Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 

MASTER SALE AND PARTICIPATION AGREEMENT 

Owl Rock Core Income Corp. 

and 
 ORCIC JV WH II LLC

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I TRANSFER 
	  	 	2	 
			
	 Section 1.1
	 	Transfer; Purchase	  	 	2	 
			
	 Section 1.2
	 	Income Collections; Payments of Income Collections and Other Payments Received After the Transfer Closing Date	  	 	3	 
			
	 Section 1.3
	 	Deliveries	  	 	3	 
			
	 Section 1.4
	 	Conditions	  	 	4	 
			
	 Section 1.5
	 	Treatment of Transfer; Backup Grant of Security Interest	  	 	4	 
			
	 Section 1.6
	 	Compliance with Law	  	 	6	 
		
	 ARTICLE II REPRESENTATIONS AND WARRANTIES 
	  	 	6	 
			
	 Section 2.1
	 	Representations and Warranties of Each Party	  	 	6	 
			
	 Section 2.2
	 	Representations and Warranties of the Transferor	  	 	7	 
		
	 ARTICLE III MISCELLANEOUS 
	  	 	8	 
			
	 Section 3.1
	 	Elevation	  	 	8	 
			
	 Section 3.2
	 	Amendments	  	 	9	 
			
	 Section 3.3
	 	Communications	  	 	9	 
			
	 Section 3.4
	 	Certain Definitions; Interpretation	  	 	10	 
			
	 Section 3.5
	 	Governing Law	  	 	11	 
			
	 Section 3.6
	 	Submission to Jurisdiction	  	 	11	 
			
	 Section 3.7
	 	Waiver of Venue	  	 	11	 
			
	 Section 3.8
	 	No Liability	  	 	11	 
			
	 Section 3.9
	 	Conduct of Business	  	 	12	 
			
	 Section 3.10
	 	Custodian	  	 	12	 
			
	 Section 3.11
	 	Parties Benefited	  	 	12	 
			
	 Section 3.12
	 	Severability	  	 	12	 
			
	 Section 3.13
	 	Indemnity	  	 	13	 
			
	 Section 3.14
	 	Documents	  	 	13	 
			
	 Section 3.15
	 	Counterparts	  	 	13	 
			
	 Section 3.16
	 	No Proceedings	  	 	13	 
		
	 ARTICLE IV ADDITIONAL REPRESENTATIONS, WARRANTIES, COVENANTS AND
 INDEMNITIES OF THE TRANSFEROR 
	  	 	14	 
			
	 Section 4.1
	 	Protection of Transferee’s Interest	  	 	14	 
			
	 Section 4.2
	 	Indemnification	  	 	14	 
			
	 Section 4.3
	 	Additional Representations and Warranties of the Transferor	  	 	14	 
			
	 Section 4.4
	 	Covenants of the Transferor	  	 	16	 
			
	 Section 4.5
	 	Waiver of Jury Trial	  	 	17	 

  
 -i- 

 MASTER SALE AND PARTICIPATION AGREEMENT 

Master Sale and Participation Agreement (this “Agreement”) dated as of 14 October 2022 between: 

 

	(1)	 Owl Rock Core Income Corp., a Maryland corporation (the “Transferor”); and

  

	(2)	 ORCIC JV WH II LLC, a Delaware limited liability company (the “Transferee”).

 RECITALS 
  

	(A)	 The Transferor owns certain collateral assets described on the annex delivered to the Transferee by the
Transferor on or after the date hereof to be attached as on Annex A hereto (the “Collateral Assets”). 

  

	(B)	 Transferee desires to purchase from Transferor each such Collateral Asset on the applicable date set forth on
Annex A (with respect to each such Collateral Asset, the “Transfer Closing Date”). The Transferor desires to sell to the Transferee each Collateral Asset (or, if such sale is not able to be effected on or prior to the Transfer
Closing Date, to grant an undivided 100% participation interest therein until such sale is effected) to the Transferee, and the Transferee desires to purchase each Collateral Asset (or, if such sale is not able to be effected on the Transfer Closing
Date, to acquire an undivided 100% participation interest therein until such sale is effected) from the Transferor. Each such sale and purchase (or grant and acquisition) of each Collateral Asset (or participation therein, as applicable) is referred
to herein as the “Transfer” of such Collateral Asset. 

  

	(C)	 To the extent that the Transferor and the Transferee are able to satisfy on or prior to the Transfer Closing
Date all conditions specified in the related credit agreement, loan agreement or similar governing document (the “Underlying Credit Agreement”) to the transfer of record ownership of a Collateral Asset to the Transferee, the related
Transfer will take the form of a sale by assignment of such Collateral Asset on the Transfer Closing Date from the Transferor to the Transferee (each such Collateral Asset, a “Sold Collateral Asset”). To the extent that all
conditions specified in the Underlying Credit Agreement to the transfer of record ownership of a Collateral Asset to the Transferee have not been satisfied on or prior to the Transfer Closing Date, the related Transfer will take the form of the
grant of an undivided 100% participation interest in such Collateral Asset on the Transfer Closing Date (each such Collateral Asset, a “Participated Collateral Asset”). With respect to any Participated Collateral Asset, the
Transferor and Transferee will cause the relevant participation to be elevated to an assignment to the Transferee (or, with the Administrative Agent’s prior written consent (including via email), to a Person identified to the Transferor as a
designee of the Transferee) as soon as reasonably practicable pursuant to the provisions of Section 3.1 after the Transfer Closing Date, at which time such Collateral Asset shall become a Sold Collateral Asset. Such elevation is referred to
herein as the “Elevation” with respect to any Participated Collateral Asset, and the date of any Elevation of such Participated Collateral Asset is referred to herein as the related “Elevation Date”.

  

	(D)	 The Transferee is obtaining financing by (i) obtaining a loan or loans under the Credit Agreement (such
financing, the “Loan”) entered into with the lender parties thereto and (ii) the issue of preference shares pursuant to the terms of the Equity Purchase Agreement (the “Lending Transaction”).

 The parties hereto wish to provide for various matters in connection with the foregoing. 

AGREEMENT 
 Accordingly, in consideration
of the mutual agreements set forth herein and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

 ARTICLE I 

TRANSFER 

Section 1.1 Transfer; Purchase 
  

	 	(a)	 Transfer. Upon the terms and subject to the conditions hereof on the Transfer Closing Date, the
Transferor and the Transferee hereby effect each Transfer, and, accordingly: 

  

	 	(i)	 with respect to each Sold Collateral Asset, the Transferor hereby sells, transfers, assigns and conveys to the
Transferee, and the Transferee hereby purchases from the Transferor, in each case for settlement of Transfer on the Transfer Closing Date, all the Transferor’s right, title, benefit and interest (whether now existing, owned or hereinafter
acquired or arising, and wherever located) in and to such Collateral Asset, including any rights to accrued and unpaid interest, any payment or other periodic distributions as provided in Section 1.2 below; and 

 

	 	(ii)	 with respect to each Participated Collateral Asset, the Transferor irrevocably agrees to sell, transfer and
grant to the Transferee absolutely, and the Transferee agrees to acquire from the Transferor, a 100% undivided participation interest in such Participated Collateral Asset, which interest shall be understood to include, any rights to accrued and
unpaid interest, any payment or other periodic distributions to the extent provided in Section 1.2 below, and to the extent permitted to be transferred under the terms governing such Collateral Asset and under applicable law, all claims, causes
of action and any other right of the Transferor (in its capacity as a lender under any credit documentation executed and delivered in connection with a Collateral Asset), whether known or unknown, against any obligor or any of its affiliates,
agents, representatives, contractors, advisors or other Person arising under or in connection with such documentation or that is in any way based on or related to any of the foregoing or the loan transactions governed thereby, including contract
claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and purchased pursuant to this Agreement, (each, a “Participation Interest” and
collectively, the “Participation Interests”), in each case, for settlement of Transfer on the Transfer Closing Date upon the terms and subject to the conditions set forth in this Agreement. In the case of any Collateral Asset, the
Transferor shall assign such Collateral Asset to the Transferee in accordance with the transfer criteria in this Section 1.1. For the avoidance of doubt, the Transferor and the Transferee agree that the tenor, interest rate
and other terms of a Participated Collateral Asset shall be coextensive with those of the underlying Collateral Asset. 

  

	 	(b)	 Purchase. 

  

	 	(i)	 The purchase price for (i) any Sold Collateral Asset and (ii) each Participation Interest sold on the
Transfer Closing Date by the Transferor to the Transferee, shall be an amount equal to the fair market value thereof as determined by the Transferor and the Transferee and such transaction shall be on terms no less favorable to the Transferor than
it would obtain in a comparable arm’s length transaction with a Person that is not an Affiliate (in each case, the “Purchase Price”). 

  

	 	(ii)	 The Purchase Price for each Collateral Asset set forth on Annex A acquired by the Transferee from the
Transferor on the Transfer Closing Date pursuant to this Agreement and any participation interest in a Collateral Asset acquired by the Transferee from the Transferor on the Transfer Closing Date pursuant to this Agreement shall be paid in a
combination of (A) immediately available funds in cash and (B) if the Buyer does not have sufficient funds in cash to pay the full amount of the Purchase Price, by a means of a contribution of Transferor to the Transferee in exchange for
Equity Interests in (including Preference Shares issued by) the Transferee (“Warehouse Borrower Equity Interests”), which may be in the form of a deemed contribution by the Transferor to the Collateral Manager in exchange for Equity
Interests in the Collateral Manager and a deemed contribution by the Collateral 

  
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Manager to the Transferee in exchange for the Warehouse Borrower Equity Interests. Such Warehouse Borrower Equity Interests shall be issued to the Transferor (or the designee of the Transferor as
identified to by the Transferor to the Transferee). To the extent the fair market value of any Collateral Asset purchased or acquired by the Transferee pursuant to this Agreement exceeds the amount of cash paid or other consideration exchanged
therefore, such excess shall be deemed to be a capital contribution from the Transferor to the Transferee. In addition, the Transferor may also from time to time elect to contribute capital to the Transferee for any other purpose. 

