Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

AMENDMENT NO. 14 TO LOAN FINANCING AND SERVICING AGREEMENT, dated as of December 28, 2021 (this “Amendment”), among
Dunlap Funding LLC, a Delaware limited liability company (the “Borrower”) and Deutsche Bank AG, New York Branch, as facility agent (the “Facility Agent”) and as lender (the “Lender”). 

WHEREAS, the Borrower, and Wells Fargo Bank, National Association, as collateral agent and collateral custodian (the “Collateral
Agent”), the Lender and the Facility Agent are party to the Loan Financing and Servicing Agreement, dated as of December 2, 2014 (as amended, supplemented, amended and restated and otherwise modified from time to time, the
“Loan Agreement”); and 
 WHEREAS, the Borrower, the Facility Agent and the Lender have agreed to amend the Loan Agreement
in accordance with Section 17.2 of the Loan Agreement and the terms and conditions set forth herein. 
 NOW THEREFORE, in consideration
of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows: 
 ARTICLE I 

Definitions 
 SECTION 1.1.
Defined Terms. Terms used but not defined herein have the respective meanings given to such terms in the Loan Agreement. 
 ARTICLE
II 
 SECTION 2.1. Amendments to Loan Agreement. As of the date of this Amendment, the Loan Agreement is hereby amended to delete
the stricken text (indicated textually in the same manner as the following example: stricken text) and to add
the bold and double-underlined text (indicated textually in the same manner as the following example: bold and
double-underlined text) as set forth on the pages of the Loan Agreement attached as Appendix A hereto. 

ARTICLE III 
 Conditions
to Effectiveness 
 SECTION 3.1. This Amendment shall become effective as of the date first written above upon: 

(a) the execution and delivery of this Amendment by each party hereto; and 

 (b) the payment in full of all fees (including reasonable fees and
out-of-pocket, documented expenses of counsel) due to the Lenders on or prior to the effective date of this Amendment. 
 ARTICLE IV

 Representations and Warranties 

SECTION 4.1. The Borrower hereby represents and warrants to the Facility Agent that, as of the date first written above, (i) no Facility
Termination Event or Unmatured Facility Termination Event has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the Loan Agreement are true and correct in all material respects on and as of such
day (other than any representation and warranty that is made as of a specific date). 
 ARTICLE V 

Miscellaneous 
 SECTION
5.1. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

SECTION 5.2. Severability Clause. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 5.3.
Ratification. Except as expressly amended and waived hereby, the Loan Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. 

SECTION 5.4. Counterparts. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together
shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof. 

SECTION 5.5. Headings. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not
be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 [Signature pages follow] 

  
 2 

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

			
	DUNLAP FUNDING LLC, as Borrower
		
	By:	 	 /s/ William Goebel

		 	Name: William Goebel
		 	Title: Chief Financial Officer

 [Signature Page to Fourteenth Amendment to LFSA] 

 
			
	 DEUTSCHE BANK AG, NEW YORK

BRANCH, as Facility Agent and Lenders

		
	By:	 	 /s/ Amit Patel

		 	 Name: Amit Patel
 Title: Managing
Director

		
	By:	 	 /s/ Andrew Goldsmith

		 	Name: Andrew Goldsmith
		 	Title: Vice President

 [Signature Page to Fourteenth Amendment to LFSA] 

 Appendix A 

 EXECUTION VERSION 

CONFORMED THROUGH AMENDMENT #1314 DATED AS OF 10.08.2112.28.21 
 LOAN
FINANCING AND SERVICING AGREEMENT 
 dated as of December 2, 2014 

DUNLAP FUNDING LLC, 
 as Borrower

 THE LENDERS FROM TIME TO TIME PARTIES HERETO, 

DEUTSCHE BANK AG, NEW YORK BRANCH, 

as Facility Agent 
 THE OTHER
AGENTS PARTIES HERETO, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Collateral Agent and as Collateral Custodian 

 LOAN FINANCING AND SERVICING AGREEMENT 

THIS LOAN FINANCING AND SERVICING AGREEMENT is made and entered into as of December 2, 2014, among DUNLAP FUNDING LLC, a Delaware limited
liability company (the “Borrower”), each LENDER (as hereinafter defined) FROM TIME TO TIME PARTY HERETO, the AGENTS for the Lender Groups (as hereinafter defined) from time to time parties hereto (each such party, in such capacity,
together with their respective successors and permitted assigns in such capacity, an “Agent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Agent and Collateral Custodian (each as hereinafter defined), and DEUTSCHE BANK AG,
NEW YORK BRANCH, as Facility Agent (in such capacity, together with its successors and permitted assigns in such capacity, the “Facility Agent”). 

RECITALS 
 WHEREAS, the Borrower
desires that each Lender extend financing on the terms and conditions set forth herein; and 
 WHEREAS, each Lender desires to extend
financing on the terms and conditions set forth herein. 
 NOW, THEREFORE, based upon the foregoing Recitals, the premises and the mutual
agreements herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

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

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

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

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

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

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

 “AIFMD Law” means (a) the AIFMD and (b) any applicable law of a
member state of the European Union implementing the AIFMD. 
 “Alternate Base Rate” means a fluctuating rate per annum
as shall be in effect from time to time, which rate shall be at all times equal to the highest of: 
 (a) the rate of
interest announced publicly by DBNY in New York, New York, from time to time as DBNY’s base commercial lending rate; 

(b) 1⁄2 of one percent above the Federal
Funds Rate; and 
 (c) zero. 

“Amount Available” means, with respect to any Distribution Date, the sum of (a) the amount of Collections with respect
to the related Collection Period and any amounts paid into the Collection Account under any Hedging Agreement with respect to the AccrualCollection Period ending on the dayDetermination
Date preceding such Distribution Date (excluding any Collections necessary to settle the acquisition of Eligible Collateral Obligations), plus (b) any investment income earned on
amounts on deposit in the Collection Account since the immediately prior Distribution Date (or since the Effective Date in the case of the first Distribution Date), plus (c) any Repurchase Amounts deposited in the Collection Account with
respect to the related Collection Period. 
 “Anti-Bribery and Corruption Laws” has the meaning set forth in
Section 9.30(a). “Anti-Money Laundering Laws” has the meaning set forth in Section 9.29(b). 

“Applicable Conversion Rate” means, with respect to Euros, GBPs, AUDs or CADs (x) for an actual currency exchange, the
applicable currency-Dollar spot rate obtained by the Borrower through customary banking channels, including the Collateral Agent’s own banking facilities or (y) for all other purposes, the applicable currency-Dollar spot rate that appeared
on the Bloomberg screen for such currency (i) if such date is a Determination Date, at the end of such day or (ii) otherwise, at the end of the immediately preceding Business Day. 

“Applicable Exchange Rate” means with respect to any Collateral Obligation denominated and payable in Euros, GBPs, AUDs or
CADs on any day, the lesser of (a) the applicable currency-Dollar spot rate used by the Borrower (as determined by the Investment Manager) to acquire such currency on the related Cut-Off Date and (b) the Applicable Conversion Rate for such
currency. 
 “Applicable Interest Rate” means (a) with respect to any Collateral Obligation or any Advance denominated
in CAD, the CDOR Rate, (b) with respect to any Collateral Obligation or any Advance denominated in AUD, the BBSW Rate, (c) with respect to any Collateral Obligation or any Advance denominated in Euros, the EURIBOR Rate, (d) with
respect to any Collateral Obligation or any Advance denominated in GBP, the sum of (i) Daily Simple SONIA and (ii) the SONIA Adjustment (provided that if such sum is less than 0%, the Applicable Interest Rate determined pursuant to this
clause (d) shall be deemed to be 0% for purposes of this Agreement), and (e) with respect to any other Collateral Obligation or any other Advance, the LIBOR Rate. 

  
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 “Applicable Law” means for any Person all existing and future laws, rules,
regulations (including temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Official Body applicable to such Person (including, without limitation,
predatory and abusive lending laws, usury laws, the Federal Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act,
the Magnuson Moss Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z”, the Servicemembers Civil Relief Act of 2003 and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and
all other consumer credit laws and equal credit opportunity and disclosure laws) and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency
of competent jurisdiction. 
 “Applicable Margin” means prior to the occurrence of any Facility Termination Event,
(i) during the Revolving Period,
2.001.85% per annum and (ii) thereafter, 2.101.95% per annum; provided that, during any period while a Facility
Termination Event has occurred and is continuing, the Applicable Margin otherwise in effect shall be increased by the addition thereto of 2.00% per annum. 

“Applicable Time Zone” means (i) with respect to Dollar Advances and CAD Advances, New York City time, (ii) with
respect to Euro Advances and GBP Advances, London time and (iii) with respect to AUD Advances, Sydney time. 
 “Appraised
Value” means, with respect to any Asset Based Loan, the appraised value of the pro rata portion of the underlying collateral securing such Collateral Obligation as determined by an Approved Valuation Firm. 

“Approval Notice” means, with respect to any Collateral Obligation, a copy of a notice executed by the Facility Agent in the
form of Exhibit E, evidencing, among other things, the approval of the Facility Agent, in its sole discretion, of such Collateral Obligation, the applicable Eligible Currency and the applicable Discount Factor, the jurisdiction (if other than
the United States or any State thereof) of the applicable Obligor, the loan type and lien priority, the Effective LTV, the Original Effective LTV and the Attaching Original Effective LTV (if such Collateral Obligation is an Asset Based Loan), the
Original Leverage Multiple and the Attaching Leverage Multiple, other non-cash charges included in EBITDA and each other item listed in Section 6.2(h). 

“Approved Appraisal Firm” means an independent third-party appraisal firm, including, Hilco Valuation Services, Gordon
Brothers, Great American Group and Tiger Group and, any other independent nationally recognized third-party appraisal firm either (a) specified on the related Asset Approval Request and approved on the related Approval Notice or
(b) selected by the Borrower and approved in writing by the Facility Agent (such approval not to be unreasonably withheld or delayed). 

  
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 document supplementing, clarifying or otherwise relating to any of the foregoing, or (b) any accord,
treaty, statute, law, rule, regulation, guideline or pronouncement (whether or not having the force of law) of any governmental authority implementing, furthering or complementing any of the principles set forth in the foregoing documents of
strengthening capital and liquidity, in each case as from time to time amended, restated, supplemented or otherwise modified. Without limiting the generality of the foregoing, “Basel III Regulation” shall include Part 6 of the European
Union regulation on prudential requirements for credit institutions and investment firms (the “CRR”) and any law, regulation, standard, guideline, directive or other publication supplementing or otherwise modifying the CRR. 

“BBSW Rate” means, with respect to any
AccrualCollection
 Period, the greater of (a) 0 and (b) the average rate per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) applicable to bankers’ acceptances for a term equivalent to the
AccrualCollection
 Period appearing on the Bloomberg Professional Service (or any successor thereto) Bank Bill Swap Reference Bid Rate as of 10:00 a.m. (Sydney, Australia time), on the first day of such AccrualCollection
 Period, or if such date is not a Business Day, then on the immediately preceding Business Day; provided, however, if such rate does not appear on the Bloomberg Professional Service (or any
successor thereto) Bank Bill Swap Reference Bid Rate as contemplated, then the BBSW Rate on any date shall be calculated as the arithmetic mean of the rates of interest quoted as of 10:00 a.m. (Sydney, Australia time) on such day by the Facility
Agent on the basis of the discount amount at which the Facility Agent is then offering to purchase AUD denominated bankers’ acceptances that have a comparable aggregate face amount to the Advances outstanding in AUD and the same term to
maturity as such
AccrualCollection
 Period, or if such date is not a Business Day, then on the immediately preceding Business Day. 

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

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

“Borrowing Base” means, on any day of determination, (i) the product of the lower of (a) the Weighted Average Advance
Rate and (b) the Maximum Portfolio Advance Rate multiplied by the Adjusted Aggregate Eligible Collateral Obligation Balance plus (ii) the equivalent in Dollars of the amount on deposit in the Principal Collection Account (as
determined by the Investment Manager using the Applicable Conversion Rate) minus (iii) the Aggregate Unfunded Amount plus (iv) the equivalent in Dollars of the amount on deposit in the Unfunded Exposure Account (as determined
by the Investment Manager using the Applicable Conversion Rate). 
 “Borrowing Base Condition” means, both before and after
giving pro forma effect to any such distribution, (i) with respect to any distribution permitted under Sections 10.16(a)(A)(1) and 10.16(a)(A)(2), the Borrowing Base is greater than or equal to the Advances outstanding, and
(ii) with respect to any distribution permitted under Section 10.16(a)(A)(3), the Borrowing Base is greater than or equal to 110% of the Advances outstanding. 

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

“CAD Advance” means each Advance made in CAD. 

“CAD Lender” means the Persons executing this Agreement (or an assignment hereof in accordance with Article XV) in the
capacity of a “CAD Lender”. 
 “Capped Fees/Expenses” means, at any time, the Collateral Agent Fees and Expenses
and Collateral Custodian Fees and Expenses such that the aggregate amount of such Collateral Agent Fees and Expenses and Collateral Custodian Fees and Expenses paid to the Collateral Agent or the Collateral Custodian under the Transaction Documents
in any calendar year do not exceed the sum of (i) 0.03% per annum of the Aggregate Eligible Collateral Obligation Amount plus (ii) $200,000. 

“CDOR Rate” means, with respect to any
AccrualCollection
 Period, the greater of (a) 0 and (b) the average rate per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) applicable to bankers’ acceptances for a term equivalent to the
AccrualCollection
 Period appearing on the Bloomberg Professional Service (or any successor thereto) Canadian Dealer Offered Rate as of 10:00 a.m. (Toronto time), on the first day of such AccrualCollection
 Period, or if such date is not a Business Day, then on the immediately preceding Business Day; provided, however, if such rate does not appear on the Bloomberg Professional Service (or any
successor thereto) Canadian Dealer Offered Rate as contemplated, then the CDOR Rate on any date shall be calculated as the arithmetic mean of the rates of interest quoted as of 10:00 a.m. (Toronto time) on such day by the Facility Agent on the basis
of the discount amount at which the Facility Agent is then offering to purchase CAD denominated bankers’ acceptances that have a comparable aggregate face amount to the Advances outstanding in CAD and the same term to maturity as such AccrualCollection
 Period, or if such date is not a Business Day, then on the immediately preceding Business Day. 

“Change of Control” means the Equityholder shall no longer be the sole equityholder of the Borrower; provided, however, that (i) a merger of FS Investment Corporation III with FS KKR Capital Corp. or other fundamental change transaction the result of which effectively combines the ownership
and/or assets of FS Investment Corporation III and FS KKR Capital Corp. shall not constitute a Change of Control and (ii) any publicly announced transaction or other series of
transactions, the result of which is that the Borrower is a direct or indirect wholly-owned subsidiary of a business development company advised by a joint venture entity between (x) KKR Credit Advisors (US) LLC (and any successor entity
thereto) or its Affiliate and (y) Franklin Square Holdings, L.P. (and any successor entity thereto) or its Affiliate, shall not constitute a Change of Control. 

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

  
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 by another Person on the Obligor’s behalf in respect of such Collateral Obligation, and (iv) any
other document included by the Investment Manager on the related Document Checklist. 
 “Collateral Obligation Schedule”
means the list of Collateral Obligations set forth on Schedule 3, as the same may be updated by the Borrower (or the Investment Manager on behalf of the Borrower) from time to time. 

“Collateral Quality Tests” means, collectively or individually as the case may be, the Minimum Diversity Test, the Minimum
Weighted Average Spread Test and the Maximum Weighted Average Life Test. 
 “Collection Account” means, collectively, the
Principal Collection Account and the Interest Collection Account. 
 “Collection Period” means, with respect to the first
Distribution Date, the period from and including the Effective Date to and including the Determination Date preceding the first Distribution Date; and thereafter, the period from but excluding the Determination Date preceding the previous
Distribution Date to and including the Determination Date preceding the current Distribution Date. 
 “Collections” means
the sum of all Interest Collections and all Principal Collections received with respect to the Collateral. 
 “Commitment”
means, for each Committed Lender, (a) prior to the Facility Termination Date, the commitment of such Committed Lender to make Advances to the Borrower in an amount not to exceed, in the aggregate, the amount set forth opposite such Committed
Lender’s name on Annex B or pursuant to the assignment executed by such Committed Lender and its assignee(s) and delivered pursuant to Article XV (as such Commitment may be reduced as set forth in Section 2.5), and
(b) on and after the earlier to occur of (i) Facility Termination Date and (ii) the end of the Revolving Period, such Committed Lender’s pro rata share of all Advances outstanding. 

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

“Competitor” means (a) any Person primarily engaged in the business of private investment management as a business
development company, mezzanine fund, private debt fund, hedge fund or private equity fund, which is in direct or indirect competition with the Borrower, the Investment Manager, the advisor of the Investment Manager, or any Affiliate thereof that is
an investment advisor, (b) any Person controlled by, or controlling, or under common control with, a Person referred to in clause (a) above, or (c) any Person for which a Person referred to in clause (a) above serves as an
investment advisor with discretionary investment authority. 

“Corporate
 Facility” means the Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of December 23, 2020 (as amended, supplemented, amended and restated or otherwise modified from time to time”), among FS KKR Capital
Corp., a Maryland corporation (including as successor by merger of FSK Capital Corp. II, the “Borrower”), the Lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative
Agent”) and ING Capital LLC, as Collateral Agent, or any such successor or replacement parent loan facility. 

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

“Cut-Off Date” means, with respect to each Collateral Obligation, the date such Collateral Obligation becomes a part of the
Collateral. 
 “Daily Simple SONIA” means, for any day, SONIA for the day that is the fifth Business Day in London England
prior to (A) if the relevant date of such setting is a Business Day in London England, such date of setting or (B) if the relevant date of such setting is not a Business Day in London England, the Business Day in London England immediately
preceding such date of setting; provided that, if the Facility Agent decides that any such convention is not administratively feasible for the Facility Agent, then the Facility Agent may establish another convention with the consent of the Borrower
(not to be unreasonably withheld). 
 “DBNY” means Deutsche Bank AG, New York Branch, and its successors. 

“Defaulted Collateral Obligation” means any Collateral Obligation as to which any one of the following events has occurred:

 (a) any Scheduled Collateral Obligation Payment or part thereof is unpaid more than 2 Business Days beyond the grace period (if any)
permitted by the related Underlying Instrument; 
 (b) an Insolvency Event occurs with respect to the Obligor thereof; 

(c) the Investment Manager or the Borrower has actual knowledge of a default as to the payment of principal and/or interest that has occurred
and continues for more than two Business Days on another loan or other debt obligation of the same Obligor that is (a) senior or pari passu in right of payment to such Collateral Obligation, (b) either a full recourse obligation of
the Obligor or secured by the same collateral securing such Collateral Obligation and (c) in an amount (whether separately or in the aggregate) in excess of $250,000; 

(d) a Responsible Officer of the Investment Manager or the Borrower has received written notice or has actual knowledge that a default has
occurred under the Underlying Instruments, any applicable grace period has expired and the holders of such Collateral Obligation have accelerated the repayment of such Collateral Obligation (but only until such default is cured or waived) in the
manner provided in the Underlying Instruments; 

  
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 (e) with respect to any Related Collateral Obligation, (i) the Equityholder or any of
its subsidiaries fails to comply with any funding obligation under such Variable Funding Asset, and (ii) the Equityholder fails to notify the Facility Agent prior to such failure to fund and any foreclosure or strict sale or other disposition
initiated by a secured creditor in furtherance of its security interest, and (d) subject to customary qualifications for instruments similar to such Collateral Obligation, to commercial banks, financial institutions, offshore and other funds
(in each case, including transfer permitted by operation of the Uniform Commercial Code); 
 (v) the proceeds of such Loan will not be used
to finance activities of the type engaged in by businesses classified under NAICS Codes 2361 (Residential Building Construction), 2362 (Nonresidential Building Construction), 2371 (Utility System Construction), or 2372 (Land Subdivision); and 

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

“Eligible Currency” means AUDs, CADs, Dollars, Euros and GBPs. 

“Eligible Jurisdiction” means Australia, Canada, Cayman Islands, Germany, Ireland, Luxembourg, New Zealand, Sweden,
Switzerland, The Netherlands, the United Kingdom and the United States. 
 “Eligible Obligor” means, on any day, any
Obligor that (i) is a business organization (and not a natural person) that is duly organized and validly existing under the laws of, the United States or any State thereof (or any other Eligible Jurisdiction), (ii) is a legal operating
entity or holding company, (iii) is not an Official Body and (iv) is not an Affiliate of, or controlled by, the Borrower, the Investment Manager or the Equityholder. 

