequences of an investment in Shares, and believes that an investment in the Shares is suitable and appropriate for the Investor. 

 

	 	(l)	The Investor has been given the opportunity to ask questions of, and receive answers from, the Adviser, the Company and their respective personnel relating to the Company, concerning the terms and conditions of the
purchase of Shares and other matters pertaining to this investment, and has had access to such financial and other information concerning the Company as it has considered necessary to verify the accuracy of any information provided and to make a
decision to invest in the Company, and has availed itself of this opportunity to the full extent desired. 

  

	 	(m)	No representations or warranties have been made to the Investor with respect to this investment, the Adviser or the Company other than the representations of the Company set forth herein and the Investor has not relied
upon any representation or warranty not provided herein in making this subscription. 

  

	 	(n)	If the Investor is, or is acting (directly or indirectly) on behalf of, a “Plan” (defined below) which is subject to Title I of ERISA or Section 4975 of the Code, or any provisions of any other federal,
state, local, non-U.S. or other laws or regulations that are similar to those provisions contained in such portions of ERISA or the Code (collectively, “Other Plan Laws”): (1) the decision to invest in the Company was made by a
fiduciary (within the meaning of Section 3(21) of ERISA and the regulations thereunder, or as defined under applicable Other Plan Laws) of the Plan which is unrelated to the Adviser or any of its employees, representatives or affiliates and
which is duly authorized to make such an investment decision on behalf of the Plan (the “Plan Fiduciary”); (2) the Plan Fiduciary has taken into consideration its fiduciary duties under ERISA or any applicable Other Plan Law,
including the diversification requirements of Section 404(a)(1)(C) of ERISA (if applicable), in authorizing the Plan’s investment in the Company, and has concluded that such investment is prudent; (3) the Plan’s subscription to
invest in the Company and the purchase of Shares contemplated hereby is in accordance with the terms of the Plan’s governing instruments and complies with all applicable requirements of ERISA, the Code and all applicable Other Plan Laws and
does not constitute a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a similar violation under any applicable Other Plan Laws; and (4) the Plan Fiduciary acknowledges and agrees that neither the Adviser nor
any of its employees, representatives or affiliates will be a fiduciary with respect to the Plan with respect to the Plan’s investment in the Company, pursuant to the provisions of ERISA or any applicable Other Plan Laws, or otherwise, and the
Plan Fiduciary has not relied on, and is not relying on, the investment advice of any such person with respect to the Plan’s investment in the Company. “Plan” includes (i) an employee benefit plan (within the meaning of
Section 3(3) of ERISA), whether or not such plan is subject to Title I of ERISA, (ii) a plan, individual retirement account or other arrangement that is described in Section 4975 of the Code, whether or not such plan, individual
retirement account or other arrangement is subject to Section 4975 of the Code, (iii) an insurance company using general account assets, if such general account assets are deemed to include the assets of any of the foregoing types of
plans, accounts or arrangements for purposes of Title I of ERISA or Section 4975 of the Code under Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder and (iv) an entity, the assets of which are deemed to include
the assets of any of the foregoing types of plans, accounts or arrangements, pursuant to ERISA or otherwise. 

  

	 	(o)	 The Investor agrees to notify the Company in writing in the event (i) the Investor either becomes or ceases to be a “benefit plan
investor” within the meaning of Section 3(42) of ERISA, as modified by 29 CFR 2510.3-101(f)(2), or under any Other Plan Law (a “Benefit Plan Investor”), (ii) the Investor reasonably expects that the Investor will
become or cease to be a Benefit Plan Investor, or (iii) if the Investor is an entity whose assets are deemed to include the assets of any of Plan pursuant to ERISA or any Other Plan Law, the percentage of such Investor’s assets
attributable to Plans either increases or decreases. The Investor also agrees to, promptly upon the receipt, and within no more then 15 Business Days of a written request from the Company, provide a written update to the Company with regard to any
of the foregoing. If the Company, in its sole discretion, determines that so doing would be useful in ensuring that equity participation in the Company is not significant within the meaning of 29 CFR 2510.3-101(f), the Company may require any
Benefit Plan Investor to transfer some or all of its Shares for fair market value (as 

  
 9 

	 	
determined by the Company in its sole discretion) to an Investor other than a Benefit Plan Investor (whether an existing Investor or a new Investor). The Investor shall have no claim against the
Company, the Administrator, the Adviser or any of their respective affiliates for any form of damages or liability as a result of any such transfer. 

  

	 	(p)	If the investment in the Shares is being made on behalf of an employee benefit plan maintained outside of the United States primarily for the benefit of persons substantially all of whom are nonresident aliens (as
described in Section 4(b)(4) of ERISA), (i) there is no provision in the instruments governing such plan or any federal, state or local or non-U.S. law, rule, regulation or constitutional provision applicable to the plan that could in any
respect affect the operation of the Company, including operations of the Adviser as contemplated by the Investment Advisory Agreement, or prohibit any action contemplated by the operational documents and related disclosure of the Company, including,
without limitation, the investments which may be made pursuant to the Company’s investment strategies, the concentration of investments for the Company and the payment by the plan of incentive or other fees, and (ii) the plan’s
investment in the Company will not conflict with or violate the instruments governing such plan or any federal, state or local or non-U.S. law, rule, regulation or constitutional provision applicable to the plan. 

 

	 	(q)	Representations for Non-U.S. Persons: 

 (i) If the Investor is not a “United States
Person,” as defined in Appendix E hereto, the Investor has heretofore notified the Company in writing of such status. 
 (ii) The
Investor will notify the Company immediately if the Investor becomes a United States Person. 
 (iii) The Investor represents and warrants
that the Investor is acquiring the Shares for its own account for investment purposes only and is not subscribing on behalf of or funding its commitment with funds obtained from a United States Person. 

(iv) Except for offers and sales to discretionary or similar accounts held for the benefit or account of a non-U.S. Person by a U.S. dealer or
other professional fiduciary, all offers to sell and offers to buy the Interest were made to or by the Investor while the Investor was outside the United States and at the time the Investor’s order to buy the Shares originated (and at the time
this Subscription Agreement was executed by the Investor) the Investor was outside the United States. 
  

	 	(r)	(i) Neither the Investor, nor any of its affiliates or beneficial owners, (A) appears on the Specially Designated Nationals and Blocked Persons List of OFAC, nor are they otherwise a party with which any entity is
prohibited to deal under the laws of the United States, or (B) is a person identified as a terrorist organization on any other relevant lists maintained by governmental authorities. The Investor further represents and warrants that the monies
used to fund the investment in the Shares are not derived from, invested for the benefit of, or related in any way to, the governments of, or persons within, any country (1) under a U.S. embargo enforced by OFAC, (2) that has been
designated as a “non-cooperative country or territory” by the Financial Action Task Force on Money Laundering or (3) that has been designated by the U.S. Secretary of the Treasury as a “primary money laundering concern.” The
Investor further represents and warrants that the Investor: (I) has conducted thorough due diligence with respect to all of its beneficial owners, (II) has established the identities of all beneficial owners and the source of each of the
beneficial owner’s funds and (III) will retain evidence of any such identities, any such source of funds and any such due diligence. Pursuant to anti-money laundering laws and regulations, the Company may be required to collect documentation
verifying the Investor’s identity and the source of funds used to acquire Shares before, and from time to time after, acceptance by the Company of this Subscription Agreement. Investor further represents and warrants that the Investor does not
know or have any reason to suspect that (x) the monies used to fund the Investor’s investment in the Shares have been or will be derived from or related to any illegal activities, including, but not limited to, money laundering activities,
and (y) the proceeds from the Investor investment in the Shares will be used to finance any illegal activities. 

