Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
 FIRST SUPPLEMENTAL INDENTURE 

dated as of April 20, 2022 

between 
 OWL ROCK CLO V, LLC,

 as Issuer 
 and 

STATE STREET BANK AND TRUST COMPANY, 

as Trustee 
 to 

the Indenture and Security Agreement, dated as of November 20, 2020, 

among Owl Rock CLO V, Ltd., the Issuer, and the Trustee 
  

 

 THIS FIRST SUPPLEMENTAL INDENTURE, dated as of April 20, 2022 (this
“Supplemental Indenture”), between OWL ROCK CLO V, LLC, a limited liability company organized under the laws of the State of Delaware (the “Issuer”) and STATE STREET BANK AND TRUST COMPANY (“State
Street”) as trustee (together with its successors in such capacity under the Indenture, the “Trustee”), is entered into pursuant to the terms of the indenture and security agreement, dated as of November 20, 2020,
among Owl Rock CLO V, Ltd., the Issuer and the Trustee (as may be further amended, restated or supplemented from time to time, the “Indenture”). In connection with this Supplemental Indenture, (i) the Issuer and the Collateral
Manager intend to amend and restate the collateral management agreement, dated November 20, 2020 (such agreement as so amended and restated as of April 20, 2022, the “Collateral Management Agreement”) and (ii) the
Issuer, the Fiscal Agent and the Share Registrar intend to amend and restate the fiscal agency agreement, dated November 20, 2020 (such agreement as so amended and restated as of April 20, 2022, the “Fiscal Agency
Agreement”). Capitalized terms used but not defined in this Supplemental Indenture have the meanings assigned thereto in the Indenture. 

PRELIMINARY STATEMENT 
 WHEREAS,
pursuant to Section 8.3(g) of the Indenture, notwithstanding any other provision in Article VIII of the Indenture or any other requirements set forth in the Indenture, in connection with a Refinancing of all Classes of Secured Notes, the
Issuer and the Trustee may enter into a supplemental indenture to add any provisions to, or change in any manner or eliminate any of the provisions of, the Indenture if (i) such supplemental indenture is effective on or after the date of such
Refinancing, (ii) the Collateral Manager and a Majority of the Preferred Shares have consented to the execution of such supplemental indenture and (iii) such supplemental indenture does not, by its terms, modify the rights or terms
applicable to any portion of the Preferred Shares in a manner intended to result in such rights or terms being materially different from any other portion of the Preferred Shares; provided further that with respect to any such
supplemental indenture, a description of all material terms of such supplemental indenture was disclosed to the purchasers of the loans or replacement notes prior to the date of such Refinancing; 

WHEREAS, the Issuer desires to enter into this Supplemental Indenture to (i) make changes necessary to issue First Refinancing Notes in
connection with a Refinancing of the Class A-1 Notes and the Class A-2 Notes (collectively, the “Redeemed Notes”), in each case, on the same
date as this Supplemental Indenture, (ii) issue 10,170 additional Preferred Shares (the “Additional Preferred Shares”) on the same date as this Supplemental Indenture and (iii) amend certain provisions of the Indenture;

 WHEREAS, the Collateral Manager has certified that the Refinancing and the terms of this Supplemental Indenture will meet the
requirements specified in Sections 9.2 and 9.4 of the Indenture, including the delivery of notice to the Rating Agencies; 
 WHEREAS, 100%
of the Holders of the Preferred Shares have consented to, and each purchaser of a First Refinancing Note will be deemed to have consented to, the terms of this Supplemental Indenture, including the issuance of the Additional Preferred Shares and the
execution of this Supplemental Indenture; 

 WHEREAS, the Collateral Manager has consented to the terms of this Supplemental Indenture,
including the issuance of the Additional Preferred Shares and the execution of this Supplemental Indenture; 
 WHEREAS, 100% of the Holders
of the Preferred Shares have consented to, and each purchaser of a First Refinancing Note will be deemed to have consented to, the terms of the Collateral Management Agreement and the Fiscal Agency Agreement; 

NOW THEREFORE, for good and valuable consideration the receipt of which is hereby acknowledged, the Issuer and the Trustee hereby agree as
follows. 
 Section 1.    Issuance and Authentication of First Refinancing Notes. 

(a)    The Issuer will issue refinancing notes (the “Class A-1R
Notes”, the “Class A-2R Notes”, the “Class B-1 Notes”, the “Class B-2
Notes”, the “Class C-1 Notes” and the “Class C-2 Notes”, collectively, the “First Refinancing Notes”), the
proceeds of which shall be used together with other available funds to redeem the Redeemed Notes and for the other purposes specified herein and which shall have the designations, original principal amounts, and other characteristics as follows:

  

															
	 Class

Designation
	  	A-1R Notes	 	A-2R Notes	 	B-1 Notes	 	B-2 Notes	 	C-1 Notes	 	C-2 Notes	 	Preferred
Shares
	 Initial Principal Amount
	  	U.S.$
354,375,000	 	U.S.$
30,375,000	 	U.S.$
49,000,000	 	U.S.$
5,000,000	 	U.S.$
31,500,000	 	U.S.$
39,375,000	 	U.S.$
159,620,000(1)
	 Stated Maturity
	  	April 20,
2034	 	April 20,
2034	 	April 20,
2034	 	April 20,
2034	 	April 20,
2034	 	April 20,
2034	 	N/A
	 Interest Rate:
	  		 		 		 		 		 		 	
	 Floating Rate Notes
	  	Yes	 	Yes	 	Yes	 	No	 	Yes	 	No	 	N/A
	 Interest Rate (2)
	  	Benchmark
+ 1.78%	 	Benchmark
+ 1.95%	 	Benchmark
+ 2.20%	 	4.25%	 	Benchmark
+ 3.15%	 	5.10%	 	N/A
	 Initial Rating(s):
	  		 		 		 		 		 		 	
	 S&P
	  	“AAA(sf)”	 	“AAA(sf)”	 	“AA(sf)”	 	“AA(sf)”	 	“A(sf)”	 	“A(sf)”	 	N/A
	 Fitch
	  	“AAAsf”	 	N/A	 	N/A	 	N/A	 	N/A	 	N/A	 	N/A
	 Priority Class(es)
	  	None	 	A-1R	 	A-1R,
A-2R	 	A-1R,
A-2R	 	A-1R,
A-2R, B-1,
B-2	 	A-1R,
A-2R, B-1,
B-2	 	A-1R,
A-2R, B-1,
B-2, C-1,
C-2
	 Pari Passu Class(es)
	  	None	 	None	 	B-2	 	B-1	 	C-2	 	C-1	 	None
	 Junior Class(es)
	  	A-2R, B-1,
B-2, C-1,
C-2,
Preferred
Shares	 	B-1, B-2,
C-1,
C-2,
Preferred
Shares	 	C-1, C-2,
Preferred
Shares	 	C-1, C-2,
Preferred
Shares	 	Preferred
Shares	 	Preferred
Shares	 	None
	 Re-Pricing Eligible
	  	No	 	Yes	 	Yes	 	Yes	 	Yes	 	Yes	 	N/A
	 Interest deferrable
	  	No	 	No	 	No	 	No	 	Yes	 	Yes	 	N/A
	 Form
	  	Book-Entry	 	Book-
Entry	 	Book-
Entry	 	Book-
Entry	 	Book-
Entry	 	Book-
Entry	 	Physical

  

	1.	 The principal amount of Preferred Shares Outstanding on the First Refinancing Date, including the 149,450
Preferred Shares issued on the Closing Date and after giving effect to the issuance of the 10,170 Preferred Shares on the First Refinancing Date. 

  
 2 

	2.	 The Benchmark for the Floating Rate Notes will initially be the Term SOFR Rate, which will be determined for
each Interest Accrual Period. The spread over the Benchmark (or, in the case of any Fixed Rate Note, the stated rate of interest) with respect to the Re-Pricing Eligible Notes may be reduced in connection with
a Re-Pricing of such Class of Re-Pricing Eligible Notes; subject to the conditions set forth in Section 9.7 of the Indenture. 

The (i) issuance date of the First Refinancing Notes and the Additional Preferred Shares and (ii) the redemption date of the
Redeemed Notes, in each case, shall be April 20, 2022 (the “First Refinancing Date”). The First Refinancing Notes shall be issued in minimum denominations of U.S.$250,000 and integral multiples of U.S.$1.00 in excess thereof.
The First Refinancing Notes shall only be transferred or resold in compliance with the terms of the Indenture, as amended by this Supplemental Indenture. 

(b)    Notwithstanding anything in the Indenture, the Issuer hereby directs the Trustee (i) to deposit in the Expense
Reserve Account an amount equal to $2,794,975.01 from the proceeds of the First Refinancing Notes and Additional Preferred Shares, to be applied after the First Refinancing Date in accordance with Section 10.3(d) of the Indenture, (ii) to
deposit in the Collection Account and transfer to the Payment Account the proceeds of the First Refinancing Notes and any other available funds available for distribution on the First Refinancing Date in an amount necessary to pay the Redemption
Prices of the Redeemed Notes and any related expenses and other amounts referred to in Section 9.2(d) of the Indenture (as identified by, or on behalf of, the Issuer), in each case, in accordance with Article IX of the Indenture, and
(iii) to apply the remaining proceeds of the First Refinancing Notes, received on the First Refinancing Date, if any, and amounts in the Collection Account as set forth in the below described final flow of funds. Notwithstanding the foregoing,
the Trustee shall apply any amounts on deposit in any of the Accounts as indicated in the final flow of funds to be provided by the Collateral Manager to the Trustee on or prior to the First Refinancing Date. 

(c)    The First Refinancing Notes shall be issued as Rule 144A Global Notes and Regulation S Global Notes except that
First Refinancing Notes shall be issued in the form of Certificated Notes to persons that are QIB/QPs who elect to receive Certificated Notes on the First Refinancing Date. The First Refinancing Notes shall be issued substantially in the forms
attached to the Indenture and shall be executed by the Issuer and, in the case of the First Refinancing Notes, delivered to the Trustee for authentication and thereupon the same shall be authenticated and delivered to the Issuer by the Trustee upon
Issuer Order and upon receipt by the Trustee of the following: 
 (i)    Rating Letters. An Officer’s
Certificate of the Issuer to the effect that the Issuer has received letters signed by the Rating Agencies confirming that such Rating Agency’s rating of the applicable First Refinancing Notes is as set forth in Section 1(a) of this
Supplemental Indenture. 
 (ii)    Governmental Approvals. From the Issuer either (A) a certificate of the
Issuer or other official document evidencing the due authorization, approval, or consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion of Counsel of the Issuer that no other
authorization, approval, or consent of any governmental body is required for the valid issuance of such First Refinancing Notes or the Additional Preferred Shares; or (B) an Opinion of Counsel of the Issuer that no such authorization, approval,
or consent of any governmental body is required for the valid issuance of such First Refinancing Notes or the Additional Preferred Shares. 

  
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 (iii)    Legal Opinions. Opinions of (A) Allen &
Overy LLP, special U.S. counsel to the Issuer; (B) Walkers (Cayman) LLP, Cayman Islands counsel to the Issuer; (C) Morris, Nichols, Arsht & Tunnell LLP, Delaware counsel to the Issuer; (D) Nixon Peabody LLP, counsel to the
Trustee and (E) Cleary Gottlieb Steen & Hamilton LLP, as counsel to the Collateral Manager, in each case dated as of the First Refinancing Date. 

(iv)    Officers’ Certificate of the Issuer Regarding Corporate Matters. An Officer’s Certificate of the
Issuer (A) evidencing the authorization by Resolution of the execution and delivery of the First Supplemental Indenture, the Refinancing Placement Agency Agreement, the EU/UK Refinancing Retention Letter, the Collateral Management Agreement and
the Fiscal Agency Agreement, and the execution, authentication and delivery of the First Refinancing Notes applied for by it and specifying the Stated Maturity, principal amount, and Interest Rate of the First Refinancing Notes to be delivered and
authenticated as set forth in Section 1(a) hereto; and (B) certifying that (1) the attached copy of the Resolution is a true and complete copy thereof, (2) such resolutions have not been rescinded and are in full force and effect
on and as of the date of issuance, and (3) the Officers authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon. 

(v)    Officers’ Certificate of Issuer Regarding this Supplemental Indenture. An Officer’s Certificate
of the Issuer stating that, to the best of the signing Officer’s knowledge, (A) all conditions precedent provided in the Indenture, the Fiscal Agency Agreement and this Supplemental Indenture relating to the issuance, authentication and
delivery of the First Refinancing Notes and the Additional Preferred Shares, in each case, have been complied with; (B) the Issuer is not in default under the Indenture and the Fiscal Agency Agreement and that the issuance of the First
Refinancing Notes and the Additional Preferred Shares applied for by it, in each case, will not result in a default or a breach of any of the terms, conditions or provisions of, or constitute a default under, its organizational documents, any
indenture or other agreement or instrument to which it is a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which it is a party or by which it may be bound or to which it may be subject;
and (C) all expenses due or accrued with respect to the offering of such securities or relating to actions taken on or in connection with the issuance of the First Refinancing Notes and the Additional Preferred Shares, in each case, have been
paid or reserves therefor have been made. The Officer’s Certificate of the Issuer shall also state that all of its representations and warranties contained in this Supplemental Indenture are true and correct as of the First Refinancing Date.

 (d)    The Additional Preferred Shares shall be issued in the form of Certificated Securities. The Additional
Preferred Shares shall be issued substantially in the forms attached to the Fiscal Agency Agreement and shall be executed by the Issuer and delivered by the Fiscal Agent upon Issuer Order and upon receipt by the Trustee of the documents stated in
clause (c) above. 
 (e)    On the First Refinancing Date, the Trustee, as custodian of the Global Notes, shall
cause all Global Notes representing the Redeemed Notes that are held by the Trustee on behalf of Cede & Co. to be surrendered and shall cause the Redeemed Notes to be cancelled in accordance with Section 2.10 of the Indenture. 

  
 4 

 Section 2.    Amendments to the Indenture. 

(a)    As of the date hereof, the Indenture 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 Indenture attached as Appendix A hereto.

 (b)    The Exhibits to the Indenture are amended and restated, as reasonably acceptable to the Issuer, the
Collateral Manager and the Trustee in order to make such forms consistent with the terms of the First Refinancing Notes and the Indenture, as amended pursuant to clause (a) above (and the Issuer shall provide, or cause to be provided, to the
Trustee an amended copy of such Exhibits). 
 Section 3.    Consent. 

(a)    Each Holder or beneficial owner of First Refinancing Notes, by its acquisition thereof on the First Refinancing
Date, shall be deemed to agree to (i) the terms of the Indenture, as supplemented by this Supplemental Indenture, including the issuance of the Additional Preferred Shares and the execution by the Issuer and the Trustee hereof, (ii) the
modifications to the Collateral Management Agreement on the First Refinancing Date and (iii) the modifications to the Fiscal Agency Agreement on the First Refinancing Date. 

(b)    Written consents have been obtained from 100% of the Preferred Shares to (i) this Supplemental Indenture,
(ii) the modifications to the Collateral Management Agreement on the First Refinancing Date, (iii) the modifications to the Fiscal Agency Agreement on the First Refinancing Date and (iv) the issuance of the Additional Preferred Shares
on the First Refinancing Date. 
 Section 4.    Indenture to Remain in Effect. 

(a)    Except as expressly modified herein, the Indenture shall continue in full force and effect in accordance with its
terms. Upon issuance of the First Refinancing Notes, authentication of the First Refinancing Notes and redemption in full of the Redeemed Notes, all references in the Indenture to any Class of Redeemed Notes shall apply mutatis mutandis
to the corresponding Class of the First Refinancing Notes. All references in the Indenture to the Indenture or to “this Indenture” shall apply mutatis mutandis to the Indenture as modified by this Supplemental Indenture. The
Trustee shall be entitled to all rights, protections, immunities and indemnities set forth in the Indenture as fully as if set forth in this Supplemental Indenture. 

(b)    For the avoidance of doubt, the changes set forth in Appendix A hereto shall supersede any terms or
provisions of the Indenture that are inconsistent with such changes. 

  
 5 

 Section 5.    Miscellaneous. 

(a)    THIS SUPPLEMENTAL INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND ANY MATTERS ARISING OUT OF OR RELATING IN ANY
WAY WHATSOEVER TO THIS SUPPLEMENTAL INDENTURE (WHETHER IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK. 

(b)    This Supplemental Indenture (and each amendment, modification and waiver in respect of it), the First Refinancing
Notes and the Additional Preferred Shares may be executed and delivered in counterparts (including by electronic transmission), each of which will be deemed an original, and all of which together constitute one and the same instrument. Counterparts
may be executed and delivered via facsimile, electronic mail or other transmission method and may be executed by electronic signature (including, without limitation, any .pdf file, .jpeg file, or any other electronic or image file, or any
“electronic signature” as defined under the U.S. Electronic Signatures in Global and National Commerce Act or the New York Electronic Signatures and Records Act, which includes any electronic signature provided using Orbit, Adobe Sign,
DocuSign, or any other similar platform identified by the Issuer and reasonably available at no undue burden or expense to the Trustee) and any counterpart so delivered shall be valid, effective and legally binding as if such electronic signatures
were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes hereunder. Delivery of an executed counterpart signature page of this Supplemental Indenture by e-mail
(PDF) shall be effective as delivery of a manually executed counterpart of this Supplemental Indenture. 

(c)    Notwithstanding any other provision of this Supplemental Indenture, the obligations of the Issuer under the First
Refinancing Notes, the Additional Preferred Shares and the Indenture as supplemented by this Supplemental Indenture are limited recourse obligations of the Issuer payable solely from the Assets and following realization of the Assets, and
application of the proceeds thereof in accordance with the Indenture as supplemented by this Supplemental Indenture, all obligations of and any claims against the Issuer hereunder or in connection herewith after such realization shall be
extinguished and shall not thereafter revive. No recourse shall be had against any officer, director, partner, employee, shareholder or incorporator of the Issuer, the Collateral Manager or their respective successors or assigns for any amounts
payable under the First Refinancing Notes, the Additional Preferred Shares or (except as otherwise provided herein) the Indenture as supplemented by this Supplemental Indenture. It is understood that the foregoing provisions of this
Section 5(c) shall not (i) prevent recourse to the Assets for the sums due or to become due under any security, instrument or agreement which is part of the Assets or (ii) constitute a waiver, release or discharge of any indebtedness
or obligation evidenced by the First Refinancing Notes, the Additional Preferred Shares, the Fiscal Agency Agreement or secured by the Indenture as supplemented by this Supplemental Indenture until the assets constituting the Assets have been
realized. It is further understood that the foregoing provisions of this Section 5(c) shall not limit the right of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under the First
Refinancing Notes, the Additional Preferred Shares, the Fiscal Agency Agreement or the Indenture as supplemented by this Supplemental Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be
asked for or (if obtained) enforced against any such Person. 
 (d)    Notwithstanding any other provision of the
Indenture as supplemented by this Supplemental Indenture, neither the Fiscal Agent, Trustee nor the Holders or beneficial owners 

  
 6 

 
of the First Refinancing Notes may, prior to the date which is one year (or if longer, any applicable preference period) and one day after the payment in full of all Notes, institute against, or
join any other Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency, winding up, moratorium or liquidation Proceedings, or other Proceedings under Cayman Islands, U.S. federal or State bankruptcy or
similar laws. Nothing in this Section 5(d) shall preclude, or be deemed to stop, the Fiscal Agent or the Trustee (i) from taking any action prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily
filed or commenced by the Issuer or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Fiscal Agent or the Trustee, or (ii) from commencing against the Issuer any legal action which is not a bankruptcy,
reorganization, arrangement, insolvency, moratorium or liquidation Proceeding. 
 (e)    The Trustee assumes no
responsibility for the correctness of the recitals contained herein, which shall be taken as the statements of the Issuer and, except as provided in the Indenture, the Trustee shall not be responsible or accountable in any way whatsoever for or with
respect to the validity, execution or sufficiency of this Supplemental Indenture and makes no representation with respect thereto. In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the
Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee. 
 (f)    The
Issuer represents and warrants to the Trustee that this Supplemental Indenture has been duly and validly executed and delivered by the Issuer and constitutes the legal, valid and binding obligation, enforceable against the Issuer in accordance with
its terms. 
 (g)    This Supplemental Indenture shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. 
 (h)    The Issuer hereby directs the Trustee to execute this
Supplemental Indenture and acknowledges and agrees that the Trustee will be fully protected in relying upon the foregoing direction. 

[Remainder of the Page Intentionally Left Blank.] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Supplemental
Indenture as of the date first written above. 
  

			
	EXECUTED AS A DEED BY
	
	OWL ROCK CLO V, LLC, as Issuer
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	STATE STREET BANK AND TRUST COMPANY,
as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 Consented to by: 
  

			
	OWL ROCK CAPITAL ADVISORS LLC,
as Collateral Manager
		
	By:	 	  

	Name:	 	
	Title:	 	

 APPENDIX A 

[Attached] 

 Conformed through the First
Supplemental Indenture dated as of April 20, 2022 

EXECUTION VERSION 
  

 
  

INDENTURE AND SECURITY AGREEMENT 

by and between 
 OWL ROCK CLO V, LTDLC., 

as Issuer 
 OWL ROCK CLO V, LLC, 

as Co-Issuer 
 and 

STATE STREET BANK AND TRUST COMPANY, 

as Trustee 
 Dated as of
November 20, 2020 
  
  

 

 TABLE OF CONTENTS 

 
  

							
	 	  	 	  	Page	 
		  	ARTICLE I	  			
			
		  	DEFINITIONSDEFINITIONS	  			
			
	Section 1.1	  	 Definitions
	  	 	2	 
	Section 1.2	  	 Usage of Terms
	  	 	7178	 
	Section 1.3	  	 Assumptions as to Assets
	  	 	7178	 
			
		  	ARTICLE II	  			
			
		  	THE SECURITIESTHE SECURITIES	  			
			
	Section 2.1	  	 Forms Generally
	  	 	7481	 
	Section 2.2	  	 Forms of Notes
	  	 	7481	 
	Section 2.3	  	 Authorized Amount; Stated Maturity; Denominations
	  	 	7583	 
	Section 2.4	  	 Additional Securities
	  	 	7786	 
	Section 2.5	  	 Execution, Authentication, Delivery and Dating
	  	 	7887	 
	Section 2.6	  	 Registration, Registration of Transfer and Exchange
	  	 	7988	 
	Section 2.7	  	 Mutilated, Defaced, Destroyed, Lost or Stolen Note
	  	 	8797	 
	Section 2.8	  	 Payment of Principal and Interest and Other Amounts; Principal and Interest Rights
Preserved
	  	 	8898	 
	Section 2.9	  	 Persons Deemed Owners
	  	 	91101	 
	Section 2.10	  	 Cancellation
	  	 	91101	 
	Section 2.11	  	 DTC Ceases to Be Depository
	  	 	91102	 
	Section 2.12	  	 Non-Permitted Holders
	  	 	92102	 
	Section 2.13	  	 Treatment and Tax Certification
	  	 	94104	 
			
		  	ARTICLE III	  			
			
		  	CONDITIONS PRECEDENTCONDITIONS PRECEDENT	  			
			
	 Section 3.1
	  	 Conditions to Issuance of Securities on Closing Date
96[Reserved]
	  	 	106	 
	Section 3.2	  	 Conditions to Issuance of Additional Securities
	  	 	109	 
	 Section 3.3
	  	Custodianship; Delivery of Collateral Obligations and Eligible Investments	  	 	110	 

  
 -i- 

							
		  	ARTICLE IV	  			
			
		  	SATISFACTION AND DISCHARGESATISFACTION AND DISCHARGE	  			
			
	 Section 4.1
	  	 Satisfaction and Discharge of Indenture
	  	 	112	 
	 Section 4.2
	  	 Application of Trust Money
	  	 	113	 
	 Section 4.3
	  	 Repayment of Monies Held by Paying Agent
	  	 	114	 
	 Section 4.4
	  	 Limitation on Obligation to Incur Administrative Expenses
	  	 	103114	 
			
		  	ARTICLE V	  			
			
		  	REMEDIES	  			
			
	 Section 5.1
	  	 Events of Default
	  	 	114	 
	 Section 5.2
	  	 Acceleration of Maturity; Rescission and Annulment
	  	 	116	 
	 Section 5.3
	  	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	117	 
	 Section 5.4
	  	 Remedies
	  	 	119	 
	 Section 5.5
	  	 Optional Preservation of Assets
	  	 	122	 
	 Section 5.6
	  	 Trustee May Enforce Claims without Possession of Notes
	  	 	123	 
	 Section 5.7
	  	 Application of Money Collected
	  	 	123	 
	 Section 5.8
	  	 Limitation on Suits
	  	 	123	 
	 Section 5.9
	  	 Unconditional Rights of Holders to Receive Principal and Interest
	  	 	124	 
	 Section 5.10
	  	 Restoration of Rights and Remedies
	  	 	124	 
	 Section 5.11
	  	 Rights and Remedies Cumulative
	  	 	125	 
	 Section 5.12
	  	 Delay or Omission Not Waiver
	  	 	114125	 
	 Section 5.13
	  	 Control by Majority of Controlling Class
	  	 	114125	 
	 Section 5.14
	  	 Waiver of Past Defaults
	  	 	125	 
	 Section 5.15
	  	 Undertaking for Costs
	  	 	126	 
	 Section 5.16
	  	 Waiver of Stay or Extension Laws
	  	 	126	 
	 Section 5.17
	  	 Sale of Assets
	  	 	127	 
	 Section 5.18
	  	 Action on the Notes
	  	 	128	 
			
		  	ARTICLE VI	  			
			
		  	THE TRUSTEETHE TRUSTEE	  			
			
	 Section 6.1
	  	 Certain Duties and Responsibilities
	  	 	128	 
	 Section 6.2
	  	 Notice of Event of Default
	  	 	129	 
	 Section 6.3
	  	 Certain Rights of Trustee
	  	 	130	 
	 Section 6.4
	  	 Not Responsible for Recitals or Issuance of Notes
	  	 	133	 
	 Section 6.5
	  	 May Hold Securities
	  	 	122133	 
	 Section 6.6
	  	 Money Held in Trust
	  	 	122133	 
	 Section 6.7
	  	 Compensation and Reimbursement
	  	 	133	 
	 Section 6.8
	  	 Corporate Trustee Required; Eligibility
	  	 	134	 
	 Section 6.9
	  	 Resignation and Removal; Appointment of Successor
	  	 	135	 
	 Section 6.10
	  	 Acceptance of Appointment by Successor
	  	 	125136	 

  
 -ii- 

							
	 Section 6.11
	  	Merger, Conversion, Consolidation or Succession to Business of Trustee	  	 	136	 
	 Section 6.12
	  	Co-Trustees	  	 	137	 
	 Section 6.13
	  	Certain Duties of Trustee Related to Delayed Payment of Proceeds and the Assets	  	 	138	 
	 Section 6.14
	  	Authenticating Agents	  	 	139	 
	 Section 6.15
	  	Withholding	  	 	139	 
	 Section 6.16
	  	Fiduciary for Holders Only; Agent for Each Other Secured Party	  	 	140	 
	 Section 6.17
	  	Representations and Warranties of the Bank	  	 	140	 
			
		  	ARTICLE VII	  			
			
		  	COVENANTSCOVENANTS	  			
			
	 Section 7.1
	  	Payment of Principal and Interest	  	 	141	 
	 Section 7.2
	  	Maintenance of Office or Agency	  	 	130141	 
	 Section 7.3
	  	Money for Note Payments to Be Held in Trust	  	 	142	 
	 Section 7.4
	  	Existence of the Issuers	  	 	143	 
	 Section 7.5
	  	Protection of Assets	  	 	145	 
	 Section 7.6
	  	Opinions as to Assets	  	 	146	 
	 Section 7.7
	  	Performance of Obligations	  	 	146	 
	 Section 7.8
	  	[Reserved].	  	 	136146	 
	 Section 7.9
	  	Negative Covenants	  	 	146	 
	 Section 7.10
	  	Statement as to Compliance	  	 	139149	 
	 Section 7.11
	  	The Issuer May Consolidate, Etc.	  	 	139150	 
	 Section 7.12
	  	Successor Substituted	  	 	142153	 
	 Section 7.13
	  	No Other Business	  	 	142153	 
	 Section 7.14
	  	Annual Rating Review	  	 	143154	 
	 Section 7.15
	  	Reporting	  	 	143154	 
	 Section 7.16
	  	Calculation Agent	  	 	144154	 
	 Section 7.17
	  	Certain Tax Matters	  	 	144155	 
	 Section 7.18
	  	Effective Date; Purchase of Additional Collateral Obligations	  	 	146156	 
	 Section 7.19
	  	Representations Relating to Security Interests in the Assets	  	 	148159	 
	 Section 7.20
	  	Limitation on Long Dated Obligations	  	 	151161	 
	 Section 7.21
	  	Proceedings	  	 	151162	 
	 Section 7.22
	  	Involuntary Bankruptcy Proceedings	  	 	152162	 
			
		  	ARTICLE VIII	  			
			
		  	SUPPLEMENTAL INDENTURESSUPPLEMENTAL INDENTURES	  			
			
	 Section 8.1
	  	Supplemental Indentures without Consent of Holders	  	 	152163	 
	 Section 8.2
	  	Supplemental Indentures with Consent of Holders	  	 	155166	 
	 Section 8.3
	  	Execution of Supplemental Indentures	  	 	157168	 
	 Section 8.4
	  	Effect of Supplemental Indentures	  	 	158170	 
	 Section 8.5
	  	Reference in Notes to Supplemental Indentures	  	 	158170	 
	 Section 8.6
	  	Hedge Agreements	  	 	159170	 

  
 -iii- 

							
	 Section 8.7
	  	Effect of a Benchmark Transition Event	  	 	170	 
			
		  	ARTICLE IX	  			
			
		  	REDEMPTION OF NOTESREDEMPTION OF NOTES	  			
			
	 Section 9.1
	  	Mandatory Redemption	  	 	160171	 
	 Section 9.2
	  	Optional Redemption	  	 	160171	 
	 Section 9.3
	  	Tax Redemption	  	 	163175	 
	 Section 9.4
	  	Redemption Procedures	  	 	164175	 
	 Section 9.5
	  	Notes Payable on Redemption Date	  	 	166177	 
	 Section 9.6
	  	Special Redemption	  	 	166178	 
	 Section 9.7
	  	[Reserved]. 167Optional Re-Pricing	  	 	179	 
	 Section 9.8
	  	Clean-Up Call Redemption	  	 	181	 
			
		  	ARTICLE X	  			
	
	ACCOUNTS, ACCOUNTINGS AND RELEASESACCOUNTS, ACCOUNTINGS AND RELEASES	  

			
	 Section 10.1
	  	Collection of Money	  	 	168183	 
	 Section 10.2
	  	Collection Account	  	 	184	 
	 Section 10.3
	  	Transaction Accounts	  	 	185	 
	 Section 10.4
	  	The Revolver Funding Account	  	 	187	 
	 Section 10.5
	  	Contributions	  	 	188	 
	 Section 10.6
	  	Reinvestment of Funds in Accounts; Reports by Trustee	  	 	189	 
	 Section 10.7
	  	Accountings	  	 	175190	 
	 Section 10.8
	  	Release of Assets	  	 	183198	 
	 Section 10.9
	  	Reports by Independent Accountants	  	 	184200	 
	 Section 10.10
	  	Reports to Rating Agencies and Additional Recipients	  	 	185201	 
	 Section 10.11
	  	Procedures Relating to the Establishment of Accounts Controlled by the Trustee	  	 	201	 
	 Section 10.12
	  	Section 3(c)(7) Procedures	  	 	186201	 
			
		  	ARTICLE XI	  			
			
		  	APPLICATION OF MONIESAPPLICATION OF MONIES	  			
			
	 Section 11.1
	  	Disbursements of Monies from Payment Account	  	 	189204	 

  
 -iv- 

							
			
		  	ARTICLE XII	  			
			
		  	SALE OF COLLATERAL OBLIGATIONS;	  			
		  	PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONSSALE OF COLLATERAL OBLIGATIONS;	  			
		  	PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS	  			
			
	 Section 12.1
	  	Sales of Collateral Obligations	  	 	194210	 
	 Section 12.2
	  	Purchase of Additional Collateral Obligations	  	 	196212	 
	 Section 12.3
	  	Optional Purchase or Substitution of Collateral Obligations	  	 	199216	 
	 Section 12.4
	  	Conditions Applicable to All Sale and Purchase Transactions.	  	 	201218	 
			
		  	ARTICLE XIII	  			
			
		  	HOLDERS’ RELATIONSHOLDERS’ RELATIONS	  			
	 Section 13.1
	  	Subordination	  	 	202219	 
	 Section 13.2
	  	Standard of Conduct	  	 	202219	 
			
		  	ARTICLE XIV	  			
			
		  	MISCELLANEOUSMISCELLANEOUS	  			
			
	 Section 14.1
	  	 Form of Documents Delivered to Trustee
	  	 	203219	 
	 Section 14.2
	  	 Acts of Holders
	  	 	204221	 
	 Section 14.3
	  	 Notices, Etc. to the Trustee, the Issuer, the Collateral Manager, Placement Agent, the
Collateral Administrator, and the Rating Agencies and the Co-Issuer 205
	  	 	222	 
	 Section 14.4
	  	 Notices to Holders; Waiver
	  	 	207224	 
	 Section 14.5
	  	 Effect of Headings and Table of Contents
	  	 	208225	 
	 Section 14.6
	  	 Successors and Assigns
	  	 	208225	 
	 Section 14.7
	  	 Severability
	  	 	208225	 
	 Section 14.8
	  	 Benefits of Indenture
	  	 	208225	 
	 Section 14.9
	  	 Liability of Issuers
208[Reserved]
	  	 	226	 
	 Section 14.10
	  	 Governing Law
	  	 	209226	 
	 Section 14.11
	  	 Submission to Jurisdiction
	  	 	209226	 
	 Section 14.12
	  	 WAIVER OF JURY TRIAL
	  	 	209226	 
	 Section 14.13
	  	 Counterparts
	  	 	209226	 
	 Section 14.14
	  	 Acts of Issuer
	  	 	210227	 
	 Section 14.15
	  	 Confidential Information
	  	 	210227	 
	 Section 14.16
	  	 17g-5 Information
	  	 	212229	 
	 Section 14.17
	  	Trustee Consent to Merger.	  	 	231	 

  
 -v- 

							
	ARTICLE XV	  

	
	ASSIGNMENT OF CERTAIN AGREEMENTSASSIGNMENT OF CERTAIN AGREEMENTS	  

			
	 Section 15.1
	  	Assignment of Collateral Management Agreement	  	 	214231	 

  
 -vi- 

 Schedules and Exhibits 
  

			
	 Schedule 1
	  	 List of Collateral Obligations

	 Schedule 2
	  	 S&P Industry Classifications

	 Schedule 3
	  	 Moody’s Rating Definitions

	 Schedule 4
	  	 S&P Recovery Rate Tables

	 Schedule 5
	  	 Moody’s Equivalent Diversity Score Classification

	 Schedule 6
	  	 Fitch Rating Definitions

	 Schedule 7
	  	 Fitch Industry Classifications

  
 -vii- 

			
	Exhibit A	  	Forms of Secured Note
	Exhibit B	  	Forms of Transfer and Exchange Certificates
	B-1	  	Form of Transferor Certificate for Transfer to Regulation S Global Note
	B-2	  	Form of Transferor Certificate for Transfer to Rule 144A Global Note or Certificated Note
	B-3	  	Form of Transferee Certificate
	Exhibit C	  	Form of Note Owner Certificate
	Exhibit D	  	Form of Weighted Average S&P Recovery Rate Notice
	Exhibit E	  	Form of Notice of Purchase or Substitution

  

  
 -viii- 

 INDENTURE AND SECURITY AGREEMENT 

This INDENTURE AND SECURITY AGREEMENT, dated as of November 20, 2020, by and between OWL ROCK CLO V, LTD., an exempted company incorporated with limited liability under the laws of the Cayman Islands (together with its permitted successors and assigns,
the “Issuer”), OWL ROCK CLO V, LLC, a limited liability company organized under the laws of the State of Delaware
(together with its permitted successors and assigns, the “Co-Issuer” and together with the Issuer, the “Issuers”), and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company, as trustee (herein,
together with its permitted successors and assigns in the trusts hereunder, the “Trustee”). 
 PRELIMINARY STATEMENT

 The Issuers areis duly authorized to execute and deliver this Indenture to provide for the Notes issuable as provided herein. The
Issuers
areis entering
into this Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 

All things necessary to make this Indenture a valid agreement of the Issuers in accordance with the agreement’s terms have been done.

 GRANTING CLAUSES 
 The
Issuer hereby Grants to the Trustee, for the benefit and security of the Holders of the Secured Notes, the Collateral Manager, the Trustee, the
Administrator and the Collateral Administrator (collectively, the “Secured Parties”), all of its right, title and interest in, to and under, in each case, whether owned or
existing on the Closing Date, or thereafter acquired or arising, (a) the Collateral Obligations (listed, as of the ClosingFirst Refinancing Date, in Schedule 1 to this Indenture) and all payments thereon or with respect thereto, any Closing
Date Participation Interests and all payments thereon or with respect thereto, and all Collateral Obligations acquired by the Issuer in the future and all payments thereon or with respect thereto (including, for avoidance of doubt, through the Permitted Merger), (b) each of the Accounts, and any Eligible
Investments purchased with funds on deposit therein, and all income from the investment of funds therein, (c) the Plan of Merger, Collateral Management Agreement as set forth in Article XV hereof, the EU/UK Retention Letter, the Account Control Agreement, the Collateral Administration Agreement, the Administration Agreement, the Fiscal Agency Agreement and the Loan Sale Agreements, (d) all Cash or Money owned by the Issuer, (e) any Equity Securities received by the Issuer, (f) all accounts,
chattel paper, deposit accounts, financial assets, general intangibles, instruments, investment property, letter-of-credit rights and other supporting obligations relating to the foregoing (in each case as defined in the UCC), (g) any other
property of the Issuer (whether or not constituting Collateral Obligations or Eligible Investments), and (h) all proceeds with respect to the foregoing (the assets referred to in (a) through (h) are collectively referred to as the
“Assets”); provided that such grants shall not include (i) the U.S.$250 transaction fee paid to the Issuer in consideration of the
issuance of the Securities, (ii) the proceeds of the issuance and allotment of the Issuer’s ordinary shares, (iii) the membership interests of the Co-Issuer, (iv) any account in the Cayman Islands or elsewhere maintained in
respect of the funds referred to in items
(i) and (ii), together with any interest thereon and (v) the Preferred Shares Payment Account and any funds deposited in or credited to such account (the “Excluded
Property”). 

  
 1 

 The above Grant is made in trust to secure the Secured Notes and certain other amounts
payable by the Issuer as described herein. Except as set forth in the Priority of Payments and Article XIII of this Indenture, the Secured Notes are secured by the Grant equally and ratably without prejudice, priority or distinction between
any Secured Note and any other Secured Note by reason of difference in time of issuance or otherwise. The Grant is made to secure, in accordance with the priorities set forth in the Priority of Payments and Article XIII of this Indenture,
(i) the payment of all amounts due on the Secured Notes in accordance with their terms, (ii) the payment of all other sums (other than in respect of the Preferred Shares) payable under this Indenture, (iii) the payment of amounts owing by
the Issuer under the Collateral Management Agreement, the Collateral Administration Agreement and the Loan Sale Agreements and (iv) compliance with the provisions of this Indenture, all as provided herein. The foregoing Grant shall, for the purpose
of determining the property subject to the lien of this Indenture, be deemed to include any debt and any investments granted to the Trustee by or on behalf of the Issuer, whether or not such debt or investments satisfy the criteria set forth in the
definitions of “Collateral Obligation” or “Eligible Investments,” as the case may be. 
 The Trustee
acknowledges such Grant, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform the duties herein in accordance with the terms hereof. 

ARTICLE I 
 DEFINITIONS 
 Section 1.1 DefinitionsDEFINITIONS

 Definitions. Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Indenture, and the definitions of such
terms are equally applicable both to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms. The word “including” shall mean “including without limitation.” All references
herein to designated “Articles,” “Sections,” “sub-Sections”, “clause” and other subdivisions are to the designated articles, sections, sub-sections, “clause” and other subdivisions of this Indenture.
The words “herein,” “hereof,” “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular article, section, sub-Section or other subdivision. 

“17g-5 Information”: The meaning specified in Section 14.16(a). 

“17g-5 Website”: A password-protected website which shall initially be located at https://www.17g5.com. Any change of the
17g-5 Website shall only occur after notice has been delivered by the Issuer to the Information Agent, the Trustee, the Collateral Administrator, the Collateral Manager, the Placement Agent and each Rating Agency setting the date of change and new
location of the 17g-5 Website. 

  
 -2- 

 “1940 Act”: The United States Investment Company Act of 1940, as amended
from time to time. 
 “Accountants’ Effective Date Comparison AUP Report”: The meaning specified in
Section 7.18(c). 
 “Accountants’ Effective Date Recalculation AUP Report”: The meaning specified in
Section 7.18(c). 
 “Accountants’ Report”: A certificate of the firm or firms appointed by the Issuer
pursuant to Section 10.9(a). 
 “Accounts”: (i) The Payment Account, (ii) the Collection Account,
(iii) the Ramp-Up Account, (iv) the Revolver Funding Account, (v) the Expense Reserve Account, (vi) the Interest Reserve Account and (vii) the Custodial Account, each of which shall be comprised of a securities account, a
related deposit account and such subaccounts as the Trustee or the Custodian, as the case may be, shall determine. 
 “Account
Control Agreement”: The Account Control Agreement dated as of the Closing Date, as amended and restated as of the First Refinancing Date, among the Issuer, the Trustee and State Street, as securities intermediary and as depository bank. 