“Enterprise Value Loan” means any Loan that is not an Asset Based Loan. “Environmental Laws” means any and
all foreign, federal, state and local laws, statutes, ordinances, rules, regulations, permits, licenses, approvals, interpretations and orders of courts or any other Official Body, relating to the protection of human health or the environment,
including requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials. Environmental Laws
include the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9601 et seq.), the Hazardous Material Transportation Act (49 U.S.C. § 331 et seq.), the Resource Conservation and Recovery Act (42
U.S.C. § 6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.),
the Safe Drinking Water Act (42 U.S.C. § 300, et seq.), the Environmental Protection Agency’s regulations relating to underground storage tanks (40 C.F.R. Parts 280 and 281), and the Occupational Safety and Health Act (29 U.S.C.
§ 651 et seq.), and the rules and regulations thereunder, each as amended or supplemented from time to time. 

“Equityholder” means FS Investment
Corporation IIIKKR Capital Corp., a Maryland
corporation, together with its permitted successors and assigns. 
 “Equity Security” means any asset that is not a
First Lien Loan, a Second Lien Loan, a an Unsecured Loan, a Permitted Investment, a Senior Secured Bond or an Unsecured Bond. 

  
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 “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as
amended from time to time. 
 “EURIBOR Rate” means, with respect to any AccrualCollection
 Period, the greater of (a) 0 and (b) the rate per annum shown by the Reuters Screen (or any applicable successor page) that displays an average European Money Markets Institute Settlement
Rate for deposits in Euros for a period equal to such
AccrualCollection
 Period as of 11:00 a.m., Brussels time, two Business Days prior to the first day of such
AccrualCollection
 Period; provided, that in the event no such rate is shown, the EURIBOR Rate shall be the rate per annum based on the rates at which Euro deposits for a period equal to such AccrualCollection
 Period are displayed on page “EURIBOR” of the Reuters Screen (or any applicable successor page) for the purpose of displaying Euro interbank offered rates of major banks as of 11:00 a.m., Brussels
time, two Business Days prior to the first day of such
AccrualCollection
 Period (it being understood that if at least two such rates appear on such page, the rate will be the arithmetic mean of such displayed rates); provided, further, that in the event
fewer than two such rates are displayed, or if no such rate is relevant, the EURIBOR Rate shall be a rate per annum at which deposits in Euros are offered by the principal office of the Facility Agent in Brussels, Belgium to prime banks in
the euro interbank market at 11:00 a.m. (Brussels time) two Business Days before the first day of such AccrualCollection Period for delivery on such first day and for a period equal
to such
AccrualCollection
 Period. 
 “Euro”, “Euros”,
“euro” and “€” mean the lawful currency of the Member States of the European Union that have adopted and retain the single currency in accordance with the treaty establishing the European Community, as amended
from time to time; provided, that if any member state or states ceases to have such single currency as its lawful currency (such member state(s) being the “Exiting State(s)”), such term shall mean the single currency adopted
and retained as the lawful currency of the remaining member states and shall not include any successor currency introduced by the Exiting State(s). 

“Euro Advance” means each Advance made in Euros. 

“Euro Lender” means the Persons executing this Agreement (or an assignment hereof in accordance with Article XV) in the capacity of a “Euro Lender”. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any
successor Person), as in effect from time to time. 
 “Exceptions” has the meaning set forth in
Section 18.4(b). 
 “Excess Concentration Amount” means, as of the most recent Measurement Date (and
after giving effect to all Collateral Obligations to be purchased or sold by the Borrower on such date), the sum, without duplication, of the following amounts, in each case multiplied by the Discount Factor applicable to each such individual
Collateral Obligation: 
  

  
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 (a) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations
that are First Lien Last Out Loans, Second Lien Loans, Unsecured Loans or Unsecured Bonds over 3015% of the Excess Concentration Measure; provided, that the sum
of the Principal Balances of all Collateral Obligations that are Unsecured Loans or Unsecured Bonds shall not exceed 17.510% of the Excess Concentration Measure; 

(b) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are obligations of any single Obligor (other
than an Obligor described in the following proviso) over 5% of the Excess Concentration Measure; provided, that (x) the sum of the Principal Balances of all Collateral Obligations that are obligations of any Obligor that represents
Principal Balances in excess of all other single Obligors may be up to 10% of the Excess Concentration Measure and (y) the sums of the Principal Balances of all Collateral Obligations that are obligations of any three Obligors (other than the
Obligor specified in clause (x)) that represent Principal Balances in excess of all other single Obligors (other than the Obligor specified in clause (x)) may be up to 7.5% of the Excess Concentration Measure; 

(c) the excess, if any, of the sum of the Principal Balances of all Collateral Obligations in any single Moody’s Industry Classification
(other than the Moody’s Industry Classifications described in the following proviso) over 15% of the Excess Concentration Measure; provided, that (i) the sum of the Principal Balances of all Collateral Obligations that are
obligations of Obligors in the largest Moody’s Industry Classification may be up to 22.5% of the Excess Concentration Measure, (ii) the sum of the Principal Balances of all Collateral Obligations that are obligations of Obligors (other
than any Obligor specified in clause (i)) in any two Moody’s Industry Classifications in excess of all other Moody’s Industry Classifications may be up to 20% of the Excess Concentration Measure, (iii) the sum of the Principal
Balances of all Collateral Obligations that are obligations of Obligors (other than any Obligor specified in clause (i) and (ii)) in any one Moody’s Industry Classification in excess of all other Moody’s Industry Classifications may
be up to 17.5% of the Excess Concentration Measure, (iv) the sum of the Principal Balances of all Collateral Obligations that are obligations of Obligors in the “Utilities: Oil & Gas”, “Corp-Energy: Oil &
Gas” and “Corp-Metals & Mining” Moody’s Industry Classifications may be up to 10% of the Excess Concentration Measure and (v) the sum of the Principal Balances of all Collateral Obligations that are obligations of
Obligors in the “Corp-Retail” Moody’s Industry Classifications may be up to 15% of the Excess Concentration Measure; 
 (d)
the excess, if any, of the sum of the Principal Balances of all Loans that are Fixed Rate Collateral Obligations that are not subject to a qualifying Hedging Agreement pursuant to Section 10.6 over (i) if the Interest Spread Test is
not satisfied, 10% or (ii) if the Interest Spread Test is satisfied, 15% of the Excess Concentration Measure; 
 (f) the excess, if any,
of the sum of the Principal Balances of all Collateral Obligations which have an Obligor organized in country other than the United States over 40% of the Excess Concentration Measure; provided that, (x) the sum of the Principal Balances of all
Collateral Obligations which have an Obligor organized in Europe or the United Kingdom may be up to 25% of the Excess Concentration Measure and (y) the sum of the Principal Balances of all Collateral Obligations which have an Obligor organized
in Australia may be up to 10% of the Excess Concentration Measure; 

  
 -19- 

 “Fitch” means Fitch Ratings, Inc., Fitch Ratings Ltd. and their
subsidiaries, including Derivative Fitch Inc. and Derivative Fitch Ltd. and any successor thereto. 
 “Fixed Rate Collateral
Obligation” means any Collateral Obligation that bears a fixed rate of interest. 
 “Foreign Currency Advance
Amount” means, on any Measurement Date, the sum of (a) the equivalent in Dollars of the aggregate principal amount of all Advances denominated in Euros outstanding on such date, as determined by the Investment Manager using the
Applicable Conversion Rate plus (b) the equivalent in Dollars of the aggregate principal amount of all Advances denominated in GBPs outstanding on such date, as determined by the Investment Manager using the Applicable Conversion
Rate, plus (c) the equivalent in Dollars of the aggregate principal amount of all Advances denominated in AUDs outstanding on such date, as determined by the Investment Manager using the Applicable Conversion Rate, plus
(d) the equivalent in Dollars of the aggregate principal amount of all Advances denominated in CADs outstanding on such date, as determined by the Investment Manager using the Applicable Conversion Rate, in each case after giving effect to
all repayments of Advances and the making of new Advances on such date. 
 “Foreign Currency Sublimit” means, on any
Measurement Date and with respect to any Eligible Currency (other than Dollars), a Dollar amount equal to the lesser of (a) the sum of each AUD Lender’s, CAD Lender’s, Euro Lender’s or GBP Lender’s, as applicable, Pro Rata
Percentage of the Advances outstanding and (b) 30% of the Facility Amount on such date; provided, that on any Measurement Date and with respect to Euros and GBPs, a Dollar amount equal to the lesser of (x) the sum of each Euro
Lender’s and GBP Lender’s, as applicable, Pro Rata Percentage of the Advances outstanding, as determined by the Investment Manager using the Applicable Conversion Rate and (y) 25.0% of the Facility Amount on such date. 

“Foreign Lender” means a Lender that is not a “United States person” as defined in Section 7701(a)(30) of the
Code. 

“Fourteenth
 Amendment Effective Date” means December 28, 2021. 
 “FRS
Board” means the Board of Governors of the Federal Reserve System and, as applicable, the staff thereof. 
 “Fundamental
Amendment” means any amendment, modification, waiver or supplement of or to this Agreement that would have a material and adverse effect on any Lender and (a) increase or extend the term of the Commitments (other than an increase in
the Commitment of another Lender or the addition of a new Lender) or change the Facility Termination Date, (b) extend the date fixed for the payment of principal of or interest on any Advance or any fee hereunder, in each case owing to such
Lender, (c) reduce the amount of any such payment of principal or interest owing to such Lender, (d) reduce the rate at which interest is payable to such Lender or any fee is payable hereunder to such Lender, excluding in each case, any
such reduction as a result of a full or partial waiver of interest or fees accruing at a default rate imposed during a Facility Termination Event or a result of a waiver of a Facility Termination Event), (e) release any material portion of the
Collateral, except in connection with dispositions 

  
 -23- 

 hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law
and such case is not dismissed within 60 days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such
Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official
for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or such Person shall admit in writing its inability to pay its debts as such debts become due, or the
taking of action by such Person in furtherance of any of the foregoing. 
 “Instrument” has the meaning given such term in
the UCC. 
 “Interest Collections” means, with respect to the Collateral following the applicable Cut-Off Date,
(i) all payments and collections owing to the Borrower in its capacity as lender and attributable to interest on any Collateral Obligation or other Collateral, including scheduled payments of interest and payments of interest relating to
principal prepayments, all guaranty payments attributable to interest and proceeds of any liquidations, sales, dispositions or securitizations attributable to interest on such Collateral Obligation or other Collateral, (ii) any commitment,
ticking, upfront, underwriting, origination or amendment fees received in respect of any Collateral Obligation (including any proceeds received by the Borrower as a result of exercising any Warrant Asset at any time), (iii) all payments
received by the Borrower pursuant to any Hedging Agreement that is an interest rate cap transaction and (iv) the earnings on Interest Collections in the Collection Account that are invested in Permitted Investments, in each case other than
Retained Interests. 
 “Interest Collection Account” means the collective reference to the segregated, non-interest bearing
securities accounts (within the meaning of Section 8-501 of the UCC) created and maintained on the books and records of the Securities Intermediary identified as interest collection accounts and, in each case, (x) is in the name of the
Borrower or the applicable Permitted Subsidiary, subject to the Lien of the Collateral Agent for the benefit of the Secured Parties, (y) includes any and all sub-accounts and (z) is established and maintained pursuant to
Section 8.1(a). 
 “Interest Rate” means, for any AccrualCollection
 Period and any Lender, a rate per annum equal to the sum of (a) the Applicable Margin and (b) the Base Rate for such AccrualCollection
 Period and such Lender. 
 “Interest Spread Test” means a test that will
be satisfied on any day if the excess of Weighted Average Coupon minus the Applicable Spread is not less than 2.00%. 

“Investment Management Agreement” means the Investment Management Agreement, dated as of the date hereof, by and between the
Investment Manager and the Borrower. 
  

  
 -27- 

 “Investment Management Standard” means, with respect to any Collateral
Obligations, to service and administer such Collateral Obligations on behalf of the Secured Parties in accordance with Applicable Law, the terms of the Transaction Documents, all customary and usual servicing practices for loans like the Collateral
Obligations and, to the extent consistent with the foregoing, (i) with reasonable care, using a degree of skill and diligence not less than that with which the Borrower or Investment Manager, as applicable, services and administers loans for its own
account or for the account of its Affiliates having similar lending objectives and restrictions, and (ii) to the extent not inconsistent with clause (i), in a manner consistent with the customary standards, policies and procedures followed by
institutional managers of national standing relating to assets of the nature and character of the Collateral Obligations and without regard to any relationship that the Investment Manager or any Affiliate thereof may have with any Obligor or any
Affiliate of any Obligor. 
 “Investment Manager” means initially FS Investment Corporation
IIIKKR Capital Corp., a Maryland corporation or
any successor investment manager appointed pursuant to this Agreement. 
 “Investment Manager Event of Default”
means the occurrence of one of the following events: 
 (a) any failure by the Investment Manager to deposit or credit, or to deliver for
deposit, in the Collection Account any amount required hereunder to be so deposited, credited or delivered or to make any required distributions therefrom; 

(b) failure on the part of the Investment Manager duly to observe or to perform in any respect any other covenant or agreement of the
Investment Manager set forth in the Investment Management Agreement which failure continues unremedied for a period of 30 days (if such failure can be remedied) after the date on which written notice of such failure shall have been given to the
Investment Manager by the Borrower, the Collateral Agent or the Facility Agent (with a copy to each Agent); 
 (c) the occurrence of an
Insolvency Event with respect to the Investment Manager; 
 (d) any representation, warranty or statement of the Investment Manager made in
the Investment Management Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect as of the time when the same shall have been made (i) which incorrect representation, warranty or statement
has a material and adverse effect on (1) the validity, enforceability or collectability of the Investment Management Agreement or any other Transaction Document or (2) the rights and remedies of any Secured Party with respect to matters
arising under this Agreement or any other Transaction Document, and (ii) within 30 days after written notice thereof shall have been given to the Investment Manager by the Borrower, the Collateral Agent or the Facility Agent, the circumstance
or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured; 

(e) a Facility Termination Event occurs; 

(f) the failure of the Investment Manager to make any payment when due (after giving effect to any related grace period) under one or more
agreements for borrowed money to which it is a party in an aggregate amount in excess of $2,500,000, individually or in the aggregate; or (ii) the occurrence of any event or condition that has resulted in or permits the acceleration of such
recourse debt, whether or not waived; 
  

  
 -28- 

 (g) the rendering against the Investment Manager of one or more final, non-appealable
judgments, decrees or orders for the payment of money in excess of $2,500,000, individually or in the aggregate, and the continuance of such judgment, decree or order unsatisfied and in effect for any period of more than sixty (60) consecutive
days without a stay of execution; 
 (h) a Change of Control occurs; 

(i) the Equityholder ceases to be a “business development company” within the meaning of the 1940 Act; 

(j) a “cause event” (as defined in Section 11(a) of the Investment Management Agreement) occurs; or 

(k) either FS Investment Corporation IIIKKR Capital Corp. is terminated as, removed from being, or otherwise
ceases to be the Investment Manager (including by reason of any failure to renew the term of the Investment Management Agreement), or FS/KKR Advisor, LLC ceases to be the investment advisor to the Investment Manager in each case, for a period of 30
consecutive days; provided, however, that (i) a merger of FS Investment Corporation III with FS KKR Capital Corp. or other fundamental change transaction
the result of which effectively combines the ownership and/or assets of FS Investment Corporation III and FS KKR Capital Corp. and (ii), any publicly announced other transaction or series of
transactions, the result of which is that the Borrower is a direct or indirect wholly-owned subsidiary of a business development company advised by a joint venture entity between (x) KKR Credit Advisors (US) LLC (and any successor entity
thereto) or its Affiliate and (y) Franklin Square Holdings, L.P. (and any successor entity thereto) or its Affiliate, shall not constitute an Investment Manager Event of Default 

“IRS” means the United States Internal Revenue Service. 

“Lender” means each Committed Lender and each Dollar Lender, each Euro Lender, each CAD Lender, each AUD Lender and each GBP
Lender, in each case as the context may require. 
 “Lender Group” means each Lender and related Agent from time to time
party hereto. “Leverage Multiple” means, with respect to any Collateral Obligation for the most recent relevant period of time for which the Borrower has received the financial statements of the relevant Obligor, the ratio of
(i) Indebtedness of the relevant Obligor (other than Indebtedness of such Obligor that is junior in terms of payment or lien subordination (including unsecured Indebtedness) to Indebtedness of such Obligor held by the Borrower) less
unrestricted cash of the relevant Obligor to (ii) EBITDA of such Obligor (as such calculation may be updated in connection with a modification of such Collateral Obligation described in clause (j) of the definition of “Material
Modification”). 

  
 -29- 

 “LIBOR Rate” means, with respect to any AccrualCollection
 Period, the greater of (a) 0% and (b) the rate per annum shown by the BLOOMBERG PROFESSIONAL Service as the London interbank offered rate for deposits in Dollars for a period equal to
such
AccrualCollection Period as of 11:00 a.m., London
time, two (2) Business Days prior to the first day of such
AccrualCollection
 Period; provided that, in the event no such rate is shown, the LIBOR Rate shall be the rate per annum based on the rates at which deposits in Dollars for a period equal to such
AccrualCollection
 Period are displayed on page “LIBOR” of the Reuters Monitor Money Rates Service or such other page as may replace the LIBOR page on that service for the purpose of displaying London
interbank offered rates of major banks as of 11:00 a.m., London time, two (2) Business Days prior to the first day of such AccrualCollection Period (it being understood that if at least two such rates
appear on such page, the rate will be the arithmetic mean of such displayed rates); provided, further, that in the event fewer than two such rates are displayed, or if no such rate is relevant, the LIBOR Rate shall be a rate per
annum at which deposits in Dollars are offered by the principal office of the Facility Agent in London, the United Kingdom to prime banks in the London interbank market at 11:00 a.m. (London time) two (2) Business Days before the first day
of such
AccrualCollection
 Period for delivery on such first day and for a period equal to such AccrualCollection Period. 

“Lien” means any security interest, lien, charge, pledge, preference, equity or encumbrance of any kind, including tax liens,
mechanics’ liens and any liens that attach by operation of law. 
 “Loan” means any commercial loan, bond or note.

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

“Make-Whole Fee” means a fee equal to the positive difference (if any) of (x) the product of (1) the Applicable
Margin multiplied by (2) the average daily Facility Amount during the related AccrualCollection Period multiplied by (3) 75% minus
(y) the product of (1) the Applicable Margin multiplied by (2) the daily average Advances funded by the Lenders during such
AccrualCollection
 Period minus (z) the Undrawn Fee accrued during such AccrualCollection Period with respect to the amount of the unutilized
Commitment for which a Make-Whole Fee is owing pursuant to the foregoing clauses (x) and (y). 
 “Margin Stock”
means “Margin Stock” as defined under Regulation U issued by the FRS Board. 
 “Material Adverse Effect” means a
material adverse effect on: (a) the assets, operations, properties, financial condition, or business of the Borrower or the Investment Manager; (b) the ability of the Borrower or the Investment Manager to perform its obligations under this
Agreement or any of the other Transaction Documents; (c) the validity or enforceability of this Agreement, any of the other Transaction Documents, or the rights and remedies of the Secured Parties hereunder or thereunder taken as a whole; or
(d) the aggregate value of the Collateral or on the collateral assignments and Liens granted by the Borrower in this Agreement. 