 (ii)
The Investor will provide to the Company at any time such information as the Company determines to be necessary or appropriate (A) to comply with the anti-money laundering laws, rules and regulations of

  
 10 

 
any applicable jurisdiction and (B) to respond to requests for information concerning the identity of Investor from any governmental authority, self-regulatory organization or financial
institution in connection with its anti-money laundering compliance procedures, or to update such information. 
 (iii) To comply with
applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Investor to the Company and all payments and distributions to the Investor from the Company will only be made in the Investor’s name and to and
from a bank account of a bank based or incorporated in or formed under the laws of the United States or that is regulated in and either based or incorporated in or formed under the laws of the United States and that is not a “foreign shell
bank” within the meaning of the U.S. Bank Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder by the U.S. Department of the Treasury, as such regulations may be amended from time to time. 

(iv) The representations and warranties set forth in this Section 4.01(r) shall be deemed repeated and reaffirmed by the Investor to the
Company as of each date that the Investor is required to make a capital contribution to, or receives a distribution from, the Company. If at any time during the term of the Company, the representations and warranties set forth in this
Section 4.01(r) cease to be true, the Investor shall promptly so notify the Company in writing. 
 (v) The Investor understands and
agrees that the Company may not accept any amounts from a prospective Investor if such prospective Investor cannot make the representations set forth in this Section 4.01(r). 

 

	 	(s)	In the event that the Investor is, receives deposits from, makes payments to or conducts transactions relating to, a non-U.S. banking institution (a “Non-U.S. Bank”) in connection with the
Investor’s investment in Shares, such Non-U.S. Bank: (i) has a fixed address, other than an electronic address or a post office box, in a country in which it is authorized to conduct banking activities, (ii) employs one or more
individuals on a full-time basis, (iii) maintains operating records related to its banking activities, (iv) is subject to inspection by the banking authority that licensed it to conduct banking activities and (v) does not provide
banking services to any other Non-U.S. Bank that does not have a physical presence in any country and that is not a registered affiliate. 

  

	 	(t)	The Investor agrees and acknowledges that, among other remedial measures, (A) in order to comply with governmental regulations, if the Company determines in its sole discretion that such action is in the best
interests of the Company, the Company may “freeze the account” of the Investor, either by prohibiting additional investments by the Investor, segregating assets of the Investor and/or suspending other rights the Investor may have under the
Operative Documents and (B) the Company may be required to report such action or confidential information relating to the Investor (including without limitation, disclosing the Investor’s identity) to regulatory authorities.

  

	 	(u)	None of the information concerning the Investor nor any statement, certification, representation or warranty made by the Investor in this Subscription Agreement or in any document required to be provided under this
Subscription Agreement (including, without limitation, the Investor Suitability Questionnaire and any forms W-9 or W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP) contains any untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements contained therein or herein not misleading. 

  

	 	(v)	The Investor agrees that the foregoing certifications, representations, warranties, covenants and agreements shall survive the acceptance of this subscription, the first Drawdown Date and the dissolution of the Company,
without limitation as to time. Without limiting the foregoing, the Investor agrees to give the Company prompt written notice in the event that any statement, certification, representation or warranty of the Investor contained in this Article IV
or any information provided by the Investor herein or in any document required to be provided under this Subscription Agreement (including, without limitation, the Investor Suitability Questionnaire and any forms W-9 or W-8 (W-8BEN, W-8BEN-E,
W-8EXP, W-8IMY and W-8EXP) ceases to be true at any time following the date hereof. 

  

	 	(w)	The Investor agrees to provide such information and execute and deliver such documents as the Company or the Adviser may reasonably request to verify the accuracy of the Investor’s representations and warranties
herein or to comply with any law or regulation to which the Company, the Adviser or a portfolio company may be subject. 

  
 11 

	 	(x)	The Investor understands that the Company intends to file elections to be treated as (i) a business development company under the 1940 Act and (ii) a regulated investment company within the meaning of
Section 851 of the Code, for U.S. federal income tax purposes; pursuant to those elections, the Investor will be required to furnish certain information to the Company as required under Treasury Regulations § 1.852-6(a) and other
regulations. If the Investor is unable or refuses to provide such information directly to the Company, the Investor understands that it will be required to include additional information on its income tax return as provided in Treasury Regulation
§ 1.852-7. The Company intends to file a registration statement on Form 10 (the “Form 10”) for the Common Stock with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of
1934, as amended (the “1934 Act”). The Form 10 is not the offering document pursuant to which the Company is conducting this offering and may not include all information regarding the Company contained in the Memorandum or other
Operative Documents; accordingly, Investors should rely exclusively on information contained in the Operative Documents in making their investment decisions. 

  

	 	(y)	The Investor acknowledges that, in order to comply with the provisions of the U.S. Foreign Account Tax Compliance Act (“FATCA”) and avoid the imposition of U.S. federal withholding tax, the Company may,
from time to time, require further information and/or documentation from the Investor and, if and to the extent required under FATCA, the Investor’s direct and indirect beneficial owners (if any), relating to or establishing any such
owner’s identity, residence (or jurisdiction of formation), income tax status, and other required information and may provide or disclose such information and documentation to the U.S. Internal Revenue Service. The Investor agrees that it shall
provide such information and documentation concerning itself and its beneficial owners, if any, as and when requested by the Company sufficient for the Company to comply with its obligations under FATCA. The Investor acknowledges that, if the
Investor does not provide the requested information and documentation, the Company may, at its sole option and in addition to all other remedies available at law or in equity, prohibit additional investments, decline or delay any redemption requests
by the Investor and/or deduct from such Investor’s account and retain amounts sufficient to indemnify and hold harmless the Company from any and all withholding taxes, interest, penalties and other losses or liabilities suffered by the Company
on account of the Investor’s not providing all requested information and documentation in a timely manner, and to ensure that such withholding taxes, interest, penalties and other losses or liabilities are economically borne by the Investor.
The Investor shall have no claim against the Company, the Administrator, the Adviser or any of their respective affiliates for any form of damages or liability as a result of any of the aforementioned actions in the absence of willful misconduct
and/or gross negligence. 

  

	 	(z)	The Investor acknowledges that the Company intends to enter into one or more revolving credit facilities with one or more syndicates of banks or to incur indebtedness in lieu of or in advance of capital contributions.
In connection therewith, each Investor hereby agrees to cooperate with the Company and provide financial information and other documentation reasonably and customarily required to obtain such facilities. 

Section 4.02 Investor Awareness. The Investor acknowledges that the Investor is aware and understands that: 

 

	 	(a)	No federal or state agency, and no agency of any non-U.S. jurisdiction, has passed upon the Shares or made any finding or determination as to the fairness of this investment. The Memorandum has not been filed with the
SEC, any self-regulatory agency or with any securities administrator under state securities laws or the laws of any non-U.S. jurisdiction. 

  

	 	(b)	There are substantial risks incident to the purchase of Shares, including, but not limited to, those summarized in the Memorandum. 

  

	 	(c)	 As described more fully in Appendix D, the Investor may not Transfer all or any fraction of its Shares or Capital Commitment without the prior
written consent of the Company. There are other substantial restrictions on the transferability of Shares or Capital Commitment under the Charter, the Investment 

  
 12 

	 	
Advisory Agreement and under applicable law including, but not limited to, the fact that (i) there is no established market for the Shares and it is possible that no public market for the
Shares will develop; (ii) the Shares are not currently, and Investors have no rights to require that the Shares be, registered under the 1933 Act or the securities laws of the various states or any non-U.S. jurisdiction and therefore cannot be
Transferred unless subsequently registered or unless an exemption from such registration is available; and (iii) the Investor may have to hold the Shares herein subscribed for and bear the economic risk of this investment indefinitely, and it
may not be possible for the Investor to liquidate its investment in the Company. 