 

	 	(iii)	 It is the express intent of the Transferor and the Transferee that each Transfer of the Transferred Assets by
the Transferor to the Transferee pursuant to this Agreement be construed as an absolute sale and/or true contribution of such Transferred Assets by the Transferor to the Transferee providing the Transferee with the full risks and benefits of
ownership of such Transferred Assets as of the applicable Transfer Closing Date, including the entire beneficial and equitable interest in all proceeds of such Transferred Assets and the right to receive such proceeds, providing the Transferee with
the full ownership interest in such Sold Collateral Assets. The Transferor intends to relinquish all rights to possess, control and monitor the Transferred Assets. the Transferee shall have no obligation to account for, replace, substitute or return
any Transferred Assets to the Transferor. The Transferee shall have the unrestricted right to further assign, transfer, deliver, hypothecate, subdivide or otherwise deal with the Sold Collateral Assets and all of the Transferee’s right, title
and interest in, to and under this Agreement, on whatever terms the Transferee shall determine, pursuant to and subject to any restrictions in the Credit Agreement or otherwise. Further, it is not the intention of the Transferor and the Transferee
that any Transfer be deemed a grant of a security interest in the Sold Collateral Assets by the Transferor to the Transferee to secure a debt or other obligation of the Transferor. 

Section 1.2 Income Collections; Payments of Income Collections and Other Payments Received After the Transfer Closing
Date 
  

	 	(a)	 With respect to each Collateral Asset, pursuant to Section 1.1, the Transferee shall acquire from the
Transferor all rights, title, benefit and interest to accrued and unpaid interest, any payment or other periodic distributions (“Income Collections”) that, as of the Transfer Closing Date, are accrued but unpaid with respect to the
period both from and after the Transfer Closing Date. 

  

	 	(b)	 If at any time after the Transfer Closing Date the Transferor receives any Income Collection, the Transferor
shall deliver such Income Collection on the Business Day following receipt to the Transferee. If at any time after the Transfer Closing Date the Transferor receives any other payment with respect to a Collateral Asset, the Transferor shall deliver
such payment within five Business Days following receipt to the Transferee. 

 Section 1.3 Deliveries

  

	 	(a)	 On or prior to the Transfer Closing Date with respect to any Sold Collateral Asset or the relevant Elevation
Date with respect to any Participated Collateral Asset, the Transferor shall cause the Transferee or its designee to become the record owner of the related Collateral Asset, including by giving any required notice or obtaining any required consent.

  

	 	(b)	 Each party agrees to execute and deliver all such further documents as may be reasonably requested by the other
party in order to effect each Transfer as contemplated hereby. 

  
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 Section 1.4 Conditions Precedent 

The obligations of the Transferee to pay the Purchase Price for each Sold Collateral Asset and Participated Collateral Assets sold, conveyed, transferred and
granted on the Transfer Closing Date and any further purchase date shall be subject to the satisfaction of the following conditions: 
  

	 	(a)	 all representations and warranties of the Transferor contained in this Agreement shall be true and correct in
all material respects as of such date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such
earlier date as if made on such date); 

  

	 	(b)	 the Transferor shall have performed in all material respects all obligations required to be performed by it
pursuant to the provisions of this Agreement relating to such Collateral Assets as of such date; 

  

	 	(c)	 the Transferor shall have either filed, caused to be filed or provided in form suitable for filing the
financing statement(s) required to be filed pursuant to Section 1.5(b); 

  

	 	(d)	 all corporate and legal proceedings, and all instruments in connection with the transactions contemplated by
this Agreement and the other Transaction Documents shall be reasonably satisfactory in form and substance to the Transferee, and the Transferee shall have received from the Transferor copies of all documents (including records of corporate
proceedings) relevant to the transactions herein contemplated as the Transferee may reasonably have requested; 

  

	 	(e)	 no applicable law shall prohibit or enjoin, and no order, judgment or decree of any federal, state or local
court of governmental body, agency or instrumentality shall prohibit or enjoin, the making of any such purchase by the Transferee in accordance with this Agreement; and 

 

	 	(f)	 the obligations of the parties to effect each Transfer are subject to the condition that no injunction or order
of any court or regulatory agency of competent jurisdiction prohibiting or restraining such Transfer shall be in effect. 

 
Section 1.5 Treatment of Transfer; Backup Grant of Security Interest 
  

	 	(a)	 Each party hereto (i) agrees that each Transfer shall be a sale for all relevant purposes (other than for
tax purposes) and (ii) intends, and has as its business objective, that (x) each Transfer be an absolute transfer and not be a transfer as security for a loan; provided that, with respect to any Participated Collateral Asset, the
Transferee shall not be the record owner of legal title of the Collateral Asset until the Elevation Date of such Participated Collateral Asset, and (y) each Transfer as contemplated by this Agreement constitutes a conveyance, transfer and
assignment of such Sold Collateral Asset or Participation Interest, as applicable, including all beneficial and economic interests in the applicable Collateral Asset from the Transferor to the Transferee, leaving, in the case of a Participation
Interest, the Transferor with only “bare legal title” to such underlying loan and the proceeds and any related collateral, such that the Sold Collateral Asset or Participation Interest (including such beneficial interest in the underlying
loan and the proceeds and any related collateral) shall not be part of the Transferor’s estate, as determined pursuant to Section 541(d) of Title 11 of the United States Code (as amended, the “Bankruptcy Code”), in the
event of the filing of a bankruptcy petition by or against the Transferor under the Bankruptcy Code. The relationship between the Transferor and Transferee shall be that of seller and buyer. No party hereto is a trustee or agent for the other or has
any fiduciary obligations to any other party. This Agreement shall not be construed to create a partnership or joint venture between the parties hereto. 

  
 4 

	 	(b)	 If, notwithstanding such intention of the parties, any Transfer is characterized by a court of competent
jurisdiction as a transfer as security for a loan rather than a sale, or any Transfer shall for any reason be ineffective to transfer to the Transferee all of the Transferor’s right, title and interest in any Collateral Asset (including the
Income Collections thereon) then the Transferor shall be deemed to have granted to the Transferee and the Transferor hereby grants to the Transferee, a security interest in and lien on all the Transferor’s right, title and interest in and to
such Collateral Asset (including the Income Collections thereon) and, to the extent permitted to be transferred under applicable law and under the Underlying Credit Agreement, all claims, causes of action and any other right of the Transferor (in
its capacity as a lender under such Underlying Credit Agreement), whether known or unknown, against any obligor or any of its affiliates, agents, representatives, contractors, advisors or other Person arising under or in connection with such
documentation or that is in any way based on or related to any of the foregoing or the loan transactions governed thereby, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related
to the rights and obligations sold and purchased pursuant to this Agreement, whether now existing or hereafter acquired, in order to secure such loan and all other obligations of the Transferor hereunder. This Agreement shall constitute a security
agreement within the meaning of the UCC. The Transferor, by execution and delivery of this Agreement, authorizes the Transferee to file, on or after the Transfer Closing Date, UCC financing statements naming the Transferor as the
“debtor/seller”, the Transferee as “assignor secured party/buyer” and the Administrative Agent, on behalf of the Secured Parties, as “assignee of assignor secured party” in each jurisdiction that the Transferee deems
necessary in order to perfect or protect its security interest in any such Collateral Asset (including the Income Collections thereon). 

  

	 	(c)	 For so long as the Transferee owns any Participated Collateral Asset, the Transferee shall record in the
Transferee’s books and records the fact that the Transferee is the owner of such Participated Collateral Asset. After the Transfer Closing Date, the Transferor shall record in its books and records the fact that the Transferor is no longer the
beneficial owner of such Participated Collateral Asset and, after the relevant Elevation Date with respect to any Participated Collateral Asset, Transferor shall record in its books and records the fact that it is no longer the record owner of such
Participated Collateral Asset. 

  

	 	(d)	 In connection with this Agreement, the Transferor agrees to file (or cause to be filed) on or prior to the
Closing Date, at its own expense, a financing statement or statements with respect to the Transferred Assets conveyed by the Transferor hereunder from time to time meeting the requirements of applicable state law in the jurisdiction of the
Transferor’s organization to perfect and protect the interests of the Transferee created hereby under the UCC against all creditors of, and Transferees from, the Transferor, and to deliver a file- stamped copy of such financing statements or
other evidence of such filings to the Transferee as soon as reasonably practicable after its receipt thereof. 

  

	 	(e)	 The Transferor agrees that from time to time, at its expense, it will promptly execute and deliver all
instruments and documents and take all actions as may be reasonably necessary or as the Transferee may request, in order to perfect or protect the interest of the Transferee in the Transferred Assets conveyed hereunder or to enable the Transferee to
exercise or enforce any of its rights hereunder. Without limiting the foregoing, the Transferor will, in order to accurately reflect the conveyances contemplated by this Agreement, execute and file such financing or continuation statements or
amendments thereto or assignments thereof (as permitted pursuant hereto) or other documents or instruments as may be requested by the Transferee and mark its records noting the conveyance to the Transferee of the Transferred Assets. The Transferor
hereby authorizes the Transferee to file and, to the fullest extent permitted by applicable law the Transferee shall be permitted to sign (if necessary) and file, initial financing statements, continuation statements and amendments thereto and
assignments thereof without further acts of the Transferor; provided that the description of collateral contained in such financing statements shall be limited to only Transferred Assets. Carbon, photographic or other reproduction of this
Agreement or any financing statement shall be sufficient as a financing statement. 

  
 5 

	 	(f)	 Any assignment of a Collateral Asset from the Transferor to the Transferee shall be subject to the terms of
this Section 1.5. 

 Section 1.6 Compliance with Law 

Each of the Transferee and the Transferor shall observe, in all material respects, all applicable laws of the jurisdiction of its formation relating to the
conduct of its business and its assets. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 
 
Section 2.1 Representations and Warranties of Each Party 
 Each party hereto (each, the “Representing Party”) represents and
warrants to the other party as follows: 
  

	 	(a)	 The Representing Party is duly formed or incorporated (as applicable) and validly existing as an entity and is
in good standing under the laws of its jurisdiction of formation. 

  

	 	(i)	 The Representing Party has the requisite power and authority to own and operate its assets and properties,
conduct the business in which it is now engaged and to enter into, deliver and perform this Agreement and the other Transaction Documents to which it is party. 