  
 -30- 

 Underlying Instruments and (iv) as to agented Loans, Liens in favor of the agent on behalf of all the
lenders of the related Obligor. 
 “Permitted Working Capital Facility” means, in respect of an Obligor and a Collateral
Obligation, a working capital facility incurred by the relevant Obligor that (a) has an aggregate commitment equal to not more than 15% of the sum of (i) the aggregate commitment amount of such working capital facility, (ii) the
aggregate commitment amount of such Collateral Obligation and (iii) the aggregate commitment amount of any other debt that is pari passu with, or senior to, such Collateral Obligation less unrestricted cash; (b) has a ratio of the
aggregate commitment amount of such working capital facility to EBITDA of such Obligor (determined on the date such Collateral Obligation is acquired or proposed to be acquired) is not greater than 1.0x; (c) is not contractually or structurally
senior to such Collateral Obligation; and (d) is secured primarily by inventory and account receivables. 
 “Person”
means an individual, partnership, corporation (including a business trust), joint stock company, limited liability company, trust, unincorporated association, joint venture, government or any agency or political subdivision thereof or any other
entity. 
 “Prepayment Fee” means if the Facility Amount is permanently reduced in whole or in part prior to the second year
anniversaryend of the Thirteenth Amendment Effective
DateRevolving Period, the Borrower shall pay to
each applicable Lender Group a nonrefundable fee equal to the product of (a) the amount of each such permanent reduction in the aggregate amount of the Commitments of such Lender Group multiplied by (b)(1) from the Thirteenth Amendment Effective Date until and excluding the twelve-month anniversary of the Thirteenth Amendment Effective Date, 1.50%, (2) from the twelve-month anniversary of
the Thirteenth Amendment Effective Date until and excluding the eighteen-month anniversary of the Thirteenth Amendment Effective Date,
0.75%, 1.0%; provided that no Prepayment Fee will apply if such reduction is made from proceeds of any
of
(3x) from the eighteen-month anniversary of the Thirteenth Amendment Effective Date until
and excluding the twenty-four-month anniversary of the Thirteenth Amendment Effective Date, 0.5%
andCorporate Facility, (4y) thereafter,
0.0%an unsecured capital markets transaction or (z) an on-balance sheet CLO. 
 “Prepayment Notice” has the meaning set forth in
Section 2.4(b). 
 “Primary IM Fee” means with respect to any Distribution Date, the fee payable to the
Investment Manager or successor investment manager (as applicable) for services rendered during the related Collection Period, which shall be equal to one-fourth of the product of (i) the Primary IM Fee Percentage multiplied by (ii) the
average of the values of the aggregate Collateral Obligation Amount of the Eligible Collateral Obligations on the first day and the last day of the related Collection Period. For the avoidance of doubt, the Investment Manager may waive or defer the
payment of any Primary IM Fee in its sole discretion. 
 “Primary IM Fee Percentage” means 0.45%. 

 

  
 -37- 

 “Principal Balance” means with respect to any Collateral Obligation and as
of any date, the lower of (x) the Purchase Price paid by the Borrower for such Collateral Obligation and (y) the Dollar equivalent of the outstanding principal balance of such Collateral Obligation (if such quarterly, that in each case has
an adverse effect on the ability of the Investment Manager or the Facility Agent (as determined by the Facility Agent in its reasonable discretion) to make any determinations or calculations required hereunder; provided, however, that the Borrower
(or the Investment Manager on its behalf) may, on a single occasion (or any other additional occasions approved by the Facility Agent in its sole discretion) with respect to any Obligor, grant an extension of up to 30 days for the delivery of such
financial statements by such Obligor; 
 (g) with respect to any Enterprise Value Loan, the Leverage Multiple with respect to such Collateral
Obligation increases by 1x or more over the Original Leverage Multiple with respect to such Collateral Obligation; provided that each subsequent increase of an additional 1x over the applicable Original Leverage Multiple shall be an
additional Revaluation Event; 
 (h) with respect to any Asset Based Loan, (A) the Borrower fails (or fails to cause the Obligor to)
retain either an Approved Appraisal Firm or an Approved Valuation Firm to re-calculate the Appraised Value of (x) with respect to any such Asset Based Loan that has intellectual property, equipment or real property, as the case may be, in its
borrowing base, the collateral securing such Asset Based Loan that at least once every twelve (12) months that such Loan is included in the Collateral (subject to a 30 day grace period with respect to any such review) and (y) with respect
to all other Asset Based Loans included in the Collateral, the collateral securing such Loan at least once every six (6) months that such Loan is included in the Collateral (subject to a 30 day grace period with respect to any such review) or
(B) the Borrower (or the related Obligor, as applicable) changes the Approved Appraisal Firm or Approved Valuation Firm, as applicable, with respect to any Asset Based Loan that or the related Approved Appraisal Firm or Approved Valuation Firm
changes the metric for valuing the collateral of such Loan, each without the written approval of the Facility Agent; 
 (j) with respect to
any Asset Based Loan, the Effective LTV of such Collateral Obligation increases by more than an amount equal to 15% of the Original Effective LTV of such Collateral Obligation; provided that each subsequent increase of an additional 15% over
the applicable Original Effective LTV shall be an additional Revaluation Event; 
 (k) if such Collateral Obligation is rated by either S&P or Moody’s and is not a DIP Loan, such Collateral Obligation has (x) a public rating by
Standard & Poor’s of “CCC-” or
below, or “SD” or (y) a Moody’s probability of default rating (as published by
Moody’s) of
“DCaa3
” or
“LD”below
 or, in each case, had such ratings before they were withdrawn by Standard & Poor’s or Moody’s, as applicable; or 

(l) the Investment Manager or the Borrower has actual knowledge that such Collateral Obligation is pari passu or junior in right of
payment as to the payment of principal and/or interest to another debt obligation of the same issuer which has (i) a public rating by Standard & Poor’s of “CC” or below, or “SD” or (ii) a Moody’s
probability of default rating (as published by Moody’s) of “D” or “LD”, and in each case such other debt obligation remains outstanding (provided that both the Collateral Obligation and such other debt obligation are
full recourse obligations of the applicable Obligor). 
 “Revolving Loan” means a Collateral Obligation that specifies a
maximum aggregate amount that can be borrowed by the related Obligor and permits such Obligor to re-borrow any amount previously borrowed and subsequently repaid during the term of such Collateral Obligation. 

 

  
 -42- 

 “Revolving Period” means the period of time starting on the Effective Date
and ending on the earliest to occur of (i) February 26,
20222023 (if such date is not a Business Day, the next Business Day) or, if such date is extended pursuant to Section 2.6, the date mutually agreed upon by the Borrower and each Agent, (ii) the date on
which the Facility Amount is terminated in full pursuant to Section 2.5 or (iii) the termination of the Revolving Period pursuant to Section 13.2. 

“Sale Agreement” means the Sale and Contribution Agreement, dated as of the date hereof, by and between the Equityholder, as
seller, and the Borrower, as purchaser. 
 “Sanctioned Countries” has the meaning set forth in Section 9.29(a).
“Sanctions” has the meaning set forth in Section 9.29(a). 
 “Schedule of Collateral
Obligations” means the list or lists of Collateral Obligations attached to each Asset Approval Request. Each such schedule shall identify the assets that will become Collateral Obligations, shall set forth such information with respect to
each such Collateral Obligation as the Borrower or the Facility Agent may reasonably require and shall supplement any such schedules attached to previously-delivered Asset Approval Requests. 

“Scheduled Collateral Obligation Payment” means each periodic installment payable by an Obligor under a Collateral Obligation
for principal and/or interest in accordance with the terms of the related Underlying Instrument. 
 “Second Lien Loan”
means any Loan that (i) is not (and that by its terms is not permitted to become) subordinate in right of payment to any other obligation of the related Obligor other than a First Lien Loan with respect to the liquidation of such Obligor or the
collateral for such Loan and (ii) is secured by a valid second priority perfected Lien to or on specified collateral securing the related Obligor’s obligations under the Loan, which Lien is not subordinate to the Lien securing any other
debt for borrowed money other than a First Lien Loan on such specified collateral (subject to Liens permitted under the applicable Underlying Instrument that are reasonable for similar loans and, if permitted to secure borrowed money in excess of
$500,000 and rank in priority senior to or pari passu with such Second Lien Loan, whether individually or in the aggregate, are set forth on the related Asset Approval Request). 

“Secondary IM Fee” means with respect to any Distribution Date, the fee payable to the Investment Manager or successor
investment manager (as applicable) for services rendered during the related Collection Period, which shall be equal to one-fourth of the product of (i) the Secondary IM Fee Percentage multiplied by (ii) the average of the values of the
aggregate Collateral Obligation Amount of the Eligible Collateral Obligations on the first day and the last day of the related Collection Period. For the avoidance of doubt, the Investment Manager may waive or defer the payment of any Secondary IM
Fee in its sole discretion. 
 “Secondary IM Fee Percentage” means 0.30%. 

  
 -43- 

 Section 2.7 Calculation of Discount Factor. 

(a) In connection with the purchase of each Collateral Obligation and prior to such Collateral Obligation being purchased by the Borrower and
included in the Collateral, the Facility Agent will assign (in its sole discretion) a Discount Factor for such Collateral Obligation. 
 (b)
If, but only if, a Revaluation Event occurs with respect to any Collateral Obligation, the Discount Factor of such Collateral Obligation may be amended by the Facility Agent, in its sole discretion, subject to the Investment Manager’s dispute rights set forth in this Section 2.7(b). The Facility Agent will provide written notice of the revised Discount Factor to the Borrower, the Collateral Agent and the Investment Manager. The Collateral Agent shall forward a copy of such notice to each
Agent. To the extent the Investment Manager has actual knowledge or, pursuant to the terms of the applicable Underlying Instruments, has received notice of any Revaluation Event with respect to any Collateral Obligation, the Investment Manager shall
give prompt notice thereof to the Facility Agent and the Collateral Agent (but, in any event, not longer than two Business Days after it receives notice or gains actual knowledge thereof). The Collateral Agent shall forward a copy of such notice to
each Agent. So long as (i) the then-current Leverage Multiple with respect to the Collateral Obligation
subject to such Revaluation Event is no more than 2.00x higher than the related Original Leverage Multiple, (ii) such Collateral Obligation was not previously subject to a Revaluation Event and (iii) such Collateral Obligation is not a
Defaulted Collateral Obligation pursuant to clause (a) or (b) of the definition thereof, the Investment Manager may dispute the Discount Factor determined by the Facility Agent and at the expense of the Borrower shall retain an Approved
Valuation Firm to determine the Discount Factor no later than sixty (60) days after the date of such initial determination by the Facility Agent (any such determination not to exceed the least of (x) the Purchase Price paid by the Borrower
for such Collateral Obligation, (y) the outstanding Principal Balance of such Collateral Obligation and (z) any Discount Factor or haircut (including due to synthetic tranching) that the Facility Agent assigned pursuant to
Section 2.7(a) or otherwise in the related Approval Notice). If the Facility Agent disputes the Discount Factor determined by the Borrower’s Approved Valuation Firm in good faith based on its reasonable judgment, the Facility Agent may at
the expense of the Borrower elect to retain a different Approved Valuation Firm to determine the Discount Factor in accordance with the Valuation Standard. In either case, the Discount Factor determined by the Facility Agent shall apply during the
process of any such dispute. Any determination by any Approved Valuation Firm of the Discount Factor after a Revaluation Event shall be re-calculated every six (6) months after the date of such initial determination until the Borrower provides
notice pursuant to clause (d) below that such Revaluation Event is no longer continuing. If any additional Revaluation Event occurs with respect to any Collateral Obligation, the Discount Factor of such Collateral Obligation may be amended by
the Facility Agent, in its sole discretion and there shall be no right to dispute such determination. In the event more than one Discount Factor has been determined by Approved Valuation Firms for any Collateral Obligation in accordance with this
clause (b), the Discount Factor for such Collateral Obligation shall be recalculated by the Facility Agent as the average of the valuations provided by all such Approved Valuation Firms (such determination not to exceed the least of (x) the
Purchase Price paid by the Borrower for such Collateral Obligation,
(y) the outstanding Principal Balance of such Collateral Obligation and (z) any Discount Factor or haircut
(including due to synthetic tranching) that the Facility Agent assigned pursuant to Section 2.7(a) or otherwise in the related Approval Notice). 

 

  
 -54- 

 (c) The Facility Agent will provide written notice of each revised Discount
Factor to the Borrower, the Investment Manager, each Agent and the Collateral Agent. 
 (d) Upon notice from the Borrower to
the Facility Agent that a Revaluation Event has been cured, the Facility Agent, in its sole discretion, shall revise the Discount Factor to revert to the Discount Factor prevailing immediately prior to the occurrence of the relevant Revaluation
Event if the Facility Agent, in its reasonable discretion, is satisfied that such Revaluation Event has been cured. 

Section 2.8 Increase in Facility Amount. The Borrower may, with the prior written consent of the Facility Agent (which
consent may be conditioned on one or more conditions precedent in its sole discretion), (i) increase the Commitment of the existing Lender Groups (pro rata) with the consent of each such Lender Group, (ii) subject to
Section 15.4(b), add additional Lender Groups and/or (iii) increase the Commitment of any Lender Group with the consent of such Lender Group, in each case which shall increase the Facility Amount by the amount of the increased or new
Commitment of each such existing or additional Lender Group; provided that the Facility Amount may be increased to $750,000,000 with the consent of solely the Facility Agent and the Lender Group increasing its Commitment. Each increase in the
Facility Amount pursuant to clause (i) above shall be allocated to each participating Lender Group pro rata based on their Commitments immediately prior to giving effect to such increase. Notwithstanding the foregoing, no such increase
shall be permitted without the prior written consent of DBNY if, after giving effect to any such increase, DBNY’s Commitment will no longer be at least 51% of the Facility Amount. 

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

(a) on the Facility Termination Date; 

  
 -55- 

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

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

Section 3.4 Computation of Yield, Fees, Etc. Each Agent (on behalf of its respective Lender Group) and the Facility Agent
shall determine the applicable Yield and all Fees to be paid by the Borrower on each Distribution Date for the related AccrualCollection Period and shall advise the Collateral Agent thereof in
writing no later than the Determination Date
immediatelyeighth (8th) Business
Day prior to such Distribution Date. Such reporting may also include an accounting of any amounts due and payable pursuant to Sections 4.3 and 5.1. 

ARTICLE IV 
 PAYMENTS; TAXES 

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

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

  
 -56- 

 imposition of a Lien on the Collateral under Section 430 of the Code or Section 303(k) or 4068 of
ERISA. 
 (f) Compliance with Collateral Obligations and Investment Management Standard. The Borrower shall cause the
Investment Manager to, at its expense, timely and fully perform and comply with all material provisions, covenants and other promises required to be observed by the Investment Manager under any Collateral Obligations (except, in the case of a
successor Investment Manager, such material provisions, covenants and other provisions shall only include those provisions relating to the collection and managing the Collateral Obligations to the extent such obligations are set forth in a document
included in the related Collateral Obligation File) and shall comply with the Investment Management Standard in all material respects with respect to all Collateral Obligations. 

(g) Maintain Records of Collateral Obligations. The Borrower shall cause the Investment Manager to, at its own cost and
expense, maintain reasonably satisfactory and complete records of the Collateral, including a record of all payments received and all credits granted with respect to the Collateral and all other dealings with the Collateral. The Borrower shall cause
the Investment Manager to maintain its computer systems so that, from and after the time of sale of any Collateral Obligation to the Borrower, the Investment Manager’s master computer records (including any back-up archives) that refer to such
Collateral Obligation shall indicate the interest of the Borrower and the Facility Agent in such Collateral Obligation and that such Collateral Obligation is owned by the Borrower and has been pledged to the Facility Agent for the benefit of the
Secured Parties pursuant to this Agreement. 
 (h) Liens. The Borrower shall not permit the Investment Manager to
create, incur, assume or permit to exist any Lien on or with respect to any of its rights under any of the Transaction Documents, whether with respect to the Collateral Obligations or any other Collateral other than Permitted Liens. 

(i) Mergers. The Borrower shall not permit the Investment Manager to directly or indirectly, by operation of law or
otherwise, merge with, consolidate with, acquire all or substantially all of the assets or capital stock of, or otherwise combine with or acquire, any Person, except that the Investment Manager shall be permitted to merge with any entity so long as
the Investment Manager remains the surviving corporation of such merger and such merger does not result in a Change of Control; provided, however, that (i) a
merger of FS Investment Corporation III with FS KKR Capital Corp. or other fundamental change transaction the result of which effectively combines the ownership and/or assets of FS Investment Corporation III and FS KKR Capital Corp. and
(ii), any publicly announced other transaction or series of transactions, the result of which is that the Borrower is a direct or indirect wholly-owned subsidiary of a business development
company advised by a joint venture entity between (x) KKR Credit Advisors (US) LLC (and any successor entity thereto) or its Affiliate and (y) Franklin Square Holdings, L.P. (and any successor entity thereto) or its Affiliate, shall be
permitted hereunder, with the surviving entity becoming the Equityholder for purposes of this Agreement and the other Transaction Documents, and the parties hereto agree for the benefit of the Investment Manager that such merger or fundamental
change transaction shall be permitted under the Sale Agreement and the Investment Management 

  
 -70- 

 (d) The Equityholder may, from time to time in its sole discretion
(x) deposit amounts into the Principal Collection Account and/or (y) transfer Eligible Collateral Obligations as equity contributions to the Borrower. All such amounts will be included in each applicable compliance calculation under this
Agreement, including, without limitation, calculation of the Borrowing Base and the Minimum Equity Condition. 
 Section 8.2
Excluded Amounts. The Borrower may cause the Investment Manager to direct the Collateral Agent and the Securities Intermediary to withdraw from the applicable Account and pay to the Person entitled thereto any amounts credited thereto
constituting Excluded Amounts if the Investment Manager has, prior to such withdrawal and consent, delivered to the Facility Agent and the Collateral Agent a report setting forth the calculation of such Excluded Amounts in form and substance
reasonably satisfactory to the Facility Agent, which report shall include a brief description of the facts and circumstances supporting such request and designate a date for the payment of such reimbursement, which date shall not be earlier than two
(2) Business Days following delivery of such notice. 
 Section 8.3 Distributions, Reinvestment and Dividends.
(a) On each Distribution Date, the Collateral Agent shall distribute from the Collection Account, in accordance with the applicable Monthly Report prepared by the Collateral Agent and approved by the Facility Agent pursuant to
Section 8.5, the Amount Available for such Distribution Date in the following order of priority: 
 (A) FIRST, to
the payment of taxes and governmental fees owing by the Borrower, if any, which expenses shall not exceed $100,000 on any Distribution Date; 

(B) SECOND, to the Collateral Agent and the Collateral Custodian, any accrued and unpaid Collateral Agent Fees and Expenses and
Collateral Custodian Fees and Expenses for the related Collection Period pursuant to the Collateral Agent and Collateral Custodian Fee Letter, which expenses shall not exceed the amount of the Capped Fees/Expenses; 

(C) THIRD, to the Investment Manager (unless waived or deferred in whole or in part by the Investment Manager), any fees of the
Investment Manager in an aggregate amount not to exceed the amount of any accrued and unpaid Primary IM Fee for the related Collection Period; 

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

  
 -78- 

 (k) either (i) the Borrower shall become required to register as an
“investment company” within the meaning of the 1940 Act or the arrangements contemplated by the Transaction Documents shall require registration as an “investment company” within the meaning of the 1940 Act or (ii) FS Investment Corporation
IIIKKR Capital Corp. ceases to be a “business
development company” within the meaning of the 1940 Act; 
 (l) failure on the part of the Borrower or the
Investment Manager to (i) make any payment or deposit (including, without limitation, with respect to bifurcation and remittance of Principal Collections and Interest Collections or any other payment or deposit required to be made by the terms
of the Transaction Documents, including, without limitation, to any Secured Party, Affected Person or Indemnified Party) required by the terms of any Transaction Document in accordance with Section 7.3(b) and Section 10.10 or
(ii) otherwise observe or perform any covenant, agreement or obligation with respect to the management and distribution of funds received with respect to the Collateral; 

(m) (i) failure of the Borrower to maintain at least one Independent Manager or (ii) the removal of any Independent
Manager without cause or prior written notice to the Facility Agent and each Agent (in each case as required by the organization documents of the Borrower); provided that, in the case of each of clauses (i) and (ii), the
Borrower shall have five (5) Business Days to replace any Independent Manager upon the death or incapacitation of the current Independent Manager; 

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

(o) any court shall render a final, non-appealable judgment against the Borrower or the Investment Manager (i) in an
amount in excess of $250,000 (or, with respect to the Investment Manager, $1,000,000) which shall not be satisfactorily stayed, discharged, vacated, set aside or satisfied within 60 days of the making thereof or (ii) for which the Facility
Agent shall not have received evidence satisfactory to it that an insurance provider for the Borrower or the Investment Manager, as applicable, has agreed to satisfy such judgment in full subject to any deductibles not exceeding $250,000 (or, with
respect to the Investment Manager, $1,000,000); or the attachment of any material portion of the property of the Borrower or the Investment Manager which has not been released or provided for to the reasonable satisfaction of the Facility Agent
within 30 days after the making thereof; 
 (p) the Borrower shall fail to qualify as a bankruptcy-remote entity based upon
customary criteria such that Dechert LLP or any other reputable counsel could no longer render a substantive nonconsolidation opinion with respect to the Borrower; 

(q) failure to pay, on the Facility Termination Date, all outstanding Obligations; or 

(r) during the Revolving Period, the Minimum Equity Condition is not satisfied and such condition continues unremedied for two
(2) consecutive Business Days. 