“Act”: The meaning specified in Section 14.2. 

“Additional Long Dated Obligation”: The meaning specified in Section 7.20(a). 

“ Additional Notes”: Any Secured Notes (including, Junior Mezzanine Notes) issued pursuant to Section 2.4. 

“Additional Securities”: Collectively, any Additional Notes and any additional Preferred Shares issued pursuant to the Memorandum and ArticlesLimited Liability Company Agreement. 
 “Additional Securities Closing Date”: The closing date for the issuance of
any Additional Securities pursuant to Section 2.4. 
 “Adjusted Class Break-even Default Rate”: The rate equal
to (a)(i) the Class Break-even Default Rate multiplied by (ii)(x) the Target Initial Par Amount divided by (y) the Collateral Principal Amount plus the S&P Collateral Value of all Defaulted Obligations plus
(b)(i)(x) the Collateral Principal Amount plus the S&P Collateral Value of all Defaulted Obligations minus (y) the Target Initial Par Amount, divided by (ii)(x) the Collateral Principal Amount plus the S&P
Collateral Value of all Defaulted Obligations multiplied by (y) 1 minus the Weighted Average S&P Recovery Rate. 

“Adjusted Collateral Principal Amount”: As of any date of determination, (a) the Aggregate Principal Balance of the
Collateral Obligations (other than Defaulted Obligations, Long Dated Obligations, Discount Obligations and any Closing Date Participation Interests), plus (b) without duplication, the amounts on deposit in all Accounts (including Eligible
Investments 

  
 -3- 

 
therein) representing Principal Proceeds, plus (c) the aggregate of the Defaulted Obligation Balances for each Defaulted Obligation and Long Dated Obligation, plus (d) the
aggregate of the purchase prices for each Discount Obligation, excluding accrued interest, expressed as a percentage of par and multiplied by the Principal Balance thereof, for such Discount Obligation, plus (e) with respect to
any Closing Date Participation Interest, on or prior to the Effective Date, its Principal Balance, and anytime thereafter, its S&P Recovery Amount, minus (f) the Excess CCC Adjustment Amount; provided that with respect to any
Collateral Obligation that satisfies more than one of the definitions of Defaulted Obligation, Long Dated Obligation, Discount Obligation and Closing Date Participation Interest, or any asset that falls into the Excess CCC Adjustment Amount, such
Collateral Obligation shall, for the purposes of this definition, be treated, in each case without duplication, as belonging to the category of Collateral Obligations which results in the lowest Adjusted Collateral Principal Amount on any date of
determination. 
 “Administration Agreement”: The Administration Agreement, dated
the Closing Date, between the Issuer and the Administrator, providing for the administrative functions of the Issuer, as modified, amended, and supplemented and in effect from time to time.

 “Administrative Expense Cap”: An amount equal on any Payment Date (when taken together with any Administrative
Expenses paid during the period since the preceding Payment Date or in the case of the first Payment Date after the First Refinancing Date, the period since the
ClosingFirst Refinancing Date), to the sum of (a) 0.025% per annum (prorated for the related Interest Accrual Period on the basis of a 360-day year and the actual number of days elapsed) of the Fee Basis Amount on the
related Determination Date and (b) U.S.$250,000 per annum (prorated for the related Interest Accrual Period on the basis of a 360-day year consisting of twelve (12) 30-day months); provided that (1) in respect of any
Payment Date after the third Payment Date following the Closing Date, if the aggregate amount of Administrative Expenses paid pursuant to Section 11.1(a)(i)(A), Section 11.1(a)(ii)(A) and Section 11.1(a)(iii)(A)
(including any excess applied in accordance with this proviso) on the three immediately preceding Payment Dates and during the related Collection Periods is less than the stated Administrative Expense Cap (without regard to any excess applied in
accordance with this proviso) in the aggregate for such three preceding Payment Dates, then the excess may be applied to the Administrative Expense Cap with respect to the then-current Payment Date; and (2) in respect of the third Payment Date
following the Closing Date, such excess amount shall be calculated based on the Payment Dates preceding such Payment Date. 

“Administrative Expenses”: The fees, expenses (including indemnities) and other amounts due or accrued with respect to any
Payment Date (including, with respect to any Payment Date, any such amounts that were due and not paid on any prior Payment Date in accordance with the Priority of Payments) and payable in the following order by the Issuer: first, to the
Trustee pursuant to Section 6.7 and the other provisions of this Indenture, second, to the Fiscal Agent and the Collateral Administrator pursuant to the Fiscal Agency Agreement and the Collateral Administration Agreement,
respectively, and the Bank in any of its other capacities, third, to the Administrator, the fees and expenses payable under the Administration Agreement
(including all filing, registration and annual return fees payable to the Cayman Islands government and registered office fees), fourth, on a pro rata basis, the following
amounts to the following parties: 

  
 -4- 

 (i) Independent accountants, agents (other than the Collateral Manager), the
remaining officers and managers of the Issuers (if any) and counsel of the Issuers for fees and expenses; 
 (ii) each Rating
Agency for fees and expenses (including any annual fee, amendment fees and surveillance fees) in connection with any rating of the Secured Notes or in connection with the rating of (or provision of credit estimates in respect of) any Collateral
Obligations; 
 (iii) the Collateral Manager for fees and expenses under the Collateral Management Agreement but excluding
the Collateral Management Fee; 
 (iv) any other Person in respect of any other fees or expenses permitted under this
Indenture and the documents delivered pursuant to or in connection with this Indenture (including without limitation the payment of all legal and other fees and expenses incurred in connection with the purchase or sale of any Collateral Obligations
and any other expenses incurred in connection with the Collateral Obligations) and the Securities, including but not limited to, any amounts due in respect of the listing of the Notes on any stock exchange or trading system; and 

(v) the Administrator under the
Administration Agreement and Independent accountants, agents (other than the Collateral Manager) and counsel of the Issuers for indemnities payable to such Person and to pay costs to the Issuer of complying with FATCA, the Cayman FATCA Legislation and the CRS; and 

(vi) any Person in connection with the
consummation of the Permitted Mergers; 
 and fifth, on a pro rata basis and
without duplication, indemnities payable to any Person (not already paid pursuant to clause (v) above) pursuant to any Transaction Document; provided that (x) amounts due in respect of actions taken on or before the Closing Date shall
not be payable as Administrative Expenses but shall be payable only from the Expense Reserve Account pursuant to Section 10.3(d) and (y) for the avoidance of doubt, amounts that are expressly payable to any Person under the Priority
of Payments in respect of an amount that is stated to be payable as an amount other than as Administrative Expenses (including, without limitation, interest and principal in respect of the Securities) shall not constitute Administrative Expenses.

 “Administrator”: Walkers Fiduciary Limited (or any successor or
assign thereto), in its capacity as an administrator under the Administration Agreement. 

“Advisers Act”: The United States Investment Advisers Act of 1940, as amended. 

“Affected Class”: Any Class of Secured Notes that, as a result of the occurrence of (and due to) a Tax Event, has not
received 100% of the aggregate amount of principal and interest that would otherwise be due and payable to such Class on any Payment Date. 

  
 -5- 

 “Affiliate”: With respect to a Person, (i) any other Person who,
directly or indirectly, is in control of, or controlled by, or is under common control with, such Person or (ii) any other Person who is a director, Officer, employee or general partner (a) of such Person, (b) of any subsidiary or parent
company of such Person or (c) of any Person described in clause (i) above. For the purposes of this definition, “control” of a Person means the power, direct or indirect, (x) to vote more than 50% of the securities having
ordinary voting power for the election of directors of such Person or (y) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. With respect to the Issuers, this definition shall exclude the Administrator or any other entity to which the Administrator is or will be providing administrative services
or acting as share trustee. 
 “Agent Members”: Members
of, or participants in, DTC, Euroclear or Clearstream. 
 “Aggregate Funded Spread”: As of any Measurement Date, the sum
of: (a) in the case of each Floating Rate Obligation (other than a Defaulted Obligation) that bears interest at a spread over a London interbank
offeredthe reference rate based index that is the same as the then-current Benchmark applicable to the Floating Rate Notes (including, for any Permitted
Deferrable Obligation, only the excess of the required current cash pay interest required by the Underlying Documents thereon over the applicable index and excluding the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving
Collateral Obligation), (i) the stated interest rate spread paid in Cash on such Collateral Obligation above such index multiplied by (ii) the Principal Balance of such Collateral Obligation; provided that (i) with
respect to any Reference Rate Floor Obligation, the stated interest rate spread paid in Cash on such
Collateral Obligation over the applicable index shall be deemed to be equal to the sum of (x) the stated interest rate spread paid in Cash over the applicable index and (y) the excess, if any, of the specified “floor” rate
relating to such Collateral Obligation over the applicable index and (ii) the interest rate of each Step-Up Obligation will be deemed to be its current rate of interest and the interest rate of each Step-Down Obligation will be deemed to be the
lowest rate of interest that such Collateral Obligation will by its terms pay in the future solely as a function of the passage of time; and (b) in the case of each Floating Rate Obligation (including, for any Permitted Deferrable Obligation,
only the required current cash pay interest required by the Underlying Documents thereon and excluding the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation) that bears interest at a spread over an
index other than a London interbank offeredthe reference rate based index that is the same as the then-current Benchmark applicable to the Floating Rate Notes, (i) the excess of the sum of such spread and such index paid in Cash over the Reference RateBenchmark as of the immediately preceding Interest Determination Date (which spread or excess may be expressed as a negative
percentage) multiplied by (ii) the Principal Balance of each such Collateral Obligation. Notwithstanding the foregoing, if a Reference Rate
Amendment or an Alternative Reference Rate has been adopted, and the replacement Benchmark is the same benchmark rate currently in effect for determining interest on a Floating Rate Obligation, references to “London interbank offered rate based
index” in this definition of Aggregate Funded Spread with respect to such Floating Rate Obligation shall be deemed to be a reference to such benchmark rate that is the same as the Benchmark. 
 “Aggregate Outstanding Amount”: With respect to (i) any of the Secured
Notes as of any date, the aggregate unpaid principal amount of such Secured Notes Outstanding on such date and (ii) the Preferred Shares as of any date, the notional amount represented by such Outstanding Preferred Shares, assuming a notional
amount of $1,000 per share. 

  
 -6- 

 “Aggregate Principal Balance”: When used with respect to all or a portion
of the Collateral Obligations or the Assets, the sum of the Principal Balances of all or of such portion of the Collateral Obligations or Assets, respectively. 

“Aggregate Unfunded Spread”: As of any Measurement Date, the sum of the products obtained by multiplying (i) for
each Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation (other than Defaulted Obligations), the related commitment fee rate then in effect as of such date and (ii) the undrawn commitments of each such Delayed Drawdown
Collateral Obligation and Revolving Collateral Obligation as of such date. 
 “Alternative Reference Rate”: The greater of (i) zero and (ii)(a) the replacement rate (and any related adjustment) proposed by the Collateral Manager and consented to by a Majority of the
Controlling Class and a Majority of the Preferred Shares or (b) if no replacement rate is effective pursuant to clause (a), the applicable Benchmark Replacement. 

“AML Compliance”: Compliance with the Cayman AML
Regulations. 
 “Applicable Issuer”: With respect to (a) the Co-Issued Notes, the Issuers and (b) the Preferred Shares, the Issuer.

 “Appraised Value”: With respect to any Collateral Obligation beneficially owned by the Issuer, the value of such
Collateral Obligation, as determined by the applicable Approved Appraisal Firm, as set forth in the related appraisal (or, if a range of values is set forth therein, the midpoint of such values). 

“Approved Appraisal Firm”: (a) Each of the following firms: Houlihan Lokey, Inc., Duff & Phelps LLC, Lincoln
Advisors, Murray, Devine and Company and Valuation Research Corporation and (b) each Independent financial adviser of recognized standing retained by the Issuer, the Collateral Manager or the agent or lenders under any Collateral Obligation, as
approved by the Collateral Manager; provided that with respect to this clause (b), consent to such approval has been obtained from a Majority of the Controlling Class. 
 “Assets”: The meaning specified in the Granting Clauses. 

“Asset Replacement Percentage”: On any date of calculation, a fraction (expressed as a percentage) where the numerator is the
outstanding principal balance of the Floating Rate Obligations that were indexed to one of the rates described in the definition of Benchmark Replacement for the
Corresponding TenorIndex Maturity as of such calculation date and the denominator is the outstanding principal balance of all Floating Rate Obligations as of such calculation date. 

“Assumed Reinvestment Rate”: The Reference
RateBenchmark (as determined on the most recent Interest Determination Date relating to an Interest
Accrual Period beginning on a Payment Date or the Closing Date) minus 0.25% per annum; provided that the Assumed Reinvestment Rate shall not be less than 0.00%. 

  
 -7- 

 “Authenticating Agent”: With respect to the Notes or a Class of Notes, the
Person designated by the Trustee to authenticate such Notes on behalf of the Trustee pursuant to Section 6.14 hereof. 

“Authorized Officer”: With respect to the
Issuer or the Co- Issuer, any Officer or any other Person who is authorized to act for the Issuer or the Co-Issuer, as applicable, in matters relating to, and binding upon, the Issuer or the Co-Issuer, or, in
the case of the Issuer, an Officer, employee or agent of the Collateral Manager who is authorized to act for the Collateral Manager in matters for which the Collateral Manager has authority
to act on behalf of the Issuer and, for the avoidance of doubt, any appointed attorney- in-fact of the Issuer. With respect to the Collateral Manager, any Officer, employee or agent of the Collateral Manager who is authorized to act for the
Collateral Manager in matters relating to, and binding upon, the Collateral Manager with respect to the subject matter of the request, certificate or order in question. With respect to the Retention Holder, any Officer, employee or agent of the
Retention Holder who is authorized to act for the Retention Holder in matters relating to, and binding upon, the Retention Holder with respect to the subject matter of the request, certificate or order in question. With respect to the Trustee or any
other bank or trust company acting as trustee of an express trust or as custodian, a Trust Officer. Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority of any Person to act,
and such certification may be considered to be in full force and effect until receipt by such other party of written notice to the contrary. 

“Balance”: On any date, with respect to Cash or Eligible Investments in any account, the aggregate of the (i) current
balance of Cash, demand deposits, time deposits, certificates of deposit and federal funds; (ii) principal amount of interest-bearing corporate and government securities, money market accounts and repurchase obligations; and (iii) purchase
price (but not greater than the face amount) of non-interest-bearing government and corporate securities and commercial paper. 

“Bank”: State Street Bank and Trust Company, in its individual capacity and not as Trustee, or any successor thereto. 

“Bankruptcy Code”: The federal Bankruptcy Code, Title 11 of the United States Code, as amended from time to time. 

“Bankruptcy Law”: The Bankruptcy Code and any successor statute or any other applicable federal or state bankruptcy law or
similar law, including, without limitation, Part V of the Companies Law of the Cayman Islands and the Companies Winding Up Rules 2018 of the Cayman Islands,
each as amended from time to time, and any bankruptcy, insolvency, winding up, reorganization or similar law enacted under the laws of the Cayman Islands or any otherany applicable jurisdiction. 
 “Bankruptcy Subordination Agreement”: The meaning
specified in Section 5.4(f). 
 “Base Management Fee”: The fee payable to the Collateral Manager in arrears on
each Payment Date pursuant to Section 8(a) of the Collateral Management Agreement and Section 11.1 hereof, in an amount equal to 0.15% per annum, calculated on the basis of the actual number of days in the applicable
Interest Accrual Period divided by 360, of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date. 

  
 -8- 

 “BDC Loan Sale Agreement”: The Loan Sale Agreement dated as of the Closing Date, as amended and restated as of the First Refinancing Date, between ORCC, as seller, and the Issuer, as purchaser, as
amended from time to time in accordance with the terms thereof. 
 “Benchmark”: Initially LIBOR; provided that ifWith respect to the Floating Rate Notes, (i) the greater of
(x) zero and (y) the Term SOFR Rate and (ii) after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to LIBOR or the then-current Benchmark, then “Benchmark”
means, the applicable
Alternative Reference RateBenchmark Replacement. 
 With respect to
any Collateral Obligation, when used in the context of such Collateral Obligation, “Benchmark” or “Benchmark-based index” means the London interbank offered rate, the forward- looking term rate based on SOFR or the applicable
benchmark rate currently in effect for such Floating Rate Obligation and determined in accordance with the related Underlying Document. 

“Benchmark Replacement”: The first alternative
rate set forth in the order
below that can beunder clause (a), as determined by the Collateral Manager as of the Benchmark Replacement Date, that also satisfies clause (b): 
 (a) 
 (A) the sum
of: (a) Term SOFR and (b) the Benchmark Replacement Adjustment; 

(B) the sum of: (a) Compounded SOFR and (b) the
Benchmark Replacement Adjustment; 
 (i) the sum of:
(a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Reference Rate
for the Corresponding Tenorthen-current Benchmark for the applicable Index Maturity and (b) the
Benchmark Replacement Adjustment; 
 (ii) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark
Replacement Adjustment; and; 
 (iii) the sum of: (a) the alternate rate of interest that has been selected by
the Collateral Manager as the replacement for the then-current Benchmark for the applicable Corresponding TenorIndex Maturity giving due consideration to any industry-accepted rate of interest as a replacement for then then-current Benchmark for U.S. dollar denominated collateralized loan obligation securitizations at such time and (b) the Benchmark Replacement
Adjustment; and 

provided that the Benchmark Replacement (after giving effect to any Benchmark Replacement Adjustment) will be not less than zero; and provided further that, at the election of 

  
 -9- 

 
the Collateral Manager, if a Benchmark Transition Event described in clause (4) of the definition thereof
has occurred (and no prior Benchmark Transition Event has occurred) and the Asset Replacement Percentage with respect to any of the rates described in clauses (1) through (4) above is equal to or greater than 50%, the Benchmark Replacement
shall be such rate or the rate described in clause (5) above. 
 If a Benchmark Replacement is selected pursuant to clause (2) above, then on each Interest Determination Date following such selection, if a redetermination of the
Benchmark Replacement on such date would result in the selection of a Benchmark Replacement under clause (1) above, then (x) the Benchmark Replacement Adjustment shall be redetermined on such date utilizing the Unadjusted Benchmark Replacement
corresponding to the Benchmark Replacement under clause (1) above and (y) such redetermined Benchmark Replacement shall become the Benchmark on each Determination Date on or after such date. If a redetermination of the Benchmark
Replacement on such date as described in the preceding sentence would not result in the selection of a Benchmark Replacement under clause (1) above, then the Benchmark shall remain the Benchmark Replacement as previously determined pursuant to
clause (2) above. 
 (b) the benchmark rate (excluding any rate corresponding to Libor) being used by either (1) at least 50% of the aggregate principal amount of the Floating Rate Obligations
included in the Assets that pay interest quarterly or (2) at least 50% of the floating rate notes priced or closed in new issue collateralized loan obligation transactions and/or floating rate notes in collateralized loan obligation
transactions that have amended their benchmark rate, in each case within three months from the later of (x) the date on which the Benchmark Transition Event occurs or (y) such date of determination; 
 provided,
that if the Collateral Manager is unable to determine a benchmark rate in accordance with the foregoing, the Benchmark Replacement shall equal the Fallback Rate; 

provided, further, that (x) the Benchmark Replacement
shall not be Libor; and (y) if at any time when the Fallback Rate is effective the Collateral Manager is able to determine any Benchmark Replacement that satisfies both clause (a) and (b), the Collateral Manager shall notify the Issuer,
the Trustee (who shall forward such notice to the Holders of the Securities), the Collateral Administrator and the Calculation Agent of such Benchmark Replacement, and such Benchmark Replacement shall become the Benchmark commencing with the
Interest Accrual Period immediately succeeding the Interest Accrual Period during which the Collateral Manager provides such notification. 

Notwithstanding anything to the contrary, the Benchmark
Replacement may be any other replacement rate (including any related adjustment) proposed by the Collateral Manager and consented to by a Majority of the Controlling Class and a Majority of the Preferred Shares. 
 “Benchmark Replacement Adjustment”: The first alternative set forth in the
order below that can be determined by the Collateral Manager as of the Benchmark Replacement Date: 
 (1) 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, endorsed or recommended by the Relevant Governmental Body for the applicable Unadjusted
Benchmark Replacement; 

  
 -10- 

 (2) if the applicable Unadjusted Benchmark Replacement is equivalent to the
ISDA Fallback Rate, then the ISDA Fallback Adjustment; and 
 (3) the spread adjustment (which may be a positive or negative
value or zero) that has been selected by the Collateral Manager giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark
with the applicable Unadjusted Benchmark Replacement for Dollar-denominated collateralized loan obligation securitization transactions at such time. 

“Benchmark Replacement Conforming Changes”: With respect to any Alternative Reference RateBenchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Interest Accrual Period,” timing and frequency of determining rates and making payments of interest, and
other administrative matters) that the Collateral Manager decides may be appropriate to reflect the adoption of such Alternative Reference RateBenchmark Replacement in a manner substantially consistent with market practice (or, if the Collateral Manager decides that
adoption of any portion of such market practice is not administratively feasible or if the Collateral Manager determines that no market practice for use of the
Alternative Reference RateBenchmark Replacement exists, in such other manner as the Collateral Manager determines is reasonably necessary). 

“Benchmark Replacement Date”: 

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

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public
statement or publication of information; or 
 (3) in the case of clause (4) of the definition of “Benchmark
Transition Event”, the Interest Determination Date following the date of the related Monthly Report. 
 For the avoidance of doubt, if
the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time5:00 p.m. (New York time) on the Interest Determination Date in respect of any determination, the Benchmark Replacement Date
will be deemed to have occurred prior to the Reference Time5:00
p.m. (New York time) on the Interest Determination Date for such determination. If the Benchmark
Replacement Date occurs less than three Business Days prior to an Interest Determination Date and a replacement rate has not been proposedis not the Term SOFR Rate, the time above shall be determined by the Collateral Manager with the consent of a Majority of the Controlling Class and a Majority of the Preferred Shares, the Issuer and the Calculation Agent shall use good faith and commercially
reasonable efforts to determine the Benchmark Replacement as of such Interest Determination Date on or as soon as reasonably possible after such Interest Determination Date and the failure to

  
 -11- 

 
determinein
accordance with the Benchmark Replacement on such Interest Determination Date shall not be a Default under
this Indenture. The occurrence of the Benchmark Replacement Date will not affect any Interest Rate determination prior to the Benchmark Replacement Date, even if the related Payment Date occurs after the Benchmark Replacement Date.Conforming Changes. 

“Benchmark Replacement Rate Amendment”: A supplemental
indenture to be executed by the Issuer and the Trustee at the direction of the Collateral Manager to elect a Benchmark with respect to the Floating Rate Notes (and make related changes advisable or necessary in the judgment and as determined by the
Collateral Manager to implement the use of such replacement rate) pursuant to Section 8.1(a)(xxiv). 

“Benchmark Transition Event”: The occurrence of one or more of the following events with respect to the then-current
Benchmark: 
 (1) a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide
the Benchmark; 
 (2) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the
administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the
administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the
Benchmark; 
 (3) a public statement or publication of information by the regulatory supervisor for the administrator
of the Benchmark announcing that the Benchmark is no longer representative; or 
 (4) the Asset Replacement Percentage is
greater than 50%, as reported in the most recent Monthly Report. 
 “Beneficial Ownership Certificate”: The meaning
specified in Section 14.2(e). 
 “Benefit Plan Investor”: (i) Any employee benefit plan (as defined in
Section 3(3) of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (ii) any plan to which Section 4975 of the Code applies, or (iii) any entity whose underlying assets include plan assets (as
defined by the Plan Asset Regulation) by reason of such an employee benefit plan’s or plan’s investment in such entity. 

“Bond”: A debt security that is not a Loan or a Participation Interest. 

  
 -12- 

 “Bridge Loan”: Any loan or other obligation that (x) is 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 (y) by its terms, is required to be repaid within one year of the incurrence thereof with proceeds
from additional borrowings or other refinancings (it being understood that any such loan or debt security that has a nominal maturity date of one year or less from the incurrence thereof but has a term-out or other provision whereby (automatically
or at the sole option of the Obligor thereof) the maturity of the indebtedness thereunder may be extended to a later date is not a Bridge Loan). 

“Business Day”: Any day other than (i) a Saturday or a Sunday or (ii) a day on which commercial banks are
authorized or required by applicable law, regulation or executive order to close in New York, New York or in the city in which the Corporate Trust Office of the Trustee is located or, for any final payment of principal, in the relevant place of
presentation. 
 “Calculation Agent”: The meaning specified in Section 7.16. 

“Cash”: Such funds denominated in currency of the United States as at the time shall be legal tender for payment of all
public and private debts, including funds standing to the credit of an Account. 
 “Cause”: The meaning set forth in the
Collateral Management Agreement. 
 “Cayman Issuer”:
Owl Rock CLO V, Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands. 

“Cayman AML Regulations”: The Anti-Money Laundering Regulations
(2020 Revision) and The Guidance Notes on the Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands, each as amended from time to time. 

“Cayman FATCA Legislation”: The Cayman Islands Tax Information
Authority Law (2017 Revision) (as amended) together with regulations and guidance notes made pursuant to such law, as amended from time to time. 

“CCC Collateral Obligation”: A CCC Fitch Collateral Obligation or a CCC S&P Collateral Obligation, as the context may
require. 
 “CCC Excess”: An amount equal to the excess, if any, of (a) the Aggregate Principal Balance of all CCC
S&P Collateral Obligations over an amount equal to (b) 17.5% of the Collateral Principal Amount as of such date of determination; provided that in determining which of the CCC S&P Collateral Obligations shall be included in the
CCC Excess, the CCC S&P Collateral Obligations with the lowest Market Value (expressed as a percentage of the Principal Balance of such Collateral Obligations as of such date of determination) shall be deemed to constitute such CCC Excess. 

“CCC Fitch Collateral Obligation”: A Collateral Obligation (other than a Defaulted Obligation) with a Fitch Rating of
“CCC+” or lower. 

  
 -13- 

 “CCC S&P Collateral Obligation”: A Collateral Obligation (other than a
Defaulted Obligation) with an S&P Rating of “CCC+” or lower. 
 “Certificate of Authentication”: The meaning
specified in Section 2.1. 
 “Certificated Note”: The meaning specified in Section 2.2(a)(iii).

 “Certificated Security”: The meaning specified in Section 8-102(a)(4) of the UCC. 

“Class”: In the case of (i) the Secured Notes, all of the Secured Notes having the same Interest Rate, Stated Maturity
and class designation and (ii) the Preferred Shares, all of the Preferred Shares. ; provided that, solely for purposes of calculating the Interest Coverage Ratio and the Overcollateralization Ratio, the Class A-1 Notes, the Class A-2 Notes and the
Class B Notes shall be treated as a single Class. With respect to any exercise of voting rights, any Pari Passu Classes of Securities that are entitled to vote on a matter will vote together as a single Class, except as expressly provided otherwise
herein; provided that Pari Passu Classes will be treated as separate Classes for purposes of a Refinancing or a Re-Pricing. 

“Class A Notes”: The(i) Prior to the First Refinancing Date, the Class A-1 Notes and the Class A-2 Notes, collectively and (ii) on and after the First Refinancing Date, the Class A-R Notes. 

“Class A-R Notes”: Collectively, the Class A-1R
Notes and the Class A-2R Notes. 
 “Class A-1 Notes”: The(i) Prior to the First Refinancing Date, the Class A-1 Senior Secured Floating Rate Notes issued on the Closing
Date pursuant to this Indenture and having the characteristics specified in Section 2.3, and (ii) on
and after the First Refinancing Date, the Class A-1R Notes. 
 “Class A-1R Notes”: The Class A-1R Senior Secured Floating Rate Notes issued on the First Refinancing Date pursuant to this Indenture and having the
characteristics specified in Section 2.3. 
 “Class A-2
Notes”: The(i) Prior to the First Refinancing Date,
the Class A-2 Senior Secured Floating Rate Notes issued on the Closing Date pursuant to this Indenture and having the characteristics specified in Section 2.3, and (ii) on and after the First
Refinancing Date, the Class A-2R Notes. 
 “Class A-2R Notes”: The Class A-2R Senior Secured Floating Rate Notes issued on the First Refinancing Date pursuant to this Indenture and having the
characteristics specified in Section 2.3. 
 “Class A/B Coverage Tests”: The Class A Overcollateralization Ratio Test and the Class A Interest Coverage
Test. 

, each “Class A Interest Coverage Test”: A test that is satisfied as of the Interest Coverage Test Effective Date and any other date thereafter on which such test is required to be determined hereunder if
(i) the Interest Coverage Ratio for the Class A Notes on such date is at least equal to the Required Interest Coverage Ratio or (ii)as applied
with respect to the Class A Notes and the Class AB Notes are no longer
outstanding, collectively. 

  
 -14- 

“Class A Overcollateralization Ratio Test”: A test that is
satisfied as of the Effective Date and any other date thereafter on which such test is required to be determined hereunder, if (i) the Overcollateralization Ratio for the Class A Notes on such date is at least equal to the Required
Overcollateralization Ratio or (ii) the Class A Notes are no longer outstanding. 

“Class B Notes”: Collectively, the Class B-1 Notes and
the Class B-2 Notes. 
 “Class B-1 Notes”: The Class B-1 Senior Secured Floating Rate Notes issued on the First Refinancing Date pursuant to this Indenture and having the characteristics
specified in Section 2.3. 
 “Class B-2 Notes”: The Class B-2 Senior Secured Fixed Rate Notes issued on the First Refinancing Date pursuant to this Indenture and having the characteristics
specified in Section 2.3. 
 “Class Break-even Default
Rate”: With respect to the Highest Ranking Class: 
 (a) prior to the S&P CDO Monitor Election Date, the rate
equal to (a) 0.1686810.146127 plus (b) the product of (x) 2.8862812.509166 and (y) the Weighted Average Floating Spread plus (c) the product of (x) 1.2993691.239172 and
(y) the Weighted Average S&P Recovery Rate; or 
 (b) on and after the S&P CDO Monitor Election Date, the
maximum percentage of defaults, at any time, that the Current Portfolio or the Proposed Portfolio, as applicable, can sustain, as determined through application of the applicable S&P CDO Monitor chosen by the Collateral Manager in accordance
with this Indenture that is applicable to the portfolio of Collateral Obligations, which, after giving effect to the assumptions on recoveries, defaults and timing and to the Priority of Payments, will result in sufficient funds remaining for the
payment of such Class or Classes of Secured Notes in full. After the Effective Date, S&P will provide the Collateral Manager with an input file that incorporates the Class Break-even Default Rates for each S&P CDO Monitor determined by the
Collateral Manager (with notice to the Collateral Administrator) pursuant to the definition of “S&P CDO Monitor.” After the S&P CDO Monitor Election Date, S&P will provide the Collateral Manager with the Class Break-even
Default Rates for each S&P CDO Monitor input file based upon the Weighted Average Floating Spread and the Weighted Average S&P Recovery Rate to be associated with such S&P CDO Monitor input file as selected by the Collateral Manager from
Section 2 of Schedule 4 or any other Weighted Average Floating Spread and Weighted Average S&P Recovery Rate selected by the Collateral Manager from time to time. 

“Class C Coverage Tests”: The Overcollateralization
Ratio Test and the Interest Coverage Test, as applied with respect to the Class C Notes. 

“Class C Notes”: Collectively, the Class C-1 Notes and
the Class C-2 Notes. 

  
 -15- 

 “Class C-1
Notes”: The Class C-1 Mezzanine Secured Deferrable Floating Rate Notes issued on the First Refinancing Date pursuant to this Indenture and having the characteristics specified in Section 2.3. 
 “Class C-2
Notes”: The Class C-2 Mezzanine Secured Deferrable Fixed Rate Notes issued on the First Refinancing Date pursuant to this Indenture and having the characteristics specified in
Section 2.3. 
 “Class Default Differential”: With respect
to the Highest Ranking Class, the rate calculated by subtracting the Class Scenario Default Rate at such time for such Class of Secured Notes from (x) prior to the S&P CDO Monitor Election Date, the Adjusted Class Break-even Default Rate or
(y) on and after the S&P CDO Monitor Election Date, the Class Break-even Default Rate, in each case, for such Class of Secured Notes at such time. 

“Class Scenario Default Rate”: With respect to the Highest Ranking Class: 

(a) prior to the S&P CDO Monitor Election Date, the rate at such time equal to (i) 0.247621 plus (ii)(x) the
Weighted Average S&P Rating Factor divided by (y) 9162.65 minus (iii)(x) the Default Rate Dispersion divided by (y) 16757.2 minus (iv)(x) the Obligor Diversity Measure divided by (y) 7677.8
minus (v)(x) the Industry Diversity Measure divided by (y) 2177.56 minus (vi)(x) the Regional Diversity Measure divided by (y) 34.0948 plus (vii)(x) the Weighted Average Life divided by (y) 27.3896; or 

(b) on and after the S&P CDO Monitor Election Date, an estimate of the cumulative default rate for the Current Portfolio or
the Proposed Portfolio, as applicable, consistent with S&P’s initial rating of such Class or Classes of Secured Notes, determined by application by the Collateral Manager and the Collateral Administrator of the S&P CDO Monitor at such
time. 
 “Clean-Up Call Redemption”: A redemption of the Secured Notes in accordance with Section 9.8. 

“Clearing Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange
Act. 
 “Clearing Corporation”: (i) Clearstream, (ii) DTC, (iii) Euroclear and (iv) any entity included
within the meaning of “clearing corporation” under Section 8-102(a)(5) of the UCC. 
 “Clearing Corporation
Security”: Securities which are in the custody of or maintained on the books of a Clearing Corporation or a nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly
endorsed to or registered in the name of the Clearing Corporation or such nominee. 
 “Clearstream”: Clearstream Banking,
société anonyme, a corporation organized under the laws of the Duchy of Luxembourg (formerly known as Cedelbank, société anonyme). 

  
 -16- 

 “Closing Date”: November 20, 2020, or when relating solely to the First Refinancing Notes, the First Refinancing Date. 

“Closing Date Participation Interest”:
The(i) Prior to the First Refinancing Date, the participation interests acquired by the Issuer pursuant to the Loan Sale Agreements on the Closing Date, and (ii) on and
after the First Refinancing Date, the participation interests acquired by the Issuer pursuant to the Loan Sale Agreements on the First Refinancing Date. 

“Code”: The United States Internal Revenue Code of 1986, as amended, and the Treasury regulations promulgated thereunder.

 “Co-Issued Notes”: The Class A-1 Notes and the
Class A-2 Notes. 
 “Co-Issuer”: Owl Rock CLO V, LLC, a limited liability company organized under the laws of the State of Delaware, and any successor thereto. 
 “Collateral Administration Agreement”: An agreement dated as of the Closing
Date, as amended and restated as of the First Refinancing Date, among the Issuer, the Collateral Manager and the
Collateral Administrator, as amended from time to time in accordance with the terms thereof. 
 “Collateral
Administrator”: State Street, in its capacity as Collateral Administrator under the Collateral Administration Agreement, and any successor thereto. 

“Collateral Interest Amount”: As of any date of determination, without duplication, the aggregate amount of Interest Proceeds
that has been received or that is expected to be received (other than Interest Proceeds expected to be received from Defaulted Obligations, but including Interest Proceeds actually received from Defaulted Obligations), in each case during the
Collection Period in which such date of determination occurs (or after such Collection Period but on or prior to the related Payment Date if such Interest Proceeds would be treated as Interest Proceeds with respect to such Collection Period). 

“Collateral Management Agreement”: The agreement dated as of the Closing Date, as amended and restated on the First Refinancing Date, between the Issuer and the Collateral Manager relating to the
management of the Collateral Obligations and the other Assets by the Collateral Manager on behalf of the Issuer, as amended from time to time in accordance with the terms thereof. 

“Collateral Management Fee”: The fee payable to the Collateral Manager in arrears on each Payment Date pursuant to
Section 8(a) of the Collateral Management Agreement and Section 11.1 hereof, comprised of (x) the Base Management Fee and (y) the Subordinated Management Fee. 

“Collateral Manager”: Owl Rock Capital Advisors LLC, a Delaware limited liability company, until a successor Person shall
have become the Collateral Manager pursuant to the provisions of the Collateral Management Agreement, and thereafter “Collateral Manager” shall mean such successor Person. 

  
 -17- 

 “Collateral Manager Securities”: Any Securities owned by the Collateral
Manager, an Affiliate thereof, or any account, fund, client or portfolio established and controlled by the Collateral Manager or an Affiliate thereof or for which the Collateral Manager or an Affiliate thereof acts as the investment adviser or with
respect to which the Collateral Manager or an Affiliate thereof exercises discretionary control thereover. 
 “Collateral Manager
Standard”: The standard of care applicable to the Collateral Manager set forth in the Collateral Management Agreement. 

“Collateral Obligation”: (a) A Senior Secured Loan, (b) a First-Lien Last-Out Loan, (c) a Second Lien Loan
(including, but not limited to, interests in such loans acquired by way of a purchase or assignment), (d) a Participation Interest in a Senior Secured Loan, First-Lien Last-Out Loan or a Second Lien Loan or (e) a Workout Loan, that
(x) as of the date the Issuer commits to purchase (or ORCC commits to contribute to the Issuer) such obligation, (y) if a portion of the proceeds from a prepayment of a Collateral Obligation are exchanged (other than in connection with a
restructuring of a Collateral Obligation due to financial distress or for the purpose of avoiding a payment default) as consideration for a new obligation, as of the date the Issuer commits to such exchange or (z) in the case of a Workout Loan,
as of the date of acquisition thereof, such obligation: 
 (i) is Dollar denominated and is neither convertible by the issuer
thereof into, nor payable in, any other currency; 
 (ii) unless it is a Workout Loan, is not (A) a Defaulted Obligation
or (B) a Credit Risk Obligation; 
 (iii) is not a lease; 

(iv) if it is a Deferrable Obligation, it is a Permitted Deferrable Obligation or a Workout Loan; 

(v) provides for a fixed amount of principal payable in Cash on scheduled payment dates and/or at maturity and does not by its
terms provide for earlier amortization or prepayment at a price of less than par; 
 (vi) does not constitute Margin Stock;

 (vii) gives rise only to payments that are not subject to withholding tax, other than withholding tax as to which the
Obligor must make additional payments so that the net amount received by the Issuer after satisfaction of such tax is the amount due to the Issuer before the imposition of any withholding tax or any withholding taxes imposed under FATCA; 

(viii) [Reserved]; 

(ix) is not a debt obligation whose repayment is subject to substantial non-credit related risk as determined by the Collateral
Manager; 

  
 -18- 

 (x) except for Delayed Drawdown Collateral Obligations and Revolving
Collateral Obligations, is not an obligation pursuant to which any future advances or payments to the borrower or the Obligor thereof may be required to be made by the Issuer; 

(xi) does not have an “f,” “p,” “pi,” “sf” or “t” subscript assigned by
S&P and does not have an “sf” subscript assigned by Fitch, or if such obligation is not rated by S&P or Fitch, does not have an “sf” subscript assigned by any other NRSRO or any agency approved by the Financial Conduct Authority of the United Kingdom or the European Securities and Markets Authority; 
 (xii) is not a repurchase obligation, a commodity forward contract, a Bond, a
Zero Coupon Bond, an Unsecured Loan, a Bridge Loan, a Commercial Real Estate Loan or a Structured Finance Obligation; 

(xiii) will not require the Issuer or the pool of Assets to be registered as an investment company under the 1940 Act; 

(xiv) is not an Equity Security or by its terms convertible into or exchangeable for an Equity Security; 

(xv) is not the subject of an Offer of exchange, or tender by its issuer, for cash, securities or any other type of
consideration other than a Permitted Offer; 
 (xvi) unless it is a Workout Loan, has an S&P Rating of at least
“CCC-” and a Fitch Rating of at least “CCC-”; 
 (xvii) does not mature after the earliest Stated
Maturity of any Secured Note Outstanding; 
 (xviii) other than in the case of a Fixed Rate Obligation, accrues interest at a
floating rate determined by reference to (a) the Dollar prime rate, federal funds rate or, Libor, or Term SOFR or (b) a similar interbank offered rate, commercial deposit rate or any other index; 

(xix) is Registered; 

(xx) is not a Synthetic Security; 

(xxi) does not pay interest less frequently than semi-annually; 

(xxii) is not a letter of credit and does not support a letter of credit; 

(xxiii) is purchased at a price at least equal to 65% of its Principal Balance; 

(xxiv) is not issued by an Obligor Domiciled in Greece, Italy, Portugal or Spain; 

  
 -19- 

 (xxv) is issued by a Non-Emerging Market Obligor Domiciled in the United
States, Canada, a Group I Country, a Group II Country, a Group III Country or a Tax Jurisdiction; 
 (xxvi) is an Eligible
Asset; 
 (xxvii) is not a warrant and does not have attached equity warrants; 

(xxviii) is not a participation interest in a Participation Interest; 

(xxix) other than a Workout Loan, is issued by an Obligor with a most-recently calculated EBITDA (calculated in accordance with
the Underlying Documents) of at least U.S.$10,000,000; 
 (xxx) is not an obligation of a Portfolio Company; 

(xxxi) if it is a First-Lien Last-Out Loan it is not a Cov-Lite Loan; and 

(xxxii) if it is a Cov-Lite Loan (x) it is not a First-Lien Last-Out Loan and (y) unless it is a Workout Loan, the
Obligor with respect to such Cov-Lite Loan has a most recently calculated EBITDA (calculated in accordance with the Underlying Documents) of at least U.S.$30,000,000;
and. 