 

	 	(ii)	 This Agreement and each Transaction Document has been duly authorized by all necessary action on the part of
the Representing Party, has been duly executed by the Representing Party and is the valid and binding agreement of the Representing Party enforceable against such party in accordance with its terms, subject to (x) debtor relief laws,
(y) general principals of equity, regardless of whether applied in a proceeding in equity or at law, and (z) the effects of possible judicial application of foreign laws or foreign governmental or judicial action affecting creditors’
rights. 

  

	 	(iii)	 The Representing Party is adequately capitalized in light of its contemplated business or activities.

  

	 	(iv)	 No Transfer will be a transfer of property in connection with any
pre-existing indebtedness owed to its transferee. 

  

	 	(v)	 There are no agreements or understandings between the Representing Parties (other than this Agreement) relating
to or affecting the Collateral Assets and the proceeds thereof. This Agreement is not an attempt to hide the true agreement between the parties and the parties to this Agreement do not and will not depart from its terms with respect to the matters
subject hereof. 

  

	 	(vi)	 The Representing Party (other than the Transferor) conducts its business or activities solely in its own name.

  

	 	(vii)	 Other than as expressly contemplated by the Credit Agreement, the Representing Party (other than the
Transferor) provides for the payment of its debts, expenses and liabilities from its own funds as the same shall become due. 

  
 6 

	 	(viii)	 Other than as expressly contemplated by the Credit Agreement, the Representing Party maintains separate
financial records that enable its assets to be readily ascertained as separate and apart from those of the other party. 

  

	 	(ix)	 The Representing Party has not guaranteed and is not otherwise contractually liable for the payment of any
liability of the other party. Neither the assets nor the creditworthiness of the Representing Party is generally held out as being available for the payment of any liability of the other party. The Representing Party maintains an arm’s-length relationship with the other party. 

  

	 	(x)	 The Representing Party shall not commingle or pool any of its funds or assets with those of the other party.

  

	 	(xi)	 None of the execution, delivery and performance of this Agreement or the Transaction Documents by the
Representing Party will: 

  

	 	(A)	 conflict with, result in any breach of or constitute a default (or an event which, with the giving of notice or
passage of time, or both, would constitute a default) under, any term or provision of the organizational documents of the Representing Party or any indenture, agreement, order, decree or other instrument to which the Representing Party is a party or
by which the Representing Party is bound, which conflict, breach or default would materially and adversely affect the Representing Party’s ability to perform its obligations hereunder; or 

 

	 	(B)	 violate any provision of any law, rule or regulation applicable to the Representing Party of any regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Representing Party or its properties, which violation would materially and adversely affect the Representing Party’s ability to perform its
obligations hereunder. 

 Section 2.2 Representations and Warranties of the Transferor 

The Transferor represents and warrants to the Transferee as follows: 
  

	 	(a)	 On the Transfer Closing Date with respect to each Collateral Asset, immediately prior to entering into this
Agreement, the Transferor will own such Collateral Asset, will have good and marketable title thereto, free and clear of any pledge, lien, security interest, charge, claim, equity or encumbrance of any kind (subject only to Permitted Liens), and
upon the Elevation on the relevant Elevation Date with respect to any Participated Collateral Asset, the Transferee will receive good and marketable title to such Collateral Asset, free and clear of any pledge, lien, investment interest, charge,
claim, equity or encumbrance of any kind. The participation in each Participated Collateral Asset will be granted to the Transferee free and clear of any encumbrance, equity, participation interest, lien, pledge, charge, claim or security interest
(other than the Transferor’s record ownership of the related Collateral Asset). 

  

	 	(b)	 No consent, license, approval or authorization from, or registration or qualification with, any governmental
body, agency or authority, nor any consent, approval, waiver or notification of any creditor or lessor is required in connection with the execution, delivery and performance by the Transferor of this Agreement, except such as have been obtained and
are in full force and effect or the failure of which to obtain would not materially and adversely affect the Transferor’s ability to perform its obligations hereunder. 

  
 7 

	 	(c)	 The Transferor has valid business reasons for transferring the Collateral Assets to the Transferee rather than
obtaining a secured loan with the Collateral Assets as collateral. The Transferor is not effecting any Transfer in contemplation of the Transferor’s insolvency or with any actual intent to hinder, delay or defraud any of its creditors or for an
improper purpose or willfully to defeat an obligation owed to a creditor. 

  

	 	(d)	 The Transferor has been solvent at all relevant times before each Transfer and will not be rendered insolvent
by any Transfer. At all relevant times before the date hereof, the Transferor did not engage in or have plans to engage in any business or transaction as a result of which the total assets remaining with the Transferor would constitute an
unreasonably small amount of capital. The Transferor has not incurred and does not intend to incur, debts that would be beyond its ability to pay as they mature. 

 

	 	(e)	 The Purchase Price paid by the Transferee to the Transferor for each Sold Collateral Asset and Participated
Collateral Asset represents the fair market value of such assets as of the date of determination. 

  

	 	(f)	 The Transferor is not the subject of any insolvency or bankruptcy proceeding under any Applicable Law.

  

	 	(g)	 The Transferor will not take any action inconsistent with the Transferee’s ownership of any Sold
Collateral Asset or Participated Collateral Asset. If a third party, including a potential purchaser of the Collateral Assets, should inquire with respect to any Collateral Asset which has not been elevated, Transferor will disclose that such
Participated Collateral Asset has been sold to Transferee and will claim no beneficial interest in the Collateral Assets. 

  

	 	(h)	 Upon consummation of the sale of any Sold Collateral Asset or of the respective Participation Interests in each
Participated Collateral Asset on the date hereof, the Transferor acknowledges that it is not the beneficial owner of any Collateral Asset, has no right to any payments on any Collateral Asset and is not liable for failure by any underlying obligor
to make any payment on any Collateral Asset. 

 ARTICLE III 

MISCELLANEOUS 
 
Section 3.1 Elevation 
  

	 	(a)	 Subject to the terms and provisions of the applicable Participated Collateral Assets, the Transferor and the
Transferee shall use commercially reasonable efforts to effect an Elevation, as soon as reasonably practicable and in all events within 90 days of the Transfer Closing Date, with respect to each such Participated Collateral Asset and take such
action (including the execution and delivery of an assignment agreement) as shall be mutually agreeable in connection therewith and in accordance with the terms and conditions of each such Participated Collateral Asset and consistent with the terms
of this Agreement. The Transferee shall pay any elevation fees, transfer fees and other expenses payable in connection with an Elevation and any expenses of administering each Participated Collateral Asset prior to its Elevation.

  

	 	(b)	 If the Transferor is dissolved, each party agrees (so far as the same is within its power and control) that the
Participation Interests in each of the Participated Collateral Assets shall elevate automatically and immediately to an assignment and all of Transferor’s rights, title, interests and ownership of such Participated Collateral Assets shall vest
in Transferee. Transferor shall be deemed to have consented and agreed to Elevation for each of the Participated Collateral Assets upon the execution of this Agreement. Transferor agrees that,

  
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following Transferor’s dissolution, Transferee shall be permitted to take any and all action necessary to effectuate an Elevation and/or finalize an assignment of any of the Collateral
Assets, and in furtherance of the foregoing, effective immediately upon a dissolution of Transferor, Transferor hereby makes, constitutes and appoints Transferee, with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead, to sign, execute, certify, swear to, acknowledge, deliver, file, receive and record any and all
documents that the Transferee reasonably deems appropriate or necessary in connection with any Elevation or finalization of an assignment of any of the Collateral Assets. The foregoing power of attorney is (x) hereby declared to be irrevocable
and a power coupled with an interest, and it shall survive and not be affected by the bankruptcy or insolvency or dissolution of the Transferor and (y) expressly limited to the foregoing actions taken with respect to Participated Collateral
Assets. 

  

	 	(c)	 Prior to the Elevation Date, the Transferor shall not agree to any amendments, supplements, or other
modifications of any credit documentation, loan agreement or similar governing document in respect of a Participated Collateral Asset to the extent that such amendment, supplement, or modification would (i) extend or increase the commitment of
any lender thereunder, (ii) postpone any date fixed thereunder for any payment of principal, interest, or other payments or periodic distributions due to the lenders thereunder, or reduce the amount of any such payment of principal or interest
owing to such lenders, reduce the rate of interest payable to such lenders as specified therein or (v) release any material portion of, any Participated Collateral Asset, without the prior written consent of the Transferee.

 Section 3.2 Amendments 

This Agreement may not be amended, altered, supplemented or otherwise modified, except by the execution and delivery of a written agreement by each of the
parties hereto; provided that, Annex A hereto may be amended, altered, supplemented or otherwise modified prior to the Transfer Closing Date of the applicable Transfer by agreement of each of the parties hereto (with the consent of the
Administrative Agent) via email. 
 Section 3.3 Communications 

Except as may be otherwise agreed between the parties, all communications hereunder shall be made in writing to the relevant party by courier or by email: 

Owl Rock Core Income Corp.  

399 Park Avenue, 38th Floor 

New York, NY 10022 
 Attention:
Accounting 
 Telephone: 

Email: 
 To the Transferee: 

ORCIC JV WH LLC  
 c/o
Puglisi & Associates 
 850 Library Avenue, Suite 204 

Newark, Delaware 19711 

Attention: Don Puglisi 
 Email:
dpuglisi@puglisiassoc.com 
 or to such other address, email or telephone number as either party may notify to the other party in accordance with the terms
hereof from time to time. Any communications hereunder shall be effective upon receipt. 

  
 9 

 Section 3.4 Certain Definitions; Interpretation 

 

	 	(a)	 As used herein: 

“Adverse Claim” means a claim that a claimant has a property interest in a security and that it is a violation of the rights
of the claimant for another person to hold, transfer, or deal with the security. 
 “Credit Agreement” means the revolving
loan agreement, dated as of the Closing Date by and among the Transferee, as Borrower, each CLO subsidiary from time to time party thereto, Royal Bank of Canada as administrative agent, and the lenders party from time to time thereto (as amended,
restated, varied, supplemented or modified from time to time). 
 “Proceeding” means any suit in equity, action at law or
other judicial or administrative proceeding thereof. 
 “Transferred Assets” means, all, right, title and interest in each
Sold Collateral Asset and Participated Collateral Asset conveyed to the Transferee pursuant to this Agreement. 
  