  

	 	(d)	With respect to the tax and other legal consequences of an investment in the Shares, the Investor is relying solely upon the advice of its own tax and legal advisors and not upon the general discussion of such matters
set forth in the Memorandum. 

  

	 	(e)	The Company may request such additional information as it may deem necessary to evaluate the eligibility of the Investor to acquire Shares and may request from time to time such information as it may deem necessary to
determine the eligibility of the Investor to hold Shares or to enable the Company to determine the compliance of the Company or the Adviser with applicable regulatory requirements or the Company’s tax status, and the Investor agrees to promptly
provide such information as may reasonably be requested. 

  

	 	(f)	All the agreements, representations and warranties made by the Investor in this Subscription Agreement (including all of its attachments) shall survive the execution and delivery hereof. The Investor shall immediately
notify the Company upon discovering that any of the representations, warranties or covenants made herein was false when made or if, as a result of changes in circumstances, any of the representations, warranties or covenants made herein become
false. 

  

	 	(g)	Sutherland Asbill & Brennan LLP and Goodwin Procter LLP act as U.S. counsel to the Company, the Adviser and their Affiliates. In connection with this offering of Shares and subsequent advice to such persons,
Sutherland Asbill & Brennan LLP and Goodwin Procter LLP will not represent the Investor or any other investors in the Company in the absence of a clear and explicit written agreement to such effect between such counsel and the Investor. In
the absence of such an agreement, such counsel owes no duties to the Investor or any other investor in the Company (whether or not such counsel has in the past represented, or is currently representing, such Investor or any other investor with
respect to other matters). No independent counsel has been retained to represent investors in the Company. 

 Section 4.03 Company
Representations. The Company represents to the Investor as follows: 
  

	 	(a)	The Company is empowered, authorized and qualified to enter into this Agreement, the Investment Advisory Agreement and the Administration Agreement, and the person signing this Agreement, the Investment Advisory
Agreement and the Administration Agreement on behalf of the Company has been duly authorized by the Company to do so. 

  

	 	(b)	The execution and delivery of this Agreement, the Investment Advisory Agreement and the Administration Agreement by the Company and the performance of its duties and obligations hereunder and thereunder do not and will
not result in a breach of any of the terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any
license, permit, franchise or certificate, to which the Company is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate the
organizational documents of the Company, or violate in any material respect any statute, regulation, law, order, writ, injunction or decree to which the Company is subject. 

 

	 	(c)	 The Company is not in default (nor has any event occurred which with notice, lapse of time, or both, would constitute a default) in the performance of
any obligation, agreement or condition contained in this Agreement, the Investment Advisory Agreement and the Administration Agreement, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness or any lease or
other agreement or understanding, or any license, permit, franchise or certificate, to which it is a party or by 

  
 13 

	 	
which it is bound or to which its properties are subject, nor is it in violation of any statute, regulation, law, order, writ, injunction, judgment or decree to which it is subject, which default
or violation would materially adversely affect the business or financial condition of the Company or impair the Company’s ability to carry out its obligations under this Agreement or the Investment Advisory Agreement. 

 

	 	(d)	There is no litigation, investigation or other proceeding pending or, to the knowledge of the Company, threatened against the Company that, if adversely determined, would materially adversely affect the business or
financial condition of the Company or the ability of the Company to perform its obligations under this Agreement, the Investment Advisory Agreement and the Administration Agreement. 

 

	 	(e)	The Shares to be issued and sold by the Company to the Investor hereunder have been duly authorized and, when issued and delivered to the Investor against payment therefore as provided in this Agreement, will be validly
issued, fully paid and non-assessable. 

 Article V. 

Section 5.01 Power of Attorney. 
  

	 	(a)	The Investor, by its execution hereof, hereby irrevocably makes, constitutes and appoints the Company as its true and lawful agent and attorney-in-fact, with full power of substitution and full power and authority in
its name, place and stead, to make, execute, sign, acknowledge, swear to, record and file: 

  

	 	(i)	any and all filings required to be made by the Investor under the 1934 Act with respect to any of the Company’s securities which may be deemed to be beneficially owned by the Investor under the 1934 Act;

  

	 	(ii)	all certificates and other instruments deemed necessary by the Company in order for the Company to enter into any borrowing or pledging arrangement; 

 

	 	(iii)	all certificates and other instruments deemed necessary by the Company to comply with the provisions of this Subscription Agreement and applicable law or to permit the Company to become or to continue as a business
development corporation; and 

  

	 	(iv)	all other instruments or papers not inconsistent with the terms of this Subscription Agreement which may be required by law to be filed on behalf of the Company. 

 

	 	(b)	With respect to the Investor and the Company, the foregoing power of attorney: 

  

	 	(i)	is coupled with an interest and shall be irrevocable; 

  

	 	(ii)	may be exercised by the Company either by signing separately as attorney-in-fact for the Investor or, after listing all of the Investors executing an instrument, by a single signature of the Company acting as
attorney-in-fact for all of them; 

  

	 	(iii)	shall survive the assignment by the Investor of the whole or any fraction of its Shares; 

  

	 	(iv)	shall terminate concurrently with the termination of the Capital Commitment, in accordance with Section 2.01(f); and 

  

	 	(v)	may not be used by the Company in any manner that is inconsistent with the terms of this Subscription Agreement and any other written agreement between the Company and the Investor. 

Article VI. 
 Section 6.01 Key
Person Event. A “Key Person Event” will occur if, during the Commitment Period and prior to the date on which the Company has accepted subscriptions for $2.5 billion of cumulative total Capital

  
 14 

 
Commitments, Douglas I. Ostrover (the “Key Person”), (i) provides notice of resignation, resigns, is terminated or is provided with notice of termination from the position
of chief investment officer of the Company’s investment adviser, (ii) dies or is disabled or (iii) ceases to be actively involved as a member of the Investment Committee (as defined in the Memorandum) for any consecutive period
exceeding 60 days. Upon the occurrence of a Key Person Event, the Company will send written notice of the Key Person Event to the Shareholders within ten Business Days of such occurrence, the Commitment Period shall automatically be suspended for 90
days (the “Interim Period”) and the Shareholders will not be obligated to fund Drawdowns except for purposes permitted after the Commitment Period as described in Section 2.01(f). During the Interim Period the Company
shall convene a special meeting of Shareholders for the purpose of determining whether the Commitment Period should be reinstated. If the Shareholders entitled to cast 75% of all votes vote in favor of the proposal, and all of the independent
members of the Board of Directors vote in favor the proposal, the Commitment Period will be reinstated and Shareholders will be obligated to fund Drawdowns as if a Key Person Event had never occurred. Otherwise, the Commitment Period shall be
deemed to have terminated upon the occurrence of the Key Person Event. 
 Section 6.02 Indemnity. 

 

	 	(a)	The Investor understands that the information provided herein (including the Investor Questionnaire) shall be relied upon by the Company for the purpose of determining the eligibility of the Investor to purchase Shares.
To the fullest extent permitted under applicable law, the Investor agrees to indemnify and hold harmless the Company, the Adviser, the Administrator, and their affiliates and each partner, member, officer, director, employee and agent thereof, from
and against any loss, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Investor contained in this Subscription Agreement (including the Investor Questionnaire) or in any other document
provided by the Investor to the Company or in any agreement executed by the Investor in connection with the Investor’s investment in Shares. 