(b) is not an obligation of an Obligor that is in a
Prohibited Industry. 
 “Collateral Principal Amount”: As
of any date of determination, the sum of (a) the Aggregate Principal Balance of the Collateral Obligations (other than Defaulted Obligations except as otherwise expressly set forth herein) and (b) without duplication, the amounts on
deposit in any Account (including Eligible Investments therein) representing Principal Proceeds; provided that for purposes of calculating the Concentration Limitations, the CCC Excess and the EU/UK Retained Interest, Defaulted Obligations shall be included in the Collateral Principal Amount with a principal balance
equal to the Defaulted Obligation Balance thereof. 
 “Collateral Quality Test”: A test satisfied as of the
Effective Date and any other date thereafter on which such test is required to be determined hereunder if, in the aggregate, the Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation, both owned and proposed
to be owned) by the Issuer satisfy each of the tests set forth below (or, after the Effective Date, if any such test is not satisfied at the time of reinvestment, the level of compliance with such test is maintained or improved as described in the
Investment Criteria): 
 (i) the S&P CDO Monitor Test; 

(ii) at any time on or after the S&P CDO Monitor Election Date, the Minimum Weighted Average S&P Recovery Rate Test;

 (iii) at any time on or after the S&P CDO Monitor Election Date, the Minimum S&P Weighted Average Coupon Test;

  
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 (iv) at any time on or after the S&P CDO Monitor Election Date, the
Minimum Weighted Average Floating Spread Test; 
 (v) the Weighted Average Life Test; 

(vi) the Minimum Fitch Weighted Average Coupon Test; 

(vii) the Maximum Fitch Rating Factor Test; 

(viii) the Minimum Weighted Average Fitch Recovery Rate Test; and 

(ix) the Minimum Fitch Floating Spread Test. 

“Collection Account”: The trust account established pursuant to Section 10.2 which consists of the Principal
Collection Subaccount and the Interest Collection Subaccount. 
 “Collection Period”: (i) With respect to the first
Payment Date after the Closing Date, the period commencing on the Closing Date and ending at the close of business on
the date that is 10 Business Days prior to the first Payment Date; and (ii) with respect to any other Payment Date, the period commencing on the day immediately following the prior Collection Period and ending (a) in the case of the final
Collection Period preceding the latest Stated Maturity of any Class of Secured Notes, on the day of such Stated Maturity, (b) in the case of the final Collection Period preceding an Optional Redemption, Tax Redemption or Clean-Up Call
Redemption in whole of the Secured Notes, or an Optional Preferred Shares Redemption on the Redemption Date and (c) in any other case, at the close of business on the date that is 10 Business Days prior to such Payment Date. 

“Commercial Real Estate Loan”: Any Loan for which the underlying collateral consists primarily of real property owned by the
Obligor and is evidenced by a note or other evidence of indebtedness. 
 “Compounded SOFR”: A rate equal to the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for such rate, and conventions for such rate
(which, for example, may be compounded in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Accrual Period or compounded in advance) being established by the
Collateral Manager in accordance with: 
 (A) the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR;
provided that 

(B) if, and to the extent that, the
Collateral Manager determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Collateral Manager giving due
consideration to any industry-accepted market practice for similar Dollar-denominated collateralized loan obligation securitization transactions at such time. 

  
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 “Concentration Limitations”: Limitations satisfied on each Measurement Date
on and after the Effective Date and during the Reinvestment Period if, in the aggregate, the Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation, owned and proposed to be owned) by the Issuer comply with
all of the requirements set forth below (or in relation to a proposed purchase after the Effective Date, if any such requirement is not satisfied, the level of compliance with such requirement is maintained or improved after giving effect to the
purchase), calculated in each case as required by Section 1.3 herein: 
 (i) not less than 95.0% of the
Collateral Principal Amount may consist of Senior Secured Loans and Eligible Investments; 
 (ii) not more than 3.0% of the
Collateral Principal Amount may consist of obligations issued by a single Obligor and its Affiliates, except that, without duplication, (x) Collateral Obligations issued by up to five (5) Obligors and their respective Affiliates may each
constitute up to 4.0% of the Collateral Principal Amount and (y) not more than 2.01.0% of the Collateral Principal Amount may consist of First-Lien Last-Out Loans and Second Lien Loans issued by a single
Obligor and its Affiliates; provided that (i) without duplication, one First-Lien Last-Out Loan and/or Second Lien Loan issued by a single Obligor and
its Affiliates may constitute up to 2.0% of the Collateral Principal Amount and (ii) one obligor shall not be considered an Affiliate of another obligor solely because they are controlled by the
same financial sponsor; 
 (iii) (a) not more than 17.5% of the Collateral Principal Amount may consist of CCC S&P
Collateral Obligations and (b) not more than 17.5% of the Collateral Principal Amount may consist of CCC Fitch Collateral Obligations; 

(iv) not more than 5.0% of the Collateral Principal Amount may consist of Fixed Rate Obligations; 

(v) not more than 7.55.0% of the Collateral Principal Amount may consist of Current Pay Obligations; 

(vi) not more than 10.0% of the Collateral Principal Amount may consist, in the aggregate, of unfunded commitments under
Delayed Drawdown Collateral Obligations and unfunded and funded commitments under Revolving Collateral Obligations; 
 (vii)
(a) excluding, prior to the first Payment Date after the First Refinancing Date, any Closing Date Participation Interests, not more than 5.0% of the Collateral Principal
Amount may consist of Participation Interests and (b) excluding any Closing Date Participation Interests, the Third Party Credit Exposure Limits may not be exceeded with respect to any such Participation Interest; 

(viii) not more than 10.0% of the Collateral Principal Amount may have an S&P Rating derived from a Moody’s Rating as
set forth in clause (iii)(a) of the definition of the term “S&P Rating”; 

  
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 (ix) not more than the percentage listed below of the Collateral Principal
Amount may be issued by Obligors Domiciled in the country or countries set forth opposite such percentage: 
  

			
	 % Limit
	  	 Country or Countries

	15.0%	  	All countries (in the aggregate) other than the United States;
	10.0%	  	Canada;
	10.0%	  	all countries (in the aggregate) other than the United States, Canada and the United Kingdom;
	5.0%	  	any individual Group I Country;
	2.5%	  	all Group II Countries in the aggregate;
	2.5%	  	any individual Group II Country;
	2.0%	  	all Group III Countries in the aggregate; and
	2.5%	  	all Tax Jurisdictions in the aggregate.

 (x) not more than 12.5% of the Collateral Principal Amount may consist of Collateral
Obligations that are issued by Obligors that belong to any single S&P Industry Classification, except that the largest and the second-largest S&P Industry Classifications may each represent up to 15.0% of the Collateral Principal Amount;

 (xi) not more than 15.0% of the Collateral Principal Amount may consist of Collateral Obligations that pay interest at
least semi-annually, but less frequently than quarterly; 
 (xii) not more than 10.0% of the Collateral Principal Amount may
consist of Collateral Obligations that are Permitted Deferrable Obligations; 
 (xiii) not more than 5.0% of the Collateral
Principal Amount may consist of Collateral Obligations that are First-Lien Last-Out Loans or Second Lien Loans, collectively; 

(xiv) not more than 7.5% of the Collateral Principal Amount may consist of Cov-Lite Loans; 

(xv) not more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations that are DIP Collateral
Obligations; and 

(xvi) not more than 10.0% of the Collateral Principal Amount may consist of Collateral Obligations with respect to which the
related Obligor had, at the time the Issuer committed to purchase such Collateral Obligation, an EBITDA as most recently calculated (in accordance with the Underlying Documents) of less than U.S.$ 15,000,000.; and 

  
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(xvii) not more than 15% of the Collateral
Principal Amount may consist of Collateral Obligations that are Discount Obligations. 

“Confidential Information”: The meaning specified in Section 14.15(b). 

“Contribution”: The meaning specified in Section 10.5. 

“Controlling Class”: The
Class A-1-1R Notes so long as any Class A-1-1R Notes are Outstanding; then the Class A-2-2R Notes so long as any
Class A-2-2R Notes are Outstanding; then the Class B Notes so long as any Class B Notes are Outstanding; then the Class C Notes so long as any Class
C Notes are Outstanding; and then the Preferred Shares. 
 “Corresponding Tenor”: With respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable
tenor for the then-current Benchmark. 
 “Corporate Trust
Office”: The principal corporate trust office of the Trustee at which this Indenture is administered, currently located at State Street Bank and Trust Company, 1776 Heritage Drive, Mail Code: JAB0250JAB0527, North
Quincy, Massachusetts 02171 Attention: Structured Trust and Analytics, Ref: Owl Rock CLO V, Ltd.LLC, or such other address as the Trustee may designate from time to time by notice to the Holders, the Collateral Manager
and the Issuer or the principal corporate trust office of any successor Trustee. 
 “Cov-Lite Loan”: A Collateral
Obligation the Underlying Documents for which do not (i) contain any financial covenants or (ii) require the Obligor thereunder to comply with any Maintenance Covenant (regardless of whether compliance with one or more Incurrence Covenants
is otherwise required by such Underlying Documents); provided that, notwithstanding the foregoing, a Collateral Obligation shall be deemed for all purposes (other than the S&P Recovery Rate for such Collateral Obligation) not to be a
Cov-Lite Loan if the Underlying Documents for such Collateral Obligation contain a cross-default or cross acceleration provision to, or such Collateral Obligation is pari passu with, another loan, debt obligation or credit facility of the
underlying Obligor that contains one or more Maintenance Covenants. 
 “Coverage Tests”: The Class A Overcollateralization Ratio Test and the Class A Interest Coverage
Test, each as applied to each specified Class or Classes of Secured Notes. 

“Credit Improved Criteria”: The criteria that will be met if, with respect to any Collateral Obligation, any of the following
occur: 
 (a) such Collateral Obligation has experienced a reduction in its spread over the Reference Rate or other referenceapplicable index or benchmark rate of 10% or more compared to the spread in effect as of the date of purchase by the Issuer of such Collateral Obligation; or 

(b) such Collateral Obligation has a Market Value above the higher of (i) par and (ii) the initial purchase price
paid by the Issuer for such Collateral Obligation. 

  
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 “Credit Improved Obligation”: Any Collateral Obligation which, in the
judgment of the Collateral Manager (which may not be called into question due to subsequent events or investment determinations made by the Collateral Manager for its other clients or investment vehicles managed by the Collateral Manager), has
improved in credit quality after it was acquired by the Issuer; provided that during a Restricted Trading Period, a Collateral Obligation will qualify as a Credit Improved Obligation only if (i) it has been upgraded by Fitch or S&P
at least one rating sub-category (which rating may include a credit estimate or credit opinion, as applicable) or has been placed and remains on a credit watch with positive implication by Fitch or S&P
since it was acquired by the Issuer, (ii) the Credit Improved Criteria are satisfied with respect to such Collateral Obligation or (iii) a Majority of the Controlling Class consents to treat such Collateral Obligation as a Credit
Improved Obligation. 
 “Credit Risk Criteria”: The criteria that will be met if, with respect to any Collateral
Obligation, any of the following occur: 
 (a)    the spread over the Reference Rate or other referenceapplicable index or benchmark rate for such Collateral Obligation has been increased since the date of purchase by the Issuer by (A) 0.25% or more (in the case of a Collateral Obligation with a spread over the applicable reference rate
(prior to such increase) less than or equal to 2%), (B) 0.375% or more (in the case of a Collateral Obligation with a spread over the applicable reference rate (prior to such increase) greater than 2% but less than or equal to 4%) or
(C) 0.5% or more (in the case of a Collateral Obligation with a spread over the applicable reference rate (prior to such increase) greater than 4%) due, in each case, to a deterioration in the related Obligor’s financial ratios or
financial results in accordance with the Underlying Documents relating to such Collateral Obligation; or 

(b)    the Market Value of such Collateral Obligation has decreased by at least 2.5% of the price paid by
the Issuer for such Collateral Obligation due to a deterioration in the related Obligor’s financial ratios or financial results in accordance with the Underlying Documents relating to such Collateral Obligation. 

“Credit Risk Obligation”: Any Collateral Obligation that, in the judgment of the Collateral Manager (which may not be called
into question due to subsequent events or investment determinations made by the Collateral Manager for its other clients or investment vehicles managed by the Collateral Manager), has a material risk of declining in credit quality or price;
provided that during a Restricted Trading Period, a Collateral Obligation will qualify as a Credit Risk Obligation for purposes of sales of Collateral Obligations only if (i) such Collateral Obligation has been downgraded by Fitch or
S&P at least one rating sub-category (which rating may include a credit estimate or credit opinion, as applicable) or has been placed and remains on a credit watch with negative implication by Fitch or
S&P since it was acquired by the Issuer, (ii) the Credit Risk Criteria are satisfied with respect to such Collateral Obligation or (iii) a Majority of the Controlling Class consents to treat such Collateral Obligation as a Credit
Risk Obligation. 
 “CRS”: The OECD Standard for Automatic Exchange of Financial Account Information – Common
Reporting Standard, as amended from time to time, including any implementing legislation or related regulations or guidance notes. 

  
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“Cure Contribution”: A Contribution (or portion thereof), in an amount as directed by the applicable
Contributor, that shall be used as Principal Proceeds or Interest Proceeds
(i) to cause a failing Coverage Test to be satisfied or (ii) with respect to any Coverage Test that is reasonably expected to fail to be
satisfied on the next Payment Date, to cause such Coverage Test to continue to be satisfied; provided, however, that no Benefit Plan Investor may make a Cure Contribution. 

“Current Pay Obligation”: Any Collateral Obligation that would otherwise be treated as a Defaulted Obligation but as to
which no payments are due and payable that are unpaid and with respect to which the Collateral Manager has certified to the Trustee (with a copy to the Collateral Administrator) in writing that it believes, in its reasonable business judgment,
that the Obligor of such Collateral Obligation (a) is current on all interest payments, principal payments and other amounts due and payable thereunder and will continue to make scheduled payments of interest thereon and will pay the principal
thereof and all other amounts due and payable thereunder by maturity or as otherwise contractually due, (b) if the Obligor is subject to a bankruptcy proceeding, it has been the subject of an order of a bankruptcy court that permits it to make
the scheduled payments on such Collateral Obligation and all interest payments, principal payments and other amounts due and payable thereunder have been paid in Cash when due and (c) the Collateral Obligation has a Market Value of at least 80%
of its par value. 
 “Current Portfolio”: At any time, the portfolio of Collateral Obligations and Cash and Eligible
Investments representing Principal Proceeds (determined in accordance with Section 1.3 to the extent applicable), then held by the Issuer. 

“Custodial Account”: The custodial account established pursuant to Section 10.3(b). 

“Custodian”: The meaning specified in the first sentence of Section 3.3(a) with respect to items of
collateral referred to therein, and each entity with which an Account is maintained, as the context may require, each of which shall be a Securities Intermediary. 

“Cut-Off Date”: Each date on or after the Closing Date on which a Collateral
Obligation is transferred to the Issuer. 
 “Default”: Any Event of Default or any occurrence that is, or with notice or
the lapse of time or both would become, an Event of Default. 
 “Default Rate Dispersion”: As of any date of determination,
the number obtained by (a) summing the products for each Collateral Obligation (other than Defaulted Obligations) of (i) the absolute value of (x) the S&P Rating Factor of such Collateral Obligation minus (y) the
Weighted Average S&P Rating Factor by (ii) the outstanding principal balance at such time of such Collateral Obligation and (b) dividing such sum by the aggregate outstanding principal balance on such date of all Collateral Obligations
(other than Defaulted Obligations). 

  
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 “Defaulted Obligation”: (x) eEach Workout Loan unless
and until the date on which it meets the definition of “Collateral Obligation” (as determined on such date and without giving effect to any exclusions for Workout Loans set forth in the definition of “Collateral Obligation”) and
(y) any Collateral Obligation included in the Assets as to which: 
 (a)    a default as to
the payment of principal and/or interest has occurred and is continuing with respect to such Collateral Obligation (without regard to any grace period applicable thereto (except as otherwise provided in this clause (a)), or waiver or forbearance
thereof, after the passage (in the case of a default that in the Collateral Manager’s judgment, as certified to the Trustee in writing, is not due to credit-related causes) of five (5) Business Days or seven calendar days, whichever is
greater, but in no case beyond the passage of any grace period applicable thereto); 
 (b)    the
Collateral Manager has knowledge of a default as to the payment of principal and/or interest has occurred and is continuing on another debt obligation of the same Obligor which is senior or pari passu in right of payment to such Collateral
Obligation (without regard to any grace period applicable thereto (except as otherwise provided in this clause (b)), or waiver or forbearance thereof, after the passage (in the case of a default that in the Collateral Manager’s judgment, as
certified to the Trustee in writing, is not due to credit-related causes) of three (3) Business Days or five calendar days, whichever is greater, but in no case beyond the passage of any grace period applicable thereto) and holders of such
other debt obligation of the same issuer have accelerated the maturity of all or a portion of such other debt obligation; provided that both the Collateral Obligation and such other debt obligation are full recourse obligations of the
applicable Obligor or secured by the same collateral; 
 (c)    other than in the case of DIP Collateral
Obligations, the Obligor or others have instituted proceedings to have the Obligor adjudicated as bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such Obligor has filed for protection under
Chapter 11 of the Bankruptcy Code; 
 (d)    (x) such Collateral Obligation has a Fitch Rating of “C”, “CC”,
“D”, or “RD” or lower or (y) such
Collateral Obligation has an S&P Rating of “SD” or “CC” or lower or, in each case, had such rating before such rating was withdrawn by Fitch or S&P, as applicable; 

(e)    such Collateral Obligation is junior or pari passu in right of payment as to the payment of
principal and/or interest to another debt obligation of the same Obligor which has (x) a Fitch Rating of “C”, “CC”, “D”, or “RD” or lower or (y) an S&P Rating of
“SD” or “CC” or lower or, in each case, had such rating before such rating was withdrawn by Fitch or S&P, as applicable; provided that both the Collateral Obligation and such other debt obligation are full recourse
obligations of the applicable Obligor or secured by the same collateral; 
 (f)    the Collateral
Manager has received notice or a Responsible Officer thereof has actual knowledge that a default has occurred under the Underlying Documents and any applicable grace period has expired and the holders of such Collateral Obligation have accelerated
the repayment of the Collateral Obligation (but only until such acceleration has been rescinded) in the manner provided in the Underlying Documents; 

(g)    the Collateral Manager has in its reasonable commercial judgment otherwise declared such debt
obligation to be a “Defaulted Obligation”; 

  
 -27- 

 (h)    such Collateral Obligation is a Participation
Interest with respect to which the Selling Institution has defaulted in any respect in the performance of any of its payment obligations under the Participation Interest; 

(i)    such Collateral Obligation is a Participation Interest in a Loan that would, if such Loan were a
Collateral Obligation, constitute a “Defaulted Obligation” or with respect to which the Selling Institution has (x) an S&P Rating of “SD” or “CC” or lower or (y) a Fitch Rating of “C”, “CC”,
“D”, or “RD” or lower or, in each case,
had such rating before such rating was withdrawn; 
 (j)    such Collateral Obligation is a
Deferring Obligation; or 
 (k)    such Collateral Obligation has, since the date it was acquired by the
Issuer, become subject to an amendment, waiver or modification that had the effect of reducing the principal amount of such Collateral Obligation; 

provided that (i) a Collateral Obligation shall not constitute a Defaulted Obligation pursuant to clauses (b) through (e) above if such
Collateral Obligation (or, in the case of a Participation Interest, the underlying Loan) is a Current Pay Obligation and (ii) the Aggregate Principal Balance of Current Pay Obligations exceeding 7.5% of the Collateral Principal Amount will be
treated as Defaulted Obligations. 
 Notwithstanding anything in this Indenture to the contrary, the Collateral Manager shall give the
Trustee prompt written notice should any Collateral Obligation become a Defaulted Obligation. Until so notified or until a Trust Officer obtains actual knowledge that a Collateral Obligation has become a Defaulted Obligation, the Trustee shall not
be deemed to have any notice or knowledge that a Collateral Obligation has become a Defaulted Obligation. Notwithstanding the foregoing, the Trustee shall remain obligated to perform its duties set forth in and in accordance with
Section 6.13 hereof. 
 “Defaulted Obligation Balance”: For any Defaulted Obligation or Long
Dated Obligation, the lesser of the (i) S&P Collateral Value of such Defaulted Obligation or Long Dated Obligation and (ii) Fitch Collateral Value of such Defaulted Obligation or Long Dated Obligation; provided that the
Defaulted Obligation Balance will be zero for (w) any such Defaulted Obligation or Long Dated Obligation that the Issuer has owned for more than three years since its default date (in the case of Defaulted Obligations) or modification or
amendment date (in the case of Long Dated Obligations), (x) any Excess Long Dated Obligations, (y) any Long Dated Obligations with a stated maturity beyond two years following the earliest Stated Maturity of any Secured Note Outstanding
and (z) any Additional Long Dated Obligations. 

“Deferrable Note”:
The Notes specified as such in
Section 2.3. 

“Deferrable Obligation”: A Collateral Obligation (including any Permitted Deferrable Obligation) that by its terms permits
the deferral or capitalization of payment of accrued, unpaid interest. 
 “Deferred Interest”: The meaning specified in Section 
2.8(a). 

  
 -28- 

 “Deferring Obligation”: A Deferrable Obligation (other than a Permitted
Deferrable Obligation) that is deferring the payment of the cash interest due thereon and has been so deferring the payment of such cash interest due thereon for the shorter of two consecutive accrual periods or one year, which deferred
capitalized interest has not, as of the date of determination, been paid in Cash. 
 “Delayed Drawdown Collateral
Obligation”: A Collateral Obligation that (a) requires the Issuer to make one or more future advances to the borrower under the Underlying Documents relating thereto, (b) specifies a maximum amount that can be borrowed on one or
more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower thereunder; but any such Collateral Obligation will be a Delayed Drawdown Collateral
Obligation only until all commitments by the Issuer to make advances to the borrower expire or are terminated or are reduced to zero. 

“Deliver” or “Delivered” or “Delivery”: The taking of the following steps: 

(i)    in the case of each Certificated Security (other than a Clearing Corporation Security), Instrument
and Participation Interest in which the underlying loan is represented by an Instrument, 

(a)    causing the delivery of such Certificated Security or Instrument to the Custodian by registering the
same in the name of the Custodian or its affiliated nominee or by endorsing the same to the Custodian or in blank; 

(b)    causing the Custodian to indicate continuously on its books and records that such Certificated
Security or Instrument is credited to the applicable Account; and 
 (c)    causing the Custodian to
maintain continuous possession of such Certificated Security or Instrument; 
 (ii)    in the case of
each Uncertificated Security (other than a Clearing Corporation Security), 
 (a)    causing such
Uncertificated Security to be continuously registered on the books of the issuer thereof to the Custodian; and 

(b)    causing the Custodian to indicate continuously on its books and records that such Uncertificated
Security is credited to the applicable Account; 
 (iii)    in the case of each Clearing Corporation
Security, 
 (a)    causing the relevant Clearing Corporation to credit such Clearing Corporation
Security to the securities account of the Custodian, and 
 (b)    causing the Custodian to indicate
continuously on its books and records that such Clearing Corporation Security is credited to the applicable Account; 

  
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 (iv)    in the case of each security issued or
guaranteed by the United States or agency or instrumentality thereof and that is maintained in book-entry records of a Federal Reserve Bank (“FRB”) (each such security, a “Government Security”), 

(a)    causing the creation of a Security Entitlement to such Government Security by the credit of such
Government Security to the securities account of the Custodian at such FRB, and 
 (b)    causing the
Custodian to indicate continuously on its books and records that such Government Security is credited to the applicable Account; 

(v)    in the case of each Security Entitlement not governed by clauses (i) through (iv) above,

 (a)    causing a Securities Intermediary (x) to indicate on its books and records that the
underlying Financial Asset has been credited to the Custodian’s securities account, (y) to receive a Financial Asset from a Securities Intermediary or acquire the underlying Financial Asset for a Securities Intermediary, and in either
case, accepting it for credit to the Custodian’s securities account or (z) to become obligated under other law, regulation or rule to credit the underlying Financial Asset to a Securities Intermediary’s securities account, 

(b)    causing such Securities Intermediary to make entries on its books and records continuously
identifying such Security Entitlement as belonging to the Custodian and continuously indicating on its books and records that such Security Entitlement is credited to the Custodian’s securities account, and 

(c)    causing the Custodian to indicate continuously on its books and records that such Security
Entitlement (or all rights and property of the Custodian representing such Security Entitlement) is credited to the applicable Account; 

(vi)    in the case of Cash or Money, 

(a)    causing the delivery of such Cash or Money to the Trustee for credit to the applicable Account or to
the Custodian, 
 (b)    if delivered to the Custodian, causing the Custodian to deposit such Cash or
Money to a deposit account over which the Custodian has control (within the meaning of Section 9-104 of the UCC), and 

(c)    causing the Custodian to indicate continuously on its books and records that such Cash or Money is
credited to the applicable Account; and 
 (vii)    in the case of each general intangible (including any
Participation Interest in which neither the Participation Interest nor the underlying loan is represented by an Instrument), 

  
 -30- 

 (a)    causing the filing of a Financing Statement in
the office of the Recorder of Deeds of the District of Columbia, Washington, D.C.State of Delaware; and 

(b)    taking such other action as may be necessary under the laws of the Cayman IslandsState of Delaware in order to ensure that the Trustee has a perfected security interest therein and obtaining any necessary consent to the security interest of the Trustee thereunder. 

In addition, the Collateral Manager on behalf of the Issuer will obtain any and all consents required by the Underlying Documents relating to any general
intangibles for the transfer of ownership and/or pledge hereunder (except to the extent that the requirement for such consent is rendered ineffective under Section 9-406 of the UCC). 

“Determination Date”: The date that is 10 Business Days prior to each Payment Date. 

“DIP Collateral Obligation”: A loan made to a
debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having the priority allowed by either Section 364(c) or 364(d) of the Bankruptcy Code
and fully secured by senior liens. 
 “Discount Obligation”: Any Collateral Obligation forming part of the Assets which was
purchased (as determined without averaging prices of purchases on different dates) for less than (a) 85.0% of its Principal Balance, if such Collateral Obligation has an S&P Rating lower than
“B-” or (b) 80.0% of its Principal Balance, if such Collateral Obligation has an S&P Rating of “B-” or higher; provided
that such Collateral Obligation shall cease to be a Discount Obligation at such time as the Market Value (expressed as a percentage of the par amount of such Collateral Obligation) determined for such Collateral Obligation on each day during
any period of 30 consecutive days since the acquisition by the Issuer of such Collateral Obligation, equals or exceeds 90.0% on each such day; provided
further that as of the First Refinancing Date,
not more than 0.0% of the Collateral Principal Amount consists of Collateral Obligations that are Discount Obligations. 

“Dissolution Expenses”: The amount of expenses reasonably likely to be incurred in connection with the discharge of this
Indenture, the liquidation of the Assets and the dissolution of the Issuers, as reasonably calculated by the
Collateral Manager or the Issuer, based in part on expenses incurred by the Trustee and reported to the Collateral Manager or the Issuer. 

“Distribution Report”: The meaning specified in Section 10.7(b). 

“Dodd-Frank Act”: The Dodd-Frank Wall Street Reform and Consumer Protection Act. 

“Dollar” or “U.S.$”: A dollar or other equivalent unit in such coin or currency of the United States as at
the time shall be legal tender for all debts, public and private. 
 “Domicile” or “Domiciled”: With
respect to any Obligor with respect to, or issuer of, a Collateral Obligation: 
 (a)    except as
provided in clauses (b) and (c) below, its country of organization; 

  
 -31- 

 (b)    if it is organized in a Tax Jurisdiction, each of
such jurisdiction and the country in which, in the Collateral Manager’s good faith estimate, a substantial portion of its operations are located or from which a substantial portion of its revenue is derived, in each case directly or through
subsidiaries (which shall be any jurisdiction and country known at the time of designation by the Collateral Manager to be the source of the majority of revenues, if any, of such Obligor or issuer); or 

(c)    if its payment obligations in respect of such Collateral Obligation are guaranteed by a person or
entity that is organized in the United States or Canada, then the United States or Canada. 
 “DTC”: The Depository Trust
Company, its nominees, and their respective successors. 
 “Due Date”: Each date on which any payment is due on an Asset in
accordance with its terms. 
 “EBITDA”: Earnings before interest, taxes, depreciation and amortization (determined, for any
Collateral Obligation, in the manner provided in the Underlying Documents). 
 “Effective Date”: The earlier to occur of
(i) April 6, 2021June 30, 2022 and (ii) the
first date on which the Collateral Manager certifies to the Trustee and the Collateral Administrator that the Target Initial Par Condition has been satisfied. 

“Effective Date Report”: The meaning specified in Section 7.18(c). 

“Effective Date S&P CDO Monitor Assumptions”: If the S&P CDO Monitor Election Date has not occurred prior to the
Effective Date, then, for purposes of determining compliance with the S&P CDO Monitor Test in connection with the Effective Date S&P Conditions, the following rules of construction: (a) the Adjusted Class Break-even Default Rate
will be calculated by excluding from the Collateral Principal Amount any amounts in the Ramp-Up Account to be designated as Interest Proceeds after the Effective Date as described
Section 10.3(c) and (b) notwithstanding the definition thereof, the Aggregate Funded Spread of the Collateral Obligations will be calculated without taking into account any applicable “floor” rate specified
in the related Underlying Documents. 
 “Effective Date S&P Conditions”: The conditions that are satisfied if
(A) in connection with the Effective Date, the S&P CDO Monitor is being calculated in accordance with the Effective Date S&P CDO Monitor Assumptions, (B) the Collateral Manager (on behalf of the Issuer) certifies to S&P that,
as of the Effective Date, the S&P CDO Monitor Test and the Target Initial Par Condition are satisfied and (C) the Issuer causes the Collateral Manager to make available to S&P (i) the Effective Date Report showing satisfaction of
the S&P CDO Monitor Test and the Target Initial Par Condition and (ii) the Excel Default Model Input File. 

  
 -32- 

 “Effective Date Tested Items”: Each component test (other than the S&P
CDO Monitor Test) of the Collateral Quality Test, the
Class A Overcollateralization Ratio Test, the Concentration Limitations and the Target Initial Par Condition.

 “Eligible Assets”: Financial assets, either fixed or revolving, that by their terms convert into Cash within a
finite time period plus any rights or other assets designed to assure the servicing or timely distribution of proceeds to security holders. 

“Eligible Institution”: The meaning specified in Section 10.1. 

“Eligible Investment Required Ratings”: (i) A long-term debt rating of at least “A+” by S&P or a long-term debt
rating of at least “A” by S&P and a short-term debt rating of at least “A-1” by S&P and (ii) for so long as theany Class A-1 Notes are Outstanding and rated by Fitch, from Fitch, (1) for securities with remaining maturities up to 30 days, a short-term credit rating of at least “F1” or a long-term credit
rating of at least “A” (if such long-term rating exists) or (2) for securities with remaining maturities of more than 30 days but not in excess of 60 days, a short-term credit rating of “F1+” or a long-term credit rating of at least “AA-” (if such long-term rating exists). 
 “Eligible Investments”:
Either (a) Cash or (b) any Dollar investment that, at the time it is Delivered (directly or through an intermediary or bailee), is one or more of the following obligations or securities: 

(i)    direct obligations of, and obligations the timely payment of principal and interest on which is
fully and expressly guaranteed by, the United States or any agency or instrumentality of the United States the obligations of which are expressly backed by the full faith and credit of the United States and which obligations of such agency or
instrumentality satisfy the Eligible Investment Required Ratings; 
 (ii)    (A) demand and time deposits
in, certificates of deposit of, trust accounts with, bankers’ acceptances issued by, or federal funds sold by any depository institution or trust company incorporated under the laws of the United States (including the Bank) or any state thereof
and subject to supervision and examination by federal and/or state banking authorities, in each case payable within 183 days of issuance, so long as the commercial paper and/or the debt obligations of such depository institution or trust company at
the time of such investment or contractual commitment providing for such investment have the Eligible Investment Required Ratings or (B) demand or time deposits that are covered by an extended Federal Deposit Insurance Corporation
(“FDIC”) insurance program where 100% of the deposits are insured by the FDIC, which is backed by the full faith and credit of the United States, so long as the commercial paper and/or the debt obligations of such depository
institution or trust company at the time of such investment or contractual commitment providing for such investment have the Eligible Investment Required Ratings; 

(iii)    commercial paper (excluding extendible commercial paper or asset-backed commercial paper) which
satisfies the Eligible Investment Required Ratings; and 

  
 -33- 

 (iv)    shares or other securities of registered money
market funds which funds have, at all times, credit ratings of “AAAm” by S&P and, to the extent that Fitch is rating theany Class A-1 Notes then Outstanding, “AAAmmf” by Fitch, or otherwise
the highest credit rating assigned by Moody’s; 
 provided that (A) Eligible Investments purchased with funds in the Collection Account shall be held until maturity except as otherwise specifically
provided herein and shall include only such obligations or securities, other than those referred to in clause (iv) above, as mature (or are putable at par to the issuer thereof) no later than the earlier of 60 days and the Business Day prior to
the next Payment Date (unless such Eligible Investments are issued by the Trustee in its capacity as a banking institution, in which case such Eligible Investments may mature on such Payment Date), (B) none of the foregoing obligations shall
constitute Eligible Investments if (a) all, or substantially all, of the remaining amounts payable thereunder consist of interest and not principal payments, (b) such obligation or security has an “f,” “r,”
“p,” “sf” or “t” subscript assigned by S&P or (c) such obligation or security has a “sf” subscript assigned to its rating by Fitch and (C) Eligible Investments cannot have payments that are
subject to withholding tax if owned by the Issuer unless the issuer or obligor or other Person (and guarantor, if any) is required to make “gross-up” payments that cover the full amount of any such
withholding taxes. The Trustee shall not be responsible for determining or overseeing compliance with the foregoing. Eligible Investments may include, without limitation, those investments for which the Bank or the Trustee or an Affiliate of the
Bank or the Trustee is the obligor or depository institution, or provides services and receives compensation subject to the proviso in the second preceding sentence. 

“Enforcement Event”: The meaning specified in Section 11.1(a)(iv). 

“Entitlement Order”: The meaning specified in Section 8-102(a)(8) of the UCC.

 “Equity Security”: Any security that by its terms does not provide for periodic payments of interest at a stated coupon
rate and repayment of principal at a stated maturity and any other security or other obligation that is not a Collateral Obligation or an Eligible Investment;
provided that the Issuer’s ownership interests in the Co-Issuer shall not constitute Equity
Securities; it being understood that Equity Securities may not be purchased by the Issuer but may be received by the Issuer in exchange for a Collateral Obligation or a portion thereof in
connection with an insolvency, winding up, bankruptcy, reorganization, debt restructuring or workout of the Obligor thereof. 

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

“EU/UK
Originated Assets”: With respect to the Collateral Obligations acquired by the Issuer, the Retention Holder, either itself or through related entities, directly or indirectly, was involved or will be involved in the original agreement which
created or will create such obligation. 
 “EU/UK Origination Requirement”: The requirement which will be satisfied on the relevant date of determination if: 

(i)    the Aggregate Principal Balance of all EU/UK Originated Assets; divided by 

  
 -34- 

 (ii)    the Aggregate Principal Balance of all
Collateral Obligations and Eligible Investments owned by the Issuer (including any Collateral Obligations and Eligible Investments that the Issuer has made a binding commitment to acquire), 

is greater than 50.0%. 
 “EU/UK Refinancing Retention Letter”: The amended & restated risk retention letter entered into by the Retention Holder on the First Refinancing Date with the Issuer, the Placement Agent and the Trustee (for the
benefit of the Holders). 
 “EU/UK Retained Interest”: A material net economic interest in the first loss tranche of not less than 5% of the nominal value of the
securitised exposures within the meaning of paragraph 3(d) of Article 6 of the EUeach Securitization Regulation, in
the formas it applies as of the First Refinancing Date through the purchase and retention of Preferred
Shares in such amount (as at the Closing Date) acquired on the Closing Date and retainedwith an original Aggregate Outstanding Amount (such Aggregate Outstanding Amount calculated as of the First Refinancing Date) not less than 5% of the Collateral Principal Amount on the relevant date of determination, by the Retention
Holder pursuant to the EU/UK Refinancing Retention Letter. 

“EU/UK
Retention Deficiency”: An event which shall occur if the Preferred Shares held by the Retention Holder are insufficient to constitute the EU/UK Retained Interest. 

“EU/UK
Retention Letter”: The(i) Prior to the First Refinancing Date, the risk retention letter entered into by the Retention Holder on the Closing Date with the Issuers, the Placement Agent and the Trustee (for the benefit of the Holders) and (ii) on and after the First Refinancing Date, the EU/UK Refinancing Retention
Letter. 
 “EU/UK Risk Retention Requirements”: Collectively, the EU Risk Retention Requirements and the UK Risk Retention Requirements. 

“EU Risk Retention Requirements”: Collectively, the EU Securitization Regulation together with any implementing laws or
regulations in force in any Member State of the European Union as of the
ClosingFirst
Refinancing Date, any relevant regulatory and/or implementing technical standards adopted by the European Commission in relation thereto, any relevant regulatory and/or implementing technical
standards applicable in relation thereto pursuant to any transitional arrangements made pursuant to the EU Risk Retention Requirements, and, in each case, any relevant guidance published in relation thereto by the European Banking Authority or the
European Securities and Markets Authority (or, in either case, any predecessor authority) or by the European Commission. 

“EU Securitization Regulation”: Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12,
2017. 
 “Euroclear”: Euroclear Bank S.A./N.V. 

  
 -35- 

 “Event of Default”: The meaning specified in
Section 5.1. 
 “Excel Default Model Input File”: An electronic spreadsheet file in Microsoft
Excel format to be provided to S&P, as shall be agreed to by the Collateral Administrator, the Collateral Manager and S&P and which file shall include the following information (if available) with respect to each Collateral Obligation:
(a) the name of the issuer thereof, the country of Domicile of the issuer thereof and the particular issue held by the Issuer, (b) the CUSIP, LoanX ID or other applicable identification number associated with such Collateral Obligation,
(c) the par value of such Collateral Obligation, (d) the type of issue (including, by way of example, whether such Collateral Obligation is a Senior Secured Loan, Second Lien Loan, Cov-Lite Loan, First-Lien
Last-Out Loan, etc.), using such abbreviations as may be selected by the Collateral Administrator, (e) a description of the index or other applicable benchmark upon which the interest payable on such
Collateral Obligation is based (including, by way of example, fixed rate, step-up rate, zero coupon and LIBORTerm SOFR) and whether such Collateral Obligation is a Reference Rate Floor Obligation and the specified “floor” rate per annum related thereto,
(f) the coupon (in the case of a Collateral Obligation which bears interest at a fixed rate) or the spread over the applicable index (in the case of a Collateral Obligation which bears interest at a floating rate), (g) the S&P Industry
Classification for such Collateral Obligation, (h) the stated maturity of such Collateral Obligation, (i) the S&P Rating of such Collateral Obligation or the issuer thereof, as applicable, (j) the trade date and settlement date of
each Collateral Obligation, (k) in the case of any purchase which has not settled, the purchase price thereof, and (l) such other information as the Collateral Administrator may determine to include in such file. In addition, such file
shall include a description of any Balance of Cash and other Eligible Investments. In respect of the file provided to S&P in connection with the Issuer’s request to S&P to confirm its Initial Ratings of each Class of Notes pursuant
to Section 7.18, such file shall include a separate breakdown of the Aggregate Principal Balance and identity of all Collateral Obligations with respect to which the Issuer has entered into a binding commitment to acquire
but with respect to which no settlement has occurred. 
 “Excess CCC Adjustment Amount”: As of any date of
determination, an amount equal to the excess, if any, of (i) the Aggregate Principal Balance of all Collateral Obligations included in the CCC Excess, over (ii) the sum of the Market Values of all Collateral Obligations included in the CCC
Excess. 
 “Excess Long Dated Obligation”: Long Dated Obligations (or applicable portions thereof) representing the excess,
if any, of the Aggregate Principal Balance of all Long Dated Obligations over an amount equal to 5.0% of the Collateral Principal Amount as of such date of determination; provided that in determining which of the Long Dated Obligations shall
be included in the excess, the Long Dated Obligations with the latest stated maturities shall be deemed to constitute such excess. 
 “Excess Par Amount”: An amount, as of any Determination Date, equal to the greater of (a) zero and (b)(i) the Collateral Principal Amount less (ii) the Reinvestment Target Par Balance. 

“Excess Weighted Average Coupon”: A percentage equal as of any date of determination to a number obtained by
multiplying (a) the excess, if any, of the Weighted Average Coupon over the Minimum Weighted Average Coupon by (b) the number obtained by dividing the aggregate outstanding principal balance of all Fixed Rate
Obligations by the aggregate outstanding principal balance of all Floating Rate Obligations. 

  
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 “Exchange Act”: The United States Securities Exchange Act of 1934, as
amended. 
 “Exercise Notice”: The meaning specified in Section 9.7(c). 

“Expense Reserve Account”: The trust account established pursuant to Section 10.3(d). 