	 	(b)	 Except as otherwise specified herein or as the context may otherwise require: 

 

	 	(i)	 capitalized terms used in this Agreement have the respective meanings assigned to them herein for all purposes
of this Agreement, and, to the extent not defined herein, have the meanings ascribed to them in the Credit Agreement; 

  

	 	(ii)	 the definitions of terms herein are equally applicable both to the singular and plural forms of such terms and
to the masculine, feminine and neuter genders of such terms; 

  

	 	(iii)	 the terms “payment” and “distribution” are synonymous; 

 

	 	(iv)	 the words “herein”, “hereof’ and “hereunder” and other words of similar import
refer to this Agreement as a whole (including any attachments hereto) and not to any particular Article, Section or other subdivision; 

  

	 	(v)	 the word “including” and correlative words shall be deemed to be followed by the phrase “without
limitation” unless actually followed by such phrase or a phrase of like import; 

  

	 	(vi)	 the word “or” is always used inclusively herein (for example, the phrase “A or B” means
“A or B or both”, not “either A or B but not both”) when not used in an “either/or’’ construction; 

  

	 	(vii)	 references to a Person include references to such Person’s successors and assigns (but this clause
(vii) shall not permit any assignment of any right hereunder or any delegation of any obligation hereunder that is prohibited or limited hereby); 

  

	 	(viii)	 references to an agreement or other document are to it as amended, supplemented, restated and otherwise
modified from time to time and to any successor document; 

  

	 	(ix)	 references to a statute, regulation or other government rule are to it as amended from time to time and, as
applicable, are to corresponding provisions of successor governmental rules; 

  

	 	(x)	 references to an “Article”, a “Section”, an “Exhibit” or a “Schedule”
are to an article hereof, a section hereof, an exhibit hereto or a schedule hereto; and 

  
 10 

	 	(xi)	 the titles of Articles and Sections hereof are for convenience only, and they neither form a part of this
Agreement nor are to be used in the construction or interpretation hereof. 

 Section 3.5 Governing
Law 
 This Agreement shall be governed by and construed and interpreted in accordance with the law of the State of New York. 

Section 3.6 Submission to Jurisdiction 

The Transferee irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind of description, whether in law
or equity, whether in contract or in tort or otherwise, against the Transferor in any way relating to this Agreement or the transactions relating hereto, in any forum other than the courts of the State of New York sitting in New York County and of
the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and agrees that all
claims in respect of any such action, litigation or proceeding may be heard and determined in such New York state court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final
judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Transferor
may otherwise have to bring any action or proceeding relating to this Agreement against the Transferee or its properties in the courts of any jurisdiction. 

Section 3.7 Waiver of Venue 

The Transferee irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to
the laying of venue of any action or proceeding arising out of or relating to this Agreement in any court referred to in Section 3.8. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, the
defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 Section 3.8 No
Liability 
  

	 	(a)	 The Transferor and the Transferee make no representation or warranty, express or implied, and assume no
responsibility, with respect to the genuineness, authorization, execution, delivery, validity, legality, value, sufficiency, perfection, priority, enforceability or collectability of any Collateral Asset or credit documentation executed and
delivered in connection with a Collateral Asset. The Transferor and the Transferee assume no responsibility for (i) (except as otherwise expressly provided herein) any representation or warranty made by, or the accuracy, completeness, correctness or
sufficiency of any information (or the validity, completeness or adequate disclosure of assumptions underlying any estimates, forecasts or projections contained in such information) provided directly or indirectly by, any obligor in respect of a
Collateral Asset or any credit documentation thereof or by any other Person, (ii) the performance or observance by any obligor of any of the provisions of any credit documentation in respect of a Collateral Asset (whether on, before or after
the Transfer Closing Date), (iii) the filing, recording, or taking of any action with respect to any credit documentation in respect of a Collateral Asset, (iv) the financial condition of any obligor in respect of a Collateral Asset or of any
other Person or (v) (except as otherwise expressly provided herein) any other matter whatsoever relating to any obligor in respect of a Collateral Asset, any other Person or the Collateral Assets. 

  
 11 

	 	(b)	 In making, handling and transferring the Sold Collateral Assets and the Participated Collateral Assets, each of
the Transferor and the Transferee shall exercise the same care as it normally exercises with respect to similar loans or commitments, but neither the Transferor nor the Transferee shall have any further responsibility to the Transferee except with
respect to the duties expressly provided herein and except for its own gross negligence or willful misconduct which results in actual loss to the Transferee. 

Section 3.9 Conduct of Business 

Transferor represents, warrants and agrees that, from and after the date hereof, it shall not grant a security interest in or lien on or otherwise pledge,
mortgage, hypothecate or encumber (or permit such to occur or suffer such to exist other than pursuant to this Agreement), any part of the Sold Collateral Assets and/or the Participated Collateral Assets. 

Section 3.10 Custodian 

Transferor agrees (a) to cause the custodian of the bank accounts of Transferor established to receive proceeds of the Sold Collateral Assets or the
Participated Collateral Assets, as applicable, to, on the Business Day following receipt thereof, remit such proceeds to Transferee and (b) on the Business Day following receipt thereof, to forward to Transferee any notices, requests or other
communications received in respect of the Sold Collateral Assets or the Participated Collateral Assets, as applicable. 

Section 3.11 Parties Benefited 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither this
Agreement nor any right or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) or delegated by either party without the prior written consent of the other party, except that (i) a party may make a
transfer of all (but not less than all) of its rights and obligations under this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity and
(ii) the Transferor acknowledges that, pursuant to the Credit Agreement, the Transferee shall collaterally assign, pledge and grant a security interest in all of its right, title and interest under this Agreement (including its rights of
indemnity granted hereunder) to the Administrative Agent, for the benefit of the Secured Parties, to which such assignment, pledge and security interest the Transferor hereby expressly consents. The Administrative Agent is an intended third-party
beneficiary of this Agreement. Upon the enforcement of such collateral assignment during an Event of Default, (a) the Administrative Agent, for the benefit of the Secured Parties, shall have all rights of the Transferee hereunder, and
(b) the obligations of the Transferor hereunder to the Transferee shall inure to the Administrative Agent, for the benefit of the Secured Parties. The Transferor agrees that, upon the enforcement of such collateral assignment during an Event of
Default, the Administrative Agent, for the benefit of the Secured Parties, may enforce directly, without joinder of the Transferee, the rights and indemnities set forth herein and the Transferor agrees to perform its obligations hereunder as
instructed by the Administrative Agent for the benefit of the Secured Parties. The Transferee may not assign any or all of its rights and obligations under this Agreement to any person without the prior written consent of the Administrative Agent,
subject to the provisions of the Credit Agreement. 
 Section 3.12 Severability 

If any term, provision, covenant or condition of this Agreement, or the application thereof to the Transferor or Transferee or any circumstance, is held to be
unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions, covenants and conditions of this Agreement, modified by the deletion of the unenforceable, invalid or illegal
portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity, or illegality will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions, covenants and
conditions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the Transferor and Transferee as to the subject matter hereof and the deletion of such portion of this
Agreement will not substantially impair the respective expectations of the Transferor and 

  
 12 

 
Transferee or the practical realization of the benefits hereof that would otherwise be conferred upon the Transferor and the Transferee. The Transferor will endeavor in good faith negotiations
with the Transferee to replace the prohibited or unenforceable provision with a valid provision, the economic effect of which comes as close as possible to that of the prohibited or unenforceable provision. 

Section 3.13 Indemnity 

The Transferee shall reimburse the Transferor for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses,
and disbursements, including reasonable legal fees, which may be incurred or made by the Transferor in connection with any action which may be taken by the Transferor to collect the principal of or interest on the Collateral Assets in which the
Transferee is participating or for the preservation or enforcement of any rights conferred by any credit documentation in respect of a Collateral Asset for which the Transferor is not reimbursed at any time by or on behalf of any obligor under such
credit documentation. 
 Section 3.14 Documents 

If requested by Transferee, the Transferor shall furnish to the Transferee copies of any credit documentation in its possession in respect of a Collateral
Asset and, as and when available to the Transferor, a copy of each amendment, consent or waiver in connection with any such documentation. The Transferee agrees that it shall maintain the confidentiality of any such documents to the extent required
therein and to the same extent as if it were the Transferor and shall, upon the Transferor’s request, provide to the Transferor a confidentiality undertaking to such effect in accordance with the terms of the such documentation prior to the
delivery thereof. 
 Section 3.15 Counterparts 

This Agreement (and each amendment, modification and waiver in respect of it) may be executed in any number of counterparts (including by facsimile
transmission or other form of electronic transmission), each of which shall be an original, but all of which together shall constitute one and the same agreement. 

Section 3.16 No Proceedings 

Each of the parties hereto agrees that neither it nor any assignee hereunder will institute against, or join, cooperate with or encourage any other Person in
instituting against, the Transferor or the Transferee any bankruptcy or other insolvency proceedings so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect) since the termination of
the Lending Transaction. The provisions of this Section 3.16 are a material inducement for the Secured Parties to enter into the Transaction Documents and the Credit Agreement and the transactions contemplated thereby and are an essential term
hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this Section 3.16 and the Administrative Agent may seek and obtain specific performance of such provisions (including injunctive relief),
including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under United States federal or state bankruptcy laws, or any similar laws.
Each Transfer under this Agreement shall be on a fully non-recourse basis. Notwithstanding anything herein to the contrary, the parties acknowledge that the rights of recourse of the Transferor against the
Transferee shall be from time to time and at any time limited to the remaining amounts from time to time available and comprising the assets of Transferee available at such time having satisfied or provided for all other prior ranking liabilities of
Transferee subject to the applicable Priorities of Payment. Accordingly, the Transferor shall have no claim or recourse against the Transferee in respect of any amount which is or remains unsatisfied after the application of the funds comprising
such assets of the Transferee and/or representing the proceeds of realization thereof and any remaining obligation to pay any further unsatisfied amounts shall be extinguished and shall not thereafter revive. 