  

	 	(b)	To the fullest extent permitted under applicable law, the Company agrees to indemnify and hold harmless the Investor its affiliates and each partner, member, officer, director, employee and agent thereof, from and
against any loss, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Company contained in this Subscription Agreement or in any other document provided by the Company to the Investor or in any
agreement executed by the Company in connection with the Investor’s investment in Shares. 

 Section 6.03 Acceptance or
Rejection. 
  

	 	(a)	At any time prior to the Closing Date, notwithstanding the Investor’s prior receipt of a notice of acceptance of the Investor’s subscription, the Company shall have the right to accept an amount equal to or
less than the subscribed amount, or reject this subscription, for any reason whatsoever. 

  

	 	(b)	In the event of rejection of this subscription, the Company promptly thereupon shall return to the Investor the copies of this Subscription Agreement and any other documents submitted herewith (but the Company shall
have the right to retain a photocopy for its records), and this Subscription Agreement shall have no further force or effect thereafter. 

Section 6.04 Modification. Neither this Subscription Agreement nor any provisions hereof shall be modified, changed, discharged, waived or
terminated except by an instrument in writing signed by the party against whom any modification, change, discharge, waiver or termination is sought. 

  
 15 

 Section 6.05 Notices. All notices, consents, requests, demands, offers, reports, and other
communications required or permitted to be given pursuant to this Subscription Agreement shall be in writing and shall be given, made or delivered (and shall be deemed to have been duly given, made or delivered upon receipt) by personal
hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery, addressed, if to the
Company, to: 
 Owl Rock Capital Corporation 
 Attn: Alan
Kirshenbaum 
 245 Park Avenue, 41st floor 

New York, New York 10167 
 and, if to the Investor, to the
address set forth in the Investor Suitability Questionnaire. The Company or the Investor may change its address by giving notice to the other in the manner described herein. 

Section 6.06 Counterparts. This Subscription Agreement may be executed in multiple counterpart copies, each of which will be considered an
original and all of which constitute one and the same instrument binding on all the parties, notwithstanding that all parties are not signatories to the same counterpart. 

Section 6.07 Successors. Except as otherwise provided herein, this Subscription Agreement and all of the terms and provisions hereof will be
binding upon and inure to the benefit of the parties and their respective heirs, executors, administrators, successors, trustees and legal representatives. If the Investor is more than one person, the obligation of the Investor shall be joint and
several and the agreements, representations, warranties, and acknowledgments herein contained will be deemed to be made by and be binding upon each such person and such person’s heirs, executors, administrators, successors, trustees and legal
representatives. 
 Section 6.08 Assignability. This Subscription Agreement is not transferable or assignable by the Investor. Any purported
assignment of this Subscription Agreement will be null and void. 
 Section 6.09 Entire Agreement; No Third Party Beneficiaries. This
Subscription Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, supersedes any prior agreement or understanding among them with respect to such subject matter, and is not intended to confer
upon any person other than the parties hereto and any lender under a Subscription Facility any rights or remedies hereunder. The foregoing limitation, however, shall not prohibit any Other Investor from enforcing Section 3.01(b) against any
defaulting Investor. 
 SECTION 6.10 APPLICABLE LAW. NOTWITHSTANDING THE PLACE WHERE THIS SUBSCRIPTION AGREEMENT MAY BE EXECUTED BY ANY OF THE
PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND, WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES THEREOF. 

Section 6.11 Jurisdiction; Venue. To the fullest extent permitted by law, the sole and exclusive forum for any action, suit or proceeding with
respect to this Subscription Agreement shall be a federal or state court located in the state of New York, provided that to the extent the appropriate court located in the state of New York determines that it does not have jurisdiction over such
action, then the sole and exclusive forum shall be any federal or state court located in the state of Maryland, and each party hereto, to the fullest extent permitted by law, hereby irrevocably waives any objection that it may have, whether now or
in the future, to the laying of venue in, or to the jurisdiction of, any and each of such courts for the purposes of any such action, suit or proceeding and further waives any claim that any such action, suit or proceeding has been brought in an
inconvenient forum, and each party hereto hereby submits to such jurisdiction and consents to process being served in any such action, suit or proceeding, without limitation, by United States mail addressed to the party at the parties address
specified herein or in the Investor Questionnaire. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY, TO THE FULLEST EXTENT PERMITTED BY LAW. 
 Section 6.12 Confidentiality. The Investor acknowledges that the Memorandum, the
Subscription Documents and the other Operative Documents and other information relating to the Company has been submitted to the Investor on a confidential basis for use solely in connection with the Investor’s consideration of the purchase of
Shares. The Investor also acknowledges that it may receive or have access to confidential proprietary information concerning the Company, including, without limitation, portfolio positions, valuations, information regarding

  
 16 

 
potential investments, financial information, trade secrets and the like which is proprietary in nature and non public. The Investor agrees that, without the prior written consent of the Company
(which consent may be withheld at the sole discretion of the Company), the Investor shall not (a) reproduce the Memorandum or any other information relating to the Company, in whole or in part, or (b) disclose the Memorandum or any other
information relating to the Company to any person who is not an officer or employee of the Investor who is involved in its investments, or partner (general or limited) or affiliate of the Investor (it being understood and agreed that if the Investor
is a pooled investment fund, it shall only be permitted to disclose the Memorandum or other information related to the Company to its limited partners if the Investor has required its limited partners to enter into confidentiality undertakings no
less onerous than the provisions of this Section 6.12), except to the extent (1) such information is in the public domain (other than as a result of any action or omission of Investor or any person to whom the Investor has disclosed such
information), (2) such information is required by applicable law or regulation to be disclosed or (3) it is necessary to disclose such information to the Investor’s professional advisors (including the Investor’s auditors and
counsel), so long as such professional advisors are advised of the confidentiality obligations contained herein. The Investor further agrees to return the Memorandum and any other information relating to the Company if no purchase of Shares is made
or upon the Company’s request therefore. The Investor acknowledges and agrees that monetary damages would not be sufficient remedy for any breach of this section by it, and that in addition to any other remedies available to the Company in
respect of any such breach, the Company shall be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach. Notwithstanding anything to the contrary herein, the Investor (and each employee,
representative or other agent of the Investor) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Company; and any of the Company’s transactions and all materials of any kind
(including, without limitation, opinions and other tax analyses) that are provided to the Investor relating to such tax treatment and tax structure, it being understood and agreed for this purpose that (x) the name of, or any other identifying
information regarding, (i) the Company or any existing or future investor (or any affiliate thereof) in the Company, or (ii) any investment or transaction entered into by the Company or (y) any performance information relating to the
Company or its investments do not constitute “tax treatment” or “tax structure”. 
 Section 6.13 Necessary Acts, Further
Assurances. The parties shall at their own cost and expense execute and deliver such further documents and instruments and shall take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and
purposes of this Subscription Agreement or to show the ability to carry out the intent and purposes of this Subscription Agreement. 
 Section 6.14
No Joint Liability Among Company and Adviser. The Company shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Adviser under or in connection with this Subscription Agreement, and the Adviser
shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Company under or in connection with this Subscription Agreement. There shall be no joint and several liability of the Company and the Adviser for
any obligation under or in connection with this Subscription Agreement. 
 Section 6.15 Electronic Delivery of Communications. The Investor
hereby acknowledges and agrees that the Company and/or the Advisor may, but is not required to, deliver and make reports, statements and other communications, including, without limitation, the Operative Documents, the Subscription Documents, Form
1099s and other tax related information and documentation (“Account Communications”), available to the Investor in electronic form, such as e-mail or by posting on a web site. It is the Investor’s affirmative obligation to
notify the Company in writing if the Investor’s e-mail address(es) listed in Section A of the Investor Suitability Questionnaire change(s). The Investor may revoke or restrict its consent to electronic delivery of Account Communications at
any time by notifying the Company, in writing, of the Investor’s intention to do so, and will thereafter receive such Account Communications in paper form. 