“Fair Market Value”: With respect to any Collateral Obligation, the Market Value of such Collateral Obligation as determined
by the Collateral Manager in its sole discretion in accordance with its valuation policy applicable to the Issuer and ORCC and marked as such on the books and records of ORCC. 

“FATCA”: Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations
thereof, any agreement entered into pursuant to Section 1471(b) of the Code, any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, or any fiscal or regulatory legislation, guidance
notes, rules or practices adopted pursuant to any such intergovernmental agreement. 
 “Fallback Rate”: The sum of (1) the Reference Rate Modifier and (2) as determined by the Collateral Manager in its commercially reasonable discretion, with the consent of a Majority of the Controlling Class (such consent not to be
unreasonably withheld or delayed), either (x) the quarterly pay
reference rate recognized or acknowledged as being the industry standard replacement rate for leveraged loans (which recognition may be in the form of a press release, a member announcement, member advice, letter, protocol, publication of standard
terms or otherwise) by the Loan Syndications and Trading Association or the Relevant Governmental Body, (y) the quarterly pay reference rate (which, for the avoidance of doubt, is not a Libor rate) that is used in calculating the interest rate of at least 50% of the Collateral
Obligations (by par amount), as determined by the Collateral Manager as
of the first day of the Interest Accrual Period during which such determination is made or (z) the rate that is consistent with the reference rate being used with respect to at least 50% (by principal amount) of the floating rate securities issued in the new-issue collateralized loan obligation market and/or floating rate securities in the collateralized loan obligation market that have amended their reference rate, in each case in the preceding three months from
the date of determination that bear interest based on a base rate other than the then-current Benchmark; provided, that (i)
 if the Collateral Manager determines that a Benchmark Replacement becomes determinable at any time when the Fallback Rate is effective, then such Benchmark
Replacement will become the Benchmark and (ii) the Fallback Rate
will be no less than zero. 
 “Federal Reserve Bank of New
York’s Website”: The website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source. 

“Federal Reserve Board”: The Board of Governors of the Federal Reserve System. 

  
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 “Fee Basis Amount”: As of any date of determination, the sum of
(a) the Collateral Principal Amount, (b) the Aggregate Principal Balance of all Defaulted Obligations and (c) the aggregate amount of all Principal Financed Accrued Interest. 

“Financial Asset”: The meaning specified in Section 8-102(a)(9) of the UCC. 

“Financing Statements”: The meaning specified in Section 9-102(a)(39) of the
UCC. 
 “First-Lien Last-Out Loan”: Any Collateral Obligation that would be a
Senior Secured Loan except that, following a default, such Collateral Obligation becomes fully subordinated to other senior secured loans of the same Obligor and is not entitled to any payments until such other senior secured loans are paid in full.

“First Refinancing Date”: April 20, 2022. 

“First Refinancing Notes”: The Class A-1R Notes, the Class A-2R Notes, the Class B-1 Notes, the Class B-2 Notes, the Class C-1 Notes and the Class C-2 Notes.  

“Fiscal Agency Agreement”: The Fiscal Agency Agreement dated as of the Closing Date, as amended and
restated on the First Refinancing Date, among the Fiscal Agent, the Share Registrar and the Issuer, as amended from time to time in accordance with the terms thereof. 

“Fiscal Agent”: State Street, in its capacity as Fiscal Agent under the Fiscal Agency Agreement, and any
successor thereto. 
 “Fitch”: Fitch Ratings, Inc. and
any successor in interest. 
 “Fitch Collateral Value”: With respect to any Defaulted Obligation or Long Dated Obligation,
the lesser of (i) the product of the Fitch Recovery Rate of such Defaulted Obligation or Long Dated Obligation multiplied by its principal balance, in each case, as of the relevant Measurement Date and (ii) the Market Value of such
Defaulted Obligation or Long Dated Obligation as of the relevant Measurement Date; provided that if the Market Value cannot be determined for any reason, the Fitch Collateral Value shall be determined in accordance with clause (i) above.

 “Fitch Eligible Counterparty Ratings”: With respect to an institution, investment or counterparty, a short-term credit
rating of at least “F1” or a long-term credit rating of at least “A” by Fitch. 
 “Fitch Industry
Classification”: The meaning specified in Schedule 7. 
 “Fitch Rating”: The meaning specified in
Schedule 6. 

  
 -38- 

 “Fitch Rating Factor”: In respect of any Collateral Obligation, the number
set forth in the table below opposite the Fitch Rating in respect of such Collateral Obligation: 
  

			
	 Fitch Rating
	  	 Fitch Rating
Factor

	AAA	  	0.190.136
	AA+	  	0.350.349
	AA	  	0.640.629
	AA-	  	0.860.858
	A+	  	1.171.237
	A	  	1.581.572
	A-	  	2.252.099
	BBB+	  	3.192.630
	BBB	  	4.543.162
	BBB-	  	7.136.039
	BB+	  	12.198.903
	BB	  	17.4311.844
	BB-	  	22.8015.733
	B+	  	27.8019.627
	B	  	32.1823.671
	B-	  	40.6032.221
	CCC+	  	62.8041.111
	CCC	  	62.8050.000
	CCC-	  	62.8063.431
	CC	  	100.00
	C	  	100.00
	D	  	100.00

 “Fitch Recovery Rate”: The meaning specified in Schedule 6. 

“Fitch Rating Reporting Items”: With respect to each Collateral Obligation, the information listed on
Schedule 6 under the heading “Fitch Rating Reporting Items.” 

“Fitch Test Matrix”: The meaning specified in Schedule 6. 

“Fitch Weighted Average Rating Factor”: The number determined by (a) summing the products of (i) the
Principal Balance of each Collateral Obligation multiplied by (ii) its Fitch Rating Factor, (b) dividing such sum by the Aggregate Principal Balance of all such Collateral Obligations and
(c) rounding the result down to the nearest two decimal places. For the purposes of determining the Principal Balance and Aggregate Principal Balance of Collateral Obligations in this definition, the Principal Balance of each Defaulted
Obligation shall be excluded. 
 “Fiscal Agency Agreement”: The
Fiscal Agency Agreement dated as of the Closing Date among the Fiscal Agent, the Share Registrar and the Issuer, as amended from time to time in accordance with the terms thereof.

 “Fiscal Agent”: State Street,
in its capacity as Fiscal Agent under the Fiscal Agency Agreement, and any successor thereto. 

  
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 “Fixed Rate Notes”: Any Secured Notes that bear interest at fixed rates.

 “Fixed Rate Obligation”: Any Collateral Obligation that bears a fixed rate of interest. 

“Floating Rate Notes”: Any Secured Notes that bear interest at floating rates, which on(i) prior to the ClosingFirst Refinancing
Date will consist of the Class A-1 Notes and the Class A-2 Notes issued on
the Closing Date and (ii) on and after the First Refinancing Date
will consist of the First Refinancing Notes. 
 “Floating Rate
Obligation”: Any Collateral Obligation that bears a floating rate of interest. 
 “Floor Obligation”: As of any date of determination, a Floating Rate Obligation (a) the interest in respect of which is paid based on a reference rate corresponding to the Benchmark then applicable to the Floating Rate Notes and (b) that provides that such reference rate is (in effect) calculated as the greater of
(i) a specified “floor” rate per annum and (ii) the value of such reference rate for the applicable interest period for such
Collateral Obligation. 
 “GAAP”: The meaning specified
in Section 6.3(j). 
 “Global Note”: Any Regulation S Global Note or Rule 144A Global Note. 

“Global Rating Agency Condition”: With respect to any action taken or to be taken by or on behalf of the Issuer, the
satisfaction of the S&P Rating Condition and, for so long as any Class A-1 Notes remain Outstanding and are rated by Fitch, Fitch is notified of such event or circumstance at least five Business Days
(or, if Fitch agrees to less than five Business Days’ notice, such lesser period) prior to the occurrence of such event or circumstance; provided, that the Global Rating Agency Condition shall be satisfied for any Rating Agency waiving
such requirement. 
 “Grant” or “Granted”: To grant, bargain, sell, convey, assign, transfer, mortgage,
pledge, create and grant a security interest in and right of setoff against, deposit, set over and confirm. A Grant of the Assets, or of any other instrument, shall include all rights, powers and options (but none of the obligations) of the granting
party thereunder, including, the immediate continuing right to claim for, collect, receive and receipt for principal and interest payments in respect of the Assets, and all other Monies payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled to
do or receive thereunder or with respect thereto. 
 “Group I Country”: The Netherlands, Australia, New Zealand and the
United Kingdom. 
 “Group II Country”: Germany, Ireland, Sweden and Switzerland. 

“Group III Country”: Austria, Belgium, Denmark, Finland, France, Iceland, Liechtenstein, Luxembourg and Norway. 

  
 -40- 

 “Highest Ranking Class”: Excluding the Class A-1 Notes, anyAny
outstanding Class rated by S&P with respect to which there is no Priority Class (excludingthat is outstanding (other than the Class A-1 Notes) that is outstanding.. For the avoidance of doubt, the Highest Ranking
Class on the First Refinancing Date shall be the Class A-2 Notes. 
 “Holder” or “holder”: With respect to (i) any Secured
Note, the Person whose name appears on the Register as the registered holder of such Secured Note kept at the offices of the Trustee, and, in the context of any risk involved in purchasing, holding or transferring any of the Secured Notes or any
representation, warranty or covenant required or deemed to be made by an investor in any of the Secured Notes, “Holder” or “holder” will include the beneficial owner of such security, except as otherwise provided herein and
(ii) any Preferred Shares, the Person whose name appears on the Share Register as the registered holder of such Preferred Shares. 
 “Holder AML
Obligations”: The meaning specified in Section 2.6(e). 
 “Incurrence Covenant”: A covenant by any
borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) only upon the occurrence of certain actions of the borrower,
including a debt issuance, drawing a revolver, dividend payment, share purchase, merger, acquisition or divestiture. 

“Indenture”: This instrument as originally executed and, if from time to time supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended. 

“Independent”: As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants
or lawyers, and any member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate of
such Person, and (ii) is not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, manager, director or Person performing similar functions. “Independent” when used with respect to any
accountant may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above, the accountant is independent with respect to such Person within the meaning of Rule 101 of the Code of Professional
Conduct of the American Institute of Certified Public Accountants. For purposes of this definition, no special member, manager, director or independent review party of any Person will fail to be Independent solely because such Person acts as an
independent special member, independent manager, independent director or independent review party thereof or of any such Person’s affiliates. 

Whenever any Independent Person’s opinion or certificate is to be furnished to the Trustee, such opinion or certificate shall state that
the signer has read this definition and that the signer is Independent within the meaning hereof. 
 Any pricing service, certified public
accountant or legal counsel that is required to be Independent of another Person under this Indenture must satisfy the criteria above with respect to the Issuer, the Collateral Manager and their Affiliates. 

“Index Maturity”: A term of 3 months.

  
 -41- 

 “Industry Diversity Measure”: As of any date of determination, the number
obtained by dividing (a) 1 by (b) the sum of the squares of the quotients, for each S&P Industry Classification, obtained by dividing (i) the aggregate outstanding principal balance at such time of all Collateral
Obligations (other than Defaulted Obligations) issued by Obligors that belong to such S&P Industry Classification by (ii) the aggregate outstanding principal balance at such time of all Collateral Obligations (other than Defaulted
Obligations). 
 “Information”: S&P’s “Anatomy of a Credit Estimate
Information Requirements: What It Means and How We Do It” dated April 2011January 14, 2021 and any other available information S&P reasonably requests in order to produce a credit estimate for a particular
asset. 
 “Information Agent”: The meaning specified in Section 14.16(a). 

“Initial
Class A-1 Holder”: The Holder of 100% of the Class A-1 Notes as of Closing Date. 

“Initial Rating”: With respect to the Secured Notes, the rating or ratings, if any, indicated in
Section 2.3 on the First Refinancing Date. 

“Instrument”: The meaning specified in Section 9-102(a)(47) of the UCC.

 “Interest Accrual Period”: (i) With respect to the initial Payment Date following the First Refinancing Date (or, in the case of a Re-Priced Class or a Class that is subject to Refinancing, the first Payment Date following the Re-Pricing Date or the date of the Refinancing, respectively), the period from and including the ClosingFirst Refinancing
Date (or, in the case of (x) a Re-Pricing, the applicable Re-Pricing Date or (y) a Refinancing, the date of such Refinancing) to but excluding such Payment Date; and (ii) with respect to each
succeeding Payment Date, the period from and including the immediately preceding Payment Date to but excluding the following Payment Date until the principal of the Securities is paid or made available for payment. For purposes of determining any
Interest Accrual Period in the case of the Fixed Rate Notes, the Payment Date will be assumed to be the 20th day of the relevant month (irrespective of whether such day is a Business Day). 

“Interest Collection Subaccount”: The meaning specified in Section 10.2(a). 

“Interest Coverage Ratio”: For any designated Class or Classes of Secured Notes, as of any date of determination, the
percentage derived from the following equation: (A – B) / C, where: 
 A = The Collateral Interest Amount as of
such date of determination; 
 B = Amounts payable (or expected as of the date of determination to be payable) on the
following Payment Date as set forth in clauses (A) and (B) (excluding any Base Management Fee waived by the Collateral Manager) in Section 11.1(a)(i); and 

C = Interest due and payable on the Secured Notes of such Class or Classes and each Class of Secured Notes that rank
senior to or pari passu with such Class or Classes (excluding Deferred Interest but including any interest on Deferred Interest with respect to the Deferrable
Notes) on such Payment Date. 

  
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 For the
purposes of calculating the Interest Coverage Ratio, the Class A-1 Notes, the Class A-2 Notes and the Class B
Notes shall be treated as a single Class. 
 “Interest Coverage Test”: A test that is satisfied with respect to any Class or Classes of Notes as of the Interest Coverage Test Effective Date and any other date thereafter on which such test is required to be determined hereunder, if (i)
 the Interest Coverage Ratio for such Class or Classes on such date is at least equal to the Required Interest Coverage Ratio for such Class or Classes or (ii) such Class or Classes of Notes are no longer outstanding. 
 “Interest Coverage Test Effective Date”: The Determination Date
relating to the second Payment Date after the Closing Date. 
 “Interest Determination Date”: The second London BankingU.S. Government Securities Business Day preceding the first day of
eachsuch
Interest Accrual Period. 
 “Interest Proceeds”: With respect to any Collection Period or Determination Date,
without duplication, the sum of: 
 (i)    all payments of interest and delayed compensation
(representing compensation for delayed settlement) received in Cash by the Issuer during the related Collection Period on the Collateral Obligations and Eligible Investments, including the accrued interest received in connection with a sale thereof
during the related Collection Period, less any such amount that represents Principal Financed Accrued Interest; 

(ii)    all principal and interest payments received by the Issuer during the related Collection Period on
Eligible Investments purchased with Interest Proceeds; 
 (iii)    all amendment and waiver fees, late
payment fees and other fees received by the Issuer during the related Collection Period, except for those in connection with (a) the lengthening of the maturity of the related Collateral Obligation or (b) except with respect to call
premiums or prepayment fees, the reduction of the par amount of the related Collateral Obligation; provided that amendment and waiver fees received by the Issuer in connection with a Specified Amendment will be Principal Proceeds, in each
case as determined by the Collateral Manager with notice to the Trustee, the Fiscal Agent and the Collateral Administrator; 

(iv)    commitment fees and other similar fees received by the Issuer during such Collection Period in
respect of Revolving Collateral Obligations and Delayed Drawdown Collateral Obligations; 
 (v)    any
amounts deposited in the Expense Reserve Account as specified in the Issuer Order delivered pursuant to Section 3.1(a)(xi); 

  
 -43- 

 (vi)    any amounts deposited in the Collection Account
from the Expense Reserve Account and/or the Ramp-Up Account that are designated as Interest Proceeds in the sole discretion of the Collateral Manager pursuant to Section 10.3(c) or
Section 10.3(d), as applicable, in respect of the related Determination Date and/or the Effective Date; 

(vii)    any contributions made to the Issuer which are designated as Interest Proceeds as permitted by
this Indenture; and 

(viii)    any amounts deposited in the Collection Account from the Interest Reserve Account that are
designated as Interest Proceeds in the sole discretion of the Collateral Manager pursuant to Section 10.3(e); and 

(ix)    any Principal Proceeds designated by the Collateral Manager as Interest Proceeds in connection with a
Refinancing pursuant to which all Classes of Secured Notes are being refinanced, up to the Excess Par Amount, for payment on the Redemption Date of a Refinancing or the first Payment Date
thereafter; 
 provided that any amounts received in respect of any Defaulted Obligation
(including interest received on Defaulted Obligations and proceeds of Equity Securities and other assets received by the Issuer in lieu of a current or prior Defaulted Obligation or a portion thereof in connection with a workout, restructuring or
similar transaction of the obligor thereof) will constitute Principal Proceeds (and not Interest Proceeds) until, so long as a such Collateral Obligation remains a Defaulted Obligation, the aggregate of all collections in respect of such Defaulted
Obligation since it became a Defaulted Obligation equals the Principal Balance of such Collateral Obligation at the time it became a Defaulted Obligation; provided further, that capitalized interest shall not constitute Interest
Proceeds. Notwithstanding the foregoing, in the Collateral Manager’s sole discretion, Interest Proceeds may be classified as Principal Proceeds; provided that such designation will not result in
non-payment of interest on any Class of Secured Notes. 
 “Interest Rate”:
With respect to each Class of Secured Notes, the per annum stated interest rate payable on such Class with respect to each Interest Accrual Period equal to (i) with respect to any Class of Floating Rate Notes, the Reference RateBenchmark for
such Interest Accrual Period plus the spread specified in Section 2.3 or (ii) with respect to any Class of Fixed Rate Notes, the fixed rate of interest specified in Section 2.3.; provided that with respect to any Interest Accrual Period during which a
Re-Pricing has occurred, the applicable Interest Rate of any Re-Priced
Class shall reflect the applicable
Re-Pricing Rate from, and including, the applicable Re-Pricing Date. 

“Interest Reserve Account”: The trust account established pursuant to Section 10.3(e). 

“Interest Reserve Amount”: U.S.$0. 

“ISDA Definitions”: The 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any
successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

  
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 “ISDA Fallback Adjustment”: The spread adjustment, (which may be a positive
or negative value or zero) that would apply for derivative transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate”: The rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Investment Criteria”: The criteria specified in Section 12.2(a). 

“IRS”: The U.S. Internal Revenue Service. 

“Issuer”: The Person named as such on the first page of this Indenture until a successor Person shall have become the Issuer
pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person. 

“Issuer Order” and “Issuer Request”: A written order or request (which may be a standing order or request)
dated and signed in the name of the Issuer or the Co-Issuer or by a Responsible Officer of the Issuer or
the Co-Issuer or by the Collateral Manager by a Responsible Officer thereof, on behalf of the
Issuer or the Co-Issuer. 

“Issuers”: The Issuer and the
Co-Issuer. 
 “Issuer’s’ Notice Agent”: Any agent in the Borough of Manhattan, the City
of New York appointed by the Issuer or the Co-Issuer where notices and demands to or upon the
Issuer or the Co-Issuer, respectively, in respect of the Securities or this Indenture may be served,
which shall initially be CT Corporation. 
 “Junior Class”: With respect to a particular Class of
Secured Notes, (a) each Class of Secured Notes that is subordinated to such Class and (b) the Preferred Shares, as indicated in Section 2.3. 

“Junior Mezzanine Notes”: The meaning specified in Section 2.4(a). 

“Libor”: The London inter-bank offered rates. 

“LIBOR”: With respect to the
Floating Rate Notes, for any Interest Accrual Period will equal the greater of (i) zero and (ii) the rate appearing on the Reuters Screen for deposits with a term of three months; provided that LIBOR for the first Interest Accrual Period will equal the rate
determined by interpolating between the rate appearing on the Reuters Screen for deposits with a term of three (3) months and the rate appearing on the Reuters Screen for deposits with a term of six (6) months. If the Calculation Agent is required but is unable to
determine a rate in accordance with at least one of the procedures described above, LIBOR will be LIBOR as determined on the previous Interest Determination Date. 

  
 -45- 

“
LIBOR,” when used with respect to a Collateral Obligation, means
the “libor” rate determined in accordance with the terms of such Collateral Obligation, as such rate may be modified or replaced in accordance with the terms of such Collateral Obligation and all references to “LIBOR” with
respect to such Collateral Obligation shall mean such modified or replacement rate. 

“Lien”: Any grant of a security interest in, mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, and any
financing lease having substantially the same economic effect as any of the foregoing (including any UCC financing statement or any similar instrument filed against a Person’s assets or properties). 

“Limited Liability Company Agreement”: The Limited Liability Company Agreement of the Co-Issuer, between the
sole member and the independent manager, dated as of the Closing Date, as amended and restated as of the
First Refinancing Date. 
 “Loan”: Any obligation for the
payment or repayment of borrowed money that is documented by a term loan agreement, revolving loan agreement or other similar credit agreement. 

“Loan Sale Agreements”: The BDC Loan Sale Agreement and the Warehouse Loan Sale Agreement. 

“London Banking Day”: A day on
which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in London, England. 

“Long Dated Obligation”: Any Collateral Obligation, the stated maturity date of which is extended to occur after the earliest
Stated Maturity of any Secured Note Outstanding pursuant to an amendment or modification of its terms following its acquisition by the Issuer and any Additional Long Dated Obligation. 

“Maintenance Covenant”: A covenant by any borrower to comply with one or more financial covenants (including without
limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, that exists regardless of whether or not such borrower has taken any specified action and includes a covenant
that applies only when the related loan is funded. 
 “Majority”: With respect to (a) any Class or Classes of
Secured Notes, the Holders of more than 50% of the Aggregate Outstanding Amount of the Secured Notes of such Class or Classes, as applicable, and (b) the Preferred Shares, the Holders of more than 50% of the Preferred Shares. 

“Margin Stock”: “Margin Stock” as defined under Regulation U issued by the Federal Reserve Board, including any
debt security which is by its terms convertible into “Margin Stock”. 

  
 -46- 

 “Market Value”: With respect to any loans or other assets, the amount
(determined by the Collateral Manager) equal to the product of the principal amount thereof and the price (as a percentage of par) determined in the following manner: 

(i)    the bid price determined by (A) the Loan Pricing Corporation, LoanX Inc., Markit Group Limited,
Mergent, IDC or, in each case, any successor thereto or (B) any other nationally recognized loan or bond pricing service selected by the Collateral Manager (with notice to S&P and so long as any
Class A-1 Note is Outstanding, Fitch); provided that, with respect to this clause (B), consent to each such other nationally recognized loan or bond pricing service has been obtained from a
Majority of the Controlling Class; 
 (ii)    if the price described in clause (i) above is not
available or the Collateral Manager makes a commercially reasonable determination that it does not reflect the value of such Asset pursuant to the Collateral Manager’s valuation policy, (A) the average of the bid prices determined by three
Qualified Broker/Dealers active in the trading of such asset that are Independent from each other and the Issuer and the Collateral Manager or (B) if only two such bids can be obtained, the lower of the bid prices of such two bids; 

(iii)    if the Market Value of an asset cannot be determined in accordance with clause (i) or
(ii) above, then the Market Value shall be the Appraised Value; provided that the Appraised Value of such Collateral Obligation has been obtained or updated within the immediately preceding four months; 

(iv)    if a price or such bid described in clause (i), (ii) or (iii) above is not available, then the
Market Value of an asset will be the lower of (x) such asset’s S&P Recovery Rate, and
(y) the price at which the Collateral Manager reasonably believes such asset could be sold in the market within 30 days, as certified by the Collateral Manager to the Trustee and
determined by the Collateral Manager consistent with the manner in which it would determine the market value of an asset for purposes of other funds or accounts managed by it and
(z) if such asset is a CCC S&P Collateral Obligation which is included in the CCC Excess, 70% of its
principal balance; or 
 (v)    if the Market
Value of any loan or other asset is not determined in accordance with clauses (i)- (iv) above, then such Market Value shall be deemed zero until such determination is made in accordance with clauses (i), (ii), (iii) or (iv) above. 

“Material Change”: An event that occurs with respect to a Collateral Obligation upon the occurrence of any of the following (a) non-payment of interest or principal, (b) the rescheduling of any interest or principal, (c) any covenant breach, (d) any restructuring of debt with respect to the Obligor of such Collateral
Obligation, (e) the addition of payment in kind terms, change in maturity date or any change in coupon rates and (f) the occurrence of the significant sale or acquisition of assets by the Obligor. 

“Material Covenant Default”: A default by an Obligor with respect to any Collateral Obligation, and subject to any grace
periods contained in the related Underlying Document, that gives rise to the right of the lender(s) thereunder to accelerate the principal of such Collateral Obligation. 

  
 -47- 

 “Maturity”: With respect to any Security, the date on which the unpaid
principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity (if applicable) or by acceleration, redemption or otherwise. 

“Maximum Fitch Rating Factor Test”: A test that will be satisfied on any date of determination if the Fitch Weighted Average
Rating Factor as of such date is less than or equal to the applicable level in the Fitch Test Matrix. 
 “Measurement
Date”: (i) Any day on which a purchase of a Collateral Obligation occurs, (ii) any Determination Date, (iii) the date as of which the information in any Monthly Report is calculated, (iv) with five (5) Business
Days’ prior written notice, any Business Day requested by either Rating Agency and (v) the Effective Date. 
 “Member
State”: Any member state of the European Union. 
 “Memorandum and Articles”: The Amended and Restated Memorandum
and Articles of Association of the Issuer, as originally adopted and as amended and restated from time to time in accordance with their terms. 

“Minimum Denominations”: As defined in Section 2.3. 

“Minimum Fitch Floating Spread”: As of any date of determination, the weighted average spread (expressed as a percentage)
applicable to the current level in the Fitch Test Matrix selected by the Collateral Manager. 
 “Minimum Fitch Floating Spread
Test”: A test that will be satisfied on any date of determination if the Weighted Average Floating Spread plus the Excess Weighted Average Coupon equals or exceeds the Minimum Fitch Floating Spread. 

“Minimum Fitch Weighted Average Coupon Test”: A test that will be satisfied on any date of determination if the Weighted
Average Coupon equals or exceeds the Minimum Weighted Average Coupon. 
 “Minimum S&P Weighted Average Coupon Test”:
The test that will be applicable at any time on or after the S&P CDO Monitor Election Date and will be satisfied on any date of determination if the Weighted Average Coupon equals or exceeds the Minimum Weighted Average Coupon. 

“Minimum Weighted Average Coupon”: (i) If any of the Collateral Obligations are Fixed Rate Obligations, 7.007.0% and (ii) if
no Collateral Obligations are Fixed Rate Obligations,
0.000.0%.

 “Minimum Weighted Average Fitch Recovery Rate Test”: A test that will be satisfied on any date of determination
if the Weighted Average Fitch Recovery Rate is greater than or equal to the applicable level in the Fitch Test Matrix. 

  
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 “Minimum Weighted Average Floating Spread Test”: The test that will be
applicable at any time on or after the S&P CDO Monitor Election Date and will be satisfied on any date of determination if the Weighted Average Floating Spread equals or exceeds the S&P Minimum Weighted Average Floating Spread selected by
the Collateral Manager in connection with the S&P CDO Monitor Test. 
 “Minimum Weighted Average S&P Recovery Rate
Test”: The test that will be applicable at any time on or after the S&P CDO Monitor Election Date and will be satisfied on any date of determination if the Weighted Average S&P Recovery Rate for the Highest Ranking Class equals
or exceeds the S&P Minimum Weighted Average Recovery Rate for such Class of Secured Notes selected by the Collateral Manager in connection with the definition of S&P CDO Monitor. 

“Money”: The meaning specified in Section 1-201(24) of the UCC. 

“Monthly Report”: The meaning specified in Section 10.7(a). 

“Monthly Report Determination Date”: The meaning specified in Section 10.7(a). 

“Moody’s”: Moody’s Investors Service, Inc. and any successor in interest thereto. 

“Moody’s Equivalent Diversity Score”: A single number that indicates collateral concentration in terms of both issuer
and industry concentration, calculated as set forth in Schedule 5 hereto. 
 “Moody’s Equivalent Weighted Average Rating
Factor”: The number (rounded up to the nearest whole number) determined by: 
 (a)    summing
the products of (i) the Principal Balance of each Collateral Obligation (excluding Equity Securities and Defaulted Obligations) multiplied by (ii) the Moody’s Equivalent Rating Factor (as described below) of such Collateral
Obligation; and 
 (b)    dividing such sum by the Aggregate Principal Balance of all such
Collateral Obligations. 
 The “Moody’s Equivalent Rating Factor” for each Collateral Obligation, is the number set
forth in the table below opposite the S&P Rating of such Collateral Obligation. 
  

							
	 S&P Rating
	  	 Moody’s Equivalent Rating Factor
	  	 S&P Rating
	  	 Moody’s Equivalent Rating Factor

		  	1	  	BB+	  	940
	AA+	  	10	  	BB	  	1,350
	AA	  	20	  	BB-	  	1,766
	AA-	  	40	  	B+	  	2,220
	A+	  	70	  	B	  	2,720
	A	  	120	  	B-	  	3,490
	A-	  	180	  	CCC+	  	4,770
	BBB+	  	260	  	CCC	  	6,500
	BBB	  	360	  	CCC-	  	8,070
	BBB-	  	610	  	CC or lower or SD	  	10,000

  

  
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 “Moody’s Rating”: With respect to any Collateral Obligation, the
rating determined pursuant to Schedule 3 hereto. 
 “Moody’s Senior Secured Loan”: The
meaning specified in Schedule 3 (or such other schedule provided by Moody’s to the Issuer, the Trustee and the Collateral Manager). 

“Net Exposure Amount”: As of the applicable Cut-Off Date, with respect to any
Substitute Collateral Obligation which is a Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, the lesser of (i) the aggregate amount of the then unfunded funding obligations thereunder, and (ii) the amount
necessary to cause, upon completion of such substitution on the applicable Cut-Off Date, the amount of funds on deposit in the Revolver Funding Account to be at least equal to the sum of the unfunded funding
obligations under all Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations then included in the Assets. 
 “Non-Call Period”: The(i) With
respect to the Secured Notes issued on the Closing Date, the period from and including the Closing Date to but excluding November 20, 2021 and (ii) with respect to the First Refinancing Notes, the period from and including the First Refinancing Date to but excluding April 20, 2024. 

“Non-Emerging Market Obligor”: An Obligor that is Domiciled in (a) the United
States or Canada, (b) any country that has a foreign currency issuer credit rating of at least “AA-” by S&P or a
sovereign rating of at least “AA-” by Fitch or (c) a Tax Jurisdiction. 

“Non-Permitted ERISA Holder”: As defined in
Section 2.12(c). 
 “Non-Permitted Holder”: As defined in
Section 2.12(b). 
 “Note Interest Amount”: With respect to any Class of Secured Notes and
any Payment Date, the amount of interest for the related Interest Accrual Period payable in respect of each U.S.$100,000 of outstanding principal amount of such Class of Secured Notes. 

“Note Payment Sequence”: The application, in accordance with the Priority of Payments, of Interest Proceeds or Principal
Proceeds, as applicable, in the following order: 
 (i) to the payment of principal of the Class A -1-1 Notes until the Class A-1 Notes have been paid in full; and 

(ii) to the payment of principal of the Class A-2 Notes until the Class A-2 Notes have been paid in full; 
 (iii) to the payment, pro rata based on their respective Aggregate Outstanding Amounts, of principal of the
Class B-1 Notes and the
Class B-2 Notes until the
Class B-1 Notes and the
Class B-2 Notes have been
paid in full; 

 (iv) to the payment, pro rata based on amounts due, of accrued and unpaid interest (including any defaulted interest) and any Deferred Interest on the Class C
-1 Notes and the Class C-2 Notes until such amounts have been paid
in full; and  

  
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(v) to the payment, pro rata based on their respective Aggregate Outstanding Amounts, of principal of the
Class C-1 Notes and the
Class C-2 Notes until the
Class C-1 Notes and the
Class C-2 Notes have been
paid in full; 

provided that, in connection with any Tax Redemption, Optional
Redemption or Clean-Up CallRe-Pricing or Rredemption of the Secured Notes, Holders of 100% of the Aggregate Outstanding Amount of any Class of Secured Notes may elect to
receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class of Secured Notes. 

“Notes”: The Secured Notes. 

“Notice of Substitution”: The meaning specified in Section 12.3(a)(ii). 

“NRSRO”: Any nationally recognized statistical rating organization, other than the Rating Agencies. 

“NRSRO Certification”: A certification executed by a NRSRO in favor of the Issuer and the Information Agent that states that
such NRSRO has provided the Issuer with the appropriate certifications under Exchange Act Rule 17g-5(a)(3)(iii)(B) and that such NRSRO has access to the 17g-5
Website. 
 “Obligor”: With respect to any Collateral Obligation, any Person or Persons obligated to make payments pursuant
to or with respect to such Collateral Obligation, including any guarantor thereof, but excluding, in each case, any such Person that is an obligor or guarantor that is in addition to the primary obligors or guarantors with respect to the assets,
cash flows or credit on which the related Collateral Obligation is principally underwritten. 
 “Obligor Diversity
Measure”: As of any date of determination, the number obtained by dividing (a) 1 by (b) the sum of the squares of the quotients, for each Obligor, obtained by dividing (i) the aggregate outstanding principal balance at such time
of all Collateral Obligations (other than Defaulted Obligations) issued by such Obligor by (ii) the aggregate outstanding principal balance at such time of all Collateral Obligations (other than Defaulted Obligations). 

“Offer”: As defined in Section 10.8(c). 

“Offering”: The offering of any Secured Notes pursuant to the relevant Offering Circular. 

“Offering Circular”: Each offering circular relating to the offer and sale of the Secured Notes (including, for the avoidance of doubt, the First Refinancing Notes), including any supplements thereto. 

“Officer”: (a) With respect to the Issuer
and any corporation, any director, the Chairman of the Board of Directors, the President, any Vice President, the Secretary, an Assistant

  
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Secretary, the Treasurer or an Assistant Treasurer of such entity or any Person authorized by such entity, including, for the avoidance of doubt, any duly appointed
attorney-in-fact of the Issuer, (b) with respect to the Co-Issuer and any limited liability company, any managing member or manager thereof or any person to whom the rights and powers of management thereof are delegated in accordance with the limited liability company
agreement of such limited liability company and (c) with respect to the Collateral Manager, any manager or member of the Collateral Manager or any duly authorized officer of the Collateral Manager with direct responsibility for the
administration of the Collateral Management Agreement and this Indenture and also, with respect to a particular matter, any other duly authorized officer of the Collateral Manager to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject. 
 “Opinion of Counsel”: A written opinion addressed to
the Trustee and, if required by the terms hereof, any Rating Agency, in form and substance reasonably satisfactory to the Trustee (and, if so addressed, such Rating Agency), of a nationally or internationally recognized and reputable law firm one or
more of the partners of which are admitted to practice, before the highest court of any State of the United States or the District of Columbia (or the Cayman Islands,
in the case of an opinion relating to the laws of the Cayman Islands), which law firm, as the case may be, may, except as otherwise expressly provided herein, be counsel for the Issuer, and
which law firm, as the case may be, shall be reasonably satisfactory to the Trustee. Whenever an Opinion of Counsel is required hereunder, such Opinion of Counsel may rely on opinions of other counsel who are so admitted and so satisfactory, which
opinions of other counsel shall accompany such Opinion of Counsel and shall be addressed to the Trustee (and, if required by the terms hereof, such Rating Agency) or shall state that the Trustee (and, if required by the terms hereof, such Rating
Agency) shall be entitled to rely thereon. 
 “Optional Preferred Shares Redemption”: The meaning specified in
Section 9.2(j). 
 “Optional Redemption”: A redemption of the Secured Notes in accordance with
Section 9.2. 
 “ORCC”: Owl Rock Capital Corporation, a Maryland corporation. 

“ORCC Financing Subsidiary”: ORCC Financing II LLC, a Delaware limited liability company. 

“Organizational Documents”: With respect to
(a) the Issuer, its Memorandum and Articles and
(b) the Co-Issuer, itsThe Certificate of Formation and Limited Liability Company Agreement, in each case of the
Issuer, as originally executed and as supplemented, amended and restated from time to time in accordance with their terms. 

“Other Plan Law”: Any state, local, other federal or non-U.S. laws or regulations
that are substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code. 

“Outstanding”: With respect to: 

  
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 (a) the Secured Notes or the Secured Notes of any specified Class, as of any
date of determination, all of the Secured Notes or all of the Secured Notes of such Class, as the case may be, theretofore authenticated and delivered under this Indenture except: 

(i) Secured Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation in accordance with the terms
of Section 2.10 or registered in the Register on the date this Indenture is discharged in accordance with the terms of Section 4.1; 

(ii) Secured Notes or portions thereof for whose payment or redemption funds in the necessary amount have been theretofore
irrevocably deposited with the Trustee or any Paying Agent in trust for the Holders of such Secured Notes pursuant to Section 4.1(a)(i)(B); provided that if such Secured Notes or portions thereof are to be redeemed
or prepaid, as applicable, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(iii) Secured Notes in exchange for or in lieu of which other Secured Notes have been authenticated and delivered pursuant to
this Indenture, unless proof satisfactory to the Trustee is presented that any such Secured Notes are held by a “protected purchaser” (within the meaning of Section 8-303 of the UCC); and 

(iv) Secured Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Secured Notes have been
issued as provided in Section 2.7; and 
 (b) Preferred Shares, all of such Preferred Shares shown
as issued and outstanding in the Share Register; 
 provided that in determining whether the Holders of the requisite Aggregate Outstanding Amount
have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (a) Securities owned by the Issuer or the Co-Issuer or
(only in the case of a vote on (i) the removal of the Collateral Manager for Cause or (ii) the waiver of any event constituting Cause) Collateral Manager Securities shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities that a Trust Officer of
the Trustee actually knows to be so owned shall be so disregarded and (b) Securities so owned that have been pledged in good faith shall be regarded as Outstanding if the pledgee establishes to the reasonable satisfaction of the Trustee the
pledgee’s right so to act with respect to such Securities and that the pledgee is not one of the Persons specified above. 

“Overcollateralization Ratio”: With respect to any specified Class or Classes of Secured Notes as of any date of
determination, the percentage derived from: (i) the Adjusted Collateral Principal Amount on such date divided by (ii) the Aggregate Outstanding Amount on such date of the Secured Notes of such Class or Classes (including, in the case of the Class C Notes, any accrued Deferred Interest that remains unpaid), each Priority Class of Secured Notes and each Pari Passu Class of Secured Notes. 

  
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“Overcollateralization Ratio Test”: A test that is
satisfied with respect to any Class or Classes of Secured Notes as of the Effective Date and any other date thereafter on which such test is required to be determined hereunder, if (i) the Overcollateralization Ratio for such Class or
Classes on such date is at least equal to the Required Overcollateralization Ratio for such Class or Classes or (ii) such Class or Classes of Notes are no longer outstanding. 

“Pari Passu Class”: With respect to any specified Class of Securities, each Class of Securities that ranks pari
passu to such Securities, as indicated in Section 2.3. 
 “Partial Refinancing Interest
Proceeds”: In connection with a Refinancing in part by Class of one or more Classes of Secured Notes, with respect to each such Class, Interest Proceeds up to the amount of accrued and unpaid interest on such Class, but only to the
extent that such Interest Proceeds would be available under the Priority of Payments to pay accrued and unpaid interest on such Class on the date of a Refinancing of such Class (or, in the case of a Refinancing occurring on a date other than a
Payment Date, only to the extent that such Interest Proceeds would be available under the Priority of Payments to pay accrued and unpaid interest on such Class on the next Payment Date, taking into account Scheduled Distributions on the Assets
that are expected to be received on or prior to the next Determination Date). 
 “Participation Interest”: A participation
interest in a loan originated by a bank or financial institution that, at the time of acquisition, or the Issuer’s commitment to acquire the same, satisfies each of the following criteria: (i) the loan underlying such participation would
constitute a Collateral Obligation were it acquired directly, (ii) the Selling Institution is a lender on the loan, (iii) the aggregate participation in the loan granted by such Selling Institution to any one or more participants does not
exceed the principal amount or commitment with respect to which the Selling Institution is a lender under such loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the
Selling Institution holds in the loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full (without the benefit of financing from the Selling Institution or its affiliates
(excluding any financing in the form of Securities)) at the time of the Issuer’s acquisition (or, to the extent of a participation in the unfunded commitment under a Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, at
the time of the funding of such loan), (vi) the participation provides the participant all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation and (vii) such
participation is documented under an LSTA, a Loan Market Association or a similar agreement standard for loan participation transactions among institutional market participants. For the avoidance of doubt, a Participation Interest shall not include
a sub-participation interest in any loan. 
 “Paying Agent”: Any Person authorized
by the Issuers to pay the principal of or interest on any Notes on behalf of the Issuers as specified in Section 7.2. 

“Payment Account”: The payment account of the Trustee established pursuant to Section 10.3(a). 

“Payment Date”: The 20th day of January, April, July and October of each year (or, if such day is not a Business Day,
then the next succeeding Business Day) (together with any 

  
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Redemption Date (other than a Redemption Date in connection with a redemption of Secured Notes in part by Class not occurring on a regularly scheduled Payment Date)), commencing on the
Payment Date in April 2021; provided that (x) following the First Refinancing Date, the first Payment Date in respect of the First Refinancing Notes shall be
the Payment Date in July 2022, (y) the final scheduled Payment Date will be the Stated Maturity (subject to any earlier payment or redemption of the Secured Notes) and
(yz) for
purposes of the Priority of Payments, the Redemption Date with respect to a Clean-Up Call Redemption will be deemed to be a Payment Date. 