  
 13 

 ARTICLE IV 

ADDITIONAL REPRESENTATIONS, WARRANTIES, COVENANTS AND INDEMNITIES OF THE TRANSFEROR 

Section 4.1 Protection of Transferee’s Interest 

The Transferor in its capacity as Transferor hereunder, agrees as that it shall to the extent consistent with this Agreement, take such actions as may be
reasonably requested by the Administrative Agent to ensure that, if this Agreement were deemed to create a security interest in the applicable Transferred Assets to secure a debt or other obligation, such security interest would be deemed to be a
perfected security interest in favor of the Transferee under applicable law. The Transferor represents and warrants that the Transferred Assets are being transferred with the intention of removing them from the Transferor’s estate pursuant to
Section 541 of the Bankruptcy Code. 
 Section 4.2 Indemnification 

Without limiting any other rights which any such Person may have hereunder or under applicable law, the Transferor, in its capacity as Transferor hereunder,
agrees to indemnify on a net after-tax basis (including, for example, taking into account the deductibility of an applicable underlying damage, loss, liability or related cost and expense) the Transferee and
its successors, transferees, and assigns (including each Secured Party) and all officers, directors, shareholders, controlling persons, employees and agents of any of the foregoing (each of the foregoing Persons being individually called an
“Indemnified Party”), forthwith on demand, from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys’ fees and disbursements (all of the foregoing being
collectively called “Indemnified Amounts”) awarded against or incurred by any of them arising out of any breach by the Transferor of any of its obligations hereunder or arising as a result of the failure of any representation or
warranty of the Transferor herein to be true and correct on the date such representation or warranty was made, excluding, however, (a) Indemnified Amounts in respect of any Transferred Asset due to the creditworthiness of the obligor of such
Transferred Asset, (b) Indemnified Amounts payable to an Indemnified Party to the extent determined by a court of competent jurisdiction to have resulted from gross negligence, bad faith or willful misconduct on the part of any Indemnified
Party or its agent or subcontractor, (c) non-payment by any obligor of any Transferred Asset of an amount due and payable with respect to a Transferred Asset, (d) any Excluded Taxes and any Taxes
indemnifiable under the Credit Agreement and (e) Indemnified Amounts resulting from the performance or non-performance of the Transferred Assets. 

Section 4.3 Additional Representations and Warranties of the Transferor 

The Transferor, in its capacity as Transferor hereunder, represents and warrants to the Transferee as of the Closing Date: 

 

	 	(a)	 Fair Consideration; No Avoidance for Collateral Asset Payments. With respect to each Transferred Asset,
the Transferor shall transfer such Transferred Asset to the Transferee upon payment by Transferee of the Purchase Price in cash (which may be by way of cash and/or Warehouse Borrower Equity Interests), made in accordance with the provisions of this
Agreement, in an amount which constitutes fair consideration and reasonably equivalent value. Each such conveyance referred to in the preceding sentence shall not have been made for or on account of an antecedent debt owed by the Transferor to the
Transferee. In addition, no such conveyance shall have been made with the intent to hinder or delay payment to or defraud any creditor of the Transferor. 

  

	 	(b)	 Eligibility of Transferred Collateral Assets. Each Transferred Asset complies with the definition of
Collateral Obligation. Annex A to this Agreement is an accurate and complete listing of all Transferred Assets as of the Transfer Closing Date and the information contained therein with respect to the identity of such Transferred Assets and the
amounts owing 

  
 14 

	 	
thereunder is true and correct as of the related Transfer Closing Date. Each Transferred Asset Transferred hereunder was originated without any fraud or material misrepresentation by the
Transferor or, to the best of the Transferor’s knowledge, on the part of the relevant Obligor. 

  

	 	(c)	 True and Complete Information. All information heretofore or hereafter furnished by or on behalf of the
Transferor in writing to any Lender, the Collateral Custodian or the Administrative Agent in connection with this Agreement, the other Transaction Documents, the Transferred Assets, or any transaction contemplated hereby is and will be (when taken
as a whole) true, correct and complete in all material respects. 

  

	 	(d)	 Payment in Full. The Transferor had no actual knowledge at the time of conveyance of a Transferred Asset
of any fact which would lead it to know that any payments on such Transferred Asset will not be paid in full when due or to expect any other material adverse effect on the Transferred Assets or the interests of the Transferor therein.

  

	 	(e)	 No Brokers or Finders. No broker or finder acting on behalf of the Transferor was employed or utilized
in connection with this Agreement or the other Transaction Documents or the transactions contemplated hereby or thereby and the Transferor has no obligation to any Person in respect of any finder’s or brokerage fees in connection therewith.

  

	 	(f)	 Restricted Payments. The Transferor shall not cause the Transferee to make any payments or distributions
which would violate Section 5.2(g) (Negative Covenants) of the Credit Agreement. 

  

	 	(g)	 Special Purpose Entity. The Transferee is an entity with assets and liabilities distinct from those of
the Transferor and any Affiliates thereof, and the Transferor hereby acknowledges that the Administrative Agent and each of the Lenders are entering into the transactions contemplated by the Credit Agreement in reliance upon the Transferee’s
identity as a separate legal entity. Therefore, from and after the date of execution and delivery of this Agreement, the Transferor shall take all reasonable steps, including all steps that the Transferee or the Administrative Agent may from time to
time reasonably request, to maintain the Transferee’s identity as a legal entity that is separate from the Transferor and from each other Affiliate of the Transferor, and to make it manifest to third parties that the Transferee is an entity
with assets and liabilities distinct from those of the Transferor and each other Affiliate thereof and not just a division of the Transferor or any such other Affiliate. 

 

	 	(h)	 Set–Off, etc. At the time of conveyance of a Transferred Asset and to the knowledge of the
Transferor after reasonable inquiry, such Transferred Asset has not been compromised, adjusted, extended, satisfied, subordinated, rescinded, set-off or modified by the Transferor or by the obligor of such
Transferred Asset thereof, and at such time such Transferred Asset is not subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, abatement,
suspension, deferment, deduction, reduction, termination or modification, whether arising out of transactions concerning such Transferred Asset or otherwise, by the Transferor or by the obligor of such Transferred Asset with respect thereto, except,
in each case, for amendments, extensions and modifications, if any, to such Transferred Asset otherwise permitted under the Transaction Documents. 

  

	 	(i)	 No Liens, Etc. The Collateral and each part thereof is owned by the Transferor free and clear of any
Adverse Claim (other than Permitted Liens) or restrictions on transferability and the Transferor has the full right, power and lawful authority to assign by way of security, charge, transfer and pledge the same and interests therein. The Transferor
has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral. 

  
 15 

	 	(j)	 Selection Procedures. In selecting the Collateral Assets hereunder, no selection procedures were
employed which are intended to be adverse to the interests of the Administrative Agent or any Lender. 

  

	 	(k)	 Solvency. The Transferor is not the subject of any Insolvency Event under any Applicable Law. After
giving effect to each Transfer hereunder, it is and will be solvent. The Transferor is not engaged in a business for which its remaining property represents an unreasonably small capitalization and the Transferor is able to pay its existing debts as
they become due. 

 Section 4.4 Covenants of the Transferor 

The Transferor, in its capacity as Transferor hereunder, hereby covenants and agrees with the Transferee that: 

 

	 	(a)	 Compliance with Agreements, Laws, Etc. The Transferor shall (i) duly observe and comply in all
material respects with all Applicable Laws relative to the conduct of its business or to its assets, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights,
privileges, qualifications and franchises, except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Transaction Document to which it is a party
(if any), except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect, (v) comply with the terms and conditions of its Governing Documents except where the failure to do so would not reasonably be
expected to have a Material Adverse Effect and (vi) obtain, maintain and keep in full force and effect all governmental authorizations and governmental filings which are necessary to properly carry out its business and the transactions
contemplated to be performed by it under the Governing Documents to which it is a party and its Governing Documents, except, in the case of clause (vi), where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

  

	 	(b)	 Taxes. The Transferor will file on a timely basis all federal and other material Tax returns required to
be filed and will pay all federal and other material Taxes due and payable by it (other than any amount the validity of which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are
provided on the books of the Transferor). 

  

	 	(c)	 Change of Name, Etc. The Transferor shall not change its name, identity or corporate structure in any
manner that would make any financing statement or continuation statement filed by the Transferor (or by the Administrative Agent on behalf of the Transferor) in accordance with this Agreement seriously misleading or change its jurisdiction of
organization, unless the Transferor shall have given the Transferee at least five Business Days’ prior written notice thereof, and shall promptly file appropriate amendments to all previously filed financing statements and continuation
statements. 

  

	 	(d)	 Sale Characterization. Other than for tax purposes, in which case this clause (c) shall not apply,
the Transferor shall not make statements or disclosures, or treat the transactions contemplated by this Agreement in any manner other than as a true sale and absolute assignment of the title to and sole record and beneficial ownership interest of
the Transferred Assets; provided that the Transferor may consolidate the Transferee and/or its properties and other assets for accounting purposes in accordance with GAAP. Each Transferred Asset sold hereunder shall have been sold by the Transferor
to the Transferee in a “true sale” and/or “true contribution” (or, in the case of a Participation, a “true participation”) and “absolute transfer”, free and clear of any Lien (except for Permitted Liens). The
Transferor conducts its affairs (i) such that the Transferee would not be substantively consolidated in the estate of the Transferor and their respective separate existences would not be disregarded in the event of

  
 16 

	 	
the Transferor’s bankruptcy; and (ii) in its capacity as indirect parent of the Transferee, such that the Transferee is in compliance with the provisions of its governing documents
(provided, however, that Transferor does not hereby agree to maintain the solvency of the Transferee or agree to pay any of the Transferee’s obligations or liabilities). 

 

	 	(e)	 Nonconsolidation Opinions. The Transferor shall not take any action contrary to the assumptions
contained in the opinion of Milbank LLP, dated as of the date hereof, relating to certain nonconsolidation, or equivalent, matters. 

  

	 	(f)	 Corporate and Legal Proceedings. All corporate and legal proceedings, and all instruments in connection
with the transactions contemplated by this Agreement and the other Transaction Documents shall be reasonably satisfactory in form and substance to the Transferee, and the Transferee shall have received from the Transferor copies of all documents
(including records of corporate proceedings) relevant to the transactions herein contemplated as the Transferee may reasonably have requested. 

  

	 	(g)	 Delivery of Collections. The Transferor shall direct all payments relating to all Transferred Assets to
be remitted directly to the Collection Account. In the event any payments relating to any Transferred Asset are remitted directly to the Transferor or any Affiliate of the Transferor (other than the Transferee), the Transferor will remit (or will
cause all such payments to be remitted) directly to the Collection Account as soon as reasonably practicable following receipt thereof, and at all times prior to such remittance, the Transferor will itself hold or, if applicable, will cause such
payments to be held in trust for the exclusive benefit of the Transferee and its assignees (including, without limitation, the Administrative Agent for the benefit of the Secured Parties). 