Section 6.16 Survival. The representations, warranties, acknowledgments and covenants in Sections 4.01 and 4.02 and in the Investor
Suitability Questionnaire and the provisions of Sections 6.02, 6.10, 6.11, 6.12, 6.13, 6.14, 6.15 and 6.16 shall, in the event this subscription is accepted, survive such acceptance and the formation and dissolution of the Company. 

  
 17 

 IN WITNESS WHEREOF, the Investor, intending to be legally bound, has executed this Subscription
Agreement as of the date first written above. 
 AGGREGATE PURCHASE PRICE OF SHARES SUBSCRIBED FOR: $         

 

			
	[LEGAL NAME OF SUBSCRIBER]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Agreed and accepted as of the date first set forth above:
	
	OWL ROCK CAPITAL CORPORATION
		
	By:	 	  

	Name:	 	Alan Kirshenbaum
	Title:	 	Chief Financial Officer

  
 18 

 Appendix A: 

Owl Rock Capital Corporation 

Investor Suitability Questionnaire 
  

 
  

	A.	General Information 

  

							
	 1.      Print Full Name of Investor
	 		 	Individual:	  	
				
		 		 	First Middle Last	  	
				
		 		 	Entity Name:	  	
				
		 		 	Entity: To assist the Company in preparing the its tax filings, please check the category into which you fall:	  	
				
		 		 	Partnership	  	 ̈
				
		 		 	C-Corporation	  	 ̈
				
		 		 	S-Corporation	  	 ̈
				
		 		 	Estate	  	 ̈
				
		 		 	Grantor Trust	  	 ̈
				
		 		 	 Trust-EIN (a trust with an
 EIN in this
format: 12-3456789)
	  	 ̈
				
		 		 	 Trust-SSN (a trust with an
 EIN in this
format: 123-45-6789)
	  	 ̈
				
		 		 	IRA-EIN	  	 ̈
				
		 		 	IRA-SSN	  	 ̈
				
		 		 	Exempt Organization	  	 ̈
				
		 		 	LLP	  	 ̈
				
		 		 	LLC	  	 ̈
				
		 		 	Nominee-EIN	  	 ̈
				
		 		 	Nominee-SSN	  	 ̈
				
		 		 	Other	  	 ̈
		
	 2.      U.S. Taxpayer Identification
or
            Social Security Number:
	 	  

		
		 	  

  
 A-1 

							
		
	 3.      Primary Contact Person For This Account and for General Notices:
	  	
				
	 Name:
                                        

	 		 		  	

			
		
	 Address:
	 	  

			
		
		 	  

			
		
	 E-mail:
	 	  

			
		
	 Telephone:
	 	  

			
		
	 Fax:
	 	  

  

	4.	Contact Person(s) For This Account for Financial Information and Reporting (including quarterly and annual financial reports and capital account statements): 

 

									
	Name:	 	  
	 		 	Name:	 	  

									
					
	Address:	 	  
	 		 	Address:	 	  

									
			
	  
	 		 	  

									
					
	Telephone:	 	  
	 		 	Telephone:	 	  

									
					
	Fax:	 	  
	 		 	Fax:	 	  

									
					
	E-mail:	 	  
	 		 	E-mail:	 	  

  

	5.	Contact Person(s) For This Account for Capital Call and Distribution Notices: 

  

									
	Name:	 	  
	 		 	Name:	 	  

									
					
	Address:	 	  
	 		 	Address:	 	  

									
			
	  
	 		 	  

									
					
	Telephone:	 	  
	 		 	Telephone:	 	  

									
					
	Fax:	 	  
	 		 	Fax:	 	  

									
					
	E-mail:	 	  
	 		 	E-mail:	 	  

  
 A-2 

	6.	Contact Person For This Account for Legal Documentation (please limit to one contact): 

  

			
	Name:	 	  

			
		
	Address:	 	  

			
	
	  

		
	Telephone:	 	  

			
		
	Fax:	 	  

			
		
	E-mail:	 	  

  

	7.	Contact Person For This Account for Tax Matters (including Form 1099 distribution) (please limit to one contact): 

  

			
	Name:	 	  

			
		
	Address:	 	  

			
	
	  

		
	Telephone:	 	  

			
		
	Fax:	 	  

			
		
	E-mail:	 	  

  

	8.	For distributions of cash, please wire funds to the following bank account: 

  

			
	 Bank Name:
	 	  

			
		
	 Bank Location:
	 	  

			
		
	 Account Number:
	 	  

			
		
	 Account Name:
	 	  

			
		
	 Bank’s Routing No.:
	 	  

			
		
	 For further credit to (if any):
	 	  

			
		
	 Reference:
	 	  

			
		
	 SWIFT Code:
	 	  

  
 A-3 

	9.	For distributions in-kind, please: 

 Credit securities to my brokerage account at the following
firm:                      
  

			
	 Firm Name:
	 	  

			
		
	 Address:
	 	  

			
		
	 Account Name:
	 	  

			
		
	 Account Number:
	 	  

			
		
	 DTC Number:
	 	  

 

	10.	Permanent Address of Investor: 

  

					
		 	  (if different from address

					
		 	 for Notices above)	 	  

		
		 	  

		
		 	  

  
 A-4 

	B.	Accredited Investor Status 

 The Investor represents and warrants that the Investor is an
“accredited investor” as defined in Rule 501 promulgated under Regulation D under the United States Securities Act of 1933, as amended (the “1933 Act”). Please check as appropriate: 

FOR INDIVIDUALS: 
  

					
	 ̈	 	(A)	  	A natural person with individual net worth (or joint net worth with spouse) in excess of $1 million. For purposes of this item, “net worth” means the excess of total assets at fair market value, including automobiles and
other personal property and property owned by a spouse, but excluding the value of the primary residence of such natural person, over total liabilities. For this purpose, the amount of any mortgage or other indebtedness secured by an Investor’s
primary residence should not be included as a “liability”, except to the extent the fair market value of the residence is less than the amount of such mortgage or other indebtedness.
			
	 ̈	 	(B)	  	A natural person with individual income (without including any income of the Investor’s spouse) in excess of $200,000, or joint income with spouse in excess of $300,000, in each of the two most recent years and who reasonably
expects to reach the same income level in the current year.
	
	FOR ENTITIES:
			
	 ̈	 	(A)	  	An entity, including a grantor trust, in which all of the equity owners are accredited investors (for this purpose, a beneficiary of a trust is not an equity owner, but the grantor of a grantor trust may be an equity
owner).
			
	 ̈	 	(B)	  	A bank as defined in Section 3(a)(2) of the 1933 Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the 1933 Act whether acting in its individual or fiduciary capacity.
			
	 ̈	 	(C)	  	An insurance company as defined in Section 2(a)(13) of the 1933 Act.
			
	 ̈	 	(D)	  	A broker-dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “1934 Act”).
			
	 ̈	 	(E)	  	An investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).
			