“PBGC”: The United States Pension Benefit Guaranty Corporation. 

“Permitted Deferrable Obligation”: Any Deferrable Obligation that by the terms of the related Underlying Document carries a current cash payrequires at all times the payment in cash of
an interest rate of not less than (a) in the case of a Floating Rate Obligation, the Reference
RateBenchmark plus 1.00% per annum or (b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal to five years at the time the Issuer committed to purchase such Deferrable Obligation. 

“Permitted Liens”: With respect to the Assets: (i) security interests, liens and other encumbrances created pursuant to
the Transaction Documents, (ii) with respect to agented Collateral Obligations, security interests, liens and other encumbrances in favor of the lead agent, the collateral agent or the paying agent on behalf of all holders of indebtedness of
such Obligor under the related facility and (iii) with respect to any Equity Security, any security interests, liens and other encumbrances granted on such Equity Security to secure indebtedness of the related Obligor and/or any security
interests, liens and other rights or encumbrances granted under any governing documents or other agreement between or among or binding upon the Issuer as the holder of equity in such Obligor. 

“Permitted Merger”: The merger of the Cayman Issuer with and into the Issuer pursuant to a Plan of Merger
and in connection with which the Issuer is the surviving entity. 

“Permitted Offer”: An Offer (i) pursuant to the terms of which the offeror offers to acquire a debt obligation
(including a Collateral Obligation) in exchange for consideration consisting of (x) cash in an amount equal to or greater than the full face amount of such debt obligation plus any accrued and unpaid interest or (y) other debt obligations
that rank pari passu or senior to the debt obligation being exchanged which have a face amount equal to or greater than the full face amount of the debt obligation being exchanged and are eligible to be Collateral Obligations plus any accrued and
unpaid interest in cash (or any combination of (x) and (y)) and (ii) as to which the Collateral Manager has determined in its reasonable commercial judgment that the offeror has sufficient access to financing to consummate the Offer. 

“Person”: An individual, company, corporation (including a business trust), partnership, limited liability company, joint
venture, association, joint stock company, statutory trust, trust (including any beneficiary thereof), unincorporated association or government or any agency or political subdivision thereof. 

  
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 “Placement Agency Agreement”: (i) The Placement Agency Agreement dated as of the Closing Date, by and among the IssuersOwl Rock CLO V, Ltd., Owl Rock CLO V, LLC and the Placement Agent relating to the purchase of the Notes specified therein, as amended from time to time and
(ii) with respect to the First Refinancing Notes, the Refinancing
Placement Agency Agreement. 
 “Placement Agent”: Natixis
Securities Americas LLC, in its capacity as the Placement Agent of the Notes under the Placement Agency Agreement. 
 “Plan of Merger”: The Agreement and Plan of Merger between the Issuer and the Cayman Issuer. 

“Plan Asset Regulation”: The regulation promulgated by the United States Department of Labor at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA. 
 “Plan Fiduciary”: The meaning specified in Section 
2.6(i)(iii). 

“Portfolio Company”: Any company that is controlled by the Collateral Manager, an Affiliate thereof, or an account, fund,
client or portfolio established and controlled by the Collateral Manager or an Affiliate thereof. 
 “Post-Reinvestment Period
Settlement Obligation”: The meaning specified in Section 12.2(b). 
 “Post-Transition CCC
Collateral Obligation”: A Collateral Obligation that, at the time the Issuer committed to purchase such Collateral Obligation, has an application to either Fitch or S&P for a credit opinion or a credit estimate, as applicable, pending
and that, upon the provision of such credit opinion or credit estimate, as applicable (after the acquisition of such Collateral Obligation by the Issuer), becomes a CCC Collateral Obligation. 

“Preferred Shares”: 149,450 of preferred
shares of the Issuer, U.S.$0.0001 par value per share issued pursuant to the Memorandum and Articles on the Closing Date (including any
additionalThe Preferred Shares issued pursuant to the Memorandum and Articles and in compliance with the terms hereof), recorded
as issued and Outstanding in the Share RegisterFiscal Agency Agreement. 

“Preferred Shares Payment Account”: The account established under the Fiscal Agency Agreement. 

“Principal Balance”: Subject to Section 1.3, with respect to (a) any Asset other than a
Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, as of any date of determination, the outstanding principal amount of such Asset (excluding any capitalized interest) and (b) any Revolving Collateral Obligation or
Delayed Drawdown Collateral Obligation, as of any date of determination, the outstanding principal amount of such Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation (excluding any capitalized interest), plus (except as
expressly set forth herein) any undrawn commitments that have not been irrevocably reduced or withdrawn with respect to such Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation; provided that for all purposes the
Principal Balance of (1) any Equity Security shall be deemed to be zero and (2) any Defaulted Obligation that is not sold or terminated within three years after becoming a Defaulted Obligation shall be deemed to be zero. 

  
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 “Principal Collection Subaccount”: The meaning specified in
Section 10.2(a). 
 “Principal Financed Accrued Interest”: With respect to (a) any
Collateral Obligation owned or purchased by the Issuer on the Closing Date, any unpaid interest on such Collateral Obligation that accrued prior to the Closing Date that was owing to the Issuer and remained unpaid as of the Closing Date and
(b) any Collateral Obligation purchased after the Closing Date, the amount of Principal Proceeds, if any, applied towards the purchase of accrued interest on such Collateral Obligation. 

“Principal Proceeds”: With respect to any Collection Period or Determination Date, all amounts received by the Issuer during
the related Collection Period that do not constitute Interest Proceeds and any other amounts that have been designated as Principal Proceeds pursuant to the terms of this Indenture. All Sale Proceeds from Workout Loans shall be treated as Principal
Proceeds. 
 “Priority Category”: With respect to any Collateral Obligation, the applicable category listed in the table
under the heading “Priority Category” in Section 1(b) of Schedule 4. 
 “Priority
Class”: With respect to any specified Class of Securities, each Class of Securities that ranks senior to such Class, as indicated in Section 2.3. 

“Priority of Payments”: The meaning specified in Section 11.1(a). 

“Proceeding”: Any suit in equity, action at law or other judicial or administrative proceeding or procedure. 

“Prohibited Industry”: With
respect to any Obligor, its primary business is
(a) the production or distribution of
antipersonnel landmines, cluster munitions, biological and chemical, radiological and nuclear weapons or any primary component used specifically in the
production of any such weapon system or which plays a direct role in the lethality of any such weapon system; (b) the manufacture of fully completed and operational assault weapons or firearms; (c) pornography or adult entertainment; (d) coal mining and/or coal-based power generation; (e) in the oil sands and associated pipelines industry;
(f) the food commodity derivatives industry;
(g) the growth and sale of tobacco;
(h) upstream production and / or processing of
palm oil and palm fruit products; or (i) the
making or collection of pay day loans or any unlicensed and unregistered financing. 

“Proposed Portfolio”: The portfolio of Collateral Obligations and Eligible Investments resulting from the proposed purchase,
sale, maturity or other disposition of a Collateral Obligation or a proposed reinvestment in an additional Collateral Obligation, as the case may be. 

“Purchase and Substitution Limit”: The meaning specified in Section 12.3(c). 

“QIB”: A Qualified Institutional Buyer. 

  
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 “QIB/QP”: Any Person that, at the time of its acquisition, purported
acquisition or proposed acquisition of Notes is both a Qualified Institutional Buyer and a Qualified Purchaser. 
 “QP”: A
Qualified Purchaser. 
 “Qualified Broker/Dealer”: Any of Bank of America Securities; The Bank of Montreal; The Bank of New
York Mellon; Barclays Bank plc; BNP Paribas; Canadian Imperial Bank of Commerce; Citibank, N.A.; Credit Agricole S.A.; Credit Suisse; Deutsche Bank AG; Goldman Sachs & Co.; HSBC Bank; Imperial Capital LLC; Jefferies & Company,
Inc.; JPMorgan Chase Bank, N.A.; KeyBank National Association; Lloyds TSB Bank; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley & Co.; Natixis; Royal Bank of Canada; The Royal Bank of Scotland plc;
Société Générale; SunTrust Bank, Inc.; The Toronto-Dominion Bank; UBS AG; U.S. Bank National Association; Wells Fargo Bank, National Association. 

“Qualified Institutional Buyer”: The meaning specified in Rule 144A under the Securities Act. 

“Qualified Purchaser”: The meaning specified in Section 2(a)(51) of the 1940 Act and Rule
2a51-2 or 2a51-3 under the 1940 Act. 
 “Ramp-Up Account”: The account established pursuant to Section 10.3(c). 

“Rating Agency”: Each of Fitch and S&P, in each case only for so long as the Notes rated by such entity on the Closing
Date or the First Refinancing Date, as applicable, are Outstanding and rated by such entity, or, with respect to the
Secured Notes or the Collateral Obligations, as applicable, if at any time Fitch or S&P ceases to provide rating services with respect to debt obligations, any other nationally recognized investment rating agency selected by the Issuer (or the
Collateral Manager on behalf of the Issuer). If at any time Fitch or S&P ceases to be a Rating Agency, references to rating categories of such entity herein shall be deemed instead to be references to the equivalent categories (as determined by
the Collateral Manager) of such other rating agency as of the most recent date on which such other rating agency and Fitch and/or S&P published ratings for the type of obligation in respect of which such alternative rating agency is used.

 “Record Date”: With respect to the Securities, the date 15 days prior to the applicable Payment Date. 

“Redemption Assets”:
Collectively, the Collateral Obligations and Eligible Investments. 

“Redemption Date”: Any Business Day specified for a redemption of Securities pursuant to Article IX
(other than a Special Redemption). 
 “Redemption Price”: (a) For each Secured Note to be redeemed or sold and transferred
in connection with an Optional Redemption, Clean-Up Call Redemption or
Taxany Re-Pricing or Rredemption of the Secured Notes (x) 100% of the Aggregate Outstanding Amount of such Secured Notes, plus (y) accrued and
unpaid interest (including any defaulted interest) thereon and, in the case of a Class C Note, Deferred Interest and interest on any accrued and unpaid 

  
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Deferred Interest) to the Redemption Date or Re-Pricing Date, as applicable; provided that, in connection with any Tax Redemption, Optional Redemption or Clean-Up CallRe-Pricing or Rredemption of the Secured Notes, holders of 100% of the Aggregate Outstanding Amount of any such Class of Secured Notes may elect
to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class of Secured Notes and (b) for each Preferred Share, its proportional share (based on the Aggregate Outstanding Amount of such
Preferred Shares) of the amount of the proceeds of the Assets remaining after giving effect to the Optionalsuch Rredemption, Clean-Up Call Redemption
or Tax Redemption or re-pricing of the Secured Notes in whole or after all of the Secured Notes have been repaid in full and payment in full of (and/or creation of a reserve for) all expenses (including, unless waived by the Collateral Manager
all Collateral Management Fees and Administrative Expenses) of the Issuers. 

“Reference Rate”: With respect to
(a) Floating Rate Notes, the greater of
(x) zero and (y) the Benchmark and (b) Floating Rate Obligations, the reference rate applicable to such
Floating Rate Obligations calculated in accordance with the related Underlying Documents. Modifier”: A modifier, other than the Benchmark Replacement Adjustment, recognized or acknowledged by the Loan Syndications and Trading Association or the Alternative Reference Rate
Committee convened by the Federal Reserve that is applied to a reference rate to the extent necessary to cause such rate to be comparable to Term SOFR Rate, which may include an addition to or subtraction from such unadjusted rate. 

“Reference Rate Amendment”: A
supplemental indenture to be executed by the Issuers and the Trustee at the direction of the Collateral Manager to elect a Benchmark with respect to the Floating Rate Notes (and make related changes advisable or necessary in the judgment and
as determined by the Collateral Manager to implement the use of such replacement rate) pursuant to Section
 8.1(a)(xxiv). 

“Reference Rate Floor
Obligation”: As of any date of determination, a Floating Rate Obligation (a) the interest in respect of which is paid based on a reference rate
corresponding to the Reference Rate then applicable to the Floating Rate Notes and (b) that provides that such reference rate is (in effect) calculated as the greater of (i) a specified “floor” rate per annum and (ii) the value of such reference rate for the applicable interest period
for such Collateral Obligation. 
 “Reference
Time”: With respect to any determination of the Benchmark means (1) if the Benchmark is LIBOR, 11:00 a.m. (London time) on the day that
is two London Banking Days preceding the date of such determination, and (2) if the Benchmark is not LIBOR, the time determined by the Collateral Manager in accordance with the Benchmark Replacement Conforming Changes. 
 “Refinancing”: The meaning specified in
Section 9.2(c). 
 “Refinancing Placement Agency Agreement”: The refinancing
placement agency agreement dated as of April 20, 2022, by and
between the Issuer and the Placement Agent relating to the purchase of the First Refinancing Notes specified therein, as amended from time to time.  

“Refinancing Proceeds”: The net Cash proceeds from a Refinancing. 

  
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 “Regional Diversity Measure”: As of any date of determination, the number
obtained by dividing (a) 1 by (b) the sum of the squares of the quotients, for each S&P Region Classification, obtained by dividing (i) the aggregate outstanding principal balance at such time of all Collateral Obligations (other than
Defaulted Obligations) issued by Obligors that belong to such S&P Region Classification by (ii) the aggregate outstanding principal balance at such time of all Collateral Obligations (other than Defaulted Obligations). 

“Register” and “Registrar”: The respective meanings specified in Section 2.6(a).

 “Registered”: In registered form for U.S. federal income tax purposes and issued after July 18, 1984. 

“Regulation S”: Regulation S, as amended, under the Securities Act. 

“Regulation S Global Note”: The meaning specified in Section 2.2(a)(i). 

“Reinvestment Period”: The period from and including the Closing Date to and including the earliest of (i) the Payment
Date in July 2022April 2026, (ii) the date of the acceleration of the Maturity of any Class of Secured Notes pursuant to Section 5.2, (iii) the date on which the Collateral Manager has delivered written
notice to the Trustee, the Fiscal Agent and each Rating Agency that it has reasonably determined that it can no longer reinvest in additional Collateral Obligations in accordance with the terms hereof and the Collateral Management Agreement in
connection with a Special Redemption pursuant to clause (i) of the definition of “Special Redemption,” (iv) the date of any Tax Redemption and (v) the date of any Clean-Up Call Redemption.

 “Reinvestment Target Par Balance”: As of any date of determination, the Target Initial Par Amount minus the
amount of any reduction in the Aggregate Outstanding Amount of the
SecuritiesSecured
Notes through the payment of Principal Proceeds plus the aggregate amount of Principal Proceeds received by the Issuer from the issuance of any additional Secured Notes, Junior Mezzanine Notes or and
any Preferred Shares that are issued pro rata with such additional Secured Notes
(after giving effect to such issuance of any Additional Securities). 

“Relevant Governmental Body”: The Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 
 “Re-Priced
Class”: The meaning specified in
Section 9.7(a). 

“Re-Pricing”: The meaning specified in Section 9.7(a). 

“Re-Pricing Date”: The meaning specified in Section 9.7(b). 

“Re-Pricing Eligible Notes”: The Notes specified as such in
Section 2.3.

 “Re-Pricing
Intermediary”: The meaning specified in
Section 9.7(a). 

“Re-Pricing Rate”: The meaning specified in Section 9.7(b)(i). 

  
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 “Required Interest Coverage Ratio”:(a) For the Class A-1 Notes, the Class A-2 Notes and the Class B Notes, 120.00% and (b) for the Class C Notes, 115.00%. 

“Required Overcollateralization Ratio”:
(a) For the
Class A-1 Notes,
163.57the Class A-2 Notes and the Class B Notes, 138.46% and (b) for the Class C Notes, 121.85%. 

“Responsible Officer”: With respect to any Person, any duly authorized director, officer or manager of such Person with
direct responsibility for the administration of the applicable agreement and also, with respect to a particular matter, any other duly authorized director, officer or manager of such Person to whom such matter is referred because of such
director’s, officer’s or manager’s knowledge of and familiarity with the particular subject. Each party may receive and accept a certification of the authority of any other party as conclusive evidence of the authority of any Person
to act, and such certification may be considered as in full force and effect until receipt by such other party of written notice to the contrary. 

“Restricted Trading Period”: The period during which (a)(i) the Fitch rating of anythe Class A-1 Notes is one or more sub-categories below its Initial Rating,
(ii) the S&P rating of the Class A-1 Notes is one or more sub-categories below its Initial Rating or (iii) the S&P rating of any of
the Class AB-1 Notes, the Class B-2 Notes, the Class C-1 Notes or the Class C-2 Notes is onetwo or more sub-categories below its Initial Rating and (b) after giving effect to any sale (and any related reinvestment) or purchase of the relevant Collateral Obligation, (i) the aggregate principal balance of all
Collateral Obligations plus, without duplication, amounts on deposit in the Principal Collection Subaccount (including to the extent such amounts have been designated for application as Principal Proceeds in connection with a contribution to
the Issuer) and the Ramp-Up Account will be less than the Reinvestment Target Par Balance or (ii)(A) any of the Coverage Tests are not satisfied or (B) solely with respect to any purchase or reinvestment
of sale proceeds, the Collateral Quality Test is not satisfied, or if any test thereof is not satisfied, the level of compliance with such test is not maintained or improved unless with respect to any proposed sale of a Collateral Obligation, after
giving effect to such sale and application of proceeds on the next succeeding Payment Date such Coverage Tests will be satisfied; provided that such period will not be a Restricted Trading Period (so long as (x) the Fitch rating of the Class A-1 Notes and (y) the S&P rating of the Class A-1 Notes, the Class B-1 Notes, the Class B-2 Notes, the Class C-1 Notes or the Class C-2 Notes has not been further downgraded, withdrawn or put on watch for potential downgrade) upon the direction of the Issuer with the consent of a Majority of the
Class A-1 Notes. 
 “Retention Holder”: ORCC. 

“Reuters Screen”: Reuters Page
LIBOR01 (or such other page that may replace that page on such service for the purpose of displaying comparable rates) as reported by Bloomberg Financial Markets Commodities News (or any successor thereto) as of 11:00 a.m., London time, on the
Interest Determination Date. 
 “Revolver Funding
Account”: The meaning specified in Section 10.4. 
 “Revolving Collateral Obligation”:
Any Collateral Obligation (other than a Delayed Drawdown Collateral Obligation) that is a loan (including, without limitation, revolving loans, including funded and unfunded portions of revolving credit lines and letter of credit facilities

  
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(but excluding secured letters of credit), unfunded commitments under specific facilities and other similar loans and investments) that by its terms may require one or more future advances to be
made to the borrower by the Issuer; provided that any such Collateral Obligation will be a Revolving Collateral Obligation only until all commitments to make advances to the borrower expire or are terminated or irrevocably reduced to zero.

 “Rule 144A”: Rule 144A, as amended, under the Securities Act. 

“Rule 144A Global Note”: The meaning specified in Section 2.2(a)(ii). 

“Rule 144A Information”: The meaning specified in Section 7.15. 

“Rule 17g-5”: The meaning specified in
Section 14.16. 
 “Securitization Regulation”: The EU Securitization
Regulation and the UK Securitization Regulation. 

“S&P”: S&P Global Ratings, a nationally recognized statistical rating organization comprised of: (a) a
separately identifiable business unit within Standard & Poor’s Financial Services LLC, a Delaware limited liability company wholly owned by S&P Global Inc.; and (b) the credit ratings business operated by various other
subsidiaries that are wholly-owned, directly or indirectly, by S&P Global Inc.; and, in each case, any successor thereto. 

“S&P CDO Monitor”: The dynamic, analytical computer model developed by S&P and used to calculate the default
frequency in terms of the amount of debt assumed to default as a percentage of the original principal amount of the Collateral Obligations consistent with a specified benchmark rating level based upon certain assumptions (including the applicable
S&P Minimum Weighted Average Recovery Rate) and S&P’s proprietary corporate default studies, as may be amended by S&P from time to time upon notice to the Issuer, the Trustee, the Collateral Manager and the Collateral Administrator.
Each S&P CDO Monitor will be chosen by the Collateral Manager (with notice to the Collateral Administrator) and associated with either (x) an S&P Minimum Weighted Average Recovery Rate and an S&P Minimum Weighted Average Floating
Spread from Section 2 of Schedule 4 or (y) an S&P Minimum Weighted Average Recovery Rate and an S&P Minimum Weighted Average Floating Spread confirmed by S&P, provided that as of any date of determination the
Weighted Average S&P Recovery Rate for the Highest Ranking Class equals or exceeds the S&P Minimum Weighted Average Recovery Rate for such Class chosen by the Collateral Manager and the Weighted Average Floating Spread equals or
exceeds the S&P Minimum Weighted Average Floating Spread chosen by the Collateral Manager. The model version of the S&P CDO Monitor is available at https://www.sp.sfproducttools.com. 

“S&P CDO Monitor Election Date”: The date specified by the Collateral Manager, at any time after the Closing Date upon at
least five (5) Business Days’ prior written notice to S&P, the Trustee and the Collateral Administrator, evidencing the Collateral Manager’s election to utilize the S&P CDO Monitor in determining compliance with the S&P
CDO Monitor Test. 
 “S&P CDO Monitor Test”: A test that will be satisfied on any date of determination (following
receipt, at any time on or after the S&P CDO Monitor Election Date, by the Issuer and the Collateral Administrator of the Class Break-even Default Rates for each S&P CDO Monitor 

  
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input file (in accordance with the definition of “Class Break-even Default Rate”)) if, after giving effect to a proposed sale or purchase of an additional Collateral Obligation,
the Class Default Differential of the Highest Ranking Class of the Proposed Portfolio is positive. The S&P CDO Monitor Test will be considered to be improved if the Class Default Differential of the Proposed Portfolio that is not
positive is greater than the corresponding Class Default Differential of the Current Portfolio. 
 “S&P Collateral
Value”: With respect to any Defaulted Obligation or Long Dated Obligation, the lesser of (i) the S&P Recovery Amount of such Defaulted Obligation or Long Dated Obligation, as applicable, as of the relevant Measurement Date and
(ii) the Market Value of such Defaulted Obligation or Long Dated Obligation, as applicable, as of the relevant Measurement Date. 

“S&P Industry Classification”: The S&P Industry Classifications set forth in Schedule 2
hereto, which industry classifications may be updated at the option of the Collateral Manager if S&P publishes revised industry classifications. 

“S&P Minimum Weighted Average Recovery Rate”: As of any date of determination for each Class of Secured Notes, the
recovery rate applicable to such Class of Secured Notes determined by reference to the “Recovery Rate” as set forth in the table in Section 2 of Schedule 4 chosen by the Collateral Manager (with prior
notification to the Collateral Administrator and S&P) as currently applicable to the Collateral Obligations. 
 “S&P
Rating”: With respect to any Collateral Obligation, as of any date of determination, the rating determined in accordance with the following methodology: 

(i) (a) if there is an issuer credit rating of the issuer of such Collateral Obligation by S&P as published by S&P, or
the guarantor which unconditionally and irrevocably guarantees such Collateral Obligation pursuant to a form of guaranty which satisfies S&P’s then-current criteria applicable to guaranty agreements, then the S&P Rating shall be such
rating (regardless of whether there is a published rating by S&P on the Collateral Obligations of such issuer held by the Issuer; provided that private ratings (that is, ratings provided at the request of the Obligor) may be used for
purposes of this definition if the related Obligor has consented to the disclosure thereof and a copy of such consent has been provided to S&P) or (b) if there is no issuer credit rating of the issuer by S&P but (1) there is a
senior secured rating on any obligation or security of the issuer, then the S&P Rating of such Collateral Obligation shall be one sub-category below such rating; (2) if clause (1) above does not
apply, but there is a senior unsecured rating on any obligation or security of the issuer, the S&P Rating of such Collateral Obligation shall equal such rating; and (3) if neither clause (1) nor clause (2) above applies, but there
is a subordinated rating on any obligation or security of the issuer, then the S&P Rating of such Collateral Obligation shall be one sub-category above such rating; 

(ii) with respect to any Collateral Obligation that is a DIP Collateral Obligation, the S&P Rating thereof will be the
credit rating assigned to such issue by S&P, or if such DIP Collateral Obligation was assigned a point-in-time rating by S&P that was withdrawn, such withdrawn
rating may be used for 12 months after the assignment of such rating; 

  
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provided that if the Collateral Manager is or becomes aware of a Specified Amendment with respect to the DIP Collateral Obligation that, in the Collateral Manager’s reasonable
judgment, would have a material adverse impact on the value of the DIP Collateral Obligation, such withdrawn rating may not be used unless S&P otherwise confirms the rating or provides an updated one; provided further that
if any such Collateral Obligation that is a DIP Collateral Obligation is newly issued and the Collateral Manager expects an S&P credit rating within 90 days, so long as
the Collateral Manager reasonably expects such credit to be “B-” or higher, the S&P Rating of such Collateral Obligation shall be
“CCC-”B-”
for a period of up to 90 days (unless S&P grants an extension) until such credit rating is obtained from S&P; provided further that if the Collateral Manager is or
becomes aware of a Material Change with respect to the DIP Collateral Obligation that would have a material adverse impact on the value of the DIP Collateral Obligation, the Collateral Manager shall notify S&P of such Material Change as soon as
practicable after review of such Material Change in a reasonable time period after obtaining relevant information of such Material Change from the Obligor; 

(iii) if there is not a rating by S&P on the issuer or on an obligation of the issuer, then the S&P Rating may be
determined pursuant to clauses (a) through (c) below: 
 (a) if an obligation of the issuer is publicly rated by
Moody’s or, with the written consent of S&P, any successor-in-interest to Moody’s, then the S&P Rating will be the S&P equivalent of the
Moody’s Rating of such obligation, except that the S&P Rating of such obligation will be (1) one sub-category below the S&P equivalent of the Moody’s Rating if such Moody’s Rating
is “Baa3” or higher and (2) two sub-categories below the S&P equivalent of the Moody’s Rating if such Moody’s Rating is “Ba1” or lower (for the avoidance of doubt, if
S&P does not provide consent in connection with a successor of Moody’s, the S&P Rating may be determined pursuant to clauses (b) through (c) below, to the extent applicable); 

(b) the S&P Rating may be based on a credit estimate provided by S&P, and in connection therewith, the Issuer, the
Collateral Manager on behalf of the Issuer or the issuer of such Collateral Obligation will, prior to or within thirty (30) days after the acquisition of such Collateral Obligation, apply (and concurrently submit all available Information in
respect of such application) to S&P for a credit estimate which will be its S&P Rating; provided that until the receipt from S&P of such estimate, such Collateral Obligation will have an S&P Rating as determined by the
Collateral Manager in its sole discretion if the Collateral Manager certifies to the Trustee that it believes that such S&P Rating determined by the Collateral Manager is commercially reasonable and will be at least equal to such rating;
provided further that, if such Information is not submitted within such thirty (30) day period, then, pending receipt from S&P of such estimate, the Collateral Obligation will have (1) the S&P Rating as determined by
the Collateral Manager for a period of up to ninety (90) days after the acquisition of such Collateral Obligation and (2) an S&P Rating of “CCC-” following such ninety day period;
unless, during such ninety day period, the Collateral Manager has requested the extension of such period and S&P, in its sole discretion, has granted such request; provided further that with respect to any Collateral
Obligation for which S&P has 

  
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provided a credit estimate, the Collateral Manager (on behalf of the Issuer) will request that S&P confirm or update such estimate annually (and pending receipt of such confirmation or new
estimate, the Collateral Obligation will have the prior estimate); provided further that such credit estimate shall expire 12 months after the acquisition of such Collateral Obligation, following which such Collateral Obligation shall
have an S&P Rating of “CCC-” unless, during such 12-month period, the Issuer applies for renewal thereof in accordance with Section 7.14(b), in which case such credit
estimate shall continue to be the S&P Rating of such Collateral Obligation until S&P has confirmed or revised such credit estimate, upon which such confirmed or revised credit estimate shall be the S&P Rating of such Collateral
Obligation; provided further that such confirmed or revised credit estimate shall expire on the next succeeding 12-month anniversary of the date of the acquisition of such Collateral Obligation
and (when renewed annually in accordance with Section 7.14(b)) on each 12-month anniversary thereafter; provided further that the Issuer will submit all available
Information in respect of such Collateral Obligation to S&P notwithstanding that the Issuer is not applying to S&P for a credit estimate; provided further that the Issuer will promptly notify S&P of any material events
effecting any such Collateral Obligation if the Collateral Manager reasonably determines that such notice is required in accordance with S&P’s published criteria for credit estimates titled “What AreAnatomy of a Credit
Estimates And: What It Means and How We Do They Differ From
Ratings?It” dated
April 2011January 14, 2021 (as the same may be
amended or updated from time to time); 
 (c) with respect to a DIP Collateral Obligation, if the S&P Rating
cannot otherwise be determined pursuant to this definition, the S&P Rating of such Collateral Obligation will be “CCC-”; and 

(d) with respect to a Collateral Obligation that is not a Defaulted Obligation, the S&P Rating of such Collateral
Obligation will at the election of the Issuer (at the direction of the Collateral Manager) be “CCC-”; provided that (i) neither the issuer of such Collateral Obligation nor any of its Affiliates are subject to any
bankruptcy or reorganization proceedings and (ii) the issuer has not defaulted on any payment obligation in respect of any debt security or other obligation of the issuer at any time within the two year period ending on such date of
determination, all such debt securities and other obligations of the issuer that are pari passu with or senior to the Collateral Obligation are current and the Collateral Manager reasonably expects them to remain current; provided that
the Issuer will submit all available Information in respect of such Collateral Obligation to S&P as if the Issuer were applying to S&P for a credit estimate; provided further that if there is a Material Change with respect to
any Collateral Obligation with an S&P Rating of “CCC-” determined pursuant to this clause, the Issuer, or the Collateral Manager on behalf of the Issuer, shall, upon notice or knowledge thereof, notify S&P and provide available
Information with respect thereto via email to CreditEstimates@spglobal.com; or 

  
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 (iv) with respect to a Current Pay Obligation that is rated “D” or
“SD” by S&P, the S&P Rating of such Current Pay Obligation will be, at the election of the Issuer (at the direction of the Collateral Manager), the higher
of (1) “CCC” or the S&P Rating determined pursuant to clause (iii)(b) above; provided that the Collateral
Manager may not determine such S&P Rating pursuant to clause (iii)(b)(1) above;and (2) its issue rating by S&P;

 provided that for purposes of the determination of the S&P Rating, (x) if the applicable rating assigned by S&P to an
obligor or its obligations is on “credit watch positive” by S&P, such rating will be treated as being one sub-category above such assigned rating and (y) if the applicable rating assigned by
S&P to an obligor or its obligations is on “credit watch negative” by S&P, such rating will be treated as being one sub-category below such assigned rating. 

“S&P Rating Condition”: With respect to any action taken or to be taken by or on behalf of the Issuer, a condition that
is satisfied if S&P provides written confirmation (including by means of electronic message, facsimile transmission, press release or posting to its website) to the Issuer and the Trustee (unless in the form of a press release or posted to its
website) that no immediate withdrawal or reduction with respect to its then-current rating by S&P of any Class of Secured Notes will occur as a result of such action; provided that the S&P Rating Condition will be deemed to be
satisfied if no Class of Secured Notes then Outstanding is rated by S&P and provided further that such rating condition shall be deemed inapplicable with respect to such event or circumstance if (i) S&P has given
written notice to the effect that it will no longer review events or circumstances of the type requiring satisfaction of the S&P Rating Condition for purposes of evaluating whether to confirm the then-current ratings (or initial ratings) of
obligations rated by S&P; or (ii) S&P has given written notice to the Issuer, the Collateral Manager or the Trustee (or their counsel) that it will not review such event or circumstance for purposes of evaluating whether to confirm the
then-current ratings (or Initial Ratings) of the Secured Notes then rated by S&P. 
 “S&P Recovery Amount”: With
respect to any Collateral Obligation, an amount equal to: (a) the applicable S&P Recovery Rate multiplied by (b) the Principal Balance of such Collateral Obligation. 

“S&P Recovery Rate”: With respect to a Collateral Obligation, the recovery rate set forth in
Section 1 of Schedule 4 using the Initial Rating of the most senior Class of Secured Notes Outstanding at the time of determination. 

“S&P Recovery Rating”: With respect to a Collateral Obligation for which an S&P Recovery Rate is being determined,
the “Recovery rate” assigned by S&P to such Collateral Obligation based upon the tables set forth in Schedule 4 hereto. 

“S&P Region Classification”: With respect to a Collateral Obligation, the applicable classification set forth in the
table titled “S&P Region Classification” in Section 3 of Schedule 4. 
 “Sale”: The meaning
specified in Section 5.17(a). 
 “Sale Proceeds”: All proceeds (excluding accrued interest, if
any) received with respect to Assets as a result of sales of such Assets in accordance with the restrictions described in 

  
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Article XII less any reasonable expenses incurred by the Collateral Manager, the Collateral Administrator or the Trustee (other than amounts payable as Administrative
Expenses) in connection with such sales. Sale Proceeds will include Principal Financed Accrued Interest received in respect of such sale. 

“Schedule of Collateral Obligations”: The schedule of Collateral Obligations attached as Schedule 1
hereto, which schedule shall include the borrower, the S&P Rating (unless such rating is based on a credit estimate or is a private or confidential rating from S&P), the Fitch Rating (unless such rating is based on a credit estimate or is a
private or confidential rating from Fitch), and Principal Balance of each Collateral Obligation included therein, as amended from time to time (without the consent of or any action on the part of any Person) to reflect the release of Collateral
Obligations pursuant to Article X hereof and the inclusion of additional Collateral Obligations as provided in Section 12.2 and Section 12.3 hereof. 

“Scheduled Distribution”: With respect to any Collateral Obligation, each payment of principal and/or interest scheduled to
be made by the related Obligor under the terms of such Collateral Obligation (determined in accordance with the assumptions specified in Section 1.3 hereof) after (a) in the case of the initial Collateral Obligations,
the Closing Date or (b) in the case of Collateral Obligations added or substituted after the Closing Date, the related trade date for such Collateral Obligation, as adjusted pursuant to the terms of the related Underlying Documents. 

“Second Lien Loan”: Any Loan that: (a) is not (and cannot by its terms become) subordinate in right of payment to any
other obligation of the Obligor of the Loan (other than with respect to liquidation, trade claims, capitalized leases or similar obligations) but which is subordinated (with respect to liquidation preferences with respect to pledged collateral) to a
Senior Secured Loan of the Obligor; (b) is secured by a valid second-priority perfected security interest or lien in, to or on specified collateral securing the Obligor’s obligations under the Loan (subject to customary exceptions for
permitted liens, including, without limitation, tax liens); (c) the value of the collateral securing the Loan at the time of purchase together with other attributes of the Obligor (including, without limitation, its general financial condition,
ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in the commercially reasonable judgment of the Collateral Manager) to repay the Loan in accordance with its terms and to repay all other
Loans of equal or higher seniority secured by a lien or security interest in the same collateral; and (d) is not secured solely or primarily by common stock or other equity interests; provided that the limitation set forth in this clause
(d) shall not apply with respect to a Loan made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a lien on its
own property would violate law or regulations applicable to such subsidiary (whether the obligation secured is such Loan or any other similar type of indebtedness owing to third parties). 

“Secured Notes”: The Class A Notes
authorized by, and authenticated and delivered under, this Indenture (as specified in Section 2.3) together with any additional Secured Notes issued pursuant to and accordance with this Indenture. 

“Secured Parties”: The meaning specified in the Granting Clauses. 

“Securities”: Collectively, the Secured Notes and the Preferred Shares. 

  
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 “Securities Act”: The United States Securities Act of 1933, as amended.

 “Securities Intermediary”: As defined in Section 8-102(a)(14) of the UCC.

 “Security Entitlement”: The meaning specified in Section 8-102(a)(17) of
the UCC. 
 “Selling Institution”: The entity obligated to make payments to the Issuer under the terms of a Participation
Interest. 
 “Senior Secured Loan”: Any assignment of or Participation Interest in a Loan that: (a) is not (and cannot
by its terms become) subordinate in right of payment to any other obligation of the obligor of the Loan (other than with respect to trade claims, capitalized leases or similar obligations); (b) is secured by a valid first-priority perfected
security interest or lien in, to or on specified collateral securing the obligor’s obligations under the Loan (subject to customary exceptions for permitted liens, including, without limitation, tax liens); (c) the value of the collateral
securing the Loan at the time of purchase together with other attributes of the obligor (including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow)
is adequate (in the commercially reasonable judgment of the Collateral Manager) to repay the Loan in accordance with its terms and to repay all other Loans of equal seniority secured by a first lien or security interest in the same collateral; and
(d) is not secured solely or primarily by common stock or other equity interests; provided that if such Loan is made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent
entity to the extent that the granting by any such subsidiary of a lien on its own property would violate law or regulations applicable to such subsidiary (whether the obligation secured is such Loan or any other similar type of indebtedness owing
to third parties), then the limitation set forth in this clause (d) shall not apply with respect to such Loan. 
 “Share
Register”: The register maintained by or on behalf of the Issuer under the Fiscal Agency Agreement. 
 “Share
Registrar”: State Street, in its capacity as Share Registrar under the Fiscal Agency Agreement, and any successor thereto. 

“Shareholder”: With respect to any Preferred Shares, the Person in whose name such Preferred Shares are registered in the
Share Register. 
 “SIFMA Website”: The internet website of the Securities
Industry and Financial Markets Association, currently located at https://www.sifma.org/resources/general/holiday-schedule, or such successor website as identified by the Collateral Manager to the Trustee and Calculation Agent. 
 “SOFR”: With respect to any day, means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New
York’’s
 Website. 
 “Special Priority of Payments”: As defined in Section 11.1(a)(iv). 

  
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 “Special Redemption”: As defined in Section 9.6.

 “Special Redemption Amount”: As defined in Section 9.6. 

“Special Redemption Date”: As defined in Section 9.6. 

“Specified Amendment”: With respect to any Collateral Obligation, any amendment, waiver or modification which would: 

(a) modify the amortization schedule with respect to such Collateral Obligation in a manner that (i) forgives or otherwise
permanently eliminates the obligation to pay a dollar amount of Scheduled Distributions equal to more than the greater of (x) 15% and (y) U.S.$250,000, or (ii) causes the Weighted Average Life of the applicable Collateral Obligation to
increase by more than 15%; 
 (b) reduce the cash interest rate payable by the Obligor thereunder by more than 50 basis
points (excluding any reduction that (x) is not the result, in the reasonable determination of the Collateral Manager, of the financial distress of the obligor, (y) results in the creation of a Permitted Deferrable Obligation if, after
giving effect to such reduction, the Concentration Limitation with respect to Permitted Deferrable Obligations is satisfied and (z) is the result of a change in rate due to a Benchmark Transition Event or similar concept specified in the
Underlying Documents); 
 (c) extend the stated maturity date of such Collateral Obligation by more than 12 months or beyond
the Stated Maturity; 
 (d) contractually or structurally subordinate such Collateral Obligation by operation of a priority
of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor or the granting of Liens (other than Permitted Liens) on any of the underlying collateral securing such Collateral Obligation; 

(e) release any party from its obligations under such Collateral Obligation, if such release would have a material adverse
effect on the Collateral Obligation; 
 (f) reduce the principal amount of the applicable Collateral Obligation; or 

(g) in the reasonable business judgment of the Collateral Manager, have a material adverse impact on the value of such
Collateral Obligation. 
 “Specified Obligor Information”: The meaning specified in
Section 14.15(b). 
 “Standby Directed Investment”: Shall mean, initially, an interest bearing
time deposit (which investment is, for the avoidance of doubt, an Eligible Investment); provided that the Issuer, or the Collateral Manager on behalf of the Issuer, may by written notice to the Trustee change the Standby Directed Investment
to any other Eligible Investment of the type described in clause (b) of the definition of “Eligible Investments” maturing not later than the earlier of (i) 30 days after the date of such investment (unless putable at par to
the issuer thereof) or (ii) the Business Day immediately preceding the next Payment Date (or such shorter maturities expressly provided herein). 

  
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 “State Street”: State Street Bank and Trust Company. 

“Stated Maturity”: NovemberApril 20, 20292034. 

“Step-Down Obligation”: An obligation or security which by the terms of the related Underlying Documents provides for a
decrease in the per annum interest rate on such obligation or security (other than by reason of any change in the applicable index or benchmark rate used to determine such interest rate) or in the spread over the applicable index or benchmark
rate, solely as a function of the passage of time; provided that an obligation or security providing for payment of a constant rate of interest at all times after the date of acquisition by the Issuer shall not constitute a Step-Down
Obligation. 
 “Step-Up Obligation”: An obligation or security which by the terms
of the related Underlying Documents provides for an increase in the per annum interest rate on such obligation or security (other than by reason of any change in the applicable index or benchmark rate used to determine such interest rate), or
in the spread over the applicable index or benchmark rate, solely as a function of the passage of time; provided that an obligation or security providing for payment of a constant rate of interest at all times after the date of acquisition by
the Issuer shall not constitute a Step-Up Obligation. 
 “Structured Finance
Obligation”: Any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations
and mortgage-backed securities; provided that any asset-based loan facilities and loans directly to financial services companies, factoring businesses, health care providers and other genuine operating businesses do not constitute
Structured Finance Obligations. 
 “Subordinated Management Fee”: The fee payable to the Collateral Manager in arrears on
each Payment Date pursuant to Section 8(a) of the Collateral Management Agreement and Section 11.1 of this Indenture, in an amount equal to 0.25% per annum, calculated on the basis of the actual number of days in the applicable
Interest Accrual Period divided by 360, of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date. 