Section 4.5 Waiver of Jury Trial 

Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any legal
proceeding directly or indirectly arising out of or relating to this Agreement or the transactions contemplated hereby (whether based on contract, tort or any other theory). Each party hereto (a) certifies that no representative, agent or
attorney of any other person has represented, expressly or otherwise, that such other person would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it and the other parties hereto have been induced
to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section. 
 [Remainder of page
intentionally left blank] 

  
 17 

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

			
	Owl Rock Core Income Corp., as Transferor
		
	By:	 	  

	Name:
	Title:

 [Signature Page to Master Sale and Participation Agreement-[●] 

 
			
	 ORCIC JV WH II LLC, as Transferee

		
	 By:
	 	  

	 Name:

	 Title:

 [Signature Page to Master Sale and Participation Agreement-[●] 

 Annex A 

Schedule of Collateral Assets 

[Provided Separately] 

  
 Ann. A-1EX-10.5

 Exhibit 10.5 

EXECUTION VERSION 
  

 
  

EQUITY PURCHASE AGREEMENT 
 BY AND
AMONG 
 ORCIC JV WH II LLC, 
 as
Borrower, 
 ORCIC BC 9 LLC, 

as Purchaser, 
 As of
October 14, 2022 
  
  

 

 ORCIC BC 9 LLC. (the “Purchaser”) 

399 Park Avenue, 38th Floor 

New York, NY 10022 
 Attention: Accounting 

Telephone: 212-419-3035 

All electronic dissemination of Notices should be sent to: 

Ladies and Gentlemen: 
 1. Introduction.
ORCIC JV WH II LLC, a limited liability company formed under the laws of the State of Delaware (the “Borrower”), has duly authorized the issuance and sale of up to 497,500,000 mandatorily redeemable Preference Shares, par value
U.S.$0.0001 per share (the “Preference Shares”), from time to time on and following the date hereof, including, without limitation, under the circumstances set forth in Section 2.6 of the Revolving Loan Agreement (as defined
below). Concurrently with the execution of this Equity Purchase Agreement (this “Agreement”), the Borrower has entered into a Revolving Loan Agreement (as amended, modified, waived, supplemented or restated from time to time, the
“Revolving Loan Agreement”), dated as of October 14, 2022 (the “Closing Date”), by and among ORCIC BC 9 LLC, as the collateral manager (in its capacity as the “Collateral Manager”), the
Borrower, each CLO subsidiary from time to time party thereto, Royal Bank of Canada, as the administrative agent (the “Administrative Agent”), the Lenders from time to time party thereto (the “Lenders”) and U.S.
Bank Trust Company, National Association, as the collateral custodian (the “Collateral Custodian”), and certain other related documents. The Borrower will use the proceeds of the Funded Loans made under the Revolving Loan Agreement,
together with the Cash and other deemed proceeds of the Capital Contributions (as defined below) made, or deemed to be made, by (or on behalf of) the Purchaser, to acquire Collateral Obligations, to make a deposit into the Principal Collection
Account or to repay Funded Loans. The date for the redemption of the Preference Shares (the “Redemption Date”) will be (x) subject to the agreement of the Administrative Agent and the Purchaser, the Business Day upon which the
Administrative Agent and the Collateral Custodian receive a properly completed and executed CLO Joinder Supplement from a proposed CLO Subsidiary which satisfies the conditions set out in the definition of “CLO Subsidiary” in the Revolving
Loan Agreement, whereupon the Borrower shall (a) transfer its assets to such CLO Subsidiary to be pledged as collateral to secure securities expected to be issued by such CLO Subsidiary on the related Approved Securitization Closing Date and
(b) redeem all of its Preference Shares then outstanding or, otherwise, (y) the fourth Business Day after the date on which all assets of the Borrower have been liquidated and all obligations of the Borrower have been paid or provided for.

 Capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Revolving Loan Agreement.

 In consideration of the premises and other good and valuable consideration (the receipt and sufficiency of which are hereby
acknowledged), the Borrower hereby agrees with the Purchaser as follows: 
 2. Subscription, Purchase, Sale, Payment and Delivery of the
Preference Shares. Subject to the terms and conditions set forth herein and on the basis of the representations, warranties and agreements contained herein, the Purchaser hereby agrees to purchase from the Borrower up to 250,000 Preference
Shares with a par value of U.S.$.0001 each for an issue price of U.S.$1,000.00 per Preference Share for an aggregate stated amount of up to U.S.$25,000,000 (each such purchase, together with any Additional Capital Contribution made by the Purchaser
to purchase additional Preference Shares hereunder, a “Capital Contribution”). For the avoidance of doubt, no Preference Shares may be issued to the Purchaser other than in respect of a related Capital Contribution. Other than the
Preference Shares, the ordinary shares already in issue and the Revolving Note issued under the Revolving Loan Agreement, the Borrower shall not issue any additional preference shares or other securities prior to the Redemption Date. 

  
 1 

 3. Capital Contributions. (a) Each Capital Contribution shall be used by the Borrower
Parties (or the Collateral Manager on behalf of the Borrower Parties) solely to (i) acquire Collateral Obligations approved in advance by the Lenders (subject to Section 2.12 of the Revolving Loan Agreement), (ii) make optional prepayments
on Outstanding Funded Loans, (iii) cure any failure to satisfy the Overcollateralization Ratio Test, the Market Value Ratio Test, the General Advance Rate Test, the Adjusted Advance Rate Test or to maintain the Required Equity Investment
(pursuant and subject to Section 2.6 of the Revolving Loan Agreement), (iv) deposit funds into the Principal Collection Account of the Borrower established at the Collateral Custodian or (v) for any other purpose permitted hereunder or
under the Revolving Loan Agreement. 
 (b) Prior to any Initial Funded Loan, the Collateral Manager, on behalf of the Borrower, shall have
requested the Capital Contribution from the Purchaser (with a copy to the Share Registrar (as defined below) by email to Wellfleet_Chicago@usbank.com), and the Purchaser shall have purchased 10,000 Preference Shares in an amount equal to
U.S.$10,000,000 which shall be payable by way of (i) immediately available funds in Cash and/or (ii) a contribution comprising Collateral Obligations (approved by the Administrative Agent in its sole discretion and based on the
then-current Market Value of each Collateral Obligation) by the Transferor to the Borrower, subject to the terms of the Revolving Loan Agreement, and deposited in accordance with the provisions of Section 3.1(q) thereof.

 (c) In addition to the Capital Contributions that are required to be made in accordance with clause (b) above, the Purchaser
may from time to time elect (but shall not be required or committed) to make additional Capital Contributions (each such additional Capital Contribution, an “Additional Capital Contribution”) on any Business Day, including, without
limitation, under the circumstances set forth in Section 2.6 of the Revolving Loan Agreement, upon one Business Day’s notice to the Borrower, the Collateral Manager, the Collateral Custodian, the Share Registrar (as defined below) (by
email to Wellfleet_Chicago@usbank.com), the Administrative Agent and the Lenders which shall be payable by way of (i) immediately available funds in Cash and/or (ii) a contribution comprising Collateral Obligations (approved by the
Administrative Agent in its sole discretion and based on the then-current Market Value of each Collateral Obligation) by the Transferor to the Borrower, subject to the terms of the Revolving Loan Agreement; provided that, notwithstanding the
foregoing, each such Additional Capital Contribution shall be made in a minimum increment of U.S.$500,000, in each case. 
 (d) The Purchaser
shall deliver the amount of any Capital Contribution to the Securities Intermediary for deposit in the Principal Collection Account of the Borrower in accordance with the instructions of the Borrower (or the Collateral Manager on behalf of the
Borrower) on the date specified for such Capital Contribution and the Borrower shall cause the issuance of related Preference Shares to be entered in the register of members of the Borrower (the “Register”) in accordance with
clause (f) below. The number of Preference Shares issued in connection with each Capital Contribution shall equal the number obtained by dividing the amount of such Capital Contribution by the original issue price per share. 

(e) The Borrower shall cause the Collateral Custodian to (i) act as share registrar (the “Share Registrar”) of the
Borrower and (ii) upon verification from the Securities Intermediary that the applicable Preference Share purchase price has been deposited in the Principal Collection Account, as Share Registrar, enter each Preference Share being issued by the
Borrower in the Register. In acting as Share Registrar hereunder, the rights, privileges, immunities and indemnities of the Collateral Custodian set forth in the Revolving Loan Agreement shall also apply to it in its capacity as Share Registrar
hereunder. 

  
 2 

 (f) The Borrower shall keep, or cause to be kept, accurate written records of each Capital
Contribution made by the Purchaser, as well as any return of capital made and provide a copy of the Register to the Purchaser upon each issuance of Preference Shares. The Borrower shall provide the Purchaser, the Collateral Manager, the
Administrative Agent and the Collateral Administrator a copy of the Register upon each issuance of Preference Shares and access to such other records during normal business hours upon reasonable prior written notice. The Borrower will not issue or
deliver any certificates representing Preference Shares. 
 4. Representations, Warranties and Covenants of the Borrower. 

(a) The Borrower makes the representations and warranties of the Borrower Parties set forth in Sections 4.1 and 4.2 of the Revolving Loan
Agreement to the Purchaser. 
 (b) The Borrower further represents, warrants, covenants and agrees with the Purchaser that, as of the date
hereof and the date of each Capital Contribution to be made by the Purchaser, (i) this Agreement has been duly authorized by the Borrower, and, when this Agreement has been duly executed, issued and delivered by the Purchaser and the Borrower,
this Agreement will constitute the valid and legally binding obligation of the Borrower, enforceable in accordance with its terms (subject to bankruptcy, insolvency, liquidation, reorganization or other laws of general application relating to or
affecting the rights of creditors and to general principles of equity), (ii) the issuance of the related Preference Shares has been duly authorized by the Borrower and, provided that the purchase price therefor has been paid in full and, upon entry
in the Register, the Preference Shares will be duly issued as fully paid and non-assessable shares and the Purchaser will be the registered holder of such number of Preference Shares or as will be noted
against its name on such Registers and (iii) the Borrower has not issued any Preference Shares other than the Preference Shares issued to the Purchaser and the Borrower has issued 250 ordinary shares to the Borrower and no other shares of the
Borrower have been issued. 
 (c) The Borrower represents, warrants, covenants and agrees with the Purchaser that it will not issue
additional securities (including, without limitation, options, warrants or derivatives) without the prior written consent of the Purchaser. 