  
 -111- 

 ANNEX A 

DUNLAP FUNDING LLC 
 201 Rouse Boulevard 

Philadelphia, PA 19112 
 Attention: William Goebel, Chief
Financial Officer 
 Telephone: (215) 220-4247 
 Facsimile:
(215) 339-1931 
 Email: credit.notices@fsinvestments.com; FSICIII_Team@fsinvestments.com; 

portfolio_finance@fsinvestments.com 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 as Collateral Agent and Collateral Custodian 

Wells Fargo Bank, N.A.National Association 

9062 Old Annapolis Rd. 
 Columbia, Maryland 21045 

Attn: CDO Trust Services—Dunlap Funding LLC 
 Fax:
(410) 715-3748 
 Phone: (410) 884-2000 
 DEUTSCHE
BANK AG, NEW YORK BRANCH, 
 as Facility Agent 
 60 Wall StreetOne Columbus
Circle 
 New York, New York 1000510019 
 Attention: Asset Finance Department 

Email: Amit.Patel@db.com, James.Kwak@db.com 
 DEUTSCHE BANK
AG, NEW YORK BRANCH, 
 as an Agent and as a Committed Lender 

60 Wall StreetOne Columbus Circle 

New York, New York 1000510019 

Attention: Asset Finance Department 
 Email: Amit.Patel@db.com,
James.Kwak@db.com 

  
 A-1EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 
 THIRD
AMENDMENT TO LOAN AND SERVICING AGREEMENT AND OMNIBUS AMENDMENT TO TRANSACTION DOCUMENTS (this “Amendment”), dated as of December 28, 2021 (the “Amendment Date”), among Meadowbrook Run LLC, a Delaware limited
liability company, as the borrower (the “Borrower”), FS KKR Capital Corp., a Maryland corporation, as the servicer (the “Servicer”), Morgan Stanley Bank, N.A., as the lender (the “Lender”), and
Morgan Stanley Senior Funding, Inc., as administrative agent (in such capacity, together with its successors and permitted assigns in such capacity, the “Administrative Agent”). 

WHEREAS, the Borrower, the Servicer, the Lender and the Administrative Agent are party to that certain Loan and Servicing Agreement, dated as
of November 22, 2019 (as the same may be amended, modified or supplemented prior to the Amendment Date in accordance with the terms thereof, the “Loan and Servicing Agreement”), by and among the Borrower, the Servicer, FS
Investment Corporation II, as the equityholder, the Lender, each of the other lenders from time to time party thereto, the Administrative Agent and Wells Fargo Bank, National Association, as the collateral agent, the account bank and the collateral
custodian, providing, among other things, for the making and the administration of the Advances by the Lender to the Borrower; and 

WHEREAS, the Borrower, the Servicer, the Lender and the Administrative Agent desire to amend certain provisions of the Loan and Servicing
Agreement, in accordance with Section 12.01 thereof and subject to the terms and conditions set forth herein. 
 NOW THEREFORE, in
consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound,
hereby agree as follows: 
 ARTICLE I 

Definitions 
 SECTION 1.1.
Defined Terms. Terms used but not defined herein have the respective meanings given to such terms in the Loan and Servicing Agreement. 

ARTICLE II 
 Amendments
to Loan and Servicing Agreement 
 SECTION 2.1. As of the Amendment Date, the Loan and Servicing Agreement is hereby amended to delete
the stricken text (indicated textually in the same manner as the following example: stricken text) and
to add the bold and double-underlined text (indicated textually in the same manner as the following example: bold and
double-underlined text) as set forth on the pages of the Loan and Servicing Agreement attached as Appendix A hereto. 

 ARTICLE III 

Omnibus Amendment to Transaction Documents 

SECTION 3.1. All Transaction Documents are hereby amended, to the extent applicable, by deleting all references to “FS KKR Capital Corp.
II” and inserting “FS KKR Capital Corp.” in lieu thereof. 
 ARTICLE IV 

Representations and Warranties 

SECTION 4.1. The Borrower and the Servicer hereby represent and warrant to the Administrative Agent and the Lender that, as of the Amendment
Date, (i) no Unmatured Event of Default, Event of Default or Servicer Default has occurred and is continuing and (ii) the representations and warranties of the Borrower and the Servicer contained in the Loan and Servicing Agreement are
true and correct in all material respects on and as of such day. 
 ARTICLE V 

Conditions Precedent 

SECTION 5.1. This Amendment shall become effective upon its execution and delivery by each party hereto and the payment by the Borrower in
immediately available funds of any fees (including reasonable and documented fees, disbursements and other charges of outside counsel to the Administrative Agent) to be received on the Amendment Date. 

ARTICLE VI 

Miscellaneous 
 SECTION
6.1. Governing Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS
PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 SECTION 6.2. Severability
Clause. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 6.3. Ratification. Except as expressly amended hereby, the Loan and Servicing Agreement is in all respects ratified and
confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the Loan and Servicing Agreement for all purposes. 

  
 2 

 SECTION 6.4. Counterparts. The parties hereto may sign one or more copies of this
Amendment in counterparts, all of which together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective as delivery of a manually executed
counterpart hereof. 
 SECTION 6.5. Headings. The headings of the Articles and Sections in this Amendment are for convenience of
reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 [Signature
Pages Follow] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the Amendment Date. 
  

			
	BORROWER:
	
	MEADOWBROOK RUN LLC
		
	By:	 	 /s/ William Goebel

		 	Name: William Goebel
		 	Title: Chief Financial Officer

			
	SERVICER:
	
	FS KKR CAPITAL CORP.
		
	By:	 	 /s/ William Goebel

		 	Name: William Goebel
		 	Title: Chief Accounting Officer

 
			
	ADMINISTRATIVE AGENT:
	
	MORGAN STANLEY SENIOR FUNDING, INC.
		
	By:	 	 /s/ Matthieu Milgrom

		 	Name: Matthieu Milgrom
		 	Title: Authorized Signatory

 [Signature Page to Third Amendment to Loan and Servicing Agreement] 

 
			
	LENDER:
	
	MORGAN STANLEY BANK, N.A.
		
	By:	 	 /s/ Nii Dodoo

		 	Name: Nii Dodoo
		 	Title: Authorized Signatory

 [Signature Page to Third Amendment to Loan and Servicing Agreement] 

 APPENDIX A 

 EXECUTION VERSION 

Conformed through SecondThird Amendment dated as of June 16December 28, 20202021 
  

 
  

Up to $300,000,000 
 LOAN AND
SERVICING AGREEMENT 
 Dated as of November 22, 2019 

among 
 MEADOWBROOK RUN LLC, 

as the Borrower 
 FS KKR CAPITAL
CORP. II, 

as the Servicer and the Equityholder 

MORGAN STANLEY SENIOR FUNDING, INC., 

as the Administrative Agent 
 EACH
OF THE LENDERS FROM TIME TO TIME PARTY HERETO, 
 as the Lenders 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 as the Collateral Agent, Account Bank and Collateral Custodian 

 
  

 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 ARTICLE I. DEFINITIONS
	  	 	2	 
		
	 Section 1.01 Certain Defined Terms
	  	 	2	 
	 Section 1.02 Other Terms
	  	 	6366	 
	 Section 1.03 Computation of Time Periods
	  	 	6466	 
	 Section 1.04 Interpretation
	  	 	6467	 
	 Section 1.05 Currency Conversion
	  	 	6568	 
		
	 ARTICLE II. THE FACILITY
	  	 	6568	 
		
	 Section 2.01 Advances
	  	 	6568	 
	 Section 2.02 Procedure for Advances
	  	 	6568	 
	 Section 2.03 Yield and Unused Fees
	  	 	6769	 
	 Section 2.04 Remittance Procedures
	  	 	6770	 
	 Section 2.05 Instructions to the Collateral Agent and the Account Bank
	  	 	7274	 
	 Section 2.06 Borrowing Base Deficiency Payments; Equity Cure
	  	 	7275	 
	 Section 2.07 Discretionary Sales, Substitutions and Lien Release Dividends
	  	 	7376	 
	 Section 2.08 Payments and Computations, Etc.
	  	 	7881	 
	 Section 2.09 Increased Costs; Capital Adequacy
	  	 	7982	 
	 Section 2.10 Taxes
	  	 	8183	 
	 Section 2.11 Mitigation Obligations
	  	 	8487	 
	 Section 2.12 Grant of a Security Interest
	  	 	8487	 
	 Section 2.13 Evidence of Debt
	  	 	8588	 
	 Section 2.14 [Reserved]
	  	 	8588	 
	 Section 2.15 Release of Loans
	  	 	8588	 
	 Section 2.16 Treatment of Amounts Received by the Borrower
	  	 	8689	 
	 Section 2.17 Prepayment; Repayment; Reduction of Commitments
	  	 	8689	 
	 Section 2.18 Collections and Allocations
	  	 	8790	 
	 Section 2.19 Reinvestment of Principal Collections
	  	 	8992	 
	 Section 2.20 Loan Approval Procedure
	  	 	9093	 
	 Section 2.21 Incremental Facilities
	  	 	9194	 
	 Section 2.22 Defaulting Lenders
	  	 	9295	 
		
	 ARTICLE III. CONDITIONS PRECEDENT
	  	 	9598	 
		
	 Section 3.01 Conditions Precedent to Effectiveness
	  	 	9598	 
	 Section 3.02 Conditions Precedent to All Transactions
	  	 	97100	 
	 Section 3.03 Advances Do Not Constitute a Waiver
	  	 	100103	 

  
 -i- 

					
	 ARTICLE IV. REPRESENTATIONS AND WARRANTIES
	  	 	100103	 
		
	 Section 4.01 Representations and Warranties of the Borrower
	  	 	100103	 
	 Section 4.02 Representations and Warranties of the Borrower Relating to the Agreement and the
Collateral Portfolio
	  	 	109112	 
	 Section 4.03 Representations and Warranties of the Servicer
	  	 	110113	 
	 Section 4.04 Representations and Warranties of the Collateral Agent
	  	 	114116	 
	 Section 4.05 Representations and Warranties of the Collateral Custodian
	  	 	114117	 
	 Section 4.06 Representations and Warranties of the Lender
	  	 	115118	 
		
	 ARTICLE V. GENERAL COVENANTS
	  	 	115118	 
		
	 Section 5.01 Affirmative Covenants of the Borrower
	  	 	115118	 
	 Section 5.02 Negative Covenants of the Borrower
	  	 	121124	 
	 Section 5.03 Affirmative Covenants of the Servicer
	  	 	124127	 
	 Section 5.04 Negative Covenants of the Servicer
	  	 	127130	 
	 Section 5.05 Affirmative Covenants of the Collateral Agent
	  	 	128131	 
	 Section 5.06 Negative Covenants of the Collateral Agent
	  	 	129131	 
	 Section 5.07 Affirmative Covenants of the Collateral Custodian
	  	 	129131	 
	 Section 5.08 Negative Covenants of the Collateral Custodian
	  	 	129132	 
		
	 ARTICLE VI. ADMINISTRATION AND SERVICING OF CONTRACTS
	  	 	129132	 
		
	 Section 6.01 Appointment and Designation of the Servicer
	  	 	129132	 
	 Section 6.02 Duties of the Servicer
	  	 	131133	 
	 Section 6.03 Authorization of the Servicer
	  	 	131134	 
	 Section 6.04 Collection of Payments; Accounts
	  	 	132135	 
	 Section 6.05 Realization Upon Loans
	  	 	133136	 
	 Section 6.06 [Reserved]
	  	 	134136	 
	 Section 6.07 Payment of Certain Expenses by Servicer
	  	 	134136	 
	 Section 6.08 Reports to the Administrative Agent; Account Statements; Servicing
Information
	  	 	134137	 
	 Section 6.09 Annual Statement as to Compliance
	  	 	136139	 
	 Section 6.10 Annual Independent Public Accountant’s Servicer Reports
	  	 	136139	 
	 Section 6.11 Procedural Review of Loans; Access to Servicer and Servicer’s Records
	  	 	137140	 
	 Section 6.12 [Reserved]
	  	 	138140	 
	 Section 6.13 Obligations and Compliance with Collateral Portfolio
	  	 	138141	 
	 Section 6.14 Preservation of Security Interest
	  	 	138141	 
	 Section 6.15 Special Purpose Entity Requirements
	  	 	138141	 
		
	 ARTICLE VII. EVENTS OF DEFAULT
	  	 	138141	 
		
	 Section 7.01 Events of Default
	  	 	138141	 
	 Section 7.02 Additional Remedies of the Administrative Agent
	  	 	141144	 

  
 -ii- 

					
	 ARTICLE VIII. INDEMNIFICATION
	  	 	145148	 
		
	 Section 8.01 Indemnities by the Borrower
	  	 	145148	 
	 Section 8.02 Indemnities by Servicer
	  	 	146149	 
	 Section 8.03 Legal Proceedings
	  	 	147150	 
	 Section 8.04 After-Tax Basis
	  	 	148151	 
		
	 ARTICLE IX. THE ADMINISTRATIVE AGENT
	  	 	148151	 
		
	 Section 9.01 The Administrative Agent
	  	 	148151	 
		
	 ARTICLE X. COLLATERAL AGENT
	  	 	152155	 
		
	 Section 10.01 Designation of Collateral Agent
	  	 	152155	 
	 Section 10.02 Duties of Collateral Agent
	  	 	153155	 
	 Section 10.03 Merger or Consolidation
	  	 	155158	 
	 Section 10.04 Collateral Agent Compensation
	  	 	155158	 
	 Section 10.05 Collateral Agent Removal
	  	 	156159	 
	 Section 10.06 Limitation on Liability
	  	 	156159	 
	 Section 10.07 Collateral Agent Resignation
	  	 	158161	 
		
	 ARTICLE XI. COLLATERAL CUSTODIAN
	  	 	158161	 
		
	 Section 11.01 Designation of Collateral Custodian
	  	 	158161	 
	 Section 11.02 Duties of Collateral Custodian
	  	 	159162	 
	 Section 11.03 Merger or Consolidation
	  	 	162165	 
	 Section 11.04 Collateral Custodian Compensation
	  	 	162165	 
	 Section 11.05 Collateral Custodian Removal
	  	 	162165	 
	 Section 11.06 Limitation on Liability
	  	 	162165	 
	 Section 11.07 Collateral Custodian Resignation
	  	 	164167	 
	 Section 11.08 Release of Documents
	  	 	164167	 
	 Section 11.09 Return of Required Loan Documents
	  	 	165168	 
	 Section 11.10 Access to Certain Documentation and Information Regarding the Collateral
Portfolio
	  	 	165168	 
	 Section 11.11 Bailment.
	  	 	166169	 
		
	 ARTICLE XII. MISCELLANEOUS
	  	 	166169	 
		
	 Section 12.01 Amendments and Waivers
	  	 	166169	 
	 Section 12.02 Notices, Etc.
	  	 	168170	 
	 Section 12.03 No Waiver; Remedies
	  	 	168170	 
	 Section 12.04 Binding Effect; Assignability; Multiple Lenders
	  	 	168171	 
	 Section 12.05 Term of This Agreement
	  	 	170172	 
	 Section 12.06 Governing Law; Jury Waiver
	  	 	170173	 
	 Section 12.07 Costs, Expenses and Taxes
	  	 	170173	 

  
 -iii- 

					
	 Section 12.08 Further Assurances
	  	 	171173	 
	 Section 12.09 Recourse Against Certain Parties
	  	 	171174	 
	 Section 12.10 Execution in Counterparts; Severability; Integration
	  	 	172175	 
	 Section 12.11 Consent to Jurisdiction; Service of Process
	  	 	173175	 
	 Section 12.12 Confidentiality
	  	 	173176	 
	 Section 12.13 [Reserved]
	  	 	174177	 
	 Section 12.14 Intent of the Parties
	  	 	174177	 
	 Section 12.15 Waiver of Set Off
	  	 	174177	 
	 Section 12.16 Headings and Exhibits
	  	 	174177	 
	 Section 12.17 Ratable Payments
	  	 	174177	 
	 Section 12.18 Failure of Borrower or Servicer to Perform Certain Obligations
	  	 	175177	 
	 Section 12.19 Power of Attorney
	  	 	175177	 
	 Section 12.20 Delivery of Termination Statements, Releases, etc.
	  	 	175177	 
	 Section 12.21 Non-Petition
	  	 	175178	 
	 Section 12.22 Acknowledgment and Consent to Bail-In of EEA Financial Institutions
	  	 	176178	 

  
 -iv- 

 THIS LOAN AND SERVICING AGREEMENT (as amended, modified, waived, supplemented,
restated or replaced from time to time, this “Agreement”) is made as of November 22, 2019, among: 
 (1) MEADOWBROOK
RUN LLC, a Delaware limited liability company (together with its successors and assigns in such capacity, the “Borrower”); 

(2) FS KKR CAPITAL CORP. II, a Maryland corporation, as the Servicer (as defined herein) and the Equityholder (as defined herein); 

(3) EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO (together with its respective successors and assigns in such capacity, each a
“Lender” and collectively, the “Lenders”); 
 (4) MORGAN STANLEY SENIOR FUNDING, INC., as Administrative
Agent (together with its successors and assigns in such capacity, the “Administrative Agent”); and 
 (5) WELLS FARGO BANK,
NATIONAL ASSOCIATION (“Wells Fargo”), as the Collateral Agent (together with its successors and assigns in such capacity, the “Collateral Agent”), the Account Bank (as defined herein) and the Collateral Custodian
(together with its successors and assigns in such capacity, the “Collateral Custodian”). 
 RECITALS 

WHEREAS, the Borrower has requested that the Lenders make available to the Borrower a revolving loan facility in the maximum principal amount
of up to the Facility Amount (as defined below), the proceeds of which shall be used by the Borrower to fund the purchase of certain Eligible Loan Assets (as defined below); 

WHEREAS, the Borrower is willing to grant to the Collateral Agent, for the benefit of the Secured Parties (as defined below), a lien on and
security interest in the Collateral Portfolio (as defined below) to secure the payment in full of the Obligations (as defined below); 

WHEREAS, the Lenders are willing to extend financing to the Borrower on the terms and conditions set forth herein; 

WHEREAS, the Borrower also desires to retain the Servicer to perform certain servicing functions related to the Collateral Portfolio on the
terms and conditions set forth herein; and 
 WHEREAS, the Servicer desires to perform certain servicing functions related to the Collateral
Portfolio on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

 “Agented Loan” means any Loan originated as part of a syndicated loan
transaction that has one (1) or more administrative, paying and/or collateral agents who receive payments and hold the collateral pledged by the related Obligor on behalf of all lenders with respect to the related credit facility. 

“Aggregate Adjusted Borrowing Value” means, as of any date of determination, an amount equal to the sum of the Adjusted
Borrowing Values of all Eligible Loan Assets included as part of the Collateral Portfolio on such date, after giving effect to all Eligible Loan Assets added to and removed from the Collateral Portfolio on such date. 

“Agreement” means this Loan and Servicing Agreement, as the same may be amended, restated, supplemented and/or otherwise
modified from time to time hereafter in accordance with the terms hereof. 
 “Alternative Currency Advance” means any AUD
Advance, CDOR Advance, EURO Advance or GBP Advance. 
 “Amortization Period” means the period commencing on the Commitment
Termination Date and ending on the Collection Date. 
 “Anti-Corruption Laws” means all Applicable Law of any jurisdiction
from time to time concerning or relating to bribery or corruption, including the U.S. Foreign Corrupt Practices Act, including, in each case, any regulations thereunder and as may be amended from time to time. 

“Anti-Money Laundering Laws” includes the Money Laundering Control Act of 1986 and the Patriot Act, and means all Applicable
Law of any jurisdiction that relates to money laundering or terrorism financing, any predicate crime thereto, or any financial recordkeeping and reporting requirements related thereto. 

“Applicable Index” means
(i) initially, with respect to (a) Dollar Advances, LIBOR (Dollar), (b) with respect to GBP Advances, LIBOR (GBP), (c) with respect to Euro Advances, EURIBOR, (d) with respect to CDOR Advances, CDOR and (e) with respect
to AUD Advances, BBSW and (ii) on and after an Index Transition Date, the Index Replacement in effect on such Index Transition Date. 

“Applicable Law” means for any Person all existing and future laws, rules, regulations, to the extent applicable to such
Person or its property or assets, all statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Governmental Authority applicable to such Person and applicable judgments, decrees, injunctions,
writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction. 

“Applicable LIBOR Rate” means, with respect to any Loan, the definition of “LIBOR Rate” or any comparable definition in the Underlying Instrument for each such Loan, including any successor
or replacement for such definition implemented pursuant to such Underlying Instrument. 