“Substitute Collateral Obligations”: Collateral Obligations conveyed by ORCC to the Issuer as substitute Collateral
Obligations pursuant to Section 12.3(a) since the Closing Date. 
 “Substitute Collateral Obligations Qualification
Conditions”: The following conditions: 
 (i) the Coverage Tests, Collateral Quality Test and Concentration
Limitations are satisfied or, if any requirement or test thereof is not satisfied, the level of compliance with such requirement or test is maintained or improved; 

(ii) the Principal Balance of such Substitute Collateral Obligation (or, if more than one Substitute Collateral Obligation will
be added in replacement of a Collateral 

  
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Obligation or Collateral Obligations, the Aggregate Principal Balance of such Substitute Collateral Obligations) equals or exceeds the Principal Balance of the Collateral Obligation being
substituted for and the Net Exposure Amount, if any, with respect thereto shall have been deposited in the Revolver Funding Account; 

(iii) the Fair Market Value of such Substitute Collateral Obligation (or, if more than one Substitute Collateral Obligation
will be added in replacement of a Collateral Obligation or Collateral Obligations, the aggregate Fair Market Value of such Substitute Collateral Obligations) equals or exceeds the Fair Market Value of the Collateral Obligation being substituted;

 (iv) the S&P Rating and, if the Maximum Fitch Rating Factor Test is not satisfied as of such date, the Fitch Rating,
as applicable, of each Substitute Collateral Obligation is equal to or higher than the respective rating (as applicable) of the Collateral Obligation being substituted for; 

(v) such Substitute Collateral Obligation has the same or shorter maturity than the Collateral Obligation being substituted for
or the Weighted Average Life Test is satisfied; 
 (vi) the obligor of such Substitute Collateral Obligation is not the same
as the obligor of the Collateral Obligation being substituted for; 
 (vii) such substitution shall occur during the
Reinvestment Period; and 
 (viii) the
EU/UK Origination Requirement is satisfied immediately after giving effect to such substitution. 

“Substitution Event”: An event which shall have occurred with respect to any: 

(i) Collateral Obligation that becomes a Defaulted Obligation; 

(ii) Collateral Obligation that has a Material Covenant Default; 

(iii) Collateral Obligation that becomes subject to a Specified Amendment or a proposed Specified Amendment; 

(iv) obligation that is an Equity Security or otherwise no longer satisfies the definition of Collateral Obligation; 

(v) Collateral Obligation that becomes a Post-Transition CCC Collateral Obligation; provided that, not more than 15 Collateral Obligations in the aggregate may be substituted solely on the basis of becoming a Post-Transition CCC Collateral Obligation; or 

(vi) Collateral Obligation that becomes a Credit Risk Obligation. 

“Substitution Period”: The meaning specified in Section 12.3(a)(ii). 

  
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 “Synthetic Security”: A security or swap transaction, other than a
Participation Interest, that has payments associated with either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation. 

“Target Initial Par Amount”:
U.S.$350,000,000675,000,000. 
 “Target Initial Par Condition”: A condition satisfied as of the Effective
Date if the Aggregate Principal Balance of Collateral Obligations (i) that are held by the Issuer and (ii) of which the Issuer has committed to purchase on such date, together with the amount of any proceeds of prepayments, maturities or
redemptions of Collateral Obligations purchased by the Issuer prior to such date (other than any such proceeds that have been reinvested in Collateral Obligations held by the Issuer), will equal or exceed the Target Initial Par Amount;
provided that for purposes of this definition, any Collateral Obligation that becomes a Defaulted Obligation prior to the Effective Date will be treated as having a principal balance equal to its S&P Collateral Value. 

“Tax”: Any tax, levy, impost, duty, charge or assessment of any nature (including interest, penalties and additions thereto)
imposed by any governmental taxing authority. 
 “Tax Event”: (i)(x) Any Obligor under any Collateral Obligation being
required to deduct or withhold from any payment under such Collateral Obligation to the Issuer for or on account of any Tax for whatever reason and such Obligor is not required to pay to the Issuer such additional amount as is necessary to ensure
that the net amount actually received by the Issuer (free and clear of Taxes, whether assessed against such Obligor or the Issuer (other than withholding tax imposed on commitment fees or similar fees or fees that by their nature are commitment fees
or similar fees, to the extent that such withholding tax does not exceed 30% of the amount of such fees)) will equal the full amount that the Issuer would have received had no such deduction or withholding occurred and (y) the total amount of
such deductions or withholdings on the Assets results in a payment by, or charge or tax burden to, the Issuer that results or will result in the withholding of 5% or more of the aggregate Scheduled Distributions for all Collateral Obligations for
any Collection Period, or (ii) any jurisdiction imposing net income, profits or similar Tax (including any tax liability imposed under Section 1446 of the Code) on the Issuer in an aggregate amount in any Collection Period in excess of
U.S.$1,000,000. 
 Notwithstanding anything in this Indenture, the Collateral Manager shall give the Trustee prompt written notice of the
occurrence of a Tax Event upon its discovery thereof. Until the Trustee receives written notice from the Collateral Manager or otherwise, the Trustee shall not be deemed to have notice or knowledge to the contrary. 

“Tax Jurisdiction”: The Bahamas, Bermuda, the British Virgin Islands, the Cayman Islands, the Channel Islands, Jersey,
Singapore, the U.S. Virgin Islands, Sint Maarten, Saba, Sint Eustatius, Aruba, Bonaire or Curaçao. 
 “Tax
Redemption”: The meaning specified in Section 9.3(a) hereof. 
 “Term SOFR”: The forward-looking term rate for the applicable Corresponding TenorIndex Maturity based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

  
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“Term SOFR Administrator”: CME Group Benchmark Administration Limited, or a successor administrator of
the Term SOFR Reference Rate selected by the Collateral Manager with notice to the Trustee and the Collateral Administrator.  

“Term SOFR Rate”: With respect to any Interest Accrual Period, the Term SOFR Reference Rate, as such rate
is published by the Term SOFR Administrator;
provided that if as of 5:00 p.m. (New York City
time) on any Interest Determination Date (or, in the case of the first Interest Accrual Period after the First Refinancing Date, the second U.S. Government Securities Business Day preceding the First Refinancing Date) the Term SOFR Reference Rate
for the Index Maturity has not been published by the Term SOFR Administrator, then the Term SOFR Rate will be (x) the Term SOFR Reference Rate for the Index Maturity 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 the Index Maturity was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than five Business Days prior to such Interest Determination Date
or (y) if the Term SOFR Reference Rate cannot be determined in
accordance with clause (x) of this proviso, the Term SOFR Rate shall
be the Term SOFR Reference Rate as determined in the previous Interest Determination Date. 

“Term SOFR Reference Rate”: The forward-looking term rate based on SOFR. 
 “Third Party Credit Exposure”: As of any date of determination, the
Principal Balance of each Collateral Obligation that consists of a Participation Interest. 
 “Third Party Credit Exposure
Limits”: Limits that shall be satisfied if the Third Party Credit Exposure with counterparties having the ratings below from S&P do not exceed the percentage of the Collateral Principal Amount specified below: 

 

					
	 S&P’s credit rating of
Selling
Institution
	  	 Aggregate
Percentage
Limit
	  	 Individual
Percentage
Limit

	 AAA
	  	20%	  	20%
	 AA+
	  	10%	  	10%
	 AA
	  	10%	  	10%
	 AA-
	  	10%	  	10%
	 A+
	  	5%	  	5%
	 A
	  	5%	  	5%
	 Below A
	  	0%	  	0%

 provided that a Selling Institution having an S&P credit rating of “A” must also have a short-term
S&P rating of “A-1” otherwise its “Aggregate Percentage Limit” and “Individual Percentage Limit” (each as shown above) shall be 0%. 

“Trading Plan”: The meaning specified in Section 12.2(c). 

“Trading Plan Period”: The meaning specified in Section 12.2(c). 

“Transaction Documents”: This Indenture, the Collateral Management Agreement, the Administration Agreement, the Loan Sale Agreements, the Fiscal Agency Agreement, the Collateral Administration
Agreement, the Account Control Agreement, the EU/UK Retention Letter, the Plan of Merger and the Placement Agency Agreement. 

  
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 “Transfer Agent”: The Person or Persons, which may be the Issuer,
authorized by the Issuer to exchange or register the transfer of Notes. 
 “Trust Officer”: When used with respect to the
Trustee, any officer within the Corporate Trust Office (or any successor group of the Trustee) including any vice president, assistant vice president or officer of the Trustee customarily performing functions similar to those performed by the
Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred at the Corporate Trust Office because of such Person’s knowledge of and familiarity with the particular subject and, in each case,
having direct responsibility for the administration of this transaction. 
 “Trustee”: As defined in the first sentence of
this Indenture. 
 “UCC”: The Uniform Commercial Code as in effect in the State of New York or, if different, the political
subdivision of the United States that governs the perfection of the relevant security interest, as amended from time to time. 
 “UK Risk Retention Requirements”: Article 6 of the UK Securitization Regulation, including any implementing regulation, technical standards and official guidance published in relation thereto by the
Financial Conduct Authority or the Prudential Regulation Authority, each as amended, varied or substituted from time to time. 

“UK Securitization Regulation”: European Union Regulation (EU) 2017/2402 as it forms part of domestic law
in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended, varied, superseded or substituted from time to time) including the Securitisation (Amendment) (EU Exit) Regulations 2019, together with any supplementing
regulatory technical standards, implementing technical standards and any official guidance published in relation thereto by the Financial Conduct Authority or
the Prudential Regulation Authority, each as amended, varied or substituted from time to time. 

“Unadjusted Benchmark Replacement”: The Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

“Uncertificated Security”: The meaning specified in Section 8-102(a)(18) of the
UCC. 
 “Underlying Document”: The loan agreement, credit agreement, indenture or other customary agreement pursuant to
which an Asset has been created or issued and each other agreement that governs the terms of or secures the obligations represented by such Asset or of which the holders of such Asset are the beneficiaries. 

“United States”: The United States of America, its territories and its possessions. 

“Unregistered Securities”: The meaning specified in Section 5.17(c). 

  
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 “Unsecured Loan”: A senior unsecured Loan obligation of any Person which is
not (and by its terms is not permitted to become) subordinate in right of payment to any other debt for borrowed money incurred by the Obligor under such Loan. 

“U.S. Government Securities Business Day”: Any day except for (a) a Saturday, (b) a Sunday or (c) 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 as indicated on the SIFMA Website.  

“U.S. Person”: The meaning specified in Regulation S. 

“U.S. Risk Retention Rules”: The final rules implementing Section 941 of the Dodd-Frank Act. 

“Volcker Rule”: Section 619 of the Dodd-Frank Act, and the applicable rules and regulations thereunder. 

“Warehouse Loan Sale Agreement”: The Loan Sale Agreement dated as of the Closing Date, as amended and restated as of the First Refinancing Date, between ORCC Financing Subsidiary, as seller, and the Issuer,
as purchaser, as amended from time to time in accordance with the terms thereof. 
 “Weighted Average Coupon”: As of
any date, the number, expressed as a percentage, determined by summing the products obtained by multiplying: 
  

					
	For each Fixed Rate Obligation, the stated interest coupon on such Collateral Obligation	  	    X    	  	The principal balance of such Collateral Obligation (excluding the unfunded portion of any Delayed Drawdown Collateral Obligations or Revolving Collateral Obligations)

 and dividing such sum by: 

the aggregate principal balance of all Fixed Rate Obligations as of such date (in each case, excluding the unfunded portion of any Delayed
Drawdown Collateral Obligations or Revolving Collateral Obligations that are Fixed Rate Obligations); 
 provided that, with respect to the Minimum
S&P Weighted Average Coupon Test only, if the foregoing amount is less than 7.00%, then all or a portion of the Weighted Average Coupon Adjustment, if any, as of such date, to the extent not exceeding such shortfall, shall be added to such
result. 
 “Weighted Average Coupon Adjustment”: With respect to the Minimum S&P Weighted Average Coupon Test only, as
of any date of determination, a fraction (expressed as a percentage), the numerator of which is equal to the product of (i) the excess, if any, of the Weighted Average Floating Spread for such date over the S&P Minimum Weighted Average
Floating Spread selected by the Collateral Manager at such time in connection with the S&P CDO Monitor Test, and (ii) the aggregate principal balance of all Collateral Obligations that are not Fixed Rate

  
 -75- 

 
Obligations as of such date, and the denominator of which is the aggregate principal balance of all Fixed Rate Obligations as of such date (in each case, excluding the unfunded portion of any
Delayed Drawdown Collateral Obligations or Revolving Collateral Obligations). In computing the Weighted Average Coupon Adjustment on any date, the Weighted Average Floating Spread for such date shall be computed as if the Weighted Average Floating
Spread Adjustment was equal to zero. 
 “Weighted Average Fitch Recovery Rate”: As of any date of determination, the rate
(expressed as a percentage) determined by summing the products obtained by multiplying the Principal Balance of each Collateral Obligation by the Fitch Recovery Rate in relation thereto and dividing such sum by the Aggregate
Principal Balance of all Collateral Obligations and rounding up to the nearest 0.1 percent. For the purposes of determining the Principal Balance and Aggregate Principal Balance of Collateral Obligations in this definition, the Principal
Balance of each Defaulted Obligation shall be excluded. 
 “Weighted Average Floating Spread”: As of any Measurement Date,
the number obtained by dividing: (a) the amount equal to (A) the Aggregate Funded Spread plus (B) the Aggregate Unfunded Spread by (b)(x) with respect to the Minimum Fitch Floating Spread Test, an amount equal to
the Aggregate Principal Balance of all Floating Rate Obligations as of such Measurement Date and (y) with respect to the Minimum Weighted Average Floating Spread Test and the Minimum S&P Weighted Average Coupon Test, an amount equal to the
lesser of (A) the Aggregate Principal Balance of all Floating Rate Obligations as of such Measurement Date and (B) either (i) with respect to the S&P CDO Monitor Test, the Aggregate Principal Balance of Floating Rate Obligations
and (ii) otherwise, the Reinvestment Target Par Balance minus the Aggregate Principal Balance of Fixed Rate Obligations; provided that if the foregoing amount determined pursuant to clause (b)(y) is less than the S&P Minimum
Weighted Average Floating Spread selected by the Collateral Manager in connection with the S&P CDO Monitor Test, then all or a portion of the Weighted Average Floating Spread Adjustment, if any, as of such date, to the extent not exceeding such
shortfall, will be added to such result. 
 “Weighted Average Floating Spread Adjustment”: As of any Measurement Date, a
fraction (expressed as a percentage), the numerator of which is equal to the product of (i) the excess, if any, of the Weighted Average Coupon for such date over 7.00% and (ii) the Aggregate Principal Balance of all Fixed Rate Obligations
as of such date, and the denominator of which is the Aggregate Principal Balance of all Collateral Obligations that are not Fixed Rate Obligations as of such date (in each case, excluding the unfunded portion of any Delayed Drawdown Collateral
Obligations or Revolving Collateral Obligations). In computing the Weighted Average Floating Spread Adjustment on any date, the Weighted Average Coupon for such date will be computed as if the Weighted Average Coupon Adjustment was equal to zero.

 “Weighted Average Life”: As of any date of determination with respect to all Collateral Obligations other than Defaulted
Obligations, the number of years following such date obtained by summing the products obtained by multiplying: 
 (a)
the Average Life at such time of each such Collateral Obligation by (b) the Principal Balance of such Collateral Obligation; 

  
 -76- 

 and dividing such sum by: 

(b) the Aggregate Principal Balance at such time of all such Collateral Obligations. 

For the purposes of the foregoing, the “Average Life” means, on any date of determination with respect to any Collateral Obligation,
the quotient obtained by dividing (i) the sum of the products of (a) the number of years (rounded to the nearest one hundredth thereof) from such date of determination to the respective dates of each successive Scheduled
Distribution of principal of such Collateral Obligation and (b) the respective amounts of principal of such Scheduled Distributions by (ii) the sum of all successive Scheduled Distributions of principal on such Collateral Obligation
as of such date of determination. 
 “Weighted Average Life Test”: A test satisfied on any date of determination if the
Weighted Average Life of the Collateral Obligations as of such date is less than or equal to the value in the column entitled “Weighted Average Life Value” in the table below corresponding to the immediately preceding Payment Date (or,
prior to the first Payment Date following the ClosingFirst
Refinancing Date, the ClosingFirst Refinancing Date): 
  

					
	 Weighted Average Life
Value
	 
	 First Refinancing Date
	  	 	7.50	 
	 Payment Date in July
2022
	  	 	7.25	 
	 Payment Date in October
2022
	  	 	7.00	 
	 Payment Date in January
2023
	  	 	6.75	 
	 Payment Date in April
2023
	  	 	6.50	 
	 Payment Date in July
2023
	  	 	6.25	 
	 ClosingPayment
Date in October 2023
	  	 	6.00	 
	 Payment Date in January
2024
	  	 	5.75	 
	 Payment Date in April
20212024
	  	 	5.585.50	 
	 Payment Date in July
20212024
	  	 	5.335.25	 
	 Payment Date in October
20212024
	  	 	5.075.00	 
	 Payment Date in January
20222025
	  	 	4.824.75	 
	 Payment Date in April
20222025
	  	 	4.574.50	 
	 Payment Date in July
20222025
	  	 	4.314.25	 
	 Payment Date in October
20222025
	  	 	4.064.00	 
	 Payment Date in January
20232026
	  	 	3.803.75	 
	 Payment Date in April
20232026
	  	 	3.553.50	 
	 Payment Date in July
20232026
	  	 	3.303.25	 
	 Payment Date in October
20232026
	  	 	3.043.00	 
	 Payment Date in January
20242027
	  	 	2.792.75	 
	 Payment Date in April
20242027
	  	 	2.542.50	 
	 Payment Date in July
20242027
	  	 	2.282.25	 
	 Payment Date in October
20242027
	  	 	2.032.00	 
	 Payment Date in January
20252028
	  	 	1.771.75	 
	 Payment Date in April
20252028
	  	 	1.521.50	 
	 Payment Date in July
20252028
	  	 	1.271.25	 
	 Payment Date in October
20252028
	  	 	1.011.00	 
	 Payment Date in January
20262029
	  	 	0.760.75	 
	 Payment Date in April
20262029
	  	 	0.510.50	 
	 Payment Date in July
20262029
	  	 	0.260.25	 
	 Payment Date in October
20262029 and after
	  	 	0.00	 

  
 -77- 

 “Weighted Average S&P Rating Factor”: The number (rounded up to the
nearest whole number) determined by: 
 (a) summing the products of (i) the principal balance of each Collateral
Obligation (excluding Defaulted Obligations) multiplied by (ii) the S&P Rating Factor of such Collateral Obligation set forth in Section 4 of Schedule 4; and 

(b) dividing such sum by the principal balance of all such Collateral Obligations (excluding Defaulted Obligations).

 “Weighted Average S&P Recovery Rate”: As of any date of determination, the number, expressed as a percentage and
determined separately for each Class of Secured Notes that is rated by S&P, obtained by summing the products obtained by multiplying the Principal Balance of each Collateral Obligation (other than Defaulted Obligations)
by its corresponding recovery rate as determined in accordance with Section 1 of Schedule 4 hereto, dividing such sum by the Aggregate Principal Balance of all Collateral Obligations (other than Defaulted
Obligations), and rounding to the nearest tenth of a percent. 
 “Workout Loan”: A loan acquired by the Issuer resulting
from, or received in connection with, the workout or restructuring of a Collateral Obligation related to the financial distress or actual or anticipated bankruptcy of the related Obligor that (a) satisfies the definition of “Collateral
Obligation” (after giving effect to any exclusions for Workout Loans set forth in the definition of “Collateral Obligation”) and (b) is senior or pari passu in right of payment to the Collateral Obligation subject to the workout or restructuring. For the avoidance of doubt, a Collateral Obligation will not be deemed to be a
Workout Loan solely as a result of becoming subject to a Specified Amendment. 
 “Zero Coupon Bond”: Any debt
security that by its terms (a) does not bear interest for all or part of the remaining period that it is outstanding, (b) provides for periodic payments of interest in Cash less frequently than semi-annually or (c) pays interest only
at its stated maturity. 
 Section 1.2 Usage of Terms. With
respect to all terms in this Indenture, the singular includes the plural and the plural the singular; words importing any gender include the other genders; references to “writing” include printing, typing, lithography and other means of
reproducing words in a visible form; references to agreements and other contractual instruments include all amendments, modifications and supplements thereto or any changes therein entered into in accordance with their respective terms and not
prohibited by this Indenture; references to Persons include their permitted successors and assigns; and the term “including” means “including without limitation.” 

Section 1.3 Assumptions as to
Assets. In connection with all calculations required to be made pursuant to this Indenture with respect to Scheduled Distributions on any Asset, or any payments on any other assets included in the Assets, with respect to the sale of and
reinvestment in Collateral Obligations, and with respect to the income that can be earned on 

  
 -78- 

 
Scheduled Distributions on such Assets and on any other amounts that may be received for deposit in the Collection Account, the provisions set forth in this Section 1.3
shall be applied. The provisions of this Section 1.3 shall be applicable to any determination or calculation that is covered by this Section 1.3, whether or not reference is specifically made to
Section 1.3, unless some other method of calculation or determination is expressly specified in the particular provision. 

(c)(a) All calculations with respect to Scheduled Distributions on the Assets shall be made on the basis of information as to
the terms of each such Asset and upon reports of payments, if any, received on such Asset that are furnished by or on behalf of the issuer of such Asset and, to the extent they are not manifestly in error, such information or reports may be
conclusively relied upon in making such calculations. 

(d)(b) For purposes of calculating the Coverage Tests, except as otherwise specified in the Coverage Tests, such calculations
will not include scheduled interest and principal payments on Defaulted Obligations unless or until such payments are actually made. 

(e)(c) For each Collection Period and as of any date of determination, the Scheduled Distribution on any Asset (including
Current Pay Obligations but excluding Defaulted Obligations, which, except as otherwise provided herein, shall be assumed to have a Scheduled Distribution of zero, except to the extent any payments have actually been received) shall be the sum
of (i) the total amount of payments and collections to be received during such Collection Period in respect of such Asset (including the proceeds of the sale of such Asset received and, in the case of sales which have not yet settled, to be
received during the Collection Period and not reinvested in additional Collateral Obligations or Eligible Investments or retained in the Collection Account for subsequent reinvestment pursuant to Section 12.2) that, if paid
as scheduled, will be available in the Collection Account at the end of the Collection Period and (ii) any such amounts received by the Issuer in prior Collection Periods that were not disbursed on a previous Payment Date. 

(f)(d) Each Scheduled Distribution receivable with respect to a Collateral Obligation shall be assumed to be received on the
applicable Due Date, and each such Scheduled Distribution shall be assumed to be immediately deposited in the Collection Account to earn interest at the Assumed Reinvestment Rate. All such funds shall be assumed to continue to earn interest until
the date on which they are required to be available in the Collection Account for application, in accordance with the terms hereof, to payments of principal of or interest on the Securities or other amounts payable pursuant to this Indenture.

 (g)(e) References in Section 11.1(a) to calculations made on a “pro forma basis”
shall mean such calculations after giving effect to all payments, in accordance with the Priority of Payments described herein, that precede (in priority of payment) or include the clause in which such calculation is made. 

(h)(f) For purposes of calculating all Concentration Limitations, in both the numerator and the denominator of any component of
the Concentration Limitations, Defaulted Obligations will be treated as having a Principal Balance equal to the Defaulted Obligation Balance. Except where expressly referenced herein for inclusion in such calculations, Defaulted Obligations will not
be included in the calculation of the Collateral Quality Test. 

  
 -79- 

(i)(g) If a Collateral Obligation included in the Assets would be deemed a Current Pay Obligation but for the applicable
percentage limitation in the proviso to the definition of “Defaulted Obligation,” then the Current Pay Obligations with the lowest Market Value (expressed as a percentage of the Principal Balance of such Current Pay Obligations as of the
date of determination) shall be deemed Defaulted Obligations. Each such Defaulted Obligation will be treated as a Defaulted Obligation for all purposes until such time as the Aggregate Principal Balance of Current Pay Obligations would not
exceed, on a pro forma basis including such Defaulted Obligation, the applicable percentage of the Collateral Principal Amount. 

(j)(h) Except where expressly referenced herein for inclusion in such calculations, Defaulted Obligations will not be included
in the calculation of the Collateral Quality Test. 

(k)(i) For purposes of calculating compliance with the Investment Criteria, upon the direction of the Collateral Manager by
notice to the Trustee, the Fiscal Agent and the Collateral Administrator, any Eligible Investment representing Principal Proceeds received upon the sale or other disposition of a Collateral Obligation shall be deemed to have the characteristics of
such Collateral Obligation until reinvested in an additional Collateral Obligation. Such calculations shall be based upon the principal amount of such Collateral Obligation, except in the case of Defaulted Obligations and Credit Risk Obligations, in
which case the calculations will be based upon the Principal Proceeds received on the disposition or sale of such Defaulted Obligation or Credit Risk Obligation. 

(l)(j) For the purposes of calculating compliance with each of the Concentration Limitations all calculations will be rounded to
the nearest 0.1%. All other calculations, unless otherwise set forth herein or the context otherwise requires, shall be rounded to the nearest ten-thousandth if expressed as a percentage, and to the nearest one-hundredth if expressed otherwise. 
 (m)(k) Except as expressly
set forth herein, the “principal balance” and the “outstanding principal balance” of a Revolving Collateral Obligation or a Delayed Drawdown Collateral Obligation shall include all unfunded commitments that have not been
irrevocably reduced or withdrawn. 

(n)(l) Notwithstanding any other provision of this Indenture to the contrary, all monetary calculations hereunder shall be in
Dollars. 
 (o)(m) Any reference in this Indenture to an amount of the Trustee’s or the Collateral Administrator’s fees calculated
with respect to a period at a per annum rate shall be calculated on the basis of a 360-day year and the actual number of days elapsed during the related Interest Accrual Period and shall be based
on the aggregate face amount of the Assets. 

(p)(n) To the extent of any ambiguity in the interpretation of any definition or term contained herein or to the extent more
than one methodology can be used to make any of the determinations or calculations set forth herein, the Collateral Administrator shall request direction from the Collateral Manager as to the interpretation and/or methodology to be used, and the
Collateral Administrator shall follow such direction, and together with the Trustee, shall be entitled to conclusively rely thereon without any responsibility or liability therefor. 

  
 -80- 

(q)(o) For purposes of calculating compliance with any tests under this Indenture, the trade date (and not the settlement date)
with respect to any acquisition or disposition of a Collateral Obligation or Eligible Investment shall be used to determine whether and when such acquisition or disposition has occurred. 

(r)(p) For all purposes where expressly used herein, the “outstanding principal balance” and the “principal
balance” of any or all of the Collateral Obligations shall exclude capitalized interest, if any. 
 (s)(q) Notwithstanding
anything to the contrary herein, except as otherwise specifically provided herein (including with respect to the acquisition of a Workout Loan as a Collateral Obligation), a Workout Loan shall be treated as a Defaulted Obligation unless and until
the date on which it subsequently meets the definition of “Collateral Obligation” (as determined on such date and without giving effect to any exclusions for Workout Loans set forth in the definition of “Collateral Obligation”).

 (t)(r) For purposes of calculating the sale proceeds of a Collateral Obligation in sale transactions, sale proceeds will include
any Principal Financed Accrued Interest received in respect of such sale. 
 (u)(s) For purposes of
determining compliance with the EU/UK Risk Retention Requirements, calculating the EU/UK Retained Interest and determining whether an EU/UK Retention Deficiency has occurred, the “principal balance” of any Asset shall be its principal balance in each
case without any adjustments for purchase price or the application of haircuts or other adjustments. 
 ARTICLE II

 ARTICLE IIIARTICLE II 

THE SECURITIES 
 Section 2.1 Forms GenerallyForms
Generally. The Notes and the Trustee’s or Authenticating Agent’s certificate of authentication thereon (the “Certificate of Authentication”) shall be in
substantially the forms required by this Article, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon, as may be consistent herewith, determined by the Responsible Officers of the Applicable Issuer executing such Notes as evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the
Note. The Applicable Issuer may assign one or more CUSIPs or similar identifying numbers to Notes for
administrative convenience or in connection with complying with FATCA, the Cayman FATCA Legislation
and the CRS. 
 Section
 2.2 Forms of Notes. The forms of the Secured Notes, including the forms of Certificated Notes, Regulation S Global Notes and Rule 144A Global Notes, shall be as set forth in
Exhibit A hereto. 

  
 -81- 

 (a) Secured Notes. 

(i) The Notes sold to Persons that are not “U.S. Persons” (as defined in Regulation S) shall each be issued
initially in the form of one permanent global Note per Class in definitive, fully registered form without interest coupons substantially in the form attached as Exhibit A hereto (each, a “Regulation S Global
Note”), and shall be deposited on behalf of the subscribers for such Notes represented thereby with the Trustee as custodian for, and registered in the name of a nominee of, DTC for the respective accounts of Euroclear and Clearstream, duly
executed by the Issuers and authenticated by the Trustee or the Authenticating Agent as hereinafter provided.

 (ii) The Notes sold to Persons that are QIB/QPs shall each be issued initially in the form of one permanent global
Note per Class (unless such Persons elect to receive a Certificated Note) in definitive, fully registered form without interest coupons substantially in the form attached as Exhibit A hereto (each, a “Rule 144A
Global Note”) and shall be deposited on behalf of the subscribers for such Notes represented thereby with the Trustee as custodian for, and registered in the name of Cede & Co., a nominee of, DTC, duly executed by the Issuers and authenticated by the Trustee or the Authenticating Agent as hereinafter provided. 

(iii) The Secured Notes sold to persons that are a QIB/QP, may upon request be issued in the form of one or more definitive,
fully registered notes without coupons substantially in the form attached as Exhibit A hereto (a “Certificated Note”) which shall be registered in the name of the beneficial owner or a nominee thereof, duly executed by the
Issuers and authenticated by the Trustee or Authenticating Agent as hereinafter provided. 

(iv) The aggregate principal amount of the Regulation S Global Notes and the Rule 144A Global Notes may from time to time be
increased or decreased by adjustments made on the records of the Trustee or DTC or its nominee, as the case may be, as hereinafter provided. 

(b) Book Entry Provisions. This Section 2.2(b) shall apply only to Global Notes deposited with or on behalf
of DTC. 
 The provisions of the “Operating Procedures of the Euroclear System” of Euroclear and the “Terms and Conditions
Governing Use of Participants” of Clearstream, respectively, will be applicable to the Global Notes insofar as interests in such Global Notes are held by the Agent Members of Euroclear or Clearstream, as the case may be. 

Agent Members shall have no rights under this Indenture with respect to any Global Notes held on their behalf by the Trustee, as custodian for
DTC, and DTC may be treated by the Issuers, the Trustee, and any agent of the Issuers or the Trustee as the absolute owner of such Note for all payment purposes whatsoever, and for all other purposes
except as provided in Section 14.2(e). Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the Trustee, or any agent of the Issuers or the Trustee from
giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 

  
 -82- 

Section 2.3 Authorized Amount;
Stated Maturity; Denominations. The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture, the Fiscal Agency Agreement
and the Memorandum and Articles(assuming, solely for the purposes
of this Section 2.3, that each preferred share has a principal amount of U.S.$1,000) and the Limited Liability Company Agreement is limited to U.S.$345,450,000669,245,000
(except for Deferred Interest with respect to the Deferrable Notes and Securities authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Securities pursuant to Section 2.4, Section 2.6, Section 2.7 or
Section 8.5 of this Indenture and the Memorandum and ArticlesLimited Liability Company Agreement). 

  
 -83- 

SuchOn and after the First Refinancing Date, such Securities shall be divided into the Classes, having the designations, original
principal amounts and other characteristics as follows: 
  

															
	 Class

Designation
	 	Class A-1-1R Notes	 	Class A-2-2R Notes	 	Class 
B-1
Notes	 	Class 
B-2
Notes	 	Class 
C-1
Notes	 	Class 
C-2
Notes	 	Preferred Shares(1)
	 Applicable Issuer
	 	Issuers	 	Issuers	 	Issuer
	 Initial Principal Amount(2)
	 	U.S.$182,000,000354,375,000	 	U.S.$14,000,00030,375,000	 	U.S.$49,000,000	 	U.S.$5,000,000	 	U.S.$31,500,000	 	U.S.$39,375,000	 	U.S.$149,450,000159,620,000 (1)

	 Stated Maturity
	 	NovemberApril 20,
20292034	 	NovemberApril 20,
20292034	 	April 20, 2034	 	April 20, 2034	 	April 20, 2034	 	April 20, 2034	 	N/A
	 Interest Rate:
	 		 		 		 		 		 		 	
	 Fixed Rate Notes
	 	No	 	No	 	No	 	Yes	 	No	 	Yes	 	N/A
	 Floating Rate Notes
	 	Yes	 	Yes	 	Yes	 	No	 	Yes	 	No	 	N/A
	 Index(3)
	 	Reference
RateBenchmark	 	Reference RateBenchmark	 	Benchmark	 	N/A	 	Benchmark	 	N/A	 	N/A
	 Index Maturity(4)
	 	3 month	 	3 month	 	3 month	 	N/A	 	3 month	 	N/A	 	N/A
	
Spread(4)

	 	1.851.78%	 	2.201.95%	 	2.20%	 	4.25%	 	3.15%	 	5.10%	 	N/A
	 Fixed Rate of Interest(5)
	 	N/A	 	N/A	 	N/A
	 Initial Rating(s):
	 		 		 		 		 		 		 	
	 Fitch
	 	“AAAsf”	 	N/A	 	N/A
	 S&P
	 	“AAA(sf)”	 	“AAA(sf)”	 	“AA(sf)”	 	“AA(sf)”	 	“A(sf)”	 	“A(sf)”	 	N/A
	 Fitch
	 	“AAAsf”	 	N/A	 	N/A	 	N/A	 	N/A	 	N/A	 	N/A
	 Priority Class(es)
	 	None	 	A-1-1R	 	A-1R, A-2R	 	A-1R, A-2R	 	A-1R, A-2R, B-
1,
B-2	 	A-1R, A-2R, B-
1,
B-2	 	A-1-1R, A-2R, B-1, B-2, C-1,
 C-2

	 Pari Passu Class(es)
	 	None	 	None	 	B-2	 	B-1	 	C-2	 	C-1	 	None
	 Junior Class(es)
	 	A-2R, B-1, B-2, C-1, C-2,
Preferred Shares	 	B-1, B-2, C-1, C-2, 
Preferred
Shares	 	C-1, C-2,
Preferred
Shares	 	C-1, C-2,
Preferred
Shares	 	Preferred
Shares	 	Preferred
Shares	 	None
	 Interest deferrable
	 	No	 	No	 	No	 	No	 	Yes	 	Yes	 	N/A
	 Re-Pricing Eligible(4)
	 	No	 	Yes	 	Yes	 	Yes	 	Yes	 	Yes	 	No
	 Form
	 	Book-Entry	 	Book-Entry	 	Book-Entry	 	Book-Entry	 	Book-Entry	 	Book-Entry	 	Physical

  
 -84- 

  

	1.	 The Preferred Shares are not being issued hereunder. The principal amount of Preferred
Shares Outstanding on the First Refinancing Date, including the 149,450 Preferred Shares issued on the Closing Date and after giving effect to the issuance of the 10,170 Preferred Shares on the First Refinancing Date. 

	2.	 Aggregate issue price in the case of the Preferred Shares. 

	3.	 The Reference Rate may be changed to an Alternative Reference Rate as described
in the definition thereofBenchmark for the Floating Rate Notes will be initially the Term SOFR Rate, which will be determined for each Interest Accrual Period. 

	4.	 The Reference Rate shall be
calculated in accordance with the definition thereof and shall initially be benchmarked from three-month LIBOR (subject to a floor of zero), except that LIBOR for the first Interest Accrual Period shall be an interpolation between 3-month LIBOR and
6-month LIBOR.spread over the Benchmark (or, in the case of any Fixed Rate Note, the stated rate of interest) with respect to the Re-Pricing Eligible Notes may be
reduced in connection with a Re-Pricing of such Class of Re-Pricing Eligible Notes; subject
to the conditions set forth in Section 9.7. 

  
 -85- 

 The Secured Notes shall be issued in minimum denominations of U.S.$250,000 and integral
multiples of U.S.$1.00 in excess thereof (the “Minimum Denominations”). 
 Section
3.2Section 2.4    Additional Securities. . 

(a)    At any time during the Reinvestment Period (or, in the case of an issuance solely of additional Preferred Shares or
Junior Mezzanine Notes, at any time), the Issuer or the Issuers, as applicable, may (x) with the consent
of a Majority of the Controlling Class (such consent not to be unreasonably withheld or delayed), issue and sell additional Securities of each existing Class of Securities (on a pro rata basis with respect to each Class of Secured
Notes and at least a pro rata amount of Preferred Shares) or (y) issue and sell additional Preferred Shares (subject to and in accordance with the
Memorandum and ArticlesFiscal Agency Agreement) or notes of any one or more new classes of notes that are fully subordinated to the existing Secured Notes (or to the most junior class of securities of the Issuer issued pursuant to this Indenture, if any class
of securities issued pursuant to this Indenture other than the Securities is then Outstanding) (such additional notes, “Junior Mezzanine Notes”) and
use the net proceeds to purchase additional Collateral Obligations or as otherwise permitted; provided
that: (i) the Collateral Manager, the Retention Holder and a Majority of the Preferred Shares consent to
such issuance (provided that the consent of a Majority of the Preferred Shares shall not be required in circumstances where an issuance of additional Preferred Shares is required to prevent or cure an EU/UK Retention Deficiency), (ii) in the case of an issuance of Additional Securities of existing Classes, the terms of
the Securities issued must be identical to the respective terms of previously issued Securities of the applicable Class (except that the interest due on Additional Notes will accrue from the issue date of such Additional Notes and the spread or
fixed rate of interest (after giving effect to any original issue discount) of such Additional Notes may be lower (or higher) than those of the initial Secured Notes of that Class; provided that (x) if such Class is a Class of
Floating Rate Notes, such Additional Notes must also be Floating Rate Notes and have a floating rate based on the same benchmark rate as the corresponding existing Class of such Floating Rate Notes and (y) if such Class is a
Class of Fixed Rate Notes, such Additional Notes must also be Fixed Rate Notes), (iii) notice has been provided to the Rating Agencies;
provided that
satisfaction of the Global Rating Agency Condition will be required if any Additional Notes are issued
with an interest rate that is higher than those of the current debt of that Class,is satisfied,
(iv) the proceeds of any Additional Securities (net of fees and expenses incurred in connection with such issuance) shall be treated as Principal Proceeds and used to purchase additional Collateral Obligations or as otherwise permitted
hereunder; provided that the Collateral Manager may elect to treat the portion of the proceeds from the issuance of additional Preferred Shares or Junior Mezzanine Notes that exceeds the Preferred Shares’ proportional share of the
Additional Securities issued at such time as Interest Proceeds, (v) the Overcollateralization Ratio with respect to each Class of Secured Notes shall not be reduced after giving effect to such issuance unless after giving effect to such
issuance the Overcollateralization Ratio is at least equal to the Overcollateralization Ratio as of the Effective Date, (vi) a written opinion or advice from Allen & Overy LLP or Cleary Gottlieb Steen & Hamilton LLP, or a
written opinion of other tax counsel of nationally recognized standing in the United States experienced in such matters shall be delivered to the Trustee, in form and substance satisfactory to the Collateral Manager and the Trustee, to the effect
that (A) any additional Class A-1 Notes and, Class A-2 Notes, Class B-1 Notes, Class B-2 Notes, Class C-1 Notes and Class C-2 Notes will be treated as indebtedness for U.S. federal income tax purposes

  
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and (B) such additional issuance will not result in the Issuer becoming subject to U.S. federal income tax with respect to its net income (including any tax liability imposed under
Section 1446 of the Code), or result in the Issuer being treated as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, provided, however, that the opinion or advice of tax counsel described in
clause (A) above will not be required with respect to any additional Notes that bear a different securities identifier from the Notes of the same Class that were issued on the Closing Date and are Outstanding at the time of the additional
issuance, (vii) any such additional issuance will be issued in a manner that will allow the Issuer to accurately provide the information described in Treasury Regulations section 1.1275-3(b)(1)(i), (viii)
none of the Issuer, the Collateral Manager, the Retention Holder or any “sponsor” of the Issuer under the U.S. Risk Retention Rules shall fail to be in compliance with the U.S. Risk Retention Rules or the EU/UK Risk Retention Requirements as a result of such additional issuance unless such Person has consented to such additional
issuance, (ix) in the case of an issuance of additional Preferred Shares, the additional Preferred Shares may only be sold to the Collateral Manager, ORCC, their respective affiliates, or funds or investment vehicles managed by the Collateral
Manager or ORCC and (x) an Officer’s certificate of the Issuer shall be delivered to the Trustee stating that the conditions of this Section 2.4(a) have been satisfied. 

(b)    Interest on the Additional Securities shall be payable commencing on the first Payment Date following the issue
date of such Additional Securities (if issued prior to the applicable Record Date). The Additional Notes of an existing Class shall rank pari passu in all respects with the initial Notes of that Class. 