(d) The Borrower represents, warrants, covenants and agrees that (to the extent the same is within its power and control) it will not amend its
LLC Agreement without the prior written consent of the Purchaser, the Administrative Agent and the Collateral Manager. 
 (e) The Borrower
represents, warrants, covenants and agrees with the Purchaser that it will comply at all times and in all material respects with the terms and agreements set forth in the Transaction Documents (including, without limitation, the agreements and
covenants of the Borrower Parties set forth in Sections 5.1 and 5.2 of the Revolving Loan Agreement) to which it is a party. 
 5.
Representations, Warranties and Covenants of the Purchaser. The Purchaser represents and warrants to and agrees with the Borrower, as of the date hereof and the date of each Capital Contribution to be made by the Purchaser that: 

(a) It (i) is either (A) a Qualified Institutional Buyer (as such term is defined in Rule 144A under the Securities Act of 1933, as
amended (the “Securities Act”)) or (B) a non-U.S. person acquiring Preference Shares in an offshore transaction pursuant to Regulation S under the Securities Act, (ii) is aware that
the sale of the Preference Shares to it is being made in reliance on an exemption from the registration requirements of the Securities Act and (iii) is acquiring the Preference Shares for its own account. It has such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and risks of its investment in the Preference Shares and it is able to bear the economic risk of such investment. 

  
 3 

 (b) It understands that the Preference Shares are not transferable except to a transferee that
makes all of the representations and warranties contained in this Section 5 or following receipt by the Borrower Parties of an opinion of nationally recognized counsel acceptable to the Borrower Parties to the effect that,
following such transfer, the Preference Shares will continue to be exempt from the registration requirements of the Securities Act and that neither the Borrower Parties nor the pool of assets owned by the Borrower Parties will be required to
register as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). 
 (c) It is not
purchasing the Preference Shares with a view to the resale, distribution or other disposition thereof in violation of the Securities Act. It understands that an investment in the Preference Shares involves a high degree of risk. It understands that,
subject to the terms of the Revolving Loan Agreement, the Capital Contributions will be deposited in the Principal Collection Account of the Borrower and will be invested in Collateral Obligations and may be used to prepay Outstanding Funded Loans.
The Borrower’s obligations to the Purchaser will not be secured by any Account, the Collateral Obligations or any other assets of the Borrower Parties. The Collateral will be pledged to the Lenders as security for the Borrower Parties’
obligations under the Revolving Loan Agreement. If the assets of the Borrower Parties are liquidated pursuant to the Revolving Loan Agreement, such liquidation may take place under market conditions that are not advantageous to the Borrower Parties.
As a result of any such liquidation, the Purchaser may suffer a loss, which loss could equal its entire investment in the Preference Shares. All payments to the Purchaser of distributions, dividends or otherwise and any payments upon redemption of
the Preference Shares are subordinated to all other obligations of the Borrower Parties, and with respect to the payment of distributions and dividends, will be payable only if the Borrower Parties have sufficient distributable profits and/or share
premium as a matter of Delaware law. In addition, such distributions and any payments upon redemption of the Preference Shares will be payable only to the extent that the Borrower Parties are and remain solvent after such distributions or dividends
are paid. 
 (d) It has made its own independent investigation in connection with its decision to purchase the Preference Shares and is not
relying on any advice, counsel or representations (whether written or oral) of the Borrower Parties, any Lender or any other person in connection therewith. 

(e) It is either (A) a qualified purchaser for purposes of Section 3(c)(7) of the 1940 Act or an entity owned exclusively by
qualified purchasers or (B) a non-U.S. person acquiring Preference Shares in an offshore transaction pursuant to Regulation S under the Securities Act. It is acquiring the Preference Shares as principal
for its own account for investment and not for sale in connection with any distribution thereof. 
 (f) It is not, and is not acting on
behalf of, a Benefit Plan Investor. A “Benefit Plan Investor” means a “benefit plan investor” within the meaning of the Plan Asset Regulations, which includes (i) any “employee benefit plan” (as
defined in Section 3(3) of ERISA), that is subject to the fiduciary responsibility provisions of Title I of ERISA, (i) any “plan” (as defined in Section 4975(e)(1) of the Code) to which Section 4975 of the Code applies
or (iii) any entity whose underlying assets include “plan assets” by reason of such employee benefit plan’s or plan’s investment in the entity. “ERISA” means the U.S. Employee Retirement Income Security Act
of 1974, as amended. “Plan Asset Regulations” means the U.S. Department of Labor Regulations set forth at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA. 

  
 4 

 (g) (i) It (a) shall timely furnish the Borrower Parties or their agents any U.S. federal
income tax form or certification (such as IRS Form W-9 or any successors to such IRS forms) that the Borrower Parties or their agents may reasonably request, (b) agrees to provide in a timely manner any
documentation, agreements, certification or information that is reasonably requested by the Borrower Parties to enable the Borrower Parties or their agents to (x) make payments to it without, or at a reduced rate of, deduction or withholding,
(y) qualify for an exemption from or a reduced rate of withholding or deduction in any jurisdiction from or through which the Borrower Parties receive payments on their assets, or (z) satisfy reporting and other obligations under the Code
and U.S. Treasury Regulations and (c) hereby consents to the Borrower Parties delivering such certification or a copy thereof in connection with a request by any party for a similar certification from the Borrower Parties. The Purchaser agrees
to provide any certification requested pursuant to this Section 5(g) within a reasonable time period after such request is initially made and to update or replace such form or certification in accordance with its terms or
its subsequent amendments. The Purchaser represents and warrants that any such information and forms furnished by the Purchaser shall be true and accurate and agrees to indemnify the Borrower Parties from any and all damages, costs and expenses
(including any amounts of taxes, fees, interest, additions to tax, or penalties) resulting from the filing of inaccurate or incomplete information or forms relating to such withholding taxes and from any cost, damage or loss incurred by the Borrower
Parties as a result of the Purchaser failing to provide the Borrower Parties, upon request, with any information required by current or new legislation in order to avoid the direct or indirect imposition of a withholding tax on the securityholder.
This indemnification shall continue notwithstanding the Purchaser ceasing to be a securityholder. 
 (ii) It shall take no action that would
cause the Borrower Parties to be treated as other than an entity disregarded as separate from the Purchaser. 
 (iii) It acknowledges and
agrees that the Borrower Parties will withhold any taxes required by law or in connection with FATCA, and such amounts will be deemed to have been distributed to the Purchaser for purposes of this Agreement, and the Borrower Parties will not pay the
Purchaser any additional amount in respect of such withholding. 
 (iv) It agrees to provide and timely update any documentation, including
without limitation, any withholding statements or other certifications attached thereto necessary to qualify interest received by the Borrower as portfolio interest. 

(v) It will treat all Preference Shares as equity interests of U.S. federal income tax purposes. 

6. Conditions of the Obligations of the Purchaser and the Borrower. (a) The obligation of the Purchaser to purchase and pay for the
Preference Shares hereunder shall be subject to: 
 (i) the accuracy on the date hereof and on the date of each Capital
Contribution of the representations and warranties of the Borrower contained in Section 4; 
 (ii)
the execution and delivery of the Revolving Loan Agreement, the Collateral Administration Agreement and the Securities Account Control Agreement; and 

(iii) as of the date of the relevant Capital Contribution, no Event of Default shall have occurred and be continuing (other
than any Event of Default resulting from an Insolvency Event with respect to the Purchaser). 
 (b) The obligation of the Borrower to sell
the Preference Shares to the Purchaser and deliver such Preference Shares to the Share Registrar for entry in the Register in the name of the Purchaser shall be subject to: 

  
 5 

 (i) the accuracy on the date hereof and on the date of each Capital Contribution
of the representations and warranties of the Purchaser contained herein; 
 (ii) the performance by the Purchaser of its
obligations under this Agreement and the Revolving Loan Agreement, if any; and 
 (iii) delivery of the purchase price for
the Preference Shares in accordance with Sections 2 and 3. 
 7. Payments. 

(a) General. To the extent payable in accordance with this Agreement and applicable law, the Borrower shall make each payment with
respect to each Preference Share not later than 12:00 noon (New York City time) on the date when due, in Federal or other funds immediately available in New York City, to the registered holder of the Preference Shares as reflected in the Register
without reduction by reason of any set-off or counterclaim. Whenever any payment of amount of, or dividend on, a Preference Share shall be due on a day which is not a Business Day, the date for payment thereof
shall be extended to the next succeeding Business Day. Any payments made in accordance with this Section 7 will be payable only to the extent that the Borrower is and remains solvent after such payments have been made and
subject to the conditions contained in the last two sentences of Section 5(c) above. 
 (b) No Dividends or
Return of Capital Prior to the Redemption Date. Prior to the Redemption Date, no amounts shall be payable by dividend, distribution or redemption (including, without limitation, in respect of any Capital Contributions) with respect to any
Preference Shares (other than pursuant to Sections 2.7 or 2.8 of the Revolving Loan Agreement). Any amounts available to be distributed to the Purchaser pursuant to Sections 2.7 and 2.8 of the Revolving Loan Agreement shall be distributed to the
holder of the Preference Shares in the order of priority set forth below in clause (c). 
 (c) Dividends and Redemption on the
Redemption Date. 
 (i) On the Redemption Date, the Borrower shall, to the extent that any amounts remain (and are
lawfully available for distribution on the Preference Shares) after all Obligations payable by the Borrower to the Lenders, the Administrative Agent, the Collateral Custodian, the Collateral Manager and any other Person as specified in the Revolving
Loan Agreement, as applicable, have been paid in full (and all other amounts determined by the Collateral Manager and the Borrower to be payable by the Borrower in their commercially reasonable discretion or required or prudent to be reserved for
expenses of the Borrower have been paid in full or adequately reserved, as applicable), redeem the Preference Shares in full and distribute such remaining amounts (including, without limitation, all such remaining amounts attributable to realized
trading gains with respect to the Collateral Obligations) to the holder of the Preference Shares in the following order of priority: 

First, to the repayment in full of the Capital Contributions on a pro rata and pari passu basis in
accordance with the number of Preference Shares held by the Purchaser; and 
 Second, to the payment of any
remaining amounts to the Purchaser on a pro rata and pari passu basis in accordance with the number of Preference Shares held by the Purchaser. 