	 ̈	 	(F)	  	A business development company as defined in Section 2(a)(48) of the 1940 Act.

  
 A-5 

					
	 ̈	 	(G)	  	A Small Business Investment Company licensed by the Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.
			
	 ̈	 	(H)	  	A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”).
			
	 ̈	 	(I)	  	A corporation, an organization described in Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended, Massachusetts or similar business trust, or partnership, in each case not formed for the specific purpose
of acquiring Shares, with total assets in excess of $5 million.
			
	 ̈	 	(J)	  	A trust with total assets in excess of $5 million not formed for the specific purpose of acquiring Shares, whose purchase is directed by a person with such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of an investment in the Shares.
			
	 ̈	 	(K)	  	An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”) if the decision to invest in the Shares is made by a plan fiduciary, as defined
in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5 million or, if a self-directed plan, with
investment decisions made solely by persons that are accredited investors.
			
	 ̈	 	(L)	  	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if the plan has total assets in excess of $5
million.

  

	C.	Supplemental Data for Individuals 

  

	1.	Date of
Birth:                                        
                                         
                                         
                                      

  

	2.	Please indicate whether you are investing the assets of any retirement plan, employee benefit plan or other similar agreement (such as an IRA or “Keogh” plan). 

 ̈  Yes     ̈ 
 No 
 If the above question was answered “Yes,” please contact the Company for additional information that will be required.

  

	3.	If the above question was answered “No,” are you a person who has discretionary authority or control with respect to the Company’s assets or provides investment advice for a fee (direct or indirect) with
respect to such assets, or a person directly or indirectly through one or more intermediaries, controlling any such person? 

  ̈  Yes     ̈  No 

  
 A-6 

	D.	Supplemental Data for Entities 

 1. If the Investor is not a natural person, the Investor must furnish
the following supplemental data (Natural persons may skip this Section of the Investor Questionnaire): 
  

					
		 	Legal form of entity (trust, corporation, partnership, limited liability company, etc.):	 	
			
		 	  
	 	
			
		 	Jurisdiction of organization and location of domicile:
                                        
	 	

 Is the Investor (a) a trust any portion of which is treated (under subpart E of part I of subchapter J of
chapter 1 of subtitle A of the Code) as owned by a natural person (e.g., a grantor trust), (b) an entity disregarded for U.S. federal income tax purposes and owned (or treated as owned) by a natural person or a trust described in clause
(a) of this sentence (e.g., a limited liability company with a single member), (c) an organization described in Sections 401(a) or 501 of the Code or (d) a trust permanently set aside or to be used for a charitable purpose?

 ̈  Yes     ̈ 
 No 
 Is the Investor acting on behalf of an unrelated third party (e.g., nominee arrangement)? 

 ̈  Yes     ̈ 
 No 
 If “Yes,” please describe the arrangement:
                                        

 Does the Investor have one or more ultimate beneficiaries who (a) are entitled to 10% or more of the proceeds from this investment
or (b) hold 10% or more of the control rights of the Investor? 

 ̈  Yes     ̈ 
 No 
 Is the Investor or any of the ultimate beneficiaries publicly traded? 

 ̈  Yes     ̈ 
 No 
 Is the Investor or any of the ultimate beneficiaries a regulated entity? 

 ̈  Yes     ̈ 
 No 
 If the response to any of the above questions is “yes,” please complete the below chart. If there is insufficient space
in the chart, please include additional sheets of paper with the relevant information. 
  

					
	 Name of Investor and Each

10% Beneficial Owner
	 	 If the Investor or Any of

the 10% Beneficial
 Owners Is
Publicly
 Traded, Please Identify

the Exchange for the
 Public
Trading.
	 	 If the Investor or Any of the

10% Beneficial Owners Is a
 Regulated
Entity, Please
 Identify Regulator

and Jurisdiction.

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

  
 A-7 

 2. Was the Investor organized for the specific purpose of acquiring Shares? 

 ̈  Yes     ̈ 
 No 
 If the above question was answered “Yes,” please contact the Company for additional information that will be required.

 3.a. Is the Investor a grantor trust, a partnership or an S-Corporation for U.S. federal income tax purposes? 

 ̈  Yes     ̈ 
 No 
 3.b. If the question above was answered “Yes,” please indicate whether or not: 

(i) more than 50 percent of the value of the ownership interest of any beneficial owner in the Investor is (or may at any time during the term
of the Entities be) attributable to the Investor’s (direct or indirect) interest in the Entities; or 
  ̈  Yes     ̈  No 

(ii) it is a principal purpose of the Investor’s participation in the Company to permit any entity to satisfy the 100 partner limitation
contained in U.S. Treasury Regulation Section 1.7704-l(h)(3). 

 ̈  Yes     ̈ 
 No 
 If either question above was answered “Yes,” please contact the Company for additional information that will be
required. 
 4. Are shareholders, partners or other holders of equity or beneficial interests in the Investor able to decide individually whether to
participate, or the extent of their participation, in the Investor’s investment in the Company (i.e., can shareholders, partners or other holders of equity or beneficial interests in the Investor determine whether their capital will form
part of the capital invested by the Investor in the Company)? 

 ̈  Yes     ̈ 
 No 
 If the above question was answered “Yes,” please contact the Company for additional information that will be required.

 5.a. Please indicate whether or not the Investor is, or is acting (directly or indirectly) on behalf of, (i) an employee benefit plan (within the
meaning of Section 3(3) of ERISA), whether or not such plan is subject to Title I of ERISA, (ii) a plan, individual retirement account or other arrangement that is described in Section 4975 of the Code, whether

  
 A-8 

 
or not such plan, account or arrangement is subject to Section 4975 of the Code, (iii) an insurance company using general account assets, if such general account assets are deemed to
include the assets of any of the foregoing types of plans, accounts or arrangements for purposes of Title I of ERISA or Section 4975 of the Code under Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder, or (iv) an
entity whose assets are deemed to include the assets of any of the foregoing types of plans, accounts or arrangements (each of the foregoing described in clauses (i), (ii), (iii) and (iv) being referred to as a “Plan
Investor”). 
  ̈  Yes     ̈  No 
 5.b. If the Investor is, or is acting (directly or indirectly) on behalf of, such a Plan
Investor, please indicate whether or not the Plan Investor is subject to Title I of ERISA or Section 4975 of the Code. 
  ̈  Yes     ̈  No 
 5.c. If
the answer to question 5.b. above is “Yes”, please indicate what percentage of the Plan Investor’s assets invested in the Entities are the assets of “benefit plan investors” within the meaning of Section 3(42) of ERISA
as modified by 29 CFR 2510.3-101(f): 
 Percentage:      

5.d. If the Investor is investing the assets of an insurance company general account, please indicate what percentage of the insurance company general
account’s assets invested in the Entities are the assets of “benefit plan investors” within the meaning of Section 401(c)(1)(A) of ERISA or the regulations promulgated thereunder: 

Percentage:      
 5.e. If
the Plan Investor is not subject to Title I of ERISA or Section 4975 of the Code, please indicate whether or not such Plan Investor is subject to any other federal, state, local, non-U.S. or other laws or regulations that could cause the
underlying assets of the Company to be treated as assets of the Plan Investor by virtue of its investment in the Company and thereby subject the Company and/or the Adviser (or other persons responsible for the investment and operation of the
Company’s assets) to laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code. 