  
 -5- 

 “Applicable Margin” means (x) during the Revolving Period, 2.252.05% per annum and (y) during the Amortization Period, 2.752.55% per annum; provided that, at any time following notice from the
Administrative Agent of and during the existence of an Event of Default or after the Facility Maturity Date, the Applicable Margin shall be increased by an additional 2.00% per annum. 

“Applicable Prime Rate” means, with respect to any Loan, the definition of “Prime Rate” or any comparable
definition in the Underlying Instrument for each such Loan. 
 “Approval Notice” means, with respect to any Eligible Loan
Asset, the written notice, in substantially the form attached hereto as Exhibit A, evidencing (i) the approval by the Administrative Agent, in its sole and absolute discretion, of the acquisition of such Eligible Loan Asset by the
Borrower, (ii) the determination of the Advance Rate in respect of such Eligible Loan Asset by the Administrative Agent, in its sole discretion, in accordance with the terms hereof, (iii) the Assigned Value for such Eligible Loan Asset if
determined in accordance with clause (b)(ii) of the definition of Assigned Value and (iv) in the case of a Qualified Loan, the Value Adjustment Events applicable for purposes of clauses (i)(a) and (b) of the definition thereof for such
Qualified Loan. 
 “Approval Request” has the meaning assigned to that term in Section 2.20(a). 

“Approved Foreign Jurisdiction” means each of Austria, Belgium, Canada, the Channel Islands, Denmark, Finland, France,
Germany, Ireland, Italy, Liechtenstein, Luxembourg, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, the United Kingdom, and any other country that has a Moody’s foreign currency rating of at least “Aa3” and an
S&P foreign issuer credit rating of at least “AA-.” 
 “Approved Valuation Firm” means any of Lincoln
Partners Advisors LLC, Valuation Research Corporation, Duff & Phelps, LLC, Murray Devine & Company, Houlihan Lokey or any other nationally recognized accounting firm or valuation firm approved by the Borrower and the Administrative
Agent; provided that, prior to the Closing Date, the Borrower and the Administrative Agent shall designate Lincoln Partners Advisors LLC and Valuation Research Corporation as initial Approved Valuation Firms; provided, further,
that, after the Closing Date, the Administrative Agent may, upon 30 days’ prior written notice to the Borrower and the Servicer and with the consent of the Borrower (not to be unreasonably withheld), remove Lincoln Partners Advisors LLC and/or
Valuation Research Corporation and designate one or more new Approved Valuation Firms from among the previously agreed upon Approved Valuation Firms; provided, further that, if no Event of Default has occurred and is continuing, the
Borrower may designate one or more new Approved Valuation Firms from among the previously agreed upon Approved Valuation Firms with the consent of the Administrative Agent (not to be unreasonably withheld, conditioned or delayed). 

“Asset Replacement
Percentage” means, on any date of calculation, a fraction (expressed as a percentage) where the numerator is the outstanding principal balance of the Floating Rate Loans that were indexed to the Benchmark Replacement (Dollar) for the Corresponding Tenor as of such calculation date and the denominator is
the outstanding principal balance of the Floating Rate Loans as of such calculation date. 
  

  
 -6- 

 “Assigned Value” means, with respect to each Eligible Loan Asset, as of any
date of determination and expressed as a percentage of the Outstanding Balance of such Eligible Loan Asset, the lowest of (a) 100%, (b)(i) if the Eligible Loan Asset was originated by the Transferor or an Affiliate of the Transferor within six
months of sale or contribution to the Borrower (or was originated by the Borrower), 100% provided that the origination price was 97% or more of par, representing an original issue discount of 3% or less (“Permitted Origination
Discount”), and otherwise the actual origination price as a percentage of par or (ii) if clause (i) does not apply, the value assigned by the Approved Valuation Firm or, if no such value has been assigned within the prior three
months, the value assigned by the Administrative Agent in its sole discretion in the Approval Notice (each as of the Addition Date), (c) the Assigned Value (Servicer) most recently notified to the Administrative Agent and Collateral Agent by
the Servicer as of such date of determination, or (d) the higher of (I) the Assigned Value (Post Valuation Adjustment) determined following the relevant Value Adjustment Event or Subsequent Event or (II) (if applicable) any Assigned Value
(Ratio Recovery), in each case, subject to the following terms: 
 (i) if a Value Adjustment Event of the type described in
clause (ii), (iii), (iv), (vi) (solely pursuant to a Material Modification pursuant to clauses (i), (iii), (iv) or (v) of the definition thereof) or (ix) of the definition thereof with respect to such Eligible Loan Asset
occurs (provided that, in the case of a Reapproved Loan Asset, such Value Adjustment Event occurs after the date on which such asset becomes a Reapproved Loan Asset), the Assigned Value of such Eligible Loan Asset will, automatically and
without further action by the Administrative Agent, be zero as of the date any Responsible Officer of the Borrower or the Servicer has knowledge of such Value Adjustment Event; 

(ii) upon the occurrence of any Value Adjustment Event (or Subsequent Event as described below) in respect of any Eligible Loan
Asset (provided that, in the case of a Reapproved Loan Asset, such Value Adjustment Event (or Subsequent Event) occurs after the date on which such asset becomes a Reapproved Loan Asset), the then-current Assigned Value thereof may be amended
by the Administrative Agent on a single date designated by the Administrative Agent after the relevant occurrence (including, at the Administrative Agent’s sole discretion, by reference to a valuation obtained from an Approved Valuation Firm at
the expense of the Borrower (unless the Administrative Agent determines in good faith and in consultation with the Borrower that such valuation is inaccurate in which case it can assign a value in its sole discretion and, in any event, the
Administrative Agent may designate such valuation from the date of the relevant occurrence until the date such Approved Valuation Firm shall have provided its valuation)); provided, that the Borrower may dispute such amended Assigned Value by
obtaining a valuation from another Approved Valuation Firm. If the valuation obtained by the Borrower is higher than the valuation obtained by the Administrative Agent, such higher valuation shall become the Assigned Value of such Loan (unless the
Administrative Agent 

  
 -7- 

 “Assigned Value (Servicer)” means, with respect to each Eligible Loan
Asset, as of any date of determination and expressed as a percentage of the Outstanding Balance of such Eligible Loan Asset, any value lower than par (other than to reflect Permitted Origination Discount) assigned by the Servicer to such Eligible
Loan Asset for any purpose other than determination of the Borrowing Base. 
 “Assignment and Acceptance” has the meaning
assigned to that term in Section 12.04(a). 
 “AUD” means the lawful money of Australia. 

“AUD Advances” means Advances made in AUD. 

“Availability” means, as of any date of determination, an amount equal to the positive difference, if any, of (a) the
Borrowing Base over (b) the Advances Outstanding on such day; provided that at all times on and after the earlier to occur of the Commitment Termination Date or the Facility Maturity Date, the Availability shall be zero. 

“Available Collections” means the sum of all Interest Collections and all Principal Collections received with respect to the
Collateral Portfolio; provided that, for the avoidance of doubt, “Available Collections” shall not include amounts on deposit in the Unfunded Exposure Account that do not represent proceeds of Permitted Investments. 

“Available
Tenor” means, as of any date of determination and with respect to the then-current Benchmark, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for
determining the length of an Collection Period pursuant to this Agreement as of such date. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in
respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member
Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “Bankruptcy Code” means Title 11, United States Code, 11 U.S.C. §§ 101 et seq., as amended from time
to time. 
 “Bankruptcy Event” means an event that shall be deemed to have occurred, with respect to a Person if: 

(i) a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the
liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or 

  
 -9- 

 “BBSW” means, for any date of determination, with respect to any AUD
Advance (or portion thereof), the rate per annum (carried out to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate that appears on the Reuters Screen BBSW Page (or any applicable
successor or substitute page providing rate quotations comparable to those currently provided on such page of such service) at approximately 11:00 a.m. (Sydney time) two (2) Business Days prior to the beginning of such Collection Period for
deposits in AUD with a term equivalent to three months; provided that if such rate is not available at any such time for any reason, “BBSW” with respect to any AUD Advance shall be the rate at which AUD deposits of AUD5,000,000 and
for a three-month maturity are offered by the principal Sydney office of any bank (which may be the Administrative Agent) reasonably selected by the Administrative Agent in immediately available funds at approximately 11:00 a.m. (Sydney time) on the
applicable day (or, if such day is not a Business Day, on the immediately preceding Business Day); provided, further that, in the event that the rate as so determined above shall be less than zerothe Floor, such rate shall be deemed to be
zerothe
Floor for purposes of this Agreement. BBSW shall always be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

“Benchmark”
means with respect to (a) Dollar Advances, the Benchmark (Dollar), (b) GBP Advances, Daily Simple SONIA, (c) Euro Advances, EURIBOR, (d) with respect to CDOR Advances, CDOR and (e) with respect to AUD Advances,
BBSW 

“Benchmark
(Dollar)” means, initially, Term SOFR; provided that, if a Benchmark Transition Event and the Benchmark Replacement Date have occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark (Dollar), then “Benchmark
(Dollar)” means the applicable Benchmark Replacement (Dollar) to the extent that such Benchmark Replacement (Dollar) has replaced such prior benchmark rate pursuant to Sections 12.01(c)-(f); provided, further that, in the event that the rate
resulting from the sum of any Benchmark (Dollar) plus, if applicable, the Benchmark Replacement Adjustment shall be less than the Floor, such rate shall be deemed to be the Floor for purposes of this Agreement. 

“Benchmark
Replacement (Dollar)” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent in consultation with the Borrower for the applicable Benchmark Replacement
Date: 
  

	 	(1)	 the sum of: (a) Daily Simple SOFR and
(b) the Benchmark Replacement Adjustment related thereto; 

  

	 	(2)	 the sum of: (a) the alternate benchmark
rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark (Dollar) for the applicable Corresponding Tenor giving due consideration to (i) any selection, endorsement or
recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the
then-current Benchmark for U.S. dollar denominated secured financings or securitizations relating to the relevant asset class, as applicable, at such
time and (b) the Benchmark Replacement Adjustment with respect thereto. 

  

  
 -11- 

If at any time the
Benchmark Replacement (Dollar) as determined pursuant to clause (1) or (2) of this definition would be less than the Floor, the Benchmark Replacement (Dollar) will be deemed to be the Floor for the purposes of this Agreement and the other
Transaction Documents. 
 “Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted
Benchmark Replacement for any applicable Collection Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 

 

	 	(1)	 for purposes of clause (1) of the
definition of “Benchmark Replacement (Dollar),” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement
is first set for such Collection Period that has been selected, endorsed or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the Corresponding Tenor;
and 

  

	 	(2)	 for purposes of clause (2) of the
definition of “Benchmark Replacement (Dollar),” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent
and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection, endorsement or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of
such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining such spread adjustment,
for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated secured financing or securitization transactions relating to the relevant asset class, as applicable, at such time;

provided that, in the
case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion;
provided, further, that, in the case of clause (2) above, such adjustment shall not be in the form of an increase of the Applicable Margin). 

“Benchmark
Replacement Conforming Changes” means, with respect to either the use or administration of any Benchmark Replacement (Dollar), any technical, administrative or operational changes (including but not limited to changes to the definition of
“Business Day,” the definition of “Collection Period,” the definition of 

  
 -12- 

“Determination Date”, timing and
frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative
or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement (Dollar) and to permit the administration thereof by the Administrative Agent in a manner
substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the
administration of such Benchmark Replacement (Dollar) exists, in such other manner of administration as the Administrative Agent determines is reasonably necessary in connection with the administration of this Agreement and the other Transaction
Document); provided that, notwithstanding anything herein to the contrary, no “Benchmark Replacement Conforming Changes” shall result in any material effect on the timing or amount of payments or borrowings without the prior written
consent of the Borrower. 

“Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark (Dollar): 
  

	 	(1)	 in the case of clause (1) or (2) of
the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published
component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); 

 

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

  

	 	(3)	 in the case of clause (4) of the
definition of “Benchmark Transition Event,” the fifth (5th) Business Day following the date of such Servicer Monthly Report. 

For the avoidance of
doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the
Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or
events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark (solely with respect to a Benchmark Replacement (Dollar)): 

  
 -13- 

	 	(1)	 a public statement or publication of
information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such
component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component
thereof); 

  

	 	(2)	 a public statement or publication of
information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency
official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or
resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such
component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component
thereof); 

  

	 	(3)	 a public statement or publication of
information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer
representative; or 

  

	 	(4)	 the Asset Replacement Percentage is greater
than 50%, as reported in the most recent Servicer Monthly Report. 

 For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a
public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 
 “Beneficial Ownership Certification” means a certification regarding
beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be either substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published
jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association or in form and substance satisfactory to the Administrative Agent and the Lenders. 

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

  
 -14- 

 “Benefit Plan Investor” means a “benefit plan investor” as
defined in Department of Labor regulation 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, and includes an employee benefit plan that is subject to the fiduciary responsibility provisions of Title I of ERISA, a plan
that is subject to Section 4975 of the Code, and an entity the underlying assets of which are deemed to include “plan assets” by reason of such employee benefit plan’s or other plan’s investment in such entity. 

“Borrower” has the meaning assigned to those terms in the preamble hereto. 

“Borrowing Base” means, as of any date of determination, an amount equal to the lowest of: 

(a) (i) the sum of the products of (x) the lower of (1) the Weighted Average Advance Rate for all Eligible Loan
Assets as of such date and (2) the Maximum Portfolio Advance Rate as of such date, multiplied by (y) the Aggregate Adjusted Borrowing Value as of such date, plus (ii) the Dollar Equivalent of the amount of Principal
Collections on deposit in the Collection Account as of such date using the Spot Rate, plus (iii) the amount on deposit in the Unfunded Exposure Account as of such date minus (iv) the Unfunded Exposure Equity Amount as of such
date; 
 (b) (i) the Aggregate Adjusted Borrowing Value as of such date minus (ii) the Minimum Equity
Amount, plus (iii) the Dollar Equivalent of the amount of Principal Collections on deposit in the Collection Account as of such date using the Spot Rate, plus (iv) the amount on deposit in the Unfunded Exposure Account as of
such date minus (v) the Unfunded Exposure Equity Amount as of such date; or 
 (c) (i) the Facility
Amount, plus (ii) the amount on deposit in the Unfunded Exposure Account as of such date minus (iii) the aggregate Unfunded Exposure Amount as of such date. 

“Borrowing Base Certificate” means a certificate prepared by the Servicer, substantially in the form of Exhibit B
hereto, setting forth the calculation of the Borrowing Base as of the date of delivery of such certificate (and giving pro forma effect to a relevant action where specified under this Agreement); provided that any information from the
Loan Tape referenced in such certificate shall be based on the Loan Tape Cut-Off Date for the most recent Loan Tape delivered on or prior to the date of such certificate. 

“Borrowing Base Deficiency” means, as of any date of determination, an amount equal to the positive difference, if any, of
(a) the Advances Outstanding on such date over (b) the Borrowing Base. 
 “Breakage Fee” means, for Advances
Outstanding which are repaid (in whole or in part) on any date other than a Payment Date, the breakage costs, if any, related to such repayment, based upon the assumption that the applicable Lender funded its loan commitment in the applicable
interbank offered rate market (or, to the extent a different Benchmark applies, such Benchmark) and using any reasonable attribution or averaging methods which the Lender deems appropriate and practical, it hereby being understood that the amount of any loss, costs or expense payable by the Borrower to any
Lender as Breakage Fee shall be determined in good faith in the respective Lender’s commercially reasonable discretion and shall be conclusive absent manifest error. 

  
 -15- 

 “Bridge Loan” means any loan that (a) is unsecured and incurred in
connection with a merger, acquisition, consolidation or sale of all or substantially all of the assets of a person or similar transaction and (b) by its terms, is required to be repaid within one (1) year of the incurrence thereof with
proceeds from additional borrowings or other refinancings. 
 “Business Day” means a day of the year other than
(a) Saturday or a Sunday or (b) any other day (x) on which commercial banks in New York, New York or, with respect to any act required to be taken by the Collateral Agent, in the city in which the corporate trust office of the
Collateral Agent is located are authorized or required by applicable law, regulation or executive order to close or (y) with respect to any determinations relating to an Alternative Currency Advance, on which banks are not open for dealings
(i) in Dollar or GBP deposits in the London interbank market, (ii) in Euro deposits in the Euro-zone interbank market, (iii) in CAD deposits in Toronto,
Canada or, (iv) in AUD deposits in Sydney, Australia or (z) with respect to the
calculation of Daily Simple SONIA, a day on which banks are closed for general business in London, United Kingdom. 

“CAD” means the lawful money of Canada. 

“Capital Lease Obligations” means, with respect to any entity, the obligations of such entity to pay rent or other amounts
under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such entity under
GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Cash
Interest Expense” means, with respect to any Obligor for any period, the amount which, in conformity with GAAP, would be set forth opposite the caption “interest expense” (exclusive of any Accreted Interest that, according to the
term of the Underlying Instrument, can never be converted to cash interest that is due and payable prior to maturity (except upon default)) or any like caption reflected on the most recent financial statements delivered by such Obligor to the
Borrower for such period, as determined by the Servicer. 
 “CDOR” means, for any date of determination, with respect to
any CDOR Advance (or portion thereof) the rate per annum (carried out to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate that appears on the Bloomberg Professional Service CDOR Page (or
any applicable successor or substitute page providing rate quotations comparable to those currently provided on such page of such service) at approximately 11:00 a.m. (Toronto time) two (2) Business Days prior to the beginning of such
Collection Period for deposits in CAD with a term equivalent to three months; provided that if such rate is not available at any such time for any reason, then “CDOR” with respect to any CDOR Advance shall be the rate at which CAD
deposits of CAD5,000,000 and for a three-month maturity are offered by the principal Toronto office of any bank (which may be the Administrative Agent) reasonably selected by the Administrative Agent in immediately available

  
 -16- 

 
funds at approximately 11:00 a.m. (Toronto time) on the applicable day (or, if such day is not a Business Day, on the immediately preceding Business Day); provided, further that, in
the event that the rate as so determined above shall be less than
zerothe Floor, such rate shall be deemed to be
zerothe Floor for purposes of this Agreement. CDOR shall
always be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
 “CDOR
Advance” means an Advance denominated in CAD. 
 “Change in Law” means the occurrence, after the date of this
Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority, (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority or (d) any change in any generally accepted accounting
principles or regulatory accounting principles and affecting the application of any law, rule, regulation or treaty referred to in clause (a) or (b) above; provided that notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives promulgated thereunder or issued in connection therewith and (y) all law, requests, rules, regulations,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 
 “Change
of Control” means that (a) the Equityholder or the Servicer shall cease to be managed by FS/KKR Advisor, LLC or any Affiliate thereof, (b) the failure of the Equityholder to own, directly (or through one or more wholly-owned
subsidiaries if approved by the Administrative Agent), 100% of the Equity Interest of the Borrower, or (c) the dissolution, termination or liquidation in whole or in part, transfer or other disposition, in each case, of all or substantially all
of the assets of, the Servicer, other than as permitted under Section 5.04(a); provided that a Permitted Equityholder Transaction shall not constitute a Change of Control under this clause (c). 

“Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the
Exchange Act. 
 “Closing Date” means November 22, 2019. 

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

“Collateral Agent” has the meaning assigned to that term in the preamble hereto. 

“Collateral Agent Expenses” means the expenses set forth in the Wells Fargo Fee Letter and any other accrued and unpaid
expenses (including attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower to the Collateral Agent under the Transaction Documents. 