(c)    Any Additional Securities of any Class issued pursuant to this Section 2.4 shall, to
the extent reasonably practicable, be offered first to Holders of that Class in such amounts as are necessary to preserve (on an approximate basis) their pro rata holdings of Securities of such Class; provided that the Collateral
Manager and the Retention Holder and their respective affiliates shall have priority over such existing holders to the extent that the Collateral Manager or the Retention Holder determines in its sole discretion that the purchase of such Additional
Securities is required to satisfy the U.S. Risk Retention Rules or to prevent or cure an EU/UK Retention Deficiency.

 Section 3.3Section 2.5    Execution, Authentication, Delivery and Dating. . 
 The Notes shall be executed on behalf of the Applicable Issuer by one of its Authorized Officers. The signature of such Authorized Officer on the Notes may be
manual or facsimile. 
 Notes bearing the manual or facsimile signatures of individuals who were at the time of execution Authorized
Officers of the Applicable Issuer shall bind the Applicable Issuer, notwithstanding the fact that such individuals or any of them have ceased to hold such offices
prior to the authentication and delivery of such Notes or did not hold such offices at the date of issuance of such Notes. 
 At any
time and from time to time after the execution and delivery of this Indenture, the Applicable Issuer may
deliver Notes executed by the Applicable Issuer to the Trustee or the Authenticating Agent for
authentication and the Trustee or the Authenticating Agent, upon Issuer Order, shall authenticate and deliver such Notes as provided herein and not otherwise. 

  
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 Each Note authenticated and delivered by the Trustee or the Authenticating Agent upon Issuer
Order on the Closing Date shall be dated as of the Closing Date. All other Notes that are authenticated after the Closing Date for any other purpose under this Indenture shall be dated the date of their authentication. 

Notes issued upon transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original
aggregate principal amount of the Notes so transferred, exchanged or replaced, but shall represent only the current outstanding principal amount of the Notes so transferred, exchanged or replaced. If any Note is divided into more than one Note in
accordance with this Article II, the original principal amount of such Note shall be proportionately divided among the Notes delivered in exchange therefor and shall be deemed to be the original aggregate principal amount
of such subsequently issued Notes. 
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any
purpose, unless there appears on such Note a Certificate of Authentication, substantially in the form provided for herein, executed by the Trustee or by the Authenticating Agent by the manual signature of one of their authorized signatories, and
such Certificate of Authentication upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

Section 3.4Section 2.6    Registration, Registration of Transfer and Exchange. . 

(a)    The Issuer shall cause the Notes to be registered and shall cause to be kept a register (the
“Register”) at the office of the Trustee in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Trustee is hereby
initially appointed registrar (the “Registrar”) for the purpose of registering Notes and transfers of such Notes with respect to the Register maintained in the United States as herein provided. Upon any resignation or removal of the
Registrar, the Issuer shall promptly appoint a successor or, in the absence of such appointment, assume the duties of Registrar. 
 If a
Person other than the Trustee is appointed by the Issuer as Registrar, the Issuer will give the Trustee prompt written notice of the appointment of a Registrar and of the location, and any change in the location, of the Register, and the Trustee
shall have the right to inspect the Register at all reasonable times and to obtain copies thereof and the Trustee shall have the right to rely upon a certificate executed on behalf of the Registrar by an Officer thereof as to the names and addresses
of the Holders of the Notes and the principal or face amounts and numbers of such Notes. Upon written request at any time the Registrar shall provide to the Issuer, the Collateral Manager or the Placement Agent a current list of Holders as reflected
in the Register. 
 Subject to this Section 2.6, upon surrender for registration of transfer of any Notes at the
office or agency of the Issuer to be maintained as provided in Section 7.2, the Issuer (and solely with respect to the Co Issued Notes, the Co-Issuer) -shall execute, and the Trustee shall authenticate, or cause the Authenticating Agent to authenticate, and deliver, in the name of the 

  
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designated transferee or transferees, one or more new Notes of any authorized denomination and of a like aggregate principal or face amount. At any time, upon request of the Issuer, the
Collateral Manager or the Placement Agent, the Trustee shall provide such requesting Person a list of Holders of the Notes. 
 In addition,
when permitted under this Indenture, the Issuers, the Trustee and the Collateral Manager shall be entitled to
rely upon any certificate of ownership provided to the Trustee by a beneficial owner of a Note (including a Beneficial Ownership Certificate or a certificate in the form of Exhibit C) and/or other forms of reasonable evidence of such
ownership as to the names and addresses of such beneficial owner and the Classes, principal amounts and CUSIP numbers of Notes beneficially owned thereby. At any time, upon request of the Applicable Issuer, the Collateral Manager or the Placement Agent, the Trustee shall provide such requesting Person
a copy of each Beneficial Ownership Certificate that the Trustee has received. 
 At the option of the Holder, Notes may be exchanged
for Notes of like terms, in any authorized denominations and of like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Note is surrendered for exchange, the Applicable Issuer shall execute, and the Trustee shall authenticate, or cause the Authenticating Agent to
authenticate, and deliver, the Notes that the Holder making the exchange is entitled to receive. 
 All Notes issued and
authenticated upon any registration of transfer or exchange of Notes shall be the valid obligations of the Applicable Issuer, evidencing the same debt (to the extent they evidence debt), and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument
of transfer in a form reasonably satisfactory to the Registrar, duly executed by the Holder thereof or such Holder’s attorney duly authorized in writing. 

No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Trustee may require payment of a
sum sufficient to cover any transfer, tax or other governmental charge payable in connection therewith. The Trustee shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signatures of the
transferor and transferee. 
 (b)    No Note may be sold or transferred (including, without limitation, by pledge or
hypothecation) unless such sale or transfer is exempt from the registration requirements of the Securities Act, is exempt from the registration requirements under applicable state securities laws and will not cause the Applicable Issuer to become subject to the requirement that it register as an investment company under the 1940
Act. 
 (c)    Each purchaser, beneficial owner and subsequent transferee of a Note (or interest therein) will be
deemed (and may be required) to represent and agree to the requirements of Section 2.13. 

  
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 (d)    Notwithstanding anything contained herein to the contrary, the
Trustee shall not be responsible for ascertaining whether any transfer complies with, or for otherwise monitoring or determining compliance with, the registration provisions of or any exemptions from the Securities Act, applicable state securities
laws or the applicable laws of any other jurisdiction, ERISA, the Code, the 1940 Act, or the terms hereof; provided that if a certificate is specifically required by the terms of this Section 2.6 to be provided to
the Trustee by a prospective transferor or transferee, the Trustee shall be under a duty to receive and examine the same to determine whether or not the certificate substantially conforms on its face to the applicable requirements of this Indenture
and shall promptly notify the party delivering the same and the Issuer if such certificate does not comply with such terms. 
 (e)    
Each Holder will provide the Issuer or its agents with such information and documentation that may be required for the Issuer to achieve AML Compliance and shall
update or replace such information or documentation, as may be necessary (the “Holder AML
Obligations”). 

(e) 
   [Reserved]. 

(f)    Transfers of Global Notes shall only be made in accordance with Section 2.2(b) and
this Section 2.6(f). 
 (i)    Rule 144A Global Note to Regulation S Global
Note. If a holder of a beneficial interest in a Rule 144A Global Note deposited with DTC wishes at any time to exchange its interest in such Rule 144A Global Note for an interest in the corresponding Regulation S Global Note, or to transfer its
interest in such Rule 144A Global Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Note, such holder (provided that such holder or, in the case of a transfer, the
transferee is not a U.S. Person and a Qualified Purchaser) may, subject to the immediately succeeding sentence and the
rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Regulation S Global Note. Upon receipt by the Registrar of (A) instructions given
in accordance with DTC’s procedures from an Agent Member directing the Registrar to credit or cause to be credited a beneficial interest in the corresponding Regulation S Global Note, but not less than the Minimum Denomination applicable to
such holder’s Notes, in an amount equal to the beneficial interest in the Rule 144A Global Note to be exchanged or transferred, (B) a written order given in accordance with DTC’s procedures containing information regarding the
participant account of DTC and the Euroclear or Clearstream account to be credited with such increase, (C) a certificate in the form of Exhibit B-1 attached hereto given by the holder of such
beneficial interest stating that the exchange or transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Notes, including that the holder or the transferee, as applicable, is not a U.S. Person,
and (D) a written certification in the form of Exhibit B-3 attached hereto given by the transferee in respect of such beneficial interest stating, among other things, that such
transferee is not a U.S. Person and is a Qualified Purchaser, then the Registrar shall approve the instructions at DTC to reduce the principal amount of the Rule 144A Global Note and to increase the principal amount of the Regulation S Global Note by the aggregate
principal amount of the beneficial interest in 

  
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the Rule 144A Global Note to be exchanged or transferred, and to credit or cause to be credited to the securities account of the Agent Member specified in such instructions a beneficial interest
in the corresponding Regulation S Global Note equal to the reduction in the principal amount of the Rule 144A Global Note. 

(ii)    Regulation S Global Note to Rule 144A Global Note. If a holder of a beneficial interest in a
Regulation S Global Note deposited with DTC wishes at any time to exchange its interest in such Regulation S Global Note for an interest in the corresponding Rule 144A Global Note or to transfer its interest in such Regulation S Global Note to a
Person who wishes to take delivery thereof in the form of an interest in the corresponding Rule 144A Global Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as
the case may be, exchange or transfer, or cause the exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Rule 144A Global Note. Upon receipt by the Registrar of (A) instructions from Euroclear,
Clearstream and/or DTC, as the case may be, directing the Registrar to cause to be credited a beneficial interest in the corresponding Rule 144A Global Note in an amount equal to the beneficial interest in such Regulation S Global Note, but not less
than the Minimum Denomination applicable to such holder’s Notes to be exchanged or transferred, such instructions to contain information regarding the participant account with DTC to be credited with such increase, (B) a certificate in the
form of Exhibit B-2 attached hereto given by the holder of such beneficial interest and stating, among other things, that, in the case of a transfer, the Person transferring such
interest in such Regulation S Global Note reasonably believes that the Person acquiring such interest in a Rule 144A Global Note is a QIB/QP, is obtaining such beneficial interest in a transaction meeting the requirements of Rule 144A and in
accordance with any applicable securities laws of any state of the United States or any other jurisdiction and (C) a written certification in the form of Exhibit B-3 attached
hereto given by the transferee in respect of such beneficial interest stating, among other things, that such transferee is a QIB/QP, then the Registrar will approve the instructions at DTC to reduce, or cause to be reduced, the Regulation S Global
Note by the aggregate principal amount of the beneficial interest in the Regulation S Global Note to be transferred or exchanged and the Registrar shall instruct DTC, concurrently with such reduction, to credit or cause to be credited to the
securities account of the Agent Member specified in such instructions a beneficial interest in the corresponding Rule 144A Global Note equal to the reduction in the principal amount of the Regulation S Global Note. 

(iii)    Global Note to Certificated Note. Subject to Section 2.11(a), if
a holder of a beneficial interest in a Global Note deposited with DTC wishes at any time to transfer its interest in such Global Note to a Person who wishes to take delivery thereof in the form of a corresponding Certificated Note, such holder may,
subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, transfer, or cause the transfer of, such interest for a Certificated Note. Upon receipt by the Registrar of
(A) a certificate substantially in the form of Exhibit B-2 attached hereto executed by the transferee and (B) appropriate instructions from DTC, if required, the Registrar will approve the
instructions at DTC to reduce, or cause to be reduced, the Global Note by the aggregate principal amount of the beneficial interest in the Global Note to be transferred and record the transfer in the Register in accordance with
Section 2.6(a) and 

  
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upon execution by the Applicable Issuer, authentication
by the Trustee or the Authenticating Agent and delivery by the Trustee of one or more corresponding Certificated Notes, registered in the names specified in the instructions described in clause (B) above, in principal amounts designated by the
transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in such Global Note transferred by the transferor), and in authorized denominations. 

(g)    Transfers of Certificated Notes shall only be made in accordance with Section 2.2(b) and
this Section 2.6(g). 
 (i)    Certificated Notes to Global Notes. If a
holder of a Certificated Note wishes at any time to exchange its interest in such Certificated Note for a beneficial interest in a corresponding Global Note or to transfer such Certificated Note to a Person who wishes to take delivery thereof in the
form of a beneficial interest in a corresponding Global Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the
exchange or transfer of, such Certificated Note for a beneficial interest in a corresponding Global Note. Upon receipt by the Registrar of (A) a Holder’s Certificated Note properly endorsed for assignment to the transferee, (B) a
certificate substantially in the form of Exhibit B-1 or Exhibit B-2 (as applicable) attached hereto executed by the transferor and a
certificate substantially in the form of Exhibit B-3 (as applicable) attached hereto executed by the transferee, (C) instructions given in accordance with Euroclear, Clearstream
or DTC’s procedures, as the case may be, from an Agent Member to instruct DTC to cause to be credited a beneficial interest in the applicable Global Notes in an amount equal to the Certificated Notes to be transferred or exchanged, and
(D) a written order given in accordance with DTC’s procedures containing information regarding the Agent Member’s account at DTC and/or Euroclear or Clearstream to be credited with such increase, the Registrar shall cancel such
Certificated Note in accordance with Section 2.10, record the transfer in the Register in accordance with Section 2.6(a) and approve the instructions at DTC, concurrently with such cancellation, to
credit or cause to be credited to the securities account of the Agent Member specified in such instructions a beneficial interest in the corresponding Global Note equal to the principal amount of the Certificated Note transferred or exchanged. 

(ii)    Certificated Notes to Certificated Notes. If a holder of a Certificated Note wishes at any
time to exchange such Certificated Note for one or more Certificated Notes or to transfer such Certificated Note to a Person who wishes to take delivery thereof in the form of a Certificated Note, such holder may exchange or transfer, or cause the
exchange or transfer of, such Certificated Note. Upon receipt by the Registrar of (A) a Holder’s Certificated Note properly endorsed for assignment to the transferee, and (B) a certificate substantially in the form of
Exhibit B-3 attached hereto executed by the transferee, the Registrar shall cancel such Certificated Note in accordance with Section 2.10, record the
transfer in the Register in accordance with Section 2.6(a) and upon execution by the Applicable Issuer, authentication by the Trustee or the Authenticating Agent and delivery by the Trustee, deliver one or more Certificated Notes bearing the same designation as the Certificated Note endorsed for transfer,
registered in the names specified in the assignment described in clause (A) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the Certificated Note
surrendered by the transferor), and in authorized denominations. 

  
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 (h)    If Notes are issued upon the transfer, exchange or replacement of
Notes bearing the applicable legends set forth in Exhibit A hereto, and if a request is made to remove such applicable legend on such Notes, the applicable legend shall not be removed unless there is delivered to the
Trustee and the Applicable Issuer such satisfactory evidence, which may include an Opinion of Counsel
acceptable to them, as may be reasonably required by the Applicable Issuer (and which shall by its
terms permit reliance by the Trustee), to the effect that neither such applicable legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the provisions of the Securities Act, the 1940 Act,
ERISA or the Code. Upon provision of such satisfactory evidence, the Trustee or its Authenticating Agent, at the written direction of the Applicable
Issuer shall, after due execution by the Applicable Issuer authenticate and deliver Notes that do not bear such applicable legend. 

(i)    Each Person who (x) becomes a holder of a Certificated Note at any time will be required to represent and
agree in a representation letter or (y) becomes a beneficial owner of Notes represented by an interest in a Global Note will be deemed to have represented and agreed, as follows: 

(i)    In connection with the purchase of such Notes: (A) none of the Issuer, the Co-Issuer, the Collateral Manager, the Placement Agent, the Trustee, the Collateral Administrator or any of
their respective Affiliates is acting as a fiduciary or financial or investment adviser for such beneficial owner; (B) such beneficial owner has read and understands the Offering Circular (including, without limitation, the descriptions therein
of the structure of the transaction in which the Notes are being issued and the risks to purchasers of the Notes) and is not relying (for purposes of making any investment decision or otherwise) upon any advice, counsel or representations
(whether written or oral) of the Issuer, the Co-Issuer, the Collateral Manager, the Trustee, the
Collateral Administrator, the Placement Agent or any of their respective Affiliates other than any statements in the final Offering Circular for such Notes; (C) such beneficial owner has consulted with its own legal, regulatory, tax, business,
investment, financial and accounting advisors to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture) based upon its own
judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the Issuer, the Co-Issuer, the Collateral Manager, the Trustee, the Collateral Administrator, the Placement Agent or any of their respective Affiliates; (D) such beneficial owner is either (1) in the case of a beneficial owner of an
interest in a Rule 144A Global Note, both (a) a QIB that is not a broker-dealer which owns and invests on a discretionary basis less than U.S.$25,000,000 in securities of issuers that are not affiliated persons of the dealer and is not a plan
referred to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A under the Securities Act or a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A under the Securities Act that holds the assets of such a plan, if investment decisions
with respect to the plan are made by beneficiaries of the plan and (b) a Qualified Purchaser for purposes of Section 3(c)(7) of the 1940 Act or an entity (other than a trust) owned exclusively by Qualified Purchasers or (2) in the
case of a beneficial owner of an interest in a Regulation S Global Note, a Person that is not a U.S. Person and 

  
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is acquiring the Notes in reliance on the exemption from registration provided by Regulation S that is also a
Qualified Purchaser for purposes of Section 3(c)(7) of the 1940 Act
or an entity (other than a trust) owned exclusively by Qualified Purchasers; (E) unless otherwise agreed by the Placement Agent on the Closing Date, such beneficial owner is acquiring its
interest in such Notes for its own account and not with a view to the resale, distribution or other disposition thereof in violation of the Securities Act; (F) unless it is a Person that is not a U.S. Person acquiring the Notes in reliance on
the exemption from registration provided by Regulation S thereunder, such beneficial owner was not formed for the purpose of investing in such Notes (unless each beneficial owner of the beneficial owner is a Qualified Purchaser); (G) such
beneficial owner understands that the Issuer may receive a list of participants holding interests in the Notes from one or more book-entry depositories, (H) such beneficial owner will hold and transfer at least the Minimum Denomination of such
Notes; (I) such beneficial owner is a sophisticated investor and is purchasing the Notes with a full understanding of all of the terms, conditions and risks thereof, and is capable of and willing to assume those risks; (J) such beneficial
owner will provide notice of the relevant transfer restrictions to subsequent transferees; (K) it is not acquiring any Note as part of a plan to reduce, avoid or evade U.S. federal income tax; (L) the investment by it is within its powers
and authority, is permissible under applicable laws governing such purchase, has been duly authorized by it and complies with applicable securities laws and other laws; (M) it consents and agrees that agency cross-transactions with the Issuer
are authorized by the Issuer and that any subsequent authorizations by the Issuer or revocation of such authorization may be effected through the board of directors of the Issuer and (N) it acknowledges the conflicts of interest inherent in the
transactions described in the Offering Circular and herein and waives any claim with respect to any liability arising from the existence thereof. 

(ii)    (A) If such Person is, or is acting on behalf of, a Benefit Plan Investor, its acquisition, holding
and disposition of such Notes (or any interest therein) will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, and (B) if it
is a governmental, church, non-U.S. or other plan which is subject to any Other Plan Law, its acquisition, holding and disposition of such Notes (or any interest therein) will not constitute or result in a
violation of any such Other Plan Law. 

(iii)    If such Person is, or is acting on behalf of, a Benefit Plan Investor, (i) none of the Issuer, the Placement Agent, the Trustee, the Collateral Manager or any
of their respective affiliates has provided any investment recommendation or investment advice on which it, or any fiduciary or other person investing the assets of the Benefit Plan Investor
(“Plan Fiduciary”), has relied as a
primary basis in connection with its decision to invest in the Notes, and they are not otherwise undertaking to act as a fiduciary, as defined in
Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to the Benefit Plan Investor or the Plan Fiduciary in
connection with the Benefit Plan Investor’s acquisition of the Notes and (ii) the Plan Fiduciary is exercising its own independent judgment in evaluating the investment in the Notes.

 (iv)    Such beneficial owner represents that either (x) its principal place of
business is not located within any Federal Reserve District or (y) it has satisfied and will satisfy any applicable registration or other requirements of the FRB, including, without limitation, Regulation U, in connection with its acquisition
of the Securities. 

  
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(iv)(v)    Such beneficial owner understands that such Notes are being offered only in a transaction not
involving any public offering in the United States within the meaning of the Securities Act, such Notes have not been and will not be registered under the Securities Act, and, if in the future such beneficial owner decides to offer, resell, pledge
or otherwise transfer such Notes, such Notes may be offered, resold, pledged or otherwise transferred only in accordance with the provisions of this Indenture and the legend on such Notes. Such beneficial owner acknowledges that no representation
has been made as to the availability of any exemption under the Securities Act or any state securities laws for resale of such Notes. Such beneficial owner understands that none ofneither the
Issuer, the Co-Issuer nor the pool of Assets has been registered under the 1940 Act, and that they are exempt from registration as such by virtue of Section 3(c)(7) of the 1940 Act. 

(v)(vi)    Such beneficial owner is aware that, except as otherwise provided herein, any Notes being sold to
it in reliance on Regulation S will be represented by one or more Regulation S Global Notes and that in each case beneficial interests therein may be held only through DTC for the respective accounts of Euroclear or Clearstream. 

(vi)(vii)    Such beneficial owner will provide notice to each Person to whom it proposes to transfer any
interest in the Notes of the transfer restrictions and representations set forth in this Section 2.6, including the Exhibits referenced herein. 

(vii)    [Reserved]. 

(viii)    Such beneficial owner understands that the Issuer has the right to compel any beneficial owner of any Re-Priced Class that does not
consent to a Re-Pricing with respect to its Notes pursuant to the terms hereof to sell its interest in the Notes, or may sell such interest in the Notes on behalf of such beneficial owner in accordance with
the terms hereof. 
 (viii)(ix)   
  (1)(A) The express terms of this Indenture govern the rights of the Holders to direct the commencement of a Proceeding against any Person, (B) this Indenture contains limitations on the rights of the Holders to direct the commencement of
any such Proceeding, and (C) each Holder shall comply with such express terms if it seeks to direct the commencement of any such Proceeding; (2) there are no implied rights under this Indenture to direct the commencement of any such
Proceeding; and (3) notwithstanding any provision of this Indenture, the Secured Notes, the Preferred Shares, the Collateral Management Agreement, the Collateral Administration Agreement or any other agreement, the Issuer shall be under no duty
or obligation of any kind to the holders of the Notes, or any of them, to institute any legal or other proceedings of any kind, against any person or entity, including, without limitation, the Trustee, the Collateral Manager, the Collateral
Administrator or the Calculation Agent. 

(ix)    [Reserved]. 

  
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 (x)    Such beneficial owner is not a member of the public in the Cayman Islands.agrees that the Issuer, or
the Re-Pricing Intermediary on behalf of the Issuer, may enter into binding commitments to sell and transfer all Notes of a Re-Priced Class held by non-consenting holders pursuant to
this Indenture, and if such beneficial owner is a
non-consenting holder, it agrees to sell and transfer its Notes in accordance with the provisions of this
Indenture and hereby irrevocably appoints the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, as its true
and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with such sale and transfer, and
agrees to cooperate with the Issuer, the Re-Pricing Intermediary on behalf of the Issuer, or the Trustee to effect such sale and transfers. 

(xi)    [Reserved]. 

(xi)(xii)    Such beneficial owner agrees to be subject to the Bankruptcy Subordination Agreement.

 (xii)(xiii)    Such beneficial owner understands and agrees that such Notes are from time to time and at any
time limited recourse obligations of the Issuer (and, in the case of
Co Issued Notes, the Co-Issuer), payable solely from proceeds of the Assets available at such time in accordance with the Priority of Payments, and following realization of the Assets and application of the proceeds thereof in accordance with
this Indenture, all obligations of and any claims against the Issuer (and, in the case of Co-Issued Notes, the Co-Issuer) thereunder or in connection therewith after such realization will be extinguished and will not thereafter revive. 

(xiii)    In the case of
Certificated Notes, such beneficial owner understands that the Issuer is subject to anti-money laundering legislation in the Cayman Islands and that, accordingly, the Issuer may require a detailed verification of the identity of such beneficial
owner or any proposed transferee thereof and the source of the payment used by such beneficial owner or transferee for purchasing such Certificated Notes. Such beneficial owner understands that the laws of other major financial centers may impose
similar obligations upon the Issuer. 
 (xiv)    Such beneficial owner acknowledges receipt of the
Issuer’s privacy notice (which can be accessed
at https://www.walkersglobal.com/external/SPVDPNotice.pdf and provides information on the Issuer’s use of personal data in accordance with the Cayman Islands Data Protection Law, 2017 and, in respect of any EU data subjects, the EU General Data Protection Regulation)
and, if applicable, agrees to promptly provide the privacy notice (or any updated version thereof as may be provided from time to time) to each individual (such as any individual directors, shareholders, beneficial owners, authorised signatories,
trustees or others) whose personal data it provides to the Issuer or any of its affiliates or delegates including, but not limited to the Administrator. 

(j)    Each Person who becomes an owner of a Certificated Note will be required to make the representations and agreements
set forth in Exhibit B-3. 

  
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 (k)    Any purported transfer of a Note not in accordance with this
Section 2.6 shall be null and void and shall not be given effect for any purpose whatsoever. 

(l)    To the extent required by the Issuer, as determined by the Issuer or the Collateral Manager on behalf of the
Issuer, the Issuer may, upon written notice to the Trustee, impose additional transfer restrictions on the Securities to comply with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 or the Code and other similar laws or regulations, including, without limitation, requiring each transferee of a Security to make representations to the Issuer in connection with such compliance. 

(m)    The Registrar, the Trustee and the
Issuers shall be entitled to conclusively rely on the information set forth on the face of any purchaser,
transferor and transferee certificate delivered pursuant to this Section 2.6 and shall be able to presume conclusively the continuing accuracy thereof, in each case without further inquiry or investigation. Notwithstanding
anything in this Indenture to the contrary, the Trustee shall not be required to obtain any certificate specifically required by the terms of this Section 2.6 if the Trustee is not notified of or in a position to know of
any transfer requiring such a certificate to be presented by the proposed transferor or transferee. 
 (n)    For
the avoidance of doubt, notwithstanding anything in this Indenture to the contrary, the Placement Agent may hold a position in a Regulation S Global Note prior to the distribution of the applicable Notes represented by such position. 

Section 2.7    
Mutilated, Defaced, Destroyed, Lost or Stolen Note. If (a) any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Applicable Issuer, the Trustee and the relevant Transfer Agent evidence to their reasonable satisfaction of the
destruction, loss or theft of any Note, and (b) there is delivered to the Applicable Issuer, the
Trustee and such Transfer Agent such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the
Applicable Issuer, the Trustee or such Transfer Agent that such Note has been acquired by a protected
purchaser, the Applicable Issuer shall execute and, upon Issuer Order, the Trustee shall authenticate,
or cause the Authenticating Agent to authenticate, and deliver to the Holder, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal principal or face
amount, registered in the same manner, dated the date of its authentication, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing a number not contemporaneously
outstanding. 
 If, after delivery of such new Note, a protected purchaser of the predecessor Note presents for payment, transfer or
exchange such predecessor Note, the Applicable Issuer, the Transfer Agent and the Trustee shall be entitled
to recover such new Note from the Person to whom it was delivered or any Person taking therefrom, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the
Applicable Issuer, the Trustee and the Transfer Agent in connection therewith. 

In case any such mutilated, defaced, destroyed, lost or stolen Note has become due and payable, the Applicable Issuer in its discretion may, instead of issuing a new Note pay such Note without requiring surrender
thereof except that any mutilated or defaced Note shall be surrendered. 

  
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 Upon the issuance of any new Note under this Section 2.7, the Applicable Issuer may require the payment by the Holder thereof of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Note issued pursuant to this Section 2.7 in lieu of any mutilated, defaced, destroyed, lost or stolen Note
shall constitute an original additional contractual obligation of the Applicable Issuer and such new Note
shall be entitled, subject to the second paragraph of this Section 2.7, to all the benefits of this Indenture equally and proportionately with any and all other Notes of the same Class duly issued hereunder.

 The provisions of this Section 2.7 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes. 
 Section
3.5Section 2.8    Payment of Principal and Interest and Other Amounts;
Principal and Interest Rights Preserved. . 
 (a)    The Secured Notes of each Class shall accrue interest
during each Interest Accrual Period at the applicable Interest Rate and such interest will be payable quarterly in arrears on each Payment Date on the Aggregate Outstanding Amount thereof as of the first day of the related Interest Accrual Period
(after giving effect to payments of principal thereof on such date), except as otherwise set forth below; provided that any interest bearing Additional Securities issued after the Closing Date in accordance with the terms of this Indenture
will accrue interest during the Interest Accrual Period in which such Additional Securities are issued from and including the applicable date of issuance of such Additional Securities to but excluding the last day of such Interest Accrual Period at
the applicable Interest Rate for such Additional Securities;
provided further that, with respect to any Interest Accrual Period during
which a Re-Pricing has occurred, the applicable Interest Rate of any Re-Priced
Class shall reflect the applicable
Re-Pricing Rate from, and including, the applicable Re-Pricing Date. Payment of interest and distributions on each
Class of Securities will be subordinated to the payment of interest on each related Priority Class as provided in Section 11.1.
So long as any Priority Class is Outstanding with respect to each Class of Deferrable Notes, any payment of interest due on such Class of Deferrable Notes which is not available to be paid in accordance with the Priority of Payments on any Payment Date (“Deferred Interest”) shall not be considered “due and
payable” for the purposes of Section 5.1(a) (and the failure to pay such interest shall not be
an Event of Default). Deferred Interest on any Class of Deferrable
Notes shall be added to the principal balance of such Class of
Deferrable Notes and payable on the first Payment Date on which funds are available to be used for such purpose in accordance with the Priority of Payments, but
in any event no later than the earlier of the Payment Date (i) which is the Redemption Date with respect to such Class of Deferrable Notes and (ii) which is the Stated Maturity of such Class of Deferrable Notes. Regardless of whether any Priority Class is Outstanding with respect to a Class of Deferrable Notes, to the extent that funds are not available on any Payment Date
(other than the Redemption Date with respect to, or Stated Maturity of, such Class of Deferrable Notes) to pay previously accrued Deferred Interest, such previously 

  
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accrued Deferred Interest will not be due and payable on such Payment Date and any failure to pay such previously
accrued Deferred Interest on such Payment Date will not be an Event of Default. Interest will cease to accrue on the Notes, or in the case of a partial repayment, on such repaid part, from the date of repayment. To the extent lawful and enforceable, interest on any interest that is not paid when due on any Secured Notes shall accrue
at the Interest Rate for such Class until paid as provided herein. 
 (b)    The principal of each Secured
Note of each Class matures at par and is due and payable on the date of the Stated Maturity for such Class, unless such principal has been previously repaid or unless the unpaid principal of such Secured Note becomes due and payable at an
earlier date by declaration of acceleration, call for redemption or otherwise. Notwithstanding the foregoing, the payment of principal of each Class of Secured Notes may only occur in accordance with the Priority of Payments. Payments of
principal on any Class of Secured Notes which are not paid, in accordance with the Priority of Payments, on any Payment Date (other than the Payment Date which is the Stated Maturity of such Class of Secured Notes or any Redemption Date),
because of insufficient funds therefor shall not be considered “due and payable” for purposes of Section 5.1(a) until the Payment Date on which such principal may be paid in accordance with the Priority of
Payments or all Priority Classes with respect to such Class have been paid in full. 
 (c)    Principal payments on
the Secured Notes will be made in accordance with the Priority of Payments and Article IX. 

(d)    The Paying Agent shall require the previous delivery of properly completed and signed applicable tax certifications
(generally, in the case of U.S. federal income tax, an IRS Form W-9 (or applicable successor form) in the case of a United States person or the applicable IRS Form W-8 (or applicable successor form) in the case of a Person that is not a United
States person) or other certification acceptable to it to enable the Issuer, the Co-Issuer, the Trustee and
any Paying Agent to determine their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such Note or the Holder or beneficial owner of such Note under any
present or future law or regulation of the United States, any other jurisdiction or any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such law or regulation (including any
cost basis reporting obligations) and the delivery of any information required under FATCA. The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of deduction or withholding for
or on account of any present or future taxes, duties, assessments or governmental charges with respect to the Notes. Nothing herein shall be construed to obligate the Paying Agent to determine the duties or liabilities of the Issuer or any other
paying agent with respect to any tax certification or withholding requirements, or any tax certification or withholding requirements of any jurisdiction, political subdivision or taxing authority outside the United States. 

(e)    Payments in respect of interest on and principal of any Secured Notes shall be made by the Trustee in Dollars to
DTC or its designee with respect to a Global Note and to the Holder or its nominee with respect to a Certificated Note, by wire transfer, as directed by such Person, in immediately available funds to a Dollar account maintained by DTC or its nominee
with respect to a Global Note, to the Holder or its nominee with respect to a Certificated Note; provided 

  
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that in the case of a Certificated Note (1) the Holder thereof shall have provided written wiring instructions to the Trustee on or before the related Record Date and (2) if appropriate
instructions for any such wire transfer are not received by the related Record Date, then such payment shall be made by check drawn on a U.S. bank mailed to the address of the Holder specified in the Register. Payments in respect to the Preferred
Shares shall be made by the Trustee to the Fiscal Agent, on behalf of the Issuer, for payments to Shareholders. Upon final payment due on the Maturity of a Note, the Holder thereof shall present and surrender such Note at the Corporate Trust Office
of the Trustee or at the office of any Paying Agent on or prior to such Maturity; provided that if the Trustee and the Issuers shall have been furnished such security or indemnity as may be required by them to save each of them harmless and an undertaking thereafter to surrender such certificate, then, in the absence of notice to the
Issuers or the Trustee that the applicable Note has been acquired by a protected purchaser, such final
payment shall be made without presentation or surrender. None of the Issuers, the Trustee, the
Collateral Manager, nor any Paying Agent will have any responsibility or liability for any aspects of the records (or for maintaining, supervising or reviewing such records) maintained by DTC, Euroclear, Clearstream or any of the Agent Members or
any of their nominees relating to or for payments made thereby on account of beneficial interests in a Global Note. In the case where any final payment of principal and interest is to be made on any Secured Note (other than on the Stated Maturity
thereof), the Trustee, in the name and at the expense of the Issuers shall prior to the date on which
such payment is to be made, mail (by first class mail, postage prepaid) to the Persons entitled thereto at their addresses appearing on the Register, a notice which shall specify the date on which such payment will be made, the amount of such
payment per U.S.$1,000 original principal amount of such Notes and the place where such Notes may be presented and surrendered for such payment. 

(f)    Payments of principal to Holders of the Secured Notes of each Class shall be made in the proportion that the
Aggregate Outstanding Amount of the Secured Notes of such Class registered in the name of each such Holder on the applicable Record Date bears to the Aggregate Outstanding Amount of all Secured Notes of such Class on such Record Date. 

(g)    Interest accrued with respect
toon the Floating Rate Notes shall be calculated on the basis of the actual number of days elapsed in
the applicable Interest Accrual Period divided by 360. Interest on
theany Fixed
Rate Notes will be calculated on the basis of a 360-day year divided into twelve (12) 30-day months. 

(h)    All reductions in the principal amount of a Note (or one or more predecessor Notes) effected by payments of
installments of principal made on any Payment Date or Redemption Date shall be binding upon all future Holders of such Note and of any Notes issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether or not
such payment is noted on such Note. 
 (i)    Notwithstanding any other provision of this Indenture, the obligations of
the Issuers under the Co-Issued Notes and the -Issuer under the Securities and this Indenture from time to time and at any time are limited
recourse obligations of the Issuers or the Issuer (as applicable) payable solely from the Assets available at such time and following realization of the Assets, and
application of the proceeds thereof in accordance with this Indenture, all obligations of and any claims against the Issuers hereunder or in connection herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer, director,

  
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manager, partner, member, employee, shareholder, authorized Person or incorporator of the Issuer, the Co-Issuer,
the Collateral Manager or their respective Affiliates, successors or assigns for any amounts payable under the Notes or this Indenture. It is understood that the foregoing provisions of this
paragraph (i) shall not (i) prevent recourse to the Assets for the sums due or to become due under any security, instrument or agreement which is part of the Assets or (ii) constitute a waiver, release or discharge of any indebtedness
or obligation evidenced by the Securities or secured by this Indenture until such Assets have been realized. It is further understood that the foregoing provisions of this paragraph (i) shall not limit the right of any Person to name the Issuer
or the Co-Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under
the Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or entity. 

(j)    Subject to the foregoing provisions of this Section 2.8, each Note delivered under this
Indenture and upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to unpaid interest and principal (or other applicable amount) that were carried by such other Note. 

Section 2.9    Persons Deemed Owners. The Applicable Issuer, the Trustee, and any agent of the Applicable Issuer or the Trustee shall treat as the owner of each Security the Person in whose name such Security
is registered on the Register or Share Register, as applicable, on the applicable Record Date for the purpose of receiving payments of principal and interest on such Security and on, other than as otherwise expressly provided in this Indenture, any
other date for all other purposes whatsoever (whether or not such Security is overdue), and neither the Applicable Issuer or the Trustee, or any agent of the Applicable Issuer or
the Trustee shall be affected by notice to the contrary. 

Section 2.10    CancellationCancellation. All Secured Notes surrendered for payment, registration of
transfer, exchange or redemption, or deemed lost or stolen, shall be promptly canceled by the Trustee and may not be reissued or resold. No Notes may be surrendered (including any surrender in connection with any abandonment thereof, donation, gift, contribution or other event or circumstance) except for payment as provided herein, or for registration of transfer, exchange or redemption in accordance with an
Optional Redemption, a Tax Redemption, Clean-Up Call Redemption, Special Redemption or a Mandatory Redemption (and, in the case of a Special Redemption or a Mandatory Redemption, only to the extent that such Special Redemption or Mandatory
Redemption results in the payment in full of the applicable Class of Secured Notes) or in connection with an Optional Preferred Shares Redemption,as
provided herein or for replacement in connection with any Note mutilated, defaced or deemed lost or stolen. Any Notes surrendered for cancellation as permitted by this Section 2.10 shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee. No
Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section 2.10, except as expressly permitted by this Indenture. All canceled Notes held by the Trustee shall be destroyed or
held by the Trustee in accordance with its standard retention policy unless the Issuer shall direct by an Issuer Order received prior to destruction that they be returned to it. The Issuers areis not permitted to
repurchase any Securities; provided that such prohibition will not be deemed to limit the Issuer’s rights or obligations relating to any redemption of the Notes permitted or required pursuant to this Indenture. 

  
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 Section
3.6Section 2.11    DTC Ceases to Be Depository. . 

(a)    A Global Note deposited with DTC pursuant to Section 2.2 shall be transferred in the form of a
corresponding Certificated Note to the beneficial owners thereof only if (A) such transfer complies with Section 2.6 of this Indenture and (B) either (x)(i) DTC notifies the Applicable Issuer that it is unwilling or unable to continue as depository for such Global Note, or (ii) DTC
ceases to be a Clearing Agency registered under the Exchange Act and, in each case, a successor depository is not appointed by the Issuer within 90 days after receiving notice of such event or (y) an Event of Default has occurred and is
continuing and such transfer is requested by any beneficial owner of an interest in such Global Note. 

(b)    Any Global Note that is transferable in the form of a corresponding Certificated Note to the beneficial owner
thereof pursuant to this Section 2.11 shall be surrendered by DTC to the Trustee’s Corporate Trust Office to be so transferred, in whole or from time to time in part, without charge, and the Applicable Issuer shall execute and the Trustee shall authenticate, or cause the Authenticating Agent to
authenticate, and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of definitive physical certificates (pursuant to the instructions of DTC) in authorized denominations. Any Certificated Note
delivered in exchange for an interest in a Global Note shall, except as otherwise provided by Section 2.6, bear the legends set forth in Exhibit A and shall be subject to the transfer restrictions
referred to in such legends. 
 (c)    Subject to the provisions of paragraph (b) of this
Section 2.11, the Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which such Holder is
entitled to take under this Indenture or the Notes. 
 (d)    In the event of the occurrence of any of the events
specified in sub-Section (a) of this Section 2.11, the Applicable Issuer
will promptly make available to the Trustee a reasonable supply of Certificated Notes. 
 If Certificated Notes are not so issued by
the Applicable Issuer to such beneficial owners of interests in Global Notes as required by sub-Section (a) of this Section 2.11, the Applicable Issuers expressly acknowledges that the beneficial owners shall be entitled to pursue any remedy that the Holders of a Global Note would be entitled to
pursue in accordance with Article V of this Indenture (but only to the extent of such beneficial owner’s interest in the Global Note) as if corresponding Certificated Notes had been issued; provided that the Trustee shall be
entitled to rely upon any certificate of ownership provided by such beneficial owners (including a certificate in the form of Exhibit C) and/or other forms of reasonable evidence of such ownership. 

Neither the Trustee nor the Registrar shall be liable for any delay in the delivery of directions from the DTC, as depository, and may
conclusively rely on, and shall be fully protected in relying on, such direction as to the names of the beneficial owners in whose names such Certificated Notes shall be registered or as to delivery instructions for such Certificated Notes. 

Section 3.7Section 2.12    Non-Permitted Holders. . 

  
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 (a)    Notwithstanding anything to the contrary elsewhere herein, any
transfer of a beneficial interest in any Note to a U.S. Person that is not a QIB/QP shall be null and void and any such purported transfer of which the Issuer or the Trustee shall have notice may be disregarded by the Issuer and the Trustee for all
purposes. In addition, the acquisition of Notes by a Non-Permitted Holder under Section 2.12(b) shall be null and void ab initio. 