 ̈  Yes     ̈ 
 No 
 5.f. If the answer to question 5.a. above is “No,” please indicate whether the Investor is a person who has discretionary authority or
control with respect to the Company’s assets or provides investment advice for a fee (direct or indirect) with respect to such assets, or an affiliate of any such person. For this purpose, an “affiliate” of a person includes any
person, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with, such person. “Control” with respect to a person other than an individual means the power to exercise a
controlling influence over the management or policies of such person. 

 ̈  Yes     ̈ 
 No 
 6.a. Is the Investor a private investment company which is not registered under the 1940 Act in reliance on: 

Section 3(c)(1) thereof?     ̈  Yes     ̈  No 
 Section 3(c)(7) thereof?     ̈  Yes     ̈  No 

  
 A-9 

 6.b. If the Investor answered “Yes” to any part of question 6.a. please indicate whether or not the
Investor was formed on or before April 30, 1996. 

 ̈  Yes     ̈ 
 No 
 6.c. If question 6.b. was answered “Yes,” please indicate whether or not the Investor has obtained the consent of its direct and
indirect beneficial owners to be treated as a “qualified purchaser” as provided in Section 2(a)(51)(C) of the 1940 Act and the rules and regulations thereunder. 

 ̈  Yes     ̈ 
 No 
 If question 6.c. was answered “No,” please contact the Company for additional information that will be required. 

6.d. Does the amount of the Investor’s Capital Commitment exceed 40% of the total assets (on a consolidated basis with its subsidiaries) of the Investor?

 ̈  Yes     ̈ 
 No 
 7. Is the Investor an “investment company” registered or required to be registered under the 1940 Act, as amended? 

 ̈  Yes     ̈ 
 No 
 8. If the Investor’s tax year ends on a date other than December 31, please indicate such date below: 

 

					
		  	  
	  	

 9. Is the Investor subject to the U.S. Freedom of Information Act, 5 U.S.C. § 552, (“FOIA”), any state
public records access laws, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement that might result in the disclosure of confidential information relating to the
Company? 

 ̈  Yes     ̈ 
 No 
 If the question above was answered “Yes,” please indicate the relevant laws to which the Investor is subject and
provide any additional explanatory information in the space below: 
  

					
		  	  
	  	
		  	  
	  	
		  	  
	  	

  
 A-10 

 10.a. If the Investor is an entity substantially owned by a “government entity”1 (e.g., a single investor vehicle) and the investment decisions of such entity are made or directed by such government entity, please provide the name of the government entity:
                                         

 Please note that, if the Investor enters the name of a government entity in response to this question 10.a., the Company will treat the Investor as if it
were the government entity for purposes of Rule 206(4)-5 of the Investment Advisers Act (the “Pay to Play Rule”). 
 10.b. If the Investor
is (i) a government entity, (ii) acting as trustee, custodian or nominee for a beneficial owner that is a government entity, or (iii) an entity described in question 10.a., the Investor hereby certifies that: 

 ̈ other than the Pay to Play Rule, no “pay to play” or other
similar compliance obligations would be imposed on the Company, the Advisor or their affiliates in connection with the Investor’s subscription; 

- OR - 
  ̈ If the Investor cannot make the above certification, indicate in the space below all other “pay to play” laws, rules or guidelines, or lobbyist disclosure laws or rules, the Company,
the Advisor or their affiliates or employees would be subject to in connection with the Investor’s subscription: 
  

			
		  	  

		  	  

		  	  

  

	E.	Related Parties/Other Beneficial Parties: 

 1. To the best of the Investor’s knowledge, does the
Investor control, or is the Investor controlled by or under common control with, any other investor or prospective investor in the Company? 

 ̈  Yes     ̈ 
 No 
 If the question above was answered “Yes,” please indicate the name of such other investor in the space below: 

 

					
		  	  
	  	

 2. Will any other person or persons have a beneficial interest in the Shares to be acquired hereunder (other than as a
shareholder, partner, policy owner or other beneficial owner of equity interests in the Investor)? (By way of example, and not limitation, “nominee” Investors or Investors who have entered into swap or other synthetic or derivative
instruments or arrangements with regard to the Shares to be acquired herein would check “Yes”) 

 ̈  Yes     ̈ 
 No 
  
  

	1 	Any U.S. state or political subdivision of a U.S. state, including: 

  

	 	(i)	Any agency, authority, or instrumentality of the U.S. state or political subdivision; 

  

	 	(ii)	A pool of assets sponsored or established by the U.S. state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to a “defined benefit plan” as defined in
section 414(j) of the Internal Revenue Code (26 U.S.C. 414(j)), or a U.S. state general fund; 

  

	 	(iii)	Any participant-directed investment program or plan sponsored or established by a U.S. state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to, a “qualified
tuition plan” authorized by section 529 of the Internal Revenue Code (26 U.S.C. 529), a retirement plan authorized by section 403(b) or 457 of the Internal Revenue Code (26 U.S.C. 403(b) or 457), or any similar program or plan; and

  

	 	(iv)	Officers, agents, or employees of the U.S. state or political subdivision or any agency, authority or instrumentality thereof, acting in their official capacity. 

  
 A-11 

 If either question above was answered “Yes,” please contact the Company for additional
information that will be required. 
  

	F.	Eligible Client Status: 

  

	1.	If the Investor is not investing at least $1,000,000 in the Company, does the Investor have a net worth exceeding $2,000,000? 

 ̈  Yes     ̈ 
 No 
 If the box above is checked “No,” please contact the Company for additional information that will be required. 

 

	2.	Is the Investor (i) a private investment company which is not registered under the 1940 Act in reliance on Section 3(c)(1) or Section 3(c)(7) thereof; (ii) an “investment company”
registered under the 1940 Act or (iii) a “business development company,” as defined in Section 202(a)(22) of the Advisers Act? 

 ̈  Yes     ̈ 
 No 
 If the box above was checked “Yes,” please contact the Company for additional information that will be required. 

 

	G.	BHC Investor Status: 

 Is the Investor a “BHC Investor”?2 
  ̈  Yes     ̈  No 
 [Remainder of Page Intentionally Left Blank] 

 
  

	2 	A “BHC Investor” is defined as an Investor that is a bank holding company, as defined in Section 2(a) of the Bank Holding Company Act of 1956, as amended (the “BHC Act”), a non-bank
subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign banking organization, as defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. § 211.23) or any successor regulation, or a
non-bank subsidiary (for purposes of the BHC Act) of a foreign banking organization which subsidiary is engaged, directly or indirectly in business in the United States and which in any case holds Shares for its own account. 

  
 A-12 

 The Investor understands that the foregoing information will be relied upon by the Company for
the purpose of determining the eligibility of the Investor to purchase and own Shares in the Company. The Investor agrees to notify the Company immediately if any representation or warranty contained in this Subscription Agreement or any of the
information in the Investor Questionnaire becomes untrue at any time. The Investor agrees to provide, if requested, any additional information that may reasonably be required to substantiate the Investor’s status as an accredited investor, or
to otherwise determine the eligibility of the Investor to purchase Shares in the Company. To the fullest extent permitted by law, the Investor agrees to indemnify and hold harmless the Company, the Administrator, the Adviser and each partner or
member thereof, from and against any loss, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Investor contained herein. 