  
 -17- 

 “Collateral Quality Tests” means (a) the Weighted Average Spread Test
and (b) the Weighted Average Life Test. 
 “Collection Account” means, collectively, the Interest Collection Account
and the Principal Collection Account. 
 “Collection Date” means the date on which the aggregate outstanding principal
amount of the Advances Outstanding have been repaid in full and all Yield and Fees and all other Obligations (other than unmatured contingent obligations for which no claim has been made) have been paid in full, and the Borrower shall have no
further right to request any additional Advances. 
 “Collection Period” means, with respect to a Payment Date during which the Applicable Index is (a) as set forth in clause (i) of the definition thereof: (i) as to the initial Payment Date, the period beginning on the Closing Date and ending on, and including, the Determination Date immediately preceding such Payment Date and (ii) as to any subsequent
Payment Date, the period beginning on the first day after the most recently ended Collection Period and ending on, and including, the Determination Date immediately preceding such Payment Date, or, with respect to the final Collection Period, the
Collection Date, and (b) an Index Replacement, a period the Administrative Agent determines is consistent with market practice for secured transactions
involving middle market commercial loans. 
 “Collections”
means (a) all cash collections and other cash proceeds of any Loan, including, without limitation or duplication, any Interest Collections, Principal Collections and other amounts received in respect thereof (but excluding any Excluded Amounts)
and (b) earnings on Permitted Investments or otherwise in any account. 
 “Commitment” means, with respect to each
Lender, (i) prior to the Revolving Period End Date, the dollar amount set forth opposite such Lender’s name on Annex B hereto (as such amount may be revised from time to time in accordance with this Agreement) or the amount set
forth as such Lender’s “Commitment” on the Assignment and Acceptance or Schedule I to the Joinder Supplement relating to such Lender, as applicable and (ii) on or after the Revolving Period End Date, such Lender’s Pro
Rata Share of the aggregate Advances Outstanding. 
 “Commitment Termination Date” means the earliest to occur of
(a) the Revolving Period End Date, (b) the date of written notice from the Administrative Agent terminating the Lender’s commitments hereunder following an Event of Default, (c) the effective date of a Prepayment Election and
(d) the effective date of written notice from the Borrower to the Administrative Agent electing voluntary termination of the Revolving Period. 

“Concentration Denominator” means, on any date of determination (a) during the Ramp-Up Period, the applicable Target
Portfolio Amount and (b) thereafter, the aggregate Outstanding Balance of all Eligible Loan Assets in the Collateral Portfolio on such date, plus amounts on deposit in the Principal Collection Account; provided that the
Concentration Denominator, with respect to (i) clause (h) set forth in the definition of “Concentration 

  
 -19- 

 “Controlled Accounts” means the Collection Account, each Eligible Currency
Account and the Unfunded Exposure Account. 

“Corresponding
Tenor” with respect to any Available Tenor, as applicable, means either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available
Tenor. 
 “Cov-Lite Loan” means a Loan that is not subject
to any Maintenance Covenants; provided that a Loan shall not constitute a Cov-Lite Loan if the Underlying Instruments contain a cross-default provision to, or such Loan is senior to or pari passu with another loan of the Obligor
forming part of the same loan facility that requires the Obligor to comply with one or more Maintenance Covenants. 
 “Credit
Party” means the Borrower, the Servicer, the Equityholder and the Transferor. 
 “CRR” has the meaning assigned to
that term in the definition of “Basel III.” 
 “Currency Disruption Event” means the occurrence of any of the
following with respect to any Eligible Currency: (a) any Lender shall have notified the Administrative Agent, the Collateral Agent, the Servicer and the Borrower of a determination by such Lender that it would be contrary to law or to the
directive of any central bank or other Governmental Authority (whether or not having the force of law) to obtain such Eligible Currency in the applicable market to fund any Advance, (b) any Lender shall have notified the Administrative Agent,
the Collateral Agent, the Servicer and the Borrower of a determination by such Lender that the rate at which such Eligible Currency is being offered to such Lender in the applicable market does not accurately reflect the cost to such Lender of
making, funding or maintaining any Advance or (c) any Lender shall have notified the Administrative Agent, the Collateral Agent, the Servicer and the Borrower of the inability of such Lender, as applicable, to obtain such Eligible Currency or
such other rate in the applicable market to make, fund or maintain any Advance. 

“Daily Simple
SOFR” means, for any day, SOFR, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant
Governmental Body for determining “Daily Simple SOFR” for business loans at such times; provided that, if the Administrative Agent decides that any such convention is not administratively feasible, then the Administrative Agent may
establish another convention in its reasonable discretion which shall be consistent with the then-prevailing market conventions and shall not be adverse to the interests of the Borrower.

 “Daily
Simple SONIA” means, for any day (a “SONIA Rate Day”), a rate per annum equal to, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, GBP, the sum of (i) SONIA for the
day (such day, a “SONIA Determination Day”) that is five (5) Business Days prior to (x) if such SONIA Rate Day is a Business Day, such SONIA Rate Day or (y) if such SONIA Rate Day is not a Business Day, the Business Day
immediately preceding such SONIA Rate Day, in 

  
 -22- 

 
each case, as such SONIA is published by the SONIA Administrator on the SONIA
Administrator’s Website by 12:00 p.m. (London, United Kingdom time) and (ii) 0.0326%. If by 5:00 p.m. (London, United Kingdom time) on the second (2nd) Business Day immediately following the SONIA Determination Day, SONIA in respect
of such SONIA Determination Day has not been published on the SONIA Administrator’s Website and a SONIA Replacement Date has not occurred, then the SONIA for such SONIA Determination Day will be the SONIA as published in respect of the first
preceding Business Day for which such SONIA was published on the SONIA Administrator’s Website; provided that any SONIA determined pursuant to this sentence shall be utilized for purposes of calculating Daily Simple SONIA for no more than three
(3) consecutive SONIA Rate Days; provided, further, that any calculation of Daily Simple SONIA shall be rounded to four decimal places and if that rate is less than the Floor, the Daily Simple SONIA shall be deemed to be the Floor. Any change
in Daily Simple SONIA due to a change in the SONIA shall be effective from and including the effective date of such change in the SONIA without notice to the Borrower. 

“Defaulted Loan” means any Loan as to which any one of the following events has occurred: 

(a) an Obligor payment default occurs under such Loan that continues and has not been cured after giving effect to any grace
period applicable thereto or a default has occurred under the Underlying Instruments and any applicable grace period has expired and the holders of such Loan have accelerated the repayment of the Loan (but only until such acceleration has been
rescinded) in the manner provided in the Underlying Instruments, but in no event more than five (5) Business Days, after the applicable due date under the related Underlying Instruments; 

(b) a Bankruptcy Event with respect to the related Obligor; 

(c) any payment default occurs under any other senior or pari passu obligation for borrowed money of the related Obligor that
continues and has not been cured after giving effect to any grace period applicable thereto, but in no event more than five (5) Business Days, after the applicable due date under the related agreement (including in respect of the acceleration
of the debt under the applicable agreement); 
 (d) such Loan has (x) a public rating by S&P of “CC” or
below or “SD” or (y) a Moody’s probability of default rating (as published by Moody’s) of “D” or “LD” or, in each case, had such ratings before they were withdrawn by S&P or Moody’s, as
applicable; 
 (e) a Responsible Officer of the Servicer or the Borrower has actual knowledge that such Loan is pari passu or
junior in right of payment as to the payment of principal and/or interest to another debt obligation of the same Obligor which has (i) a public rating by S&P of “CC” or below or “SD” or (ii) a Moody’s
probability of default rating (as published by Moody’s) of “D” or “LD,” and in each case such other debt obligation remains outstanding (provided that both the Loan and such other debt obligation are full recourse
obligations of the applicable Obligor); 

  
 -23- 

 (f) a Responsible Officer of the Servicer or the Borrower has received
written notice or has actual knowledge that an Acceleration Default has occurred under the Underlying Instruments and any applicable grace period has expired (but only until such Acceleration Default is cured or waived) in the manner provided in the
Underlying Instruments; 
 (g) the Servicer determines that all or a material portion of such Loan is uncollectible or
otherwise places it on non-accrual status in accordance with the policies and procedures of the Servicer and the Servicer Standard; or 

(h) a Value Adjustment Event of the type described in clause (vi) (solely with respect to a Material Modification
described in clause (i), clause (iii), clause (iv) or clause (v) of the definition thereof). 
 “Defaulting
Lender” means any Lender that: (i) has failed to fund any of its obligations to made Advances within two (2) Business Days following the applicable Advance Date, (ii) has notified the Administrative Agent or the Borrower that
it does not intend to comply with such funding obligations or has made a public statement to that effect with respect to such funding obligations hereunder or under other agreements in which it commits to extend credit, (iii) has, for two
(2) or more Business Days, failed, in good faith, to confirm in writing to the Administrative Agent, in response to a written request of the Administrative Agent, that it will comply with its funding obligations hereunder, (iv) has, or has
a direct or indirect parent company that has, become subject to a Bankruptcy Event or (v) has become the subject of a Bail-In Action. Any determination that a Lender is a Defaulting Lender under clauses (i) through
(iv) above will be made by the Administrative Agent in its reasonable discretion. 
 “Delayed Draw Loan Asset”
means a Loan that (a) is fully committed on the initial funding date of such Loan, (b) is required to be fully funded in one or more installments or advances on draw dates (whether or not scheduled), (c) does not permit (as of the
date of determination) the re-borrowing of any amounts previously repaid by the Obligor and (d) has not been (or is no longer required to be) fully funded. A Loan that is a funded portion of an obligation for which a future advance or funding
obligation is retained by the assignor will not be a Delayed Draw Loan Asset if the Borrower as the owner of such Loan is not obligated to make any such future advances or fundings. 

“Determination Date” means, with respect to
aeach Payment Date during which the Applicable Index is (a) as set forth in clause (i) of the definition thereof, in connection with a Quarterly Payment Date, the last Business Day of each
calendar quarter (i.e. December, March, June and September) and (b) an Index Replacement, a date the Administrative Agent determines, on or prior to the
applicable Index Transition Date, is consistent with market practice for secured transactions involving middle market commercial loans. 

“DIP Loan” means any Loan (a) with respect to which the related Obligor is a debtor-in-possession as defined under the
Bankruptcy Code, (b) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (c) the terms of which have been approved by a court of competent jurisdiction. 

  
 -24- 

 “Disbursement Request” means a disbursement request from the Borrower to
the Administrative Agent and the Collateral Agent in the form of Exhibit C in connection with a disbursement request from the Unfunded Exposure Account in accordance with Section 2.04(g) or a disbursement request from the
Principal Collection Account in accordance with Section 2.19. 
 “Discretionary Sale” has the meaning set forth
in Section 2.07(b). 
 “Disqualified Institution” means (a) any Person set forth on Schedule VI
hereto, as such schedule may be amended from time to time with the consent of the Administrative Agent in its sole discretion, and (b) any Affiliates of such Persons that are identified in writing by the Borrower from time to time. 

“Diversity Score” means, as of any day, a single number that indicates collateral concentration in terms of both issuer and
industry concentration, calculated as set forth in Schedule I hereto, as such Schedule I may be updated to reflect any revisions to criteria published by Moody’s. 

“Dollar Advance” means an Advance denominated in Dollars. 

“Dollar Equivalent” means, (a) for any amount denominated in Dollars, such amount and (b) for any amount
denominated in any other currency, (i) with respect to any amount relating to an Advance, the equivalent amount thereof in Dollars as determined by the Administrative Agent at such time on the basis of the current spot rate determined by the
Administrative Agent in a commercially reasonable manner using the current spot rate and (ii) with respect to any amount relating to any Loan, the equivalent amount thereof in Dollars determined by the Servicer using the Spot Rate. 

“Dollars” means, and the conventional “$” signifies, the lawful currency of the United States of America.

 “Early Opt-in
Election”means the occurrence of: 
 (a) (i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that
the Required Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 12.01(c), are being executed or
amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace LIBOR (Dollar); and 

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

  
 -25- 

 “EBITDA” means, with respect to any period and any Loan, the meaning of
“EBITDA”, “Adjusted EBITDA” or any comparable definition in the Underlying Instrument for each such Loan (together with all add-backs and exclusions as designated in such Underlying Instrument), and in any case that
“EBITDA”, “Adjusted EBITDA” or such comparable definition is not defined in such Underlying Instrument, an amount, for the principal Obligor on such Loan and any of its parents or Subsidiaries that are obligated pursuant to the
Underlying Instrument for such Loan (determined on a consolidated basis without duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus interest expense, income taxes and depreciation and
amortization for such period (to the extent deducted in determining earnings from continuing operations for such period), in each case as determined by the Servicer consistent with its standard practices for adjusting EBITDA as reported by borrowers
(in consultation with the Administrative Agent). 
 “EEA Financial Institution” means (a) any credit institution or
investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of
this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its
parent. 
 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 “EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Spread” means, with respect to any floating rate Eligible Loan Asset as of any date of determination, the
current per annum rate at which it pays interest minus the Applicable LIBOR Rate or Applicable Prime RateBenchmark applicable during the Collection Period in which such date of determination occurs and (ii) fixed rate Eligible Loan Asset,
the interest rate for such Eligible Loan Asset minus the Benchmark applicable during the Collection Period in which such date of determination occurs; provided, that (a) with respect to any unfunded commitment of any Delayed Draw Loan Asset or Revolving Loan, as
applicable, the Effective Spread means the commitment fee payable with respect to such unfunded commitment and (b) with respect to the funded portion of any commitment under any Delayed Draw Loan Asset or Revolving Loan, as applicable, the
Effective Spread means the current per annum rate at which it pays interest minus the Applicable LIBOR Rate or Applicable Prime
RateBenchmark applicable during the Collection Period in
which such date of determination occurs. 
 “Eligibility Criteria” has the meaning assigned to such term in
Schedule III. 
 “Eligible Currency” means GBPs, CADs, AUDs, Euros and Dollars. 

  
 -26- 

 “Eligible Currency Accounts” means the segregated trust accounts designated
for each Eligible Currency as “[CURRENCY] Eligible Currency Account” in the name of the Borrower subject to the Lien of the Collateral Agent for the benefit of the Secured Parties, including any sub-account thereof; provided that
the funds deposited therein (including any interest and earnings thereon) from time to time shall constitute the property and assets of the Borrower, and the Borrower shall be solely liable for any Taxes payable with respect to each Eligible
Currency Account. For the avoidance of doubt, there shall be one Eligible Currency Account for each Eligible Currency other than Dollars. 

“Eligible Loan Asset” means each Loan (A) with respect to which an Approval Notice has been executed by the
Administrative Agent and (B) that satisfies each of the Eligibility Criteria set forth in Schedule III (unless the Administrative Agent in its sole discretion agrees to waive any such Eligibility Criteria with respect to such Loan). 

“Eligible Obligor” means, on any date of determination, any Obligor that: 

(a) is a business organization (and not a natural person) duly organized and validly existing under the laws of its
jurisdiction of organization; 
 (b) is a legal operating entity or holding company; 

(c) is not a Governmental Authority; 

(d) is not an Investment Affiliate of the Borrower or the Servicer (excluding any Person that constitutes an investment held by
the Servicer in the ordinary course of business and that is not, under GAAP, consolidated on the financial statements of the Servicer); and 

(e) is organized and incorporated in, or has its principal place of business in, the United States or any State thereof or an
Approved Foreign Jurisdiction. 
 “Environmental Laws” means any and all laws, rules, orders, regulations, statutes,
ordinances, guidelines, codes, decrees, or other legally binding requirements (including, without limitation, principles of common law) of any Governmental Authority, regulating, relating to or imposing liability or standards of conduct concerning
pollution, the preservation or protection of the environment, natural resources or human health (including employee health and safety), or the generation, manufacture, use, labeling, treatment, storage, handling, transportation or release of, or
exposure to, Materials of Environmental Concern, as has been, is now, or may at any time hereafter be, in effect. 
 “Equity Cure
Notice” has the meaning assigned to such term in Section 2.06(c). 
 “Equityholder” means FS KKR II, as the owner of 100% of the membership interests in the Borrower (or, following a Permitted Equityholder
Transaction, the surviving entity of such Permitted Equityholder Transaction). 
 “Equity Interest” means, with
respect to any Person, all of the shares of capital stock of (or share or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock
of (or share or other ownership or profit interests in) such Person, all of the securities convertible 

  
 -27- 

 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule
published by the Loan Market Association (or any successor person), as in effect from time to time. 
 “EURIBOR” means, for
any date of determination, with respect to any Euro Advance (or portion thereof), the rate per annum (carried out to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate that appears on the
page of the Reuters Screen that displays an average European Money Markets Institute Settlement Rate (such page currently being EURIBOR01) (or any applicable successor or substitute page providing rate quotations comparable to those currently
provided on such page of such service) at approximately 11:00 a.m. (London time) two (2) Business Days prior to the beginning of such Collection Period for deposits in Euros with a term equivalent to three month; provided that if such
rate is not available at any such time for any reason, then “EURIBOR” with respect to any Advance shall be the rate at which Euro deposits of €5,000,000 and for a three-month maturity are offered by the principal London office of any
bank (which may be the Administrative Agent) reasonably selected by the Administrative Agent in immediately available funds in the Euro-zone interbank market at approximately 11:00 a.m. (London time) on the applicable day (or, if such day is not a
Business Day, on the immediately preceding Business Day); provided, further that, in the event that the rate as so determined above shall be less than
zerothe
 Floor, such rate shall be deemed to be
zerothe
Floor for purposes of this Agreement. EURIBOR shall always be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

“Euro” means the lawful currency of the Member States of the European Union that have adopted and retain the single currency
in accordance with the treaty establishing the European Community, as amended from time to time; provided that if any member state or states ceases to have such single currency as its lawful currency (such member state(s) being the
“Exiting State(s)”), such term shall mean the single currency adopted and retained as the lawful currency of the remaining member states and shall not include any successor currency introduced by the Exiting State(s). 

“Euro Advance” means an Advance denominated in Euro. 

“Event of Default” has the meaning assigned to that term in Section 7.01. 

“Excepted Persons” has the meaning assigned to that term in Section 12.12(a). 

“Excess Concentration Amount” means, as of any date of determination, with respect to all Loans included in the Collateral
Portfolio, the amount by which the sum of the Outstanding Balance of such Loans exceeds any applicable Concentration Limitations, to be calculated without duplication, after giving effect to any sales, purchases or substitutions of Loans as of such
date; provided that with respect to any Eligible Loan Asset or portion thereof, if more than one Concentration Limitation would be exceeded, the Concentration Limitation that would result in the highest Excess Concentration Amount shall be
used to determine the Excess Concentration Amount. 

  
 -29- 

 “Exiting States” has the meaning assigned to that term in the definition of
“Euro.” 
 “Facility Amount” means the aggregate Commitments as then in effect, which on the Closing Date shall
be $300,000,000, after giving effect to any decrease pursuant to Section 2.17 or any increase pursuant to Section 2.21; provided that at all times (a) when an Event of Default exists and is continuing and
(b) during the Amortization Period, the Facility Amount shall mean the aggregate Advances Outstanding at such time. 

“Facility Maturity Date” means the earliest to occur of (i) the Stated Maturity Date, (ii) the date of the
declaration or automatic occurrence of the Facility Maturity Date pursuant to Section 7.01, (iii) the date of a voluntary termination of the facility (in whole) by the Borrower pursuant to Section 2.17 and (iv) the
Collection Date. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended
or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code
or any U.S. or non-U.S. fiscal or regulatory law, regulation, rule, promulgation, guidance notes, practices or official agreement implementing an intergovernmental agreement entered into in connection with the implementation of such sections of the
Code or analogous provisions of non-U.S. law. 

“Federal Reserve
Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source. 

“Fees” means (a) the Unused Fee, (b) the Administrative Agent Fee and (c) the fees payable to each Lender
pursuant to the terms of any Lender Fee Letter. 
 “Financial Asset” has the meaning specified in Section 8-102(a)(9)
of the UCC. 
 “Financial Covenant Test” means a test that will be satisfied on any date of determination if the
Equityholder maintains a Net Asset Value of at least $1,000,000,000. 
 “First Lien Loan” means any Loan (a) that is
secured by a valid and perfected first priority Lien on substantially all of the Obligor’s assets constituting Underlying Collateral, subject to any Permitted Working Capital Liens and any expressly permitted Liens under the Underlying
Instrument for such Loan or such comparable definition if “permitted liens” is not defined therein and carveouts for traditional bank revolving asset based loan facilities, in each case that are customary for similar loans, (b) that
provides that the payment obligation of the Obligor on such Loan is either senior to, or pari passu with, and is not (and cannot by its terms become) subordinate in right of payment to any other Indebtedness of such Obligor (excluding
Permitted Working Capital Liens), (c) for which Liens on the Underlying Collateral securing any other outstanding Indebtedness of the Obligor (excluding Permitted Working Capital Liens and expressly permitted Liens described in clause
(a) above but including Liens securing Second Lien Loans) are expressly subject to and contractually or structurally subordinate to the priority Liens securing such First Lien Loan, (d) that the Servicer determines in accordance with
the 

  
 -31- 

 
Servicer Standard that the value of the Underlying Collateral (or the enterprise value and ability to generate cash flow) securing the Loan on or about the time of origination equals or exceeds
the Outstanding Balance of the Loan plus the aggregate outstanding balances of all other Indebtedness of equal seniority secured by the same Underlying Collateral, (e) for which the Senior Net Leverage Ratio as of the Addition Date is less than
4.50:1.00, and (f) that is not a Second Lien Loan, Unitranche Loan, Qualified Loan or FLLO Loan; provided that any Loan that would otherwise be a FLLO Loan, but for which the ratio of (x) Indebtedness of the Obligor to
(y) EBITDA of the Obligor is less than 1.25:1.00 as of the Addition Date, shall be deemed to be a First Lien Loan for all purposes hereunder. 