  
 6 

 8. Survival. The respective representations, warranties, other statements, covenants,
agreements and indemnities made by the Borrower and the Purchaser herein or in any certificate or other instrument delivered pursuant hereto shall remain in full force and effect and shall survive the Closing Date and sale and purchase of, and the
tender and delivery of payment for, the Preference Shares, in each case notwithstanding any investigation (or any statement as to the results thereof) made by or on behalf of the Borrower or the Purchaser, any of their respective affiliates, or any
of their or such affiliates’ controlling persons, directors, officers or partners. 
 9. Notice. All communications provided for
or permitted hereunder shall be in writing and shall be deemed to have been duly given upon receipt if given, furnished or provided by certified mail, return receipt requested, hand delivered, overnight courier service guaranteeing next day
delivery, electronic delivery or telecopier and confirmed by a similarly delivered writing, if to the Purchaser, addressed to the Purchaser at the address set forth for it on the first page hereof or to such other address as the Purchaser may
designate in writing to the Borrower; and if to the Borrower, addressed to the Borrower, ORCIC JV WH II LLC, c/o Puglisi & Associates 850 Library Avenue, Suite 204, Newark, DE 19711, Attention: Don Puglisi, Facsimile: +1 (302) 738-7210, Email: dpuglisi@puglisiassoc.com, or to such other address as the Borrower may designate in writing to the Purchaser. 

10. No Assignment; Third Party Beneficiaries. Neither the Borrower nor the Purchaser may assign (including granting a security interest
in) its respective rights, benefits or obligations under this Agreement, except as permitted by the immediately succeeding sentence; provided, however, that nothing in this section shall prohibit the Borrower from granting a security
interest over this Agreement in favor of the Lenders. This Agreement shall inure to the benefit of the Administrative Agent, the Lenders, the Collateral Manager, the Securities Intermediary, and any of their controlling persons, directors, officers
or partners. All persons referred to in the preceding sentence (a) are intended as, and shall be, third-party beneficiaries of this Agreement and (b) as such, shall be entitled to enforce their rights, remedies and claims hereunder
directly against the Purchaser as though such persons were signatories of this Agreement, but shall not be deemed to have, or to have assumed, any obligation or liability hereunder. The Purchaser acknowledges and agrees that the Borrower may pledge
its rights under this Agreement to the Collateral Custodian for the benefit of the Secured Parties. Nothing expressed herein is intended or shall be construed to give any person (other than the persons referred to in the preceding three sentences,
in each case, to the extent provided therein or elsewhere in this Agreement) any legal or equitable right, remedy or claim under or in respect of this Agreement or any other agreement or instrument or against any party hereto or thereto or
beneficiary hereof or thereof. 
 11. Governing Law; Waiver of Jury Trial. (a) THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR
DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT (WHETHER IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE. 

(b) EACH OF THE BORROWER AND THE PURCHASER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 12. Submission to Jurisdiction. Each of the Borrower and the
Purchaser irrevocably (i) agrees that any legal suit, action or proceeding against it, any person who controls it or any third party beneficiary hereunder arising out of or based upon this Agreement or the transactions contemplated hereby may
be instituted in the United States District Court for the Southern District of New York sitting in New York County or any New York State court sitting in New York County, (ii) waives, to the fullest extent it may effectively do so, any
objection which it may now or hereafter have to the laying of venue of any such proceeding and (iii) submits to the jurisdiction of such courts in any such suit, action or proceeding. Each of the Borrower and the Purchaser further agrees that
process may be served against it in any action, suit or proceeding by the mailing of a copy thereof by registered or certified mail, postage prepaid, to the Borrower’s or the Purchaser’s address for notices (as applicable) as provided in
Section 9 above or in any other manner permitted by law. 

  
 7 

 13. Amendments. No amendment, modification, supplement or waiver of any provision of this
Agreement shall in any event be effective unless the same shall be in writing and signed by the Borrower, the Purchaser (noted in the Register from time to time) and, so long as any Obligations payable by the Borrower to the Lenders or the
Administrative Agent remain outstanding, the Administrative Agent. 
 14. Severability of Provisions. Any covenant, provision,
agreement or term of this Agreement that is prohibited or is held to be void or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability, without in any way invalidating,
affecting or impairing the remaining provisions hereof. 
 15. Counterparts. This Agreement may be executed in any number of
counterparts, and by each party hereto in several counterparts, each of which counterpart when so executed shall be deemed to be an original, and all such counterparts together shall constitute but one and the same agreement. Delivery of an executed
counterpart of a signature page of this Agreement by email or telecopier shall be as effective as delivery of a manually executed counterpart of this Agreement. 

16. Non-Petition; Limited Recourse. (a) The Purchaser acknowledges that the Borrower is a
special purpose entity and that none of the directors, officers, incorporators, shareholders, partners, agents or employees of the Borrower shall be personally liable for any of the obligations of the Borrower under this Agreement. The Purchaser
agrees no Borrower Party (other than the Borrower) shall be liable for any of the obligations to the Purchaser under this Agreement, the Revolving Loan Agreement or any other Transaction Document. Notwithstanding anything to the contrary contained
herein, the Purchaser agrees that the obligations of the Borrower under this Agreement from time to time and at any time are limited recourse obligations and the Borrower’s sole source of funds for payment of all amounts due hereunder shall be
the Collateral available at such time, and, upon application of the proceeds of such Collateral and its reduction to zero in accordance with the terms and under the circumstances described herein and the Revolving Loan Agreement, all obligations of
and all claims against the Borrower under this Agreement, the Revolving Loan Agreement, any Revolving Note or any other Transaction Document shall extinguish and shall not thereafter revive. The Purchaser agrees not to cause the filing of a petition
for the winding up of the Borrower for the non-payment of any amounts provided in this Agreement until at least one year (or, if longer, the applicable preference period then in effect) plus one day, after the
payment in full of amounts owing to the Lenders under the Revolving Loan Agreement. Except as expressly provided herein, there shall be no recourse for the payment of any amount owing by the Borrower hereunder against any other party hereto or any
officer, director, employee, shareholder, incorporator or other Affiliate of such Person or any entity controlling such Person. 
 (b) The
provisions of this Section 16 shall survive any termination of this Agreement. 
 17. Subordination to Funded
Loans.  
 (a) Notwithstanding anything in this Agreement, the Revolving Loan Agreement or the other Transaction Documents to the
contrary, the Purchaser agrees for the benefit of the Lenders, that Preference Shares shall be subordinate and junior to the Funded Loans, to the extent and in the manner set forth in the Revolving Loan Agreement, including as set forth in
Sections 2.7 and 2.8 of the Revolving Loan Agreement. 

  
 8 

 (b) If, notwithstanding the provisions of this Agreement or the Revolving Loan Agreement, the
Purchaser shall have received any payment or distribution in respect of the Preference Shares contrary to the provisions of this Agreement or the Revolving Loan Agreement, then, unless and until all amounts payable to Lenders shall have been paid in
full in Cash (or to the extent the Lenders consent, other than in Cash), such payment or distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and delivered to, the Collateral Custodian, which shall
pay and deliver the same to the Lenders, in accordance with the Revolving Loan Agreement; provided that, if any such payment or distribution is made other than in Cash, it shall be held by the Collateral Custodian as part of the Collateral
and subject in all respects to the provisions of the Revolving Loan Agreement and this Section 17. 
 (c) The
Purchaser agrees with the Lenders that the Purchaser shall not demand or accept any payment or distribution in respect of the Preference Shares in violation of the provisions of this Agreement and the Revolving Loan Agreement; provided that,
after all amounts payable to the Lenders, have been paid in full, the Purchaser shall, subject to the provisions of this Section 17 and the Revolving Loan Agreement, be fully subrogated to the rights of the Lenders. 

(d) Nothing in this Agreement and the Revolving Loan Agreement shall affect the obligation of the Borrower to pay the Purchaser in accordance
with the Priority of Payments. 
 18. Inconsistencies with Revolving Loan Agreement. In the event of any inconsistency between this
Agreement and the express terms of the Revolving Loan Agreement, the Revolving Loan Agreement shall prevail. 
 19. Adequacy of Money
Damages. The Purchaser acknowledges and agrees that (a) any and all claims, damages and demands against the Administrative Agent or any Lender arising out of, or in connection with, the exercise by the Collateral Custodian, the
Administrative Agent or any Lender of rights or remedies pursuant to the Revolving Loan Agreement can be sufficiently and adequately remedied by monetary damages, (b) no irreparable harm will be caused to the Purchaser as a result of, or in
connection with, any such claims, damages or demands and (c) no equitable or injunctive relief will be sought by the Purchaser as a result of, or in connection with, any such claims, damages or demands. 

20. Volcker Rule. Notwithstanding anything to the contrary set forth herein, upon the determination by any Lender (following
consultation with counsel of national reputation experienced in such matters) that its ownership of any of its rights or obligations under the Revolving Loan Agreement is prohibited by Applicable Law (including, without limitation, the Volcker
Rule), the Purchaser hereby agrees to work in good faith to amend or amend and restate the commercial terms of this Agreement and the Revolving Loan Agreement (including, if necessary, to re-document the
Revolving Loan Agreement under a note purchase agreement or indenture) to the extent necessary to ensure compliance with such Applicable Law. 

[Signature pages follow.] 

  
 9 

 If the foregoing is in accordance with your understanding of our agreement, kindly sign and
return to us the enclosed duplicate hereof, whereupon this Agreement will become a binding agreement between the undersigned in accordance with its terms. 
  

			
	Very truly yours,
	
	ORCIC JV WH II LLC,
	as Borrower
		
	By:	 	  

		 	Name:
		 	Title:

 The foregoing Equity Purchase Agreement is hereby confirmed and accepted as of the date first
above written. 
  

			
	ORCIC BC 9 LLC,
	as Purchaser
		
	By:	 	  

		 	Name:
		 	Title:

 The foregoing Equity Purchase Agreement is hereby consented to as of the date first above written. 

 

			
	ROYAL BANK OF CANADA,
	as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title

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