 

			
	Signatures:
	
	INDIVIDUAL:
	
	  

	
	(Signature)
	
	  

	
	(Print Name)
	
	  

	
	PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER:
	
	  

	
	(Name of Entity)
		
	By:	 	  

		 	(Signature)
	
	  

		
		 	(Print Name and Title)

  
 A-13 

 Appendix C: Form of Election Notice under Dividend Reinvestment Plan 

State Street Bank and Trust Company 
 100 Huntington Ave 

Copley Place Tower 1, Floor 2 
 Boston, MA 02116 

Instructions: 
 No action will be required
on the part of an investor (an “Investor”) to have its cash distribution reinvested in shares of common stock of Owl Rock Capital Corporation (the “Company”). A Investor may elect to receive an entire distribution
(and all future distributions, until further notice) in cash by remitting this form to State Street Bank and Trust Company no later than the 10 days prior to the record date for the first distribution to which it relates. To elect to receive
your full distributions in cash, mark the appropriate box in Part (A) below and fill out your contact information under Part (B), below. 
  

									
	 (A)   
	 	Until further notice, I would like to receive my full distributions in:	    	 ̈ CASH	  	
			
		 		    	 ̈ ADDITIONAL SHARES OF THE COMPANY’S COMMON STOCK
			
	 (B)   
	 	Investor’s Legal Name, Address and Tax Identification Number:	    	  

	 	    		  	Name	  	
			
		 		    	  

		 		    		  	Street	  	
			
		 		    	  

		 		    	        City	  	State	  	Zip Code        
			
		 		    	  

		 		    		  	Country	  	
			
		 		    	  

		 		    		  	Telephone Number	  	
			
		 		    	  

		 		    		  	Facsimile Number	  	
			
		 		    	  

		 		    		  	Email Address	  	
			
		 		    	  

		 		    		  	Tax Identification or Social Security Number	  	

  

			
	By:	 	  

	Name:	 	
		
	Date:	 	  

  
 C-1 

 Appendix D: Transfer Restrictions 

No Transfer of the Investor’s Capital Commitment or all or any fraction of the Investor’s Shares may be made without (i) registration of the
Transfer on the Company books and (ii) the prior written consent of the Adviser. In any event, the consent of the Adviser may be withheld (x) if the creditworthiness of the proposed transferee, as determined by the Adviser in its sole
discretion, is not sufficient to satisfy all obligations under the Subscription Agreement or (y) unless, in the opinion of counsel (who may be counsel for the Company or the Investor) satisfactory in form and substance to the Company: 

 

	•	 	such Transfer would not violate the Securities Act or any state (or other jurisdiction) securities or “Blue Sky” laws applicable to the Company or the Shares to be Transferred; and 

 

	•	 	such Transfer would not be a “prohibited transaction” under ERISA or the Code or the regulations promulgated thereunder or cause all or any portion of the assets of the Company to constitute “plan
assets” under ERISA, certain Department of Labor regulations or Section 4975 of the Code. 

 The Investor agrees that it will pay
all reasonable expenses, including attorneys’ fees, incurred by the Company in connection with any Transfer of all or any fraction of its Shares, prior to the consummation of such Transfer. 

Any person that acquires all or any fraction of the Shares of the Investor in a Transfer permitted under this Appendix D shall be obligated to pay to the
Company the appropriate portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor in interest. The Investor agrees that, notwithstanding the Transfer of all or any fraction of its
Shares, as between it and the Company, it will remain liable for its Capital Commitment and for all payments of any Drawdown Purchase Price required to be made by it (without taking into account the Transfer of all or a fraction of such Shares)
prior to the time, if any, when the purchaser, assignee or transferee of such Shares, or fraction thereof, becomes a holder of such Shares. 
 The Company
shall not recognize for any purpose any purported Transfer of all or any fraction of the Shares and shall be entitled to treat the transferor of Shares as the absolute owner thereof in all respects, and shall incur no liability for distributions or
dividends made in good faith to it, unless the Company shall have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer, in form satisfactory to the Company, executed and
acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee, and such notice (i) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this Subscription
Agreement and its agreement to be bound thereby, and (ii) represents that such Transfer was made in accordance with this Subscription Agreement, the provisions of the Memorandum and all applicable laws and regulations applicable to the
transferee and the transferor. 

  
 D-1 

 Appendix E: United States Person 

The term “United States Person” means a person described in one or more of the following paragraphs: 

 

	 	1.	With respect to any person, any individual or entity that would be a United States Person under Regulation S promulgated under the 1933 Act. The Regulation S definition is set forth below. 

 

	 	2.	With respect to individuals, any U.S. citizen or “resident alien” within the meaning of US income tax laws as in effect from time to time. Currently, the term “resident alien” is defined under U.S.
income tax laws to generally include any individual who (i) holds an Alien Registration Card (a “green card”) issued by the U.S. Immigration and Naturalization Service or (ii) meets a “substantial presence” test. The
“substantial presence” test is generally met with respect to any current calendar year if (a) the individual was present in the U.S. on at least 31 days during such year and (b) the sum of the number of days on which such
individual was present in the U.S. during the current year, 1/3 of the number of such days during the first preceding year, and 1/6 of the number of such days during the second preceding year, equals or exceeds 183 days. 

 

	 	3.	With respect to persons other than individuals: 

  

	 	a.	a corporation or partnership created or organized in the United States or under the laws of any political subdivision thereof; 

  

	 	b.	a trust where (a) a U.S. court is able to exercise primary supervision over the administration of the trust and (b) one or more United States Persons have the authority to control all substantial decisions of
the trust; and 

  

	 	c.	an estate which is subject to U.S. tax on its worldwide income from all sources. 

 Set forth below is the
definition of “United States Person” contained in Regulation S under the 1933 Act. 
  

	 	1.	“United States Person” means: 

  

	 	a.	Any natural person resident in the United States; 

  

	 	b.	Any partnership or corporation organized or incorporated under the laws of the United States; 

  

	 	c.	Any estate of which any executor or administrator is a United States Person; 

  

	 	d.	Any trust of which any trustee is a United States Person; 

  

	 	e.	Any agency or branch of a non-United States entity located in the United States; 

  

	 	f.	Any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit of a United States Person; 

 

	 	g.	Any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and 

 

	 	h.	Any partnership or corporation if: (A) organized or incorporated under the laws of any jurisdiction other than the United States; and (B) formed by a United States Person principally for the purpose of
investing in securities not registered under the Securities Act unless it is organized or incorporated, and owned, by “accredited investors” (as defined in Rule 501(a) under the Securities Act) who are not natural persons, estates or
trusts. 

  
 E-1 

	 	2.	The following are not “United States Persons” 

  

	 	a.	any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-United States Person by a dealer or other professional fiduciary organized, incorporated, or (if an
individual) resident in the United States shall not be deemed to be a “United States Person”; 

  

	 	b.	any estate of which any professional fiduciary acting as executor or administrator is a United States Person shall not be deemed to be a “United States Person” if: (i) an executor or administrator of the
estate who is not a United States Person has sole or shared investment discretion with respect to the assets of the estate; and (ii) the estate is governed by laws other than those of the United States; 

 

	 	c.	any trust of which any professional fiduciary acting as trustee is a United States Person shall not be deemed to be a “United States Person” if a trustee who is not a United States Person has sole or shared
investment discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a United States Person; 

  

	 	d.	an employee benefit plan established and administered in accordance with (i) the laws of a country other than the United States and (ii) the customary practices and documentation of such country, shall not be
deemed to be a “United States Person”; and 

  

	 	e.	any agency or branch of a United States Person located outside the United States shall not be deemed a “United States Person” if: the agency or branch (i) operates for valid business reasons, (ii) is
engaged in the business of insurance or banking, and (iii) is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located. 

 

	 	f.	none of the International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, or
their agencies, affiliates and pension plans, or any other similar international organization, or its agencies, affiliates and pension plans, shall be deemed to be a “United States Person”. 

  
 E-2

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