“Fitch” means Fitch Ratings, Inc. or any successor thereto. 

“Fixed Rate Loan” means a Loan other than a Floating Rate Loan. 

“FLLO Loan” means any Loan that satisfies all of the requirements set forth in the definition of “First Lien Loan”
(without regard to clause (e) of the definition thereof) except that, at any time prior to and/or after an event of default under the Underlying Instrument, such Loan will be paid after one or more tranches of First Lien Loans issued by
the Obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the Underlying Instrument, an agreement among lenders or other applicable agreement; provided that the ratio of the
outstanding principal balance of the “first out” position to the EBITDA of the Obligor is less than or equal to 2:00:1.00 as of the Addition Date; provided, further, that any Loan that otherwise satisfies the requirements of
this definition other than the immediately preceding proviso shall constitute a Second Lien Loan for purposes of the Advance Rate but not for purposes of the Concentration Limitations. 

“Floating Rate Loan” means a Loan under which the interest rate payable by the Obligor thereof is based on the Applicable
Prime Rate or Applicable LIBOR Rate, plus some specified interest percentage in addition thereto, and which provides that such interest rate will reset immediately upon any change in the related Applicable Prime Rate or Applicable LIBOR Rate.

 “Floor”
means a rate of interest equal to 0.0%. 
 “Foreign Plan”
means each defined benefit plan (within the meaning of Section 3(35) of ERISA, whether or not subject to ERISA) that is not subject to U.S. law and is maintained or sponsored by the Borrower, but excluding any Governmental Plan. 

“FS KKR II” means FS KKR Capital Corp. II, a Maryland corporation.

 “GAAP” means generally accepted accounting principles as in effect from time to time in the United States. 

“GBP” means the lawful currency for the time being of the United Kingdom. 

“GBP Advance” means an Advance denominated in GBP. 

“Indemnifying Party” has the meaning assigned to that term in Section 8.03. 

  
 -32- 

 “Independent Director” means a natural person who, (A) has not been,
and during the continuation of his or her service as Independent Director is not: (i) an employee, director, stockholder, member, manager, partner or officer of the Borrower or any of their respective Investment Affiliates (other than his or
her service as an Independent Director of the Borrower or other Investment Affiliates that are structured to be “bankruptcy remote” and does not hold, either directly or indirectly, any Equity Interest in the Borrower or in any direct or
indirect parent or Subsidiary thereof); (ii) a customer, creditor, service provider (including a provider of professional services) or supplier of the Borrower or any of its Investment Affiliates (other than his or her service as an Independent
Director of the Borrower); (iii) any member of the family of a person described in (i) or (ii), or (iv) a Person that controls (whether directly, indirectly or otherwise) any of (i), (ii) or (iii) and (B) has
(i) prior experience as an Independent Director for a corporation or limited liability company whose charter documents required the unanimous consent of all Independent Directors thereof before such corporation or limited liability company
could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (ii) at least five (5) years of employment
experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of secured or securitized structured finance instruments, agreements or securities. 

“Index Replacement” means
the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the
mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to LIBOR (Dollar) for U.S. dollar-denominated syndicated
credit facilities and (b) the Index Replacement Adjustment; provided that, if the Index Replacement as so determined would be less than zero, the Index Replacement will be deemed to be zero for the purposes of this
Agreement. 
 “Index Replacement Adjustment” means, with respect to any replacement of LIBOR (Dollar) with an Unadjusted Index Replacement for each
applicable Yield Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due
consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR (Dollar) with the applicable Unadjusted Index Replacement by the Relevant
Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of LIBOR (Dollar) with the applicable
Unadjusted Index Replacement for U.S. dollar-denominated syndicated credit facilities at such time. 

  
 -35- 

“Index Replacement
Date”means the earlier to occur of the following events with respect to LIBOR (Dollar): 

(a) in the case of clause (a) or
(b) of the definition of “Index Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of LIBOR (Dollar) permanently or indefinitely ceases to provide LIBOR (Dollar); or 

(b) in the case of clause (c) of
the definition of “Index Transition Event,” the date of the public statement or publication of information referenced therein. 

“Index Transition Date”
means (a) in the case of an Index Transition Event, the earlier of (i) the applicable Index Replacement Date and (ii) if such Index Transition Event is a public statement or publication of information of a prospective event, the 90th
day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or
publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required
Lenders) and the Lenders. 
 “Index Transition Event” means the occurrence of one or more of the following events with respect to LIBOR (Dollar): 

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

(b) a public statement or publication of
information by the regulatory supervisor for the administrator of LIBOR (Dollar), a Relevant Governmental Body, an insolvency official with jurisdiction over the administrator for LIBOR (Dollar), a resolution authority with jurisdiction over the
administrator for LIBOR (Dollar) or a court or an entity with similar insolvency or resolution authority over the administrator for LIBOR (Dollar), which states that the administrator of LIBOR (Dollar) has ceased or will cease to provide LIBOR
(Dollar) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide LIBOR (Dollar); or 

(c) a public statement or publication of
information by the regulatory supervisor for the administrator of LIBOR (Dollar) announcing that LIBOR (Dollar) is no longer representative. 

“Index Unavailability
Period” means, if an Index Transition Event and its related Index Replacement Date have occurred with respect to LIBOR (Dollar) and solely to the extent that LIBOR (Dollar) has not been replaced with an Index Replacement, the
period (x) beginning at the time that such Index Replacement Date has occurred if, at such time, no Index Replacement has replaced LIBOR (Dollar) for all purposes hereunder in accordance with Section 12.01(c) and
(y) ending at the time that an Index Replacement has replaced LIBOR (Dollar) for all purposes hereunder pursuant to Section 12.01(c). 

  
 -36- 

 means, when used with respect to any specified Person, the power to vote more than 20% of the voting
securities of such Person or to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. 
 “IRS” means the United States Internal Revenue Service. 

“Joinder Supplement” means an agreement among the Borrower, a Lender and the Administrative Agent in the form of Exhibit
L to this Agreement (appropriately completed) delivered in connection with a Person becoming a Lender hereunder after the Closing Date. 

“Lender” has the meaning specified in the preamble, including Morgan Stanley Bank, N.A., each other financial institution
identified on Annex B hereto, each financial institution which may from time to time become a Lender hereunder by executing and delivering a Joinder Supplement to the Administrative Agent and the Borrower and any Lender, and/or any other Person to
whom a Lender assigns any part of its rights and obligations under this Agreement and the other Transaction Documents in accordance with the terms of Section 12.04. 

“Lender Fee Letter” means each fee letter agreement that shall be entered into by and among the Borrower, the Servicer and
the applicable Lender in connection with the transactions contemplated by this Agreement, as amended, modified, waived, supplemented, restated or replaced from time to time. 

“LIBOR (Dollar)” means,
for any date of determination, with respect to any Dollar Advance (or portion thereof), the rate per annum (carried out to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate that appears
on the Reuters Screen LIBOR01 Page (or, in each case, on any applicable successor or substitute page of such service, providing rate quotations comparable to those currently provided on such page of such service (including by any successor to the
British Bankers Association in providing or calculating LIBOR)) at approximately 11:00 a.m. (London time) two (2) Business Days prior to the beginning of such Collection Period for deposits in Dollars, with a term equivalent to one month;
provided that if such rate is not available at any such time for any reason, then “LIBOR” with respect to any Advance shall be the rate at which Dollar deposits of $5,000,000, and for a one-month maturity are
offered by the principal London office of any bank (which may be the Administrative Agent) reasonably selected by the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m. (London time) on the
applicable day (or, if such day is not a Business Day, on the immediately preceding Business Day); provided, further that, in the event that the rate as so determined above shall be less than zero,
such rate shall be deemed to be zero for purposes of this Agreement. LIBOR (Dollar) shall always be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

“LIBOR (Dollar) Successor Rate Conforming
Changes” means, with respect to any Index Replacement, any technical, administrative or operational changes that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Index
Replacement and to permit the administration thereof by the Administrative Agent in 

  
 -38- 

 
a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of
any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Index Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this
Agreement). 
 “LIBOR (GBP)” means, for any date of determination, with respect to any GBP Advance (or portion thereof), the rate per annum
(carried out to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate that appears on the Reuters Screen LIBOR01 Page (or, in each case, on any applicable successor or substitute page of such
service, providing rate quotations comparable to those currently provided on such page of such service (including by any successor to the British Bankers Association in providing or calculating LIBOR)) at approximately 11:00 a.m. (London time) two
(2) Business Days prior to the beginning of such Collection Period for deposits in GBPs, with a term equivalent to one month; provided that if such rate is not available at any such time for any reason, then
“LIBOR” with respect to any Advance shall be the rate at which GBP deposits of £2,500,000, and for a one-month maturity are offered by the principal London office of any bank (which may be the Administrative Agent) reasonably
selected by the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m. (London time) on the applicable day (or, if such day is not a Business Day, on the immediately preceding Business Day);
provided, further that, in the event that the rate as so determined above shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. LIBOR (GBP) shall always be
determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

“Lien” means any mortgage or deed of trust, pledge, hypothecation, collateral assignment, encumbrance, lien (statutory or
other), charge or other security interest or arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale, lease or other title retention agreement, sale subject to a repurchase obligation and any
financing lease having substantially the same economic effect as any of the foregoing); provided that in the case of investments that are loans or other debt obligations, restrictions on assignments or transfers thereof on customary and
market based terms pursuant to the underlying documentation relating to such investment shall not be deemed to be a “Lien”. 

“Lien Release Dividend” has the meaning assigned to that term in Section 2.07(g). 

“Lien Release Dividend Date” means the date specified by the Borrower, which date may be any Business Day; provided
that written notice is given in accordance with Section 2.07(g). 
 “Liquidation Expenses” means, with respect
to any Loan, the aggregate amount of all out-of-pocket expenses reasonably incurred by the Servicer (including amounts paid to any subservicer) in accordance with the Servicer’s customary procedures in connection with the work-out or
restructuring of or amendments, waivers or consents to any Loan for the purpose of preserving the value of such Loan and with the repossession, refurbishing and disposition of any related assets securing such Loan upon or after the expiration or
earlier termination of such 

  
 -39- 

 “Payment Date” means the 15th day of each of January, April, July and
October or, if such day is not a Business Day, the next succeeding Business Day, commencing in January 2020; provided that the final Payment Date shall occur on the Collection Date. 

“PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any
successor). 
 “Pension Plan” means an “employee pension benefit plan” as such term is defined in
Section 3(2) of ERISA, other than a Multiemployer Plan, that is subject to Title IV of ERISA or Section 412 of the Code and is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate
contributes or has an obligation to contribute, or has any liability (whether actual or contingent). 
 “Permitted Equityholder
Transaction” means any merger, consolidation or other combination or fundamental change transaction, the result of which effectively combines the ownership and/or assets of FS KKR II with one or more other business development companies, and/or and any publicly announced other transaction or
series of transactions, the result of which is that the Borrower is a direct or indirect wholly-owned subsidiary of a business development company advised by a joint venture entity between (i) KKR Credit Advisors (US) LLC (and any successor
entity thereto) or its Affiliate and (ii) Franklin Square Holdings, L.P. (and any successor entity thereto) or its Affiliate; provided that such merger, consolidation or other combination or fundamental change transaction
(x) results in FS KKR II being the surviving entity or substantially all of the assets of FS
KKR II being assumed or acquired by the surviving entity after giving effect to such transaction (the
“Surviving Obligor”), and (y) as a matter of law or pursuant to the express terms of the agreement or certificate effectuating such merger, consolidation or other combination or transaction, to the extent applicable, the
obligations of FS KKR II under this Agreement and each of the other Facility Documents to which FS
KKR II is a party are assumed by the Surviving Obligor (it being the understanding that, as applicable
in connection with any merger, consolidation, combination or other transaction effectuated in reliance on Section 5.04(a), the obligations of such Surviving Obligor under this Agreement and each of the other Facility Documents to which
such Surviving Obligor is a party shall be deemed automatically assumed hereunder by such Surviving Obligor pursuant to Section 12.04(g)), and the parties hereto agree for the benefit of the Servicer that such merger or fundamental
change transaction shall be permitted under the Sale and Contribution Agreement and the Servicing Agreement, and shall not constitute a “change in control or management of the Servicer” for purposes of Section 13 of the Servicing
Agreement. 
 “Permitted Investments” means negotiable instruments or securities or other investments, which may
include obligations or securities of issuers for which the Collateral Agent or an Affiliate of the Collateral Agent provides services or receives compensation, that (i) except in the case of demand or time deposits and investments in money
market funds, are represented by instruments in bearer or registered form or ownership of which is represented by book entries by a Clearing Agency or by a Federal Reserve Bank in favor of depository institutions eligible to have an account with
such Federal Reserve Bank who hold such investments on behalf of their customers, (ii) as of any date of determination, mature by their 

  
 -50- 

 “Quarterly Reporting Date” has the meaning set forth in the definition of
“Reporting Date.” 
 “Ramp-Up Period” means the period from the Closing Date to March 22, 2020. 

“Rating Agency” means each of Moody’s and S&P. 

“Reapproved Loan Asset” has the meaning assigned to that term in the definition of “Assigned Value.” 

“Recipient” means the Administrative Agent or any Lender, as applicable. 

“Records” means all material books and records that the Borrower or the Servicer have generated and maintained with respect
to the Collateral Portfolio and the related Obligors. 
 “Recourse Assets” has the meaning assigned to that term in
Section 12.09(c). 
 “Recoveries” means, as of the time any Underlying Collateral with respect to any Loan is sold,
discarded or abandoned (after a determination by the Servicer that such Underlying Collateral has little or no remaining value) or otherwise determined to be fully liquidated by the Servicer in accordance with the Servicer Standard, the proceeds
from the sale of the Underlying Collateral, the proceeds of any related Insurance Policy, any other recoveries with respect to such Loan, as applicable, the Underlying Collateral, and amounts representing late fees and penalties, net of any
Liquidation Expenses and any other amounts received that are required under such Loan, as applicable, to be refunded to the related Obligor. 

“Reference
Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is Term SOFR, the time set forth in the definition of Term SOFR and (2) if such Benchmark is not Term SOFR, the time determined by the
Administrative Agent in accordance with the Benchmark Replacement Conforming Changes. 

“Register” has the meaning assigned to that term in Section 2.13. 

“Registered” means a debt obligation that is in registered form for U.S. federal income tax purposes within the meaning of
Section 881(c)(2)(B)(i) of the Code and the Treasury regulations promulgated thereunder (including Treasury Regulations Section 5f.103-1(c)). 

“Release Date” has the meaning assigned to that term in Section 2.07(d). 

“Relevant Governmental Body” means
(a)the Board of Governors
of the Federal Reserve Board and/System or the Federal Reserve Bank of New York, or (b) a committee officially endorsed or convened by the Board of Governors of the Federal Reserve Board and/System or the Federal Reserve Bank of New York, or any successor thereto. 
 “Relevant Test
Period” means, with respect to any Loan, the relevant test period for the reporting and calculation of the applicable financial covenants included in the Underlying 

  
 -55- 

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

(k) the Equityholder ceases to be a “business development company” within the meaning of the 1940 Act; 

(l) a “cause” event (as defined in Section 11(a) of the Servicing Agreement) occurs; 

(m) the failure of the Servicer to satisfy the Financial Covenant Test; or 

(n) either FS KKR II is terminated as, removed from being, or otherwise ceases to be the Servicer (including by reason of any failure to renew the term of the Servicing Agreement), or FS/KKR Advisor, LLC or any Affiliate thereof
ceases to be the investment advisor to the Servicer in each case, for a period of 30 consecutive days; provided, however, that a Permitted Equityholder Transaction that results in an entity other than FS KKR II acting as Servicer hereunder shall not constitute a Servicer Default. 

“Servicer Fees” means the fee payable to the Servicer on each Payment Date in arrears in respect of each Collection Period,
which fee shall be equal to the product of (i) 0.25%, (ii) the aggregate outstanding principal balance of the Loans included in the Collateral Portfolio and (iii) the actual number of days in such Collection Period divided by
360; provided that the Servicer may waive the payment of the Servicer Fee in its sole discretion. 
 “Servicer Monthly
Report” has the meaning assigned to that term in Section 6.08(d). 
 “Servicer Quarterly Report” has the
meaning assigned to that term in Section 6.08(c). 
 “Servicer Standard” means, with respect to any Loans included
in the Collateral Portfolio, to service and administer such Loans on behalf of the Secured Parties in accordance in all material respects with Applicable Law, and in all respects with the terms of this Agreement, the Underlying Instruments, all
customary and usual servicing practices for loans like the Loans and, to the extent consistent with the foregoing, (a) with reasonable care, using a degree of skill and diligence not less than that with which the Servicer services and
administers loans for its 

  
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own account or for the account of its Investment Affiliates having similar lending objectives and restrictions, and (b) to the extent not inconsistent with clause (a), in a manner consistent
with the customary and usual servicing practices, standards, policies and procedures followed by institutional managers of national standing relating to assets of the nature and character of such assets in the Collateral Portfolio; in each case
where the foregoing requirements shall not be affected by (i) any relationship that the Servicer or any Investment Affiliate of the Servicer may have with any Obligor or any Investment Affiliate of any Obligor, (ii) the Servicer’s
obligations to incur servicing and administrative expenses with respect to a Loan, (iii) the Servicer’s right to receive compensation for its services hereunder or with respect to any particular transaction, (iv) the ownership by the
Servicer or any Investment Affiliate thereof of any Loans, (v) the ownership, servicing or management for others by the Servicer of any other loans or property by the Servicer, or (vi) any relationship that the Servicer or any Investment
Affiliate of the Servicer may have with any holder of other loans of the Obligor with respect to such Loans. 
 “Servicing
Agreement” means the Servicing Agreement, dated as of the date hereof, by and between the Servicer and the Borrower. 

“Similar Law” has the meaning assigned to that term in Section 4.01(x). 

“SOFR”
with respect to any day means the secured overnight financing rate published
for such day by the Relevant Governmental BodyFederal
Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website. 

“Solvent” means, as to any Person at any time, having a state of affairs such that all of the following conditions are met:
(a) the fair value of the property of such Person is greater than the amount of such Person’s liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated for purposes of
Section 101(32) of the Bankruptcy Code; (b) the present fair saleable value of the property of such Person in an orderly liquidation of such Person is not less than the amount that will be required to pay the probable liability of such
Person on its debts and other liabilities as they become absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they
mature or fall due in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature or fall due;
and (e) such Person is not engaged in a business or a transaction, and does not propose to engage in a business or a transaction, for which such Person’s property assets would constitute unreasonably small capital. 

“SONIA” means,
with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the SONIA Administrator’s Website. 

“SONIA
Administrator” means the Bank of England (or any successor administrator of the Sterling Overnight Index Average). 

  
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“SONIA
Administrator’s Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to
time. 

“SONIA Determination
Day” has the meaning assigned to that term in the definition of “Daily Simple SONIA.” 

“SONIA Rate
Day” has the meaning assigned to that term in the definition of “Daily Simple SONIA.” 

“SONIA Replacement
Date” means the earliest to occur of the following events with respect to Daily Simple SONIA: 

(a)
 the later of (i) the date of the public statement or publication of information referenced therein and (ii) the
date on which the administrator of Daily Simple SONIA (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of Daily Simple SONIA (or such component thereof);
or 

(b)
 the first date on which Daily Simple SONIA (or the published component used in the calculation thereof) has been determined
and announced by the regulatory supervisor for the administrator of Daily Simple SONIA (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent
statement or publication and even if any Available Tenor of Daily Simple SONIA (or such component thereof) continues to be provided on such date. 

For the avoidance of doubt, (A) if
the event giving rise to the SONIA Replacement Date for Daily Simple SONIA occurs on the same day as, but earlier than, the SONIA Determination Day in respect of any determination, the SONIA Replacement Date will be deemed to have occurred prior to
the SONIA Determination Day for Daily Simple SONIA and for such determination and (B) the “SONIA Replacement Date” will be deemed to have occurred in the case of clauses (a) or (b) with respect to Daily Simple SONIA upon the
occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of Daily Simple SONIA (or the published component used in the calculation thereof). 
 “Specified Transaction” has the meaning assigned to that term in Section
6.1(b). 
 “Spot Rate” means, as of any date of determination, with respect to the conversion of any Eligible Currency
(other than Dollars), (x) for an actual currency exchange, the applicable currency Dollar spot rate obtained by the Servicer through customary banking channels or (y) for all other purposes, the applicable currency Dollar spot rate that
appeared on the Bloomberg screen for such currency at the end of the immediately preceding Business Day (or if such date is a Determination Date, at the end of such day). 

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

“Term
SOFR” means, with respect to any Advance for any day during a Collection Period, the Term SOFR Reference Rate for a tenor
of one month on such day, as such rate is published by the Term SOFR Administrator at 6:00 a.m. on the Term SOFR Determination Date for such Collection Period; provided, however, that if as of 5:00 p.m. on the Term SOFR Determination Date the Term
SOFR Reference Rate for the foregoing tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for
such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator; provided, further, that if
Term SOFR as so determined shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor for purposes of this Agreement. 

“Term SOFR
Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion). 

“Term SOFR
Determination Date” means, with respect to each Collection Period, the day that is two (2) U.S. Government Securities Business Days prior to the first day of such Collection Period.

 “Term
SOFR Reference Rate” means the forward-looking term rate based on SOFR that has been selected or
recommended by the Relevant Governmental Body. 
 “Total Leverage
Ratio” means, with respect to any Loan for any Relevant Test Period, the meaning of “Total Leverage Ratio” or any comparable definition in the Underlying Instrument for each such Loan, and in any case that “Total Leverage
Ratio” or such comparable definition is not defined in such Underlying Instrument, the ratio of (a) Indebtedness minus Unrestricted Cash to (b) EBITDA, in each case for the period of four (4) consecutive fiscal quarters
most recently ended on or prior to such date, or if the Obligor of such Loan was organized or formed within the previous year, another applicable test period as determined by the Administrative Agent in its sole discretion, as calculated by the
Servicer in good faith using information from and calculations consistent with relevant compliance statements and financial reporting packages provided by the relevant Obligor. 

“Transaction” has the meaning assigned to that term in Section 3.02. 

  
 -65- 

 “Transaction Documents” means this Agreement, any Assignment and
Acceptance, any Joinder Supplement, the Sale and Contribution Agreement, the Master Participation Agreement, the Servicing Agreement, the Securities Account Control Agreement, the Wells Fargo Fee Letter, each Lender Fee Letter, the Administrative
Agent Fee Letter and any additional document the execution of which is necessary or incidental to carrying out the terms of the foregoing documents. 

“Transferor” means FS KKR
II (or, following a Permitted Equityholder Transaction, the surviving entity of such Permitted Equityholder Transaction). 

“Transferor Participation Interest” means a participation interest in a loan that satisfies each of the following criteria:
(a) such participation would constitute a Loan were it acquired directly, (b) the seller of such participation is a lender on the underlying loan (except as set forth in the applicable Master Participation Agreement), (c) the
aggregate participation in the loan granted by such participation seller to all participants (including the Borrower) does not exceed the principal amount or commitment with respect to which such participation seller is a lender under such loan,
(d) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the selling participation seller holds in the loan or commitment that is the subject of the participation, (e) the
entire purchase price for such participation is paid in full (without the benefit of financing from the participation seller) at the time of the participant’s acquisition, (f) the participation provides the participant with all of the
economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation, (g) such participation is documented under a Loan Syndications and Trading Association or similar market agreement standard
for loan participation transactions among institutional market participants, (h) such participation is not a sub-participation interest in any loan, (i) the participation seller is the Transferor pursuant to the Sale and Contribution
Agreement or the Master Participation Agreement, as applicable, or an Affiliate pursuant to substantially similar provisions, and (j) such participation interest shall be elevated to a full assignment within sixty (60) calendar days;
provided that participation interests transferred on the Closing Date shall be elevated to a full assignment within ninety (90) calendar days. 

“UCC” means the Uniform Commercial Code or any successor provision thereof as from time to time in effect in the State of New
York; provided that if by reason of mandatory provisions of law, the attachment, perfection, the effect of perfection or non-perfection, priority of a security interest or remedy is governed by the personal property security laws of any
jurisdiction other than New York, “UCC” shall mean those personal property security laws as in effect, from time to time, in such other jurisdiction for the purposes of the provisions hereof relating to such attachment, perfection,
priority or remedy and for the definitions related to such provisions. 

“U.S. Government
Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be
closed for the entire day for purposes of trading in United States government securities. 

“Unadjusted IndexBenchmark Replacement” means the Indexapplicable Benchmark Replacement (Dollar) excluding the IndexBenchmark Replacement Adjustment with respect thereto. 

  
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 or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code. 

“Yield Rate” means, for any Advance in any Eligible Currency, as of any date of determination during any Collection Period
applicable to such Advance, an interest rate per annum equal to the Applicable
IndexBenchmark for such date plus the Applicable
Margin. 
 “Zero-Coupon Obligation” means any loan that, at the time of purchase, does not by its terms provide for
the payment of cash interest. 
 Section 1.02 Other Terms. All accounting terms used but not specifically defined herein shall
be construed in accordance with GAAP; provided that, unless otherwise expressly stated in this Agreement, if at any time any change in GAAP (including the adoption of the International Financial Reporting Standards) would affect the
computation of any covenant (including the computation of any financial covenant) set forth in this Agreement or any other Transaction Document, the Borrower and the Administrative Agent shall negotiate in good faith to amend such covenant to
preserve the original intent in light of such change; provided that, until so amended, (i) such covenant shall continue to be computed in accordance with the application of GAAP prior to such change and (ii) Borrower shall provide
to the Administrative Agent a written reconciliation in form and substance reasonably satisfactory to the Administrative Agent, between calculations of such covenant made before and after giving effect to such change in GAAP. All terms used in
Article 9 of the UCC in the State of New York, and used but not specifically defined herein, are used herein as defined in such Article 9. 

Section 1.03 Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a
specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding.” 

Section 1.04 Interpretation. 

In each Transaction Document, unless a contrary intention appears: 

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

(b) reference to any Person includes such Person’s successors and assigns but only if such successors and assigns are not prohibited by
the Transaction Documents; 
 (c) reference to any gender includes each other gender; 

(d) reference to day or days without further qualification means calendar days; 

(e) reference to any time means New York, New York time (unless expressly specified otherwise); 

(f) any reference to “close of business” means 5:00 p.m., New York, New York time; 

  
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 (b) Preservation of Existence. The Collateral Custodian will preserve and maintain
its existence, rights, franchises and privileges in the jurisdiction of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain such existence, rights, franchises, privileges and
qualification could reasonably be expected to have a Material Adverse Effect. 
 (c) Location of Required Loan Documents. Subject
to Article XI, the Required Loan Documents shall remain at all times in the possession of the Collateral Custodian at 425 Hennepin Ave, Minneapolis, MN 55414, unless notice of a different address is given in accordance with the terms hereof
or unless the Administrative Agent agrees to allow certain Required Loan Documents to be released to the Servicer on a temporary basis in accordance with the terms hereof, except as such Required Loan Documents may be released pursuant to the terms
of this Agreement. 
 Section 5.08 Negative Covenants of the Collateral Custodian. 

From the Closing Date until the Collection Date: 

(a) Required Loan Documents. The Collateral Custodian will not dispose of any documents constituting the Required Loan Documents in any
manner that is inconsistent with the performance of its obligations as the Collateral Custodian pursuant to this Agreement and will not dispose of any Collateral Portfolio except as contemplated by this Agreement. 

(b) No Changes in Collateral Custodian Fees. The Collateral Custodian will not make any changes to the Collateral Custodian Fees without
the prior written approval of the Administrative Agent. 
 ARTICLE VI. 

ADMINISTRATION AND SERVICING OF CONTRACTS 

Section 6.01 Appointment and Designation of the Servicer. 

(a) Initial Servicer. The Borrower hereby appoints FS
KKR II, pursuant to the terms and conditions of this Agreement, as Servicer, with the authority to service,
administer and exercise rights and remedies, on behalf of the Borrower, in respect of the Collateral Portfolio. FS KKR II hereby accepts such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant to the terms hereof and in accordance with the Servicing Agreement. The Servicer and the Borrower
hereby acknowledges that the Administrative Agent and the Secured Parties are third party beneficiaries of the obligations undertaken by the Servicer hereunder and under the Servicing Agreement. 

(b) Servicer Defaults. If a Servicer Default shall occur and be continuing, at the election of the Administrative Agent (individually or
as directed by the Required Lenders) by written notice to the Borrower, the Borrower shall (i) not permit the Servicer to (x) consent to modifications to Loans, (y) consent to any acquisition or disposition of Loans under the 

  
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 time to time, all in accordance with Applicable Law, the applicable Loan and its Underlying Instruments and
the Servicer Standard. It is acknowledged and agreed that in circumstances in which a Person other than the Borrower or the Servicer acts as administrative agent with respect to any Loan, the Servicer shall perform its servicing duties hereunder
only to the extent a lender under the related loan syndication Underlying Instruments has the right or obligation to do so. 
 (b)
Notwithstanding anything to the contrary contained herein or in the Servicing Agreement, the exercise by the Administrative Agent, the Collateral Agent, each Lender and the Secured Parties of their rights hereunder shall not release the Servicer
(unless replaced by a replacement Servicer hereunder) or the Borrower from any of their duties or responsibilities with respect to the Collateral Portfolio. The Secured Parties, the Administrative Agent, each Lender and the Collateral Agent shall
not have any obligation or liability with respect to any Collateral Portfolio, nor shall any of them be obligated to perform any of the obligations of the Servicer hereunder or under the Servicing Agreement, unless one of them becomes a replacement
Servicer hereunder. 
 (c) Any payment by an Obligor in respect of any indebtedness owed by it to the BorrowersBorrower shall, except as otherwise specified by such Obligor or otherwise required by contract or law, be applied in accordance with the Servicer Standard. 

Section 6.03 Authorization of the Servicer. 

(a) Each of the Borrower, the Administrative Agent and each Lender hereby authorizes the Servicer (including any successor thereto) to take any
and all reasonable steps consistent with the Servicer Standard in its name and on its behalf necessary or desirable in the determination of the Servicer and not inconsistent with the Pledge of the Collateral Portfolio by the Borrower to the
Collateral Agent on behalf of the Secured Parties hereunder, to collect all amounts due under any and all Collateral Portfolio, including, without limitation, endorsing any of their names on checks and other instruments representing Interest
Collections and Principal Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Collateral Portfolio and,
after the delinquency of any Collateral Portfolio and to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof. The Borrower and the Collateral Agent on behalf of the
Secured Parties shall furnish the Servicer (and any successors thereto) with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder, and shall
cooperate with the Servicer to the fullest extent in order to ensure the collectability of the Collateral Portfolio. In no event shall the Servicer be entitled to make the Secured Parties, the Administrative Agent, the Collateral Agent or any Lender
a party to any litigation without such party’s express prior written consent, or to make the Borrower a party to any litigation (other than any routine foreclosure or collection procedure or other routine enforcement of the obligations of any
Obligor owing to the Borrower) without the Administrative Agent’s and each Lender’s consent. 
  

  
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 (b) After the declaration of the Facility Maturity Date with respect to clause
(ii) of the definition thereof, at the direction of the Administrative Agent, the Servicer shall take such action as the Administrative Agent may deem necessary or advisable to enforce collection 

Agent and, solely if such amendment or modification would adversely affect the rights and obligations of the Collateral Agent, the Account Bank or the
Collateral Custodian, the written agreement of the Collateral Agent, the Account Bank or the Collateral Custodian, as applicable; and (ii) no termination or waiver of any provision of this Agreement or consent to any departure therefrom by the
Borrower or the Servicer shall be effective without the written consent of the Administrative Agent and the Required Lenders. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

(b) Notwithstanding the provisions of Section 12.01(a), the written consent of all of the Lenders shall be required for any
amendment, modification or waiver (i) reducing any Advances Outstanding or the Yield thereon (other than as the result of the imposition of any Index
Replacementor reducing any payment due or owed with respect thereto), (ii) postponing any date for any payment of any Advance or the Yield thereon, (iii) modifying the provisions of this Section 12.01 or (iv) extending the Stated Maturity Date or
clause (a) of the definition of “Commitment Termination Date.” 
 (c) Index
Replacement.Notwithstanding anything to the contrary herein or in any other Transaction Document, if
(A) a Benchmark Transition Event and (B) a Benchmark Replacement Date with respect thereto have occurred prior to the Reference Time in connection with any setting of the then-current Benchmark (Dollar), then such Benchmark Replacement
(Dollar) will replace the then-current Benchmark for all purposes under this Agreement and under any other Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without requiring any amendment to, or requiring
any further action by or consent of any other party to, this Agreement or any other Transaction Document. 

(i) Notwithstanding anything to the contrary herein or in any
other Transaction Document, upon the occurrence of an Index Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace LIBOR (Dollar) with an Index Replacement. Any such
amendment with respect to an Index Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower so long as the
Administrative Agent has not received, by such time, written notice of objection to such amendment from the Required Lenders. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Required Lenders have
delivered to the Administrative Agent written notice that such Required Lenders accept such amendment. No replacement of LIBOR (Dollar) with an Index Replacement pursuant to this Section 12.01(c) will occur prior to the applicable Index
Transition Date. 

(d) (ii) In connection with the implementation of an Indexa Benchmark Replacement (Dollar), the Administrative Agent will have the right to make
LIBOR (Dollar) Successor
RateBenchmark Replacement Conforming Changes from time to
time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such LIBOR (Dollar) Successor
RateBenchmark Replacement Conforming Changes will become
effective without requiring any further action
by or consent of any other party to this Agreement
or any other Transaction Document (other than as provided in the definition of Benchmark Replacement Conforming
Changes). 

  
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(e) (iii) The Administrative Agent will promptly
(and in any event within five (5) Business Days) notify the Borrower andall the
Lendersparties hereto of (i) any occurrence of an Index(A) a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related
Indexand (B) the Benchmark Replacement Date and Index Transition Datewith respect
thereto, (ii) the implementation of any IndexBenchmark Replacement
(Dollar), and
 (iii) the effectiveness of any LIBOR (Dollar) Successor RateBenchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Index Unavailability Period. Any determination, decision or
election that may be made by the Administrative Agent
or, or, if applicable, the Borrower or any Lender (or group
of Lenders) pursuant to this
SectionSections
 12.01(c)-(f) hereof, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may
be made in its or their sole discretion and without consent from any other party
heretoto this Agreement or
any other Transaction Document, except, in each case, as expressly required pursuant to this
SectionSections
12.01(c)-(f) hereof. 

(iv) Upon the Borrower’s receipt of
notice of the commencement of an Index Unavailability Period, the Borrower may revoke any pending Notice of Borrowing of, conversion to or continuation of Loans to be made, converted or continued during any Index Unavailability Period and, failing
that, the Borrower will be deemed to have converted any such request into a request for a Notice of Borrowing of or conversion to Loans with an index set at the rate agreed to by the Borrower and the Administrative Agent. 

(v) With respect to any Applicable Index
other than LIBOR (Dollar), upon the occurrence of any event that results in the unavailability of such Applicable Index, the index rate shall be the reference rate determined by the Administrative Agent that is consistent with accepted market
practice for secured transactions involving middle market commercial loans, and as to which the Administrative Agent may, in its reasonable discretion, make such adjustments to such rate or the spread thereon, as well as the business day convention,
interest determination dates and related provisions and definitions, in each case that are consistent with such accepted market practice for the use of such rate; provided that if the Borrower does not agree with such index
rate, the Borrower may request that the Administrative Agent provide a hedging agreement in an amount sufficient to cover the notional difference between the index rate determined by the Administrative Agent and the index rate requested by the
Borrower; provided, further, that if the Administrative Agent declines to provide a hedging agreement or if the Borrower does not agree to the terms of the hedging agreement, in the reasonable
discretion of the Borrower, any Advances with such Applicable Index shall be converted into Dollar Advances, using the applicable exchange rate determined by the Administrative Agent in its reasonable discretion. 
  

  
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(f) Notwithstanding anything herein or in any other Transaction Document to the contrary, any Benchmark Replacement (Dollar) pursuant to
Sections 12.01(c)-(f) hereof shall be required to meet the standards set forth in Proposed Unite States Treasury
Regulations under Section 1.1001-6 (or any successor United States Treasury Regulations or other official IRS guidance promulgated that supersedes such Proposed United States Treasury Regulations) such that that use of the Benchmark Replacement
(Dollar) is not treated as a “modification” (and therefore an exchange) of any Advance for purposes of Treasury Regulations Section 1.1001-3 (and, if the Administrative Agent determines in good faith consultation with the Borrower that the Benchmark Replacement (Dollar) as determined pursuant to clauses
(1) through (3) of the definition thereof does not meet such standards, the Administrative Agent and the Borrower shall cooperate in good faith to make such commercially reasonable adjustments to the Benchmark Replacement (Dollar) that are
necessary to ensure that that the use of the Benchmark Replacement (Dollar) is not treated as a “modification” (and therefore an exchange) of any Advance for purposes of Treasury Regulations Section 1.1001-3). 
 Section 12.02 Notices, Etc. All notices and other communications hereunder shall,
unless otherwise stated herein, be in writing (which shall include communication by e-mail) and e-mailed or delivered, to each party hereto, at its address set forth on Annex A to this Agreement or at such other address as shall be designated
by such party in a written notice to the other parties hereto. All such notices and communications shall be effective upon receipt, or in the case of notice by e-mail, when verbal or electronic communication of receipt is obtained. 

Section 12.03 No Waiver; Remedies. No failure on the part of the Administrative Agent, the Collateral Agent or any Lender to
exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 12.04 Binding Effect;
Assignability; Multiple Lenders. 
 (a) This Agreement shall be binding upon and inure to the benefit of the Borrower, the Servicer, the
Administrative Agent, each Lender, the Collateral Agent, the Account Bank, the Collateral Custodian and their respective successors and permitted assigns. With the prior written consent of the Administrative Agent (unless such assignment is to an
Affiliate of a Lender or is otherwise required by Applicable Law), each Lender and their respective successors and assigns may assign, grant a security interest or sell a participation interest in, (i) this Agreement and such Lender’s
rights and obligations hereunder and interest herein in whole or in part (including by way of the sale of participation interests therein) and/or (ii) any Advance (or portion thereof) to any Person; provided that, so long as no Event of
Default has occurred, the Borrower has provided its written consent (such consent not to be unreasonably withheld, conditioned or delayed) to such assignment to any Person that is not a Lender or an Affiliate of a Lender (but, for the avoidance of
doubt, no such consent of the Borrower shall be required for any grant of a security interest or sale of a participation interest to any Person, an assignment to a Lender or an Affiliate of a Lender or an assignment that is required by Applicable
Law); provided, further, that, so long as the Facility Maturity Date has not been declared or has not automatically occurred, the Borrower has provided its written consent to any assignment to a Disqualified Institution;
provided, further, that the applicable Lender shall provide to the Borrower not less than two Business Days’ prior written notice of any proposed assignment (except in the case of an assignment to a Lender or an Affiliate of a

  
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	THE SERVICER AND THE EQUITYHOLDER:	 		 	FS KKR CAPITAL CORP. II
				
		 		 	By:	 	  

		 		 		 	 Name:
 Title:

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

 ANNEX A 

Notices for Addresses 
 If to the
Borrower: 
 Meadowbrook Run LLC 
 c/o FS KKR Capital Corp. II 
 201 Rouse
Boulevard 
 Philadelphia, Pennsylvania 19112 
 Attention:
William Goebel, Chief Financial Officer 
 Email: FSICII_Team@fsinvestments.com; portfolio_finance@fsinvestments.com; 

credit.notices@fsinvestments.com 
 With copies (which shall not
constitute notice) to: 
 Dechert LLP 
 Three Bryant Park 

1095 Avenue of the Americas 
 New York, NY 10036-6797 

Attention: Jay R. Alicandri 
 Email: jay.alicandri@dechert.com

 If to the Servicer: 
 FS KKR Capital Corp. II 
 201 Rouse
Boulevard 
 Philadelphia, Pennsylvania 19112 
 Attention:
William Goebel, Chief Accounting Officer 
 Email: FSICII_Team@fsinvestments.com; portfolio_finance@fsinvestments.com; 

credit.notices@fsinvestments.com 
 With copies (which shall not
constitute notice) to: 
 Dechert LLP 
 Three Bryant Park 

1095 Avenue of the Americas 
 New York, NY 10036-6797 

Attention: Jay R. Alicandri 
 Email: jay.alicandri@dechert.com

  

  
 Annex A-1

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