(b)    If any U.S. Person that is not a QIB/QP shall become the Holder or beneficial owner of an interest in any Note
(other than a Regulation S Global Note) or any U.S. Person shall become the Holder of aor beneficial owner of an interest in any Regulation S Global Note that is not also a Qualified Purchaser (any such Person a “Non-Permitted
Holder”), the acquisition of Notes by such Holder shall be null and void ab initio. The Issuer (or the Collateral Manager on behalf of the Issuer) shall, promptly after discovery that such Person is a
Non-Permitted Holder by the Issuer or the Trustee or upon notice to the Issuer from the Trustee (if a trust officer of the Trustee obtains actual knowledge, in which case, the Trustee agrees to notify the
Issuer of such discovery), send notice to such Non-Permitted Holder demanding that such Non-Permitted Holder transfer such Note (or any interest therein) held by such Non-Permitted Holder to a Person that is not a Non-Permitted Holder within 30 days after the date of such notice. If such
Non-Permitted Holder fails to so transfer such Notes (or its interest therein), the Issuer or the Collateral Manager acting for the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such Notes or interest in such Notes to a purchaser selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may
choose. The Issuer, or the Collateral Manager acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Notes, and
sell such Notes to the highest such bidder; provided that the Collateral Manager, its Affiliates and accounts, funds, clients or portfolios established and controlled by the Collateral Manager shall be entitled to bid in any such sale.
However, the Issuer or the Collateral Manager may select a purchaser by any other means determined by it in its sole discretion. The Holder of each Note, the Non-Permitted Holder and each other Person in the
chain of title from the Holder to the Non-Permitted Holder, by its acceptance of an interest in the Notes, agrees to cooperate with the Issuer, the Collateral Manager and the Trustee to effect such transfers.
The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted Holder. The terms and conditions of any such sale shall be
determined in the sole discretion of the Issuer, and none of the Issuer, the Trustee or the Collateral Manager shall be liable to any Person having an interest in the Notes sold as a result of any such sale or the exercise of such discretion.

 (c)    If any Person shall become the beneficial owner of a Note (or any interest therein) who has made or is
deemed to have made a prohibited transaction, Benefit Plan Investor or Other Plan Law representation required by Section 2.6 that is subsequently shown to be false or misleading (any such Person a “Non-Permitted ERISA Holder”), the Issuer (or the Collateral Manager on behalf of the Issuer) shall, promptly after discovery that such Person is a Non-Permitted ERISA
Holder by the Issuer or upon notice to the Issuer from the Trustee (if a Trust Officer of the Trustee has actual knowledge and agrees to notify the Issuer upon obtaining actual knowledge), send notice to such
Non-Permitted ERISA Holder demanding that such Non-Permitted ERISA Holder transfer such Note (or any interest therein) held by such Person to a Person that is not a Non-Permitted ERISA Holder within 10 days after the date of such notice. If such Non-Permitted ERISA Holder fails to so transfer such Note (or its interest therein), the
Issuer 

  
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shall have the right, without further notice to the Non-Permitted ERISA Holder, to sell such Note or its interest in such Note to a purchaser selected by
the Issuer that is not a Non-Permitted ERISA Holder on such terms as the Issuer may choose. The Issuer may select the purchaser by soliciting one or more bids from one or more brokers or other market
professionals that regularly deal in securities similar to the Notes, and selling such Note (or interest therein) to the highest such bidder. The holder of each Note (or any interest therein), the
Non-Permitted ERISA Holder and each other Person in the chain of title from the Holder to the Non-Permitted ERISA Holder, by its acceptance of the Note (or any interest
therein), agrees to cooperate with the Issuer and the Trustee to effect such transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted to the
Non-Permitted ERISA Holder. The terms and conditions of any sale under this sub-Section (c) shall be determined in the sole discretion of the Issuer, and none of the
Issuers, the Trustee
or the Collateral Manager shall be liable to any Person having an interest in the Notes sold as a result of any such sale or the exercise of such discretion. 

(d)    If (i) a Holder of a Note fails for any reason to comply with the Holder AML
Obligations or such information or documentation is not accurate or complete or (ii) the Issuer otherwise reasonably determines that such
Holder’s acquisition, holding or transfer of an
interest in any Note would cause the Issuer to be unable to achieve AML Compliance, the Issuer (or any intermediary on the Issuer’s behalf) shall have the right to (x) compel the relevant Holder to sell its interest in such Note or
(y) sell such interest on such
Holder’s behalf. The Issuer shall not compel
sales for failure to provide such other information or documentation as may be required under the Cayman AML Regulations unless the Issuer reasonably determines the Holder’s acquisition, holding or transfer of an interest in such Note would
result in a materially adverse effect on the Issuer. 
 Section 3.8Section 2.13    Treatment and Tax Certification.
. 

(a)    Each Holder (including, for purposes of this Section 2.13, any beneficial owner of
Secured Notes), by acceptance of such Notes or an interest in such Notes shall be deemed to have agreed, to treat, and shall treat, the Issuer, the Co-Issuer
and the Notes as described in the “Certain U.S. Federal Income Tax Considerations” section of the Offering Circular for all U.S. federal, state and local income tax purposes
and will take no action inconsistent with such treatment unless required by law. 
 (b)    Each Holder will
timely furnish the Issuer, the Trustee or their respective agents with any tax forms or certifications (including, without limitation, IRS Form W-9, an applicable IRS Form
W-8 (together with all applicable attachments), or any successors to such IRS forms) that the Issuer, the Trustee or their respective agents reasonably request in order to (A) make payments to the Holder
without, or at a reduced rate of, withholding, (B) qualify for a reduced rate of withholding in any jurisdiction from or through which they receive payments, and (C) satisfy reporting and other obligations under the Code, Treasury
regulations, or any other applicable law or regulation (including the Cayman FATCA Legislation), and will
update or replace such tax forms or certifications in accordance with their terms or subsequent amendments. Such Holder acknowledges that the failure to provide, update or replace any such tax forms or certifications may result in the imposition of
withholding or back-up withholding on payments to the beneficial owner, or to the Issuer. Amounts withheld by the Issuer or
theirits
agents that are, in their sole judgment, required to be withheld pursuant to applicable tax laws will be treated as having been paid to such Holder by the Issuer. 

  
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 (c)    Each Holder will provide the Issuer or its agents with any
correct, complete and accurate information or documentation that may be required for the Issuer to comply with FATCA, the Cayman FATCA Legislation and the CRS and to prevent the imposition of U.S. federal withholding tax under FATCA on payments to or for the benefit of the Issuer. In the event such Holder fails to provide such information or documentation,
or to the extent that its ownership of Notes would otherwise cause the Issuer to be subject to any tax under FATCA, (A) the Issuer (and any agent acting on its behalf) is authorized to withhold amounts otherwise distributable to the investor as
compensation for any amounts withheld from payments to or for the benefit of the Issuer as a result of such failure or such ownership, and (B) to the extent necessary to avoid an adverse effect on the Issuer as a result of such failure or such
ownership, the Issuer will have the right to compel the investor to sell its Notes and, if such person does not sell its Notes within 10 Business Days after notice from the Issuer or its agents, the Issuer will have the right to sell such Notes at a
public or private sale called and conducted in any manner permitted by law, and to remit the net proceeds of such sale (taking into account, in addition to other related costs and charges, any taxes incurred by the Issuer in connection with such
sale) to such person as payment in full for such Notes. The Issuer may also assign each such Note a separate securities identifier in the Issuer’s sole discretion. Each Holder agrees that the Issuer, the Trustee and/or their agents or
representatives may (1) provide any information and documentation concerning its investment in its Notes to the Cayman Islands Tax Information Authority,
the U.S. Internal Revenue Service and any other relevant tax authority and (2) take such other steps as they deem necessary or helpful to ensure that the Issuer complies with
FATCA, the Cayman FATCA Legislation and the CRS. 

(d)    Each Holder will be required or deemed to represent that, if it is not a United States person for U.S. federal
income tax purposes, it: 
 (i)    is: 

(A)    not a bank (or an entity affiliated with a bank) extending credit pursuant to a loan agreement
entered into in the ordinary course of its trade or business (within the meaning of Section 881(c)(3)(A) of the Code); 

(B)    not a “10 percent shareholder” with respect to the holder or any beneficial owners of
the Preferred Shares within the meaning of section 871(h)(3) or section 881(c)(3)(B) of the Code; and 

(C)    not a “controlled foreign corporation” that is related to the holder or any beneficial
owners of the Preferred Shares within the meaning of section 881(c)(3)(C) of the Code; 
 (ii)    has
provided an IRS Form W-8ECI representing that all payments received or to be received by it from the Issuer are effectively connected with its conduct of a trade or business in the United States and includible
in its gross income; or 
 (iii)    is eligible for benefits under an income tax treaty with the United
States that eliminates U.S. federal income taxation of payments on the Notes. 

  
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 (e)    Each Holder will be required or deemed to agree to provide the
Issuer and the Trustee with certifications necessary to establish that it is not subject to withholding tax under FATCA. 

(f)    Each Holder represents that it is not a member of an “expanded group” (as defined in Treasury regulations
section 1.385-1(c)(4)) with respect to which a beneficial owner of Preferred Shares is a “covered member” (as defined in Treasury regulations section
1.385-1(c)(2)), except to the extent that the Issuer or its agents have provided such beneficial owner with an express waiver of this representation. 

(g)    Each Holder and beneficial owner of Preferred Shares will be required or deemed to agree to act in accordance with
Sections 2.7 and 2.8 of the Fiscal Agency Agreement, as in effect on the Closing Date and the First Refinancing Date, as applicable. 
 ARTICLE
IV 
 ARTICLE VARTICLE III

 CONDITIONS PRECEDENT 

Section 5.1Section 3.1Conditions to Issuance of Securities
on Closing Date. [Reserved].
.. 
 (a)    The Notes to be issued on the Closing Date may be executed by the Issuers and delivered to the Trustee for authentication and thereupon the same
shall be authenticated by the Trustee or the Authenticating Agent and delivered by the Trustee upon Issuer Order and upon receipt by the Trustee of the following: 

(i)    
Officers’ Certificate of the Issuers Regarding Corporate Matters. An Officer’s certificate of the Issuers (A) evidencing the authorization by Resolution of the execution and
delivery of the Transaction Documents to which it is a party and related transaction documents and the execution, authentication and delivery of the Notes,
(B) specifying the Stated Maturity, principal
amount and Interest Rate of each Class of Notes
to be authenticated and delivered, and
(C) certifying that (1) the attached copy of the Resolutions are a true and complete copy
thereof, (2) such Resolutions have not been
rescinded and are in full force and effect on and as of the Closing Date and (3) the Officers authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon. 

(ii)    Governmental
Approvals. From each of the Issuers either
(A) a certificate of the Issuer or Co-Issuer, as
applicable, or other official document evidencing the due authorization, approval or consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion of Counsel of the Issuer or Co-Issuer, as
applicable, that no other authorization, approval or consent of any governmental body is required for the performance by the Issuer or Co-Issuer, as applicable, of its obligations under the Transaction Documents or (B) an Opinion of Counsel of the Issuer or the Co-Issuer, as applicable,
that no such authorization, approval or consent of any governmental body is required for the performance by the Issuer or Co-Issuer, as applicable, of its obligations under the Transaction Documents except as has been given. 

  
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(iii)    
Opinions. Opinions of (A) Allen & Overy LLP, U.S. counsel to the Issuers and the Placement Agent,
(B) Walkers, Cayman Islands counsel to the
Issuer, (C) Nixon Peabody LLP, counsel to the
Trustee and Collateral Administrator and
(D) Cleary Gottlieb Steen & Hamilton LLP, U.S. counsel to the Collateral Manager, the
Retention Holder and ORCC Financing Subsidiary, each dated the Closing Date. 

(iv)    
Officers’ Certificate of the Issuers Regarding Indenture. An Officer’s certificate of each of the Issuers stating that, to the best of the
signing Officer’s knowledge, the Issuer or
Co-Issuer, as applicable, is not in default under this Indenture and that the issuance of the Notes applied for by it will not result in a default or a breach of any of the terms, conditions or provisions of, or constitute a default under, its
Organizational Documents, any indenture or other agreement or instrument to which it is a party or by which it is bound, or any order of any court or
administrative agency entered in any Proceeding to which it is a party or by which it may be bound or to which it may be subject; that all conditions precedent provided herein relating to the authentication and delivery of the Notes have been
complied with; and that all expenses due or accrued with respect to the offering of such Notes or relating to actions taken on or in connection with the Closing Date have been paid or reserves therefor have been made. The Officer’s certificates of each of the Issuers shall also state that, to the
best of the signing Officer’s knowledge, all of
the Issuer’s or Co-Issuer’s, as applicable, representations and warranties contained herein are
true and correct as of the Closing Date. 

(v)    Certificate of
ORCC. An Officer’s certificate of ORCC, dated as of the Closing Date, certifying that ORCC will not take any action that would result in the Issuer being treated as a corporation or a
“publicly traded partnership” taxable as a corporation for U.S. federal income tax purposes. 

(vi)    Certificate of the
Collateral Manager. An
Officer’s certificate of the Collateral Manager,
dated as of the Closing Date, to the effect that immediately before the Delivery of the Collateral Obligations on the Closing Date: 

(A)    the information
with respect to each Collateral Obligation in the Schedule of Collateral Obligations is true and correct and such schedule is complete with respect to each such Collateral Obligation;

 (B)    each
Collateral Obligation in the Schedule of Collateral Obligations satisfies the requirements of the definition of “Collateral Obligation”; and 

(C)    the Aggregate
Principal Balance of the Collateral Obligations which the Issuer has purchased or entered into binding commitments to purchase on or prior to the Closing Date is at least U.S.$350,000,000. 

(vii)    Grant of Collateral
Obligations. Contemporaneously with the issuance and sale of the Securities on the Closing Date, the Grant pursuant to the Granting Clauses of
this Indenture of all of the Issuer’s right,
title and interest in and to the Collateral 

  
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Obligations
pledged to the Trustee for inclusion in the Assets on the Closing Date shall be effective, and Delivery of such Collateral Obligations (including each promissory note and all other Underlying Documents related thereto to the extent received by the
Issuer) as contemplated by Section
 
3.3 shall have been effected. 

(viii)    Certificate of the
Issuer Regarding Assets. An
Officer’s certificate of the Issuer, dated as of
the Closing Date, to the effect that: 
 (A)    in the case of each Collateral Obligation pledged to the Trustee for inclusion in the Assets, on the Closing Date and immediately prior to the
Delivery thereof (or immediately after Delivery thereof, in the case of clause (VI)(y) below) on the Closing Date; 

(I)    the Issuer is the owner of such Collateral
Obligation free and clear of any liens, claims or encumbrances of any nature whatsoever except for (i) those which are being released on the Closing Date;
(ii) those Granted pursuant to this Indenture
and (iii) any other Permitted
Liens; 
 (II)    the Issuer has acquired its ownership in such Collateral Obligation in good faith without notice of any adverse claim, except as described in clause (I) above;

 (III)    the Issuer has not assigned, pledged or otherwise
encumbered any interest in such Collateral Obligation (or, if any such interest has been assigned, pledged or otherwise encumbered, it has been
released) other than interests Granted pursuant
to this Indenture and the Account Control Agreement; 
 (IV)    the Issuer has full right to Grant a security interest in and assign and pledge such Collateral Obligation to the Trustee; 

(V)    based on the certificate of the Collateral Manager
delivered pursuant to Section 3.1(a)(vi)
, the information set forth with respect to such Collateral Obligation in the Schedule of Collateral Obligations is true and
correct; 
 (VI)    (x) based on the certificate of the Collateral Manager delivered pursuant to Section 
3.1(a)(vi), each Collateral Obligation included in the Assets satisfies the requirements
of the definition of “Collateral Obligation” and
(y) the requirements of Section
 3.1(a)(vii) have been satisfied; 

(VII)    upon the Grant by the Issuer, the Trustee has a
first priority perfected security interest in the Collateral Obligations and other Assets, except as permitted by this Indenture; and 

(B)    based on the
certificate of the Collateral Manager delivered pursuant to Section 3.1(a)(vi)
, the Aggregate Principal Balance of the Collateral Obligations which the Issuer has purchased or entered into binding commitments to purchase
on or prior to the Closing Date is at least U.S.$350,000,000. 

  
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(ix)    Rating
Letter. An Officer’s certificate of the Issuer to the effect that it has received a letter signed by S&P (in respect of the Class A-1 Notes and the Class A-2 Notes) and from Fitch (in respect of the Class A-1 Notes), and confirming that each Class of Secured Notes has been assigned the applicable Initial Rating and
that such ratings are in effect on the Closing Date. 

(x)    
Accounts. Evidence of the establishment of each of the Accounts. 

(xi)    Issuer Order for Deposit
of Funds into Accounts. The Issuer hereby authorizes the deposit of the amounts set forth in the Issuer Order delivered on the Closing
Date into each of the Ramp-Up Account for use pursuant to Section 10.3(c), the Expense Reserve
Account as Interest Proceeds for use pursuant to
Section 10.3(d) and the Interest Reserve Account for use pursuant to Section 10.3(e). 
 (xii)    Other Documents. Such other documents as the Trustee
may reasonably require; provided that nothing in this clause (xii) shall imply or impose a duty on the part of the Trustee to require any other documents. 

Section 5.2Section 3.2Conditions to Issuance of Additional Securities. . 

(a)    Additional Notes to be issued on an Additional Securities Closing Date pursuant to
Section 2.4 may be executed by the Applicable Issuer and delivered to the Trustee
for authentication and thereupon the same shall be authenticated and delivered to the Applicable
Issuer by the Trustee upon Issuer Order, upon compliance with clauses (a)(vi) and (vii) of Section 3.1 (with all references therein to the Closing Date
being deemed to be the applicable Additional Securities Closing Date and the Aggregate Principal Balance being deemed to be the Aggregate Principal Balance as of the applicable Additional Securities Closing Date) and upon receipt by the Trustee of
the following: 
 (i)    Officers’ Certificate of the Issuers Regarding Corporate Matters. An Officer’s certificate of each of the
Issuers (1) evidencing the authorization by Resolution of eachthe Issuer of the Issuers of the execution and delivery of a supplemental indenture and the execution, authentication and
delivery of the Additional Securities applied for by it and, if applicable, specifying the Stated Maturity, the principal amount and Interest Rate of each Class of such Additional Securities to be authenticated and delivered, and
(2) certifying that (a) the attached copy of such Resolutions are a true and complete copy thereof, (b) such Resolutions have not been rescinded and are in full force and effect on and as of the Additional Securities Closing Date and
(c) the Officers authorized to execute and deliver such documents hold the offices and have the signatures indicated thereon. 

(ii)    Governmental Approvals. From each of the
Issuers either (A) a certificate of the Issuer or Co-Issuer, as applicable, or other official document evidencing the due authorization, approval or consent of any
governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion of Counsel to the effect that no other authorization, approval or consent of any governmental body is required for the valid 

  
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issuance of such Additional Securities, or (B) an Opinion of Counsel to the effect that no such authorization, approval or consent of any governmental body is required for the valid issuance
of such Additional Securities except as have been given; provided that the opinions delivered pursuant to Section 3.2(a)(iii) may satisfy the requirement. 

(iii)    Counsel Opinion. Opinion of Allen & Overy LLP, special counsel to the Issuers or other counsel acceptable to the Trustee, dated the Additional Securities Closing Date, in form and substance
satisfactory to the Issuer and the Trustee. 
 (iv)    Officers’ Certificate
of the Issuers Regarding Indenture. An Officer’s certificate of each of the
Issuers stating that the Issuer or Co-Issuer, as applicable, is not in default under this Indenture and that the issuance of the Additional
Securities applied for by it shall not result in a default or a breach of any of the terms, conditions or provisions of, or constitute a default under, its Organizational Documents, any indenture or other agreement or instrument to which it is a
party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which it is a party or by which it may be bound or to which it may be subject; that all conditions precedent provided in this Indenture
and the supplemental indenture relating to the authentication and delivery of the Additional Securities applied for have been complied with and that the authentication and delivery of the Additional Securities is authorized or permitted under this
Indenture and the supplemental indenture entered into in connection with such Additional Securities; and that all expenses due or accrued with respect to the Offering of the Additional Securities or relating to actions taken on or in connection with
the Additional Securities Closing Date have been paid or reserved. The Officer’s certificate of the Issuer shall also state that all of its representations and warranties contained herein are true and correct as of the Additional Securities
Closing Date. 
 (v)    Global Rating Agency Condition. To the extent required by
Section 2.4, evidence that the Global Rating Agency Condition has been satisfied with respect to such issuance of Additional Securities. 

(vi)    Other Documents. Such other documents as the Trustee may reasonably require; provided
that nothing in this clause (vi) shall imply or impose a duty on the Trustee to so require any other documents. 

(b)    Prior to any Additional Securities Closing Date, the Trustee shall provide to the Holders notice of such issuance
of Additional Securities as soon as reasonably practicable but in no case less than fifteen (15) days prior to the Additional Securities Closing Date; provided that the Trustee shall receive such notice at least two (2) Business
Days prior to the 15th day prior to such Additional Securities Closing Date. On or prior to any Additional Securities Closing Date, the Trustee shall provide to the Holders copies of any supplemental indentures executed as part of such issuance
pursuant to Article VIII. 
 Section
5.3Section 3.3    Custodianship; Delivery of Collateral Obligations and
Eligible Investments. . 

  
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 (a)    The Collateral Manager, on behalf of the Issuer, shall deliver or
cause to be delivered, on or prior to the Closing Date (with respect to the initial Collateral Obligations) and within five (5) Business Days after the related Cut-Off Date (with respect to any additional
Collateral Obligations) to a custodian appointed by the Issuer, which shall be a Securities Intermediary (the “Custodian”) or the Trustee, as applicable, all Assets in accordance with the definition of “Deliver”. The
Custodian appointed hereby shall act as agent and bailee for the Trustee on behalf of the Secured Parties. Initially, the Custodian shall be the Bank and (i) if such institution’s rating falls below “A” and “A-1” by S&P (or below “A+” by S&P if such institution has no short-term rating) or (ii) so long as any Notes rated by Fitch remain Outstanding, the Fitch Eligible Counterparty
Ratings are not satisfied with respect to such institution, the Assets held by the Custodian shall be moved within 30 calendar days to another institution that is rated at least “A” and
“A-1” by S&P (or at least “A+” by S&P if such institution has no short-term rating), meets the Fitch Eligible Counterparty Ratings and is subject to regulations regarding fiduciary
funds on deposit similar to Title 12 of the Code of Federal Regulations Section 9.10(b). Any successor custodian
shall also be a state or national bank or trust company that (i) has capital and surplus of at least U.S.$200,000,000 and (ii) is a Securities Intermediary.
Subject to the limited right to relocate Assets asExcept as
otherwise provided in Section 7.5(b)this Indenture, the Trustee or the Custodian, as applicable, shall hold (i) all Collateral Obligations, Eligible
Investments, Cash and other investments purchased in accordance with this Indenture and (ii) any other property of the Issuer otherwise Delivered to the Trustee or the Custodian, as applicable, by or on behalf of the Issuer, in the relevant
Account established and maintained pursuant to Article X as to which, in each case, the Issuer and the Trustee shall have entered into the Account Control Agreement with the Custodian providing, inter alia, that the
establishment and maintenance of such Account will be governed by a law of a jurisdiction satisfactory to the Issuer and the Trustee. 

(b)    Each time that the Collateral Manager on behalf of the Issuer directs or causes the acquisition of any Collateral
Obligation, Eligible Investment or other investment, the Collateral Manager (on behalf of the Issuer) shall, if the Collateral Obligation, Eligible Investment or other investment is required to be, but has not already been, transferred to the
relevant Account, cause the Collateral Obligation, Eligible Investment or other investment to be Delivered to the Custodian to be held in the Custodial Account (or in
the case of any such investment that is not a Collateral Obligation, in the Account in which the funds used to purchase the investment are held in accordance with Article X) for the benefit of the Trustee in accordance with this
Indenture. The security interest of the Trustee in the funds or other property used in connection with the acquisition shall, immediately and without further action on the part of the
Trustee, be released. The security interest of the Trustee shall nevertheless come into existence and continue in the Collateral Obligation, Eligible Investment or other investment so acquired, including all interests of the Issuer in any contracts
related to and proceeds of such Collateral Obligation, Eligible Investment or other investment. 
 ARTICLE VI 

(a)(c)    The Issuer (or the Collateral Manager on its behalf) shall cause any other Assets acquired by the Issuer to be Delivered. 

  
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 ARTICLE
VIIARTICLE IV 

SATISFACTION AND DISCHARGE 

Section 4.1    Satisfaction and Discharge of Indenture. This Indenture shall be discharged and shall cease to be of further effect except as to (i) rights of registration of transfer and exchange,
(ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii) rights of Holders to receive payments of principal thereof and interest thereon, (iv) the rights, protections, indemnities and immunities of the Trustee
and the specific obligations of the Trustee set forth below hereunder, (v) the rights, obligations and immunities of the Collateral Manager hereunder and under the Collateral Management Agreement, (vi) the rights, protections, indemnities
and immunities of the Collateral Administrator hereunder and under the Collateral Administration Agreement and (vii) the rights of Holders as beneficiaries hereof with respect to the property deposited with the Trustee and payable to all or any
of them (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture) when: 

(a)    (i) either: 

(A)    all Notes theretofore authenticated and delivered to Holders other than (1) Notes which have
been mutilated, defaced, destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.7 and (2) Notes for whose payment Money has theretofore irrevocably been deposited in trust and
thereafter repaid to the Issuer or discharged from such trust, as provided in Section 7.3 have been delivered to the Trustee for cancellation; or 

(B)    all Notes not theretofore delivered to the Trustee for cancellation (1) have become due and
payable, or (2) shall become due and payable at their Stated Maturity within one year, or (3) are to be called for redemption pursuant to Article IX under an arrangement satisfactory to the Trustee for the giving of notice of
redemption by the Issuer pursuant to Section 9.4 and either (x) the Issuer has irrevocably deposited or caused to be deposited with the Trustee, in trust for such purpose, Cash or
non-callable direct obligations of the United States; provided that the obligations are entitled to the full faith and credit of the United States or are debt obligations which are rated “AAA”
by Fitch and “AAA” by S&P, in an amount sufficient, as recalculated by a firm of Independent certified public accountants which are nationally recognized, to pay and discharge the entire indebtedness on such Notes not theretofore
delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Notes which have become due and payable), or to the respective Stated Maturity or the respective Redemption Date, as the case may be,
and shall have Granted to the Trustee a valid perfected security interest in such Eligible Investment that is of first priority or free of any adverse claim, as applicable, and shall have furnished an Opinion of Counsel with respect thereto or
(y) in the event all of the Assets are liquidated following the satisfaction of the conditions specified in Section 5.5(a), the Issuer shall have paid or caused to be paid all proceeds of such liquidation of the Assets
in accordance with the Priority of Payments; 

  
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 (ii)    the Issuer has paid or caused to be paid all
other sums then due and payable hereunder (including any amounts then due and payable pursuant to the Collateral Administration Agreement and the Collateral Management Agreement without regard to the Administrative Expense Cap) by the Issuer
and no other amounts are scheduled to be due and payable by the Issuers other than Dissolution Expenses (it
being understood that the requirements of this clause (ii) may be satisfied as set forth in Section 5.7); and 

(iii)    the
Issuers
havehas
delivered to the Trustee Officer’s certificates and an Opinion of Counsel, each, stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have
been complied with; or 
 (b)    (i) the Trustee confirms to the Issuer that: 

(A)    the Trustee is not holding any Assets (other than (x) the Collateral Management Agreement, the
Collateral Administration Agreement, the Loan Sale Agreements and the Account Control Agreement and (y) Cash in an amount not greater than the Dissolution Expenses); and 

(B)    no assets (other than Excluded Property and Cash in an amount not greater than the Dissolution
Expenses) are on deposit in or to the credit of any deposit account or securities account (including any Accounts) in the name of the Issuer or the Co-Issuer
(or the Trustee for the benefit of the Issuer, the Co-Issuer or any Secured Party); 
 (ii)    each of the
Issuers
havehas
delivered to the Trustee a certificate stating that (1) there are no Assets (other than (x) the Collateral Management Agreement, the Collateral Administration Agreement and the Account Control Agreement and (y) Cash in an amount not
greater than the Dissolution Expenses) that remain subject to the lien of this Indenture, and (2) all funds on deposit in the Accounts have been distributed in accordance with the terms of this Indenture or have otherwise been irrevocably
deposited with the Trustee for such purpose; and 
 (iii)    the Issuers havehas delivered to the Trustee Officer’s certificates and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 Upon the
discharge of this Indenture, the Trustee shall provide such certifications to the Issuer or the Administrator
as may be reasonably required by the Issuer or the Administrator in order for the liquidation of the Issuer to be completed. 
 Notwithstanding the satisfaction
and discharge of this Indenture, the rights and obligations of the Issuers, the Trustee, the Collateral
Manager and, if applicable, the Holders, as the case may be, under Sections 2.8, 4.2, 5.4(d), 5.9, 5.18, 6.1, 6.3, 6.6, 6.7, 7.1, 7.3, 13.1,
14.10, 14.11, and 14.12 shall survive. 
 Section
 4.2    Application of Trust Money. All Monies deposited with the Trustee
pursuant to Section 4.1 shall be held in trust and applied by it in accordance with the provisions of the Notes and this Indenture, including, without limitation, the Priority of Payments, to the payment of principal and
interest, either directly or through any Paying Agent, as the Trustee may determine; and such Money shall be held in an Account meeting the requirements of Section 10.1. 

  
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Section 4.3    Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of
this Indenture with respect to the Notes, all Monies then held by any Paying Agent other than the Trustee under the provisions of this Indenture shall, upon demand of the Issuer, be paid to the Trustee to be held and applied pursuant to
Section 7.3 hereof and in accordance with the Priority of Payments and thereupon such Paying Agent shall be released from all further liability with respect to such Monies. 

Section 4.4    Limitation on Obligation to Incur Administrative Expenses. If at any time when this Indenture
is eligible to be discharged pursuant to Section 4.1, the sum of (i) Eligible Investments, (ii) Cash and (iii) amounts reasonably expected to be received by the Issuer in Cash during the current Collection
Period (as certified by the Collateral Manager in its reasonable judgment) is less than the sum of Dissolution Expenses and any accrued and unpaid Administrative Expenses, then notwithstanding any other provision of this Indenture, the Issuers shall
no longer be required to incur Administrative Expenses as otherwise required by this Indenture to any Person other than the Trustee and their Affiliates, and the Collateral Manager, and failure to pay such amounts or provide or obtain any opinions,
reports or services required under this Indenture shall not constitute a Default hereunder, and the Trustee shall have no liability for any failure to obtain or receive any of the foregoing opinions, reports or services. 

ARTICLE VIIARTICLE V 

REMEDIES 
 Section 5.1    Events of Default. “Event of Default,” wherever used herein,
means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body): 
 (a)    a default in the payment, when due and payable,
of (i) any interest on any Class A-1 Note, any Class A-2 Note, any Class B-1 Note or any Class B-2 Note or, if there are no
Class A-1 Notes,
Class A-2 Notes.
Class B-1 Notes or
Class B-2 Notes Outstanding,
any Class C-1 Note or any
Class C-2 Note and, in each case, the continuation of any such default for five (5) Business Days after a Trust Officer of the Trustee has actual knowledge or receives notice from any holder of Securities of such payment default, or
(ii) any principal of, or interest or Deferred Interest on, or any Redemption Price in respect of, any Secured Note at its Stated Maturity or any Redemption Date; provided that the failure to effect any Optional Redemption which is withdrawn by the Issuer in
accordance with this Indenture or with respect to which any Refinancing fails to occur shall not constitute an Event of Default and provided further that, solely with respect to clause (i) above, in the case of a failure to
disburse funds due to an administrative error or omission by the Collateral Manager, the Trustee, the Collateral Administrator or any Paying Agent, such failure continues for seven (7) Business Days after a Trust Officer of the Trustee receives
written notice or has actual knowledge of such administrative error or omission; 

  
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 (b)    the failure on any Payment Date to disburse amounts available in
the Payment Account in excess of U.S.$25,000 in accordance with the Priority of Payments and continuation of such failure for a period of ten (10) Business Days or, in the case of a failure to disburse due to an administrative error or omission
by the Trustee, the Collateral Administrator or any Paying Agent, such failure continues for seven (7) Business Days after a Trust Officer of the Trustee receives written notice or has actual knowledge of such administrative error or omission;

 (c)    any of the Issuer, the
Co-Issuer or the Assets becomes an investment company required to be registered under the 1940 Act and that status continues for forty-five (45) consecutive days; 

(d)    except as otherwise provided in this Section 5.1, a default in a material respect in the
performance, or breach in a material respect, of any other material covenant of the Issuer or the Co-Issuer
herein (it being understood, without limiting the generality of the foregoing, that (i) any failure to meet any Concentration Limitation, Collateral Quality Test or Coverage Test is not
an Event of Default, except to the extent provided in clause (e) below and (ii) the failure of the Issuer to satisfy the requirements of Section 7.18 will not constitute an Event of Default (unless the
Issuer, the Co-Issuer or the Collateral Manager acting on behalf of the Issuer, has acted in bad
faith)), or the failure of any material representation or warranty of the Issuer or the Co-Issuer made
herein or in any certificate or other writing delivered pursuant hereto or in connection herewith to be correct in each case in all material respects when the same shall have been made, which default, breach or failure has a material adverse effect
on the Holders of the Securities and continues for a period of thirty (30) days after notice to the Issuer and the Collateral Manager by registered or certified mail or overnight delivery service, by the Trustee at the direction of the Holders
of at least a Majority of the Controlling Class, specifying such default, breach or failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; provided that the delivery of a certificate
or other report which corrects any inaccuracy contained in a previous report or certification shall be deemed to cure such inaccuracy as of the date of delivery of such updated report or certificate and any and all inaccuracies arising from
continuation of such initial inaccurate report or certificate and the sale or other disposition of any asset that did not at the time of its acquisition satisfy any of the investment criteria set forth in this Indenture shall cure any breach or
failure arising therefrom as of the date of such sale or disposition; 
 (e)    on any Measurement Date as of
which the Class A-1 Notes are Outstanding, failure of the percentage equivalent of a fraction, (i) the numerator of which is equal to (1) the Collateral Principal Amount plus (2) the
aggregate Market Value of all Defaulted Obligations on such date and (ii) the denominator of which is equal to the Aggregate Outstanding Amount of the Class A-1 Notes, to equal or exceed 102.5%; 

(f)    the entry of a decree or order by a court having competent jurisdiction adjudging either of the
Issuers as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of either of the Issuers under any Bankruptcy Law or any other applicable law, or appointing a receiver, liquidator, provisional
liquidator, assignee, or sequestrator (or other similar official) of either of the Issuers or of any substantial part of its property, or ordering the winding up or liquidation of its affairs,
respectively, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days; or 

  
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 (g)    the institution by either of the
Issuers of Proceedings to have either of the
Issuers adjudicated as bankrupt or insolvent, or the consent of either of the
Issuers to the institution of bankruptcy or insolvency Proceedings against either of the
Issuers, or the filing by either of the
Issuers of a petition or answer or consent seeking reorganization or relief under any Bankruptcy Law
or any other similar applicable law, or the consent by either of the Issuers to the filing of any such petition or to the appointment in a Proceeding of a receiver, liquidator, provisional
liquidator, assignee, trustee or sequestrator (or other similar official) of either of the
Issuers or of any substantial part of its property, respectively, or the making by either of the
Issuers of an assignment for the benefit of creditors, or the admission by either of the
Issuers in writing of its inability to pay its debts generally as they become due, or the shareholders
of the Issuer passing a resolution to have the Issuer wound up on a voluntary basis, or the taking of any action by either of the Issuers in furtherance of any such action. 

Upon a Responsible Officer’s obtaining knowledge of the occurrence of an Event of Default, each of (i) the Issuers, (ii) the Trustee and (iii) the Collateral Manager shall notify each other. Upon the occurrence of an
Event of Default known to a Trust Officer of the Trustee, the Trustee shall promptly (and in no event later than three (3) Business Days thereafter) notify the Holders (as their names appear on the Register or Share Register, as applicable),
each Paying Agent and each Rating Agency of such Event of Default in writing (unless such Event of Default has been waived as provided in Section 5.14). 

Section 8.2Section 5.2    Acceleration of Maturity; Rescission and Annulment. . 

(a)    If an Event of Default occurs and is continuing (other than an Event of Default specified in
Section 5.1(f) or (g)), the Trustee may, and shall, upon the written direction of a Majority of the Controlling Class, by notice to the Issuer and each Rating Agency, declare the principal of and accrued and unpaid
interest on all the Secured Notes to be immediately due and payable, and upon any such declaration such principal, together with all accrued and unpaid interest thereon
(including, in the case of the Deferrable Notes, any Deferred Interest), and other amounts payable hereunder, shall become immediately due and payable. If an Event of Default specified in
Section 5.1(f) or (g) occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all the Secured Notes, and other amounts payable thereunder and hereunder, shall automatically become
due and payable without any declaration or other act on the part of the Trustee or any Holder. 
 (b)    At any
time after such a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the Money due has been obtained by the Trustee as hereinafter provided in this Article V, a Majority of
the Controlling Class by written notice to the Issuers and the Trustee, may rescind and annul such
declaration and its consequences if: 
 (i)    The Issuer has paid or deposited with the Trustee a
sum sufficient to pay: 
 (A)    all unpaid installments of interest and principal then due on the
Secured Notes (other than any principal amounts due to the occurrence of an acceleration); and 

  
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(B)    to the extent that the
payment of such interest is lawful, interest upon any Deferred Interest at the applicable Interest Rate; and 

(B)(C)    all unpaid taxes and Administrative Expenses of the Issuers and other sums paid or advanced by the Trustee hereunder or by the Collateral Administrator under the Collateral
Administration Agreement or hereunder, accrued and unpaid Collateral Management Fee then due and owing and any other amounts then payable by the
Issuers hereunder prior to such Administrative Expenses and such Collateral Management Fee; or

 (ii)    It has been determined that all Events of Default, other than the nonpayment of the
interest on or principal of the Secured Notes that has become due solely by such acceleration, have: 

(A)    been cured; and 

(I)    in the case of an Event of Default specified in Section 5.1(a) due to
failure to pay interest on the Class A-1 Notes or in Section 5.1(e), a Majority of the
Class A-1 Notes, by written notice to the Trustee, have agreed with
such determination (which agreement shall not be unreasonably withheld, delayed or conditioned); or 

(II)    in the case of any other Event of Default, a Majority of each Class of Secured Notes (voting
separately by Class), in each case, by written notice to the Trustee, have agreed with such determination (which agreement shall not be unreasonably withheld, delayed or conditioned); or 

(B)    been waived as provided in Section 5.14. 

No such rescission shall affect any subsequent Default or impair any right consequent thereon. The Trustee shall provide notice to S&P
upon any such rescission. 
 (c)    Notwithstanding anything in this Section 5.2 to the
contrary, the Secured Notes will not be subject to acceleration by the Trustee solely as a result of the failure to pay any amount due on the Secured Notes that are not of the Controlling Class. 

Section 5.3    Collection of Indebtedness and Suits for Enforcement by Trustee. The Issuers covenants that if a default shall occur in respect of the payment of any
principal of or interest when due and payable on any Secured Notes, the Issuers will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holder of such Secured Notes, the whole amount, if any, then due and payable on such Secured
Notes for principal and interest (including accrued and unpaid Deferred Interest) with interest upon the overdue
principal and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate, and, in addition thereto, such further amount as shall be sufficient to cover the costs
and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel. 

  
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 If the
Issuers fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may, and shall, subject to the terms of this Indenture (including
Section 6.3(e)) upon direction of a Majority of the Controlling Class, institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such Proceeding to judgment or final decree, and may enforce the
same against the Issuer or any other obligor upon the Secured Notes and collect the Monies adjudged or decreed to be payable in the manner provided by law out of the Assets. 

If an Event of Default occurs and is continuing, the Trustee may in its discretion, and shall, subject to the terms of this Indenture
(including Section 6.3(e)) upon written direction of a Majority of the Controlling Class, proceed to protect and enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as the Trustee shall
deem most effectual (if no such direction is received by the Trustee) or as the Trustee may be directed by a Majority of the Controlling Class, to protect and enforce any such rights, whether for the specific enforcement of any covenant or
agreement herein or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. 

In case there shall be pending Proceedings relative to
either of the
Issuers or any other obligor upon the Secured Notes under the Bankruptcy Law or any other applicable
bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer its respective
property or such other obligor or its property, or in case of any other comparable Proceedings relative to the Issuer or other obligor upon the Secured Notes, or the creditors or property of the Issuer or the Co-Issuer or such other obligor, the Trustee, regardless of whether the principal of any Secured Notes shall
then be due and payable as therein expressed or by declaration or otherwise and regardless of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.3, shall be entitled and empowered,
by intervention in such Proceedings or otherwise: 

(d)(a)    to file and prove a claim or claims for the whole amount of principal and interest owing and
unpaid in respect of the Secured Notes upon direction by a Majority of the Controlling Class and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for
reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all reasonable expenses and liabilities incurred, and all advances made, by the Trustee and each
predecessor Trustee, except as a result of negligence or bad faith) and of the Holders allowed in any Proceedings relative to the Issuer or to the creditors or property of the Issuer; 

(e)(b)    unless
prohibited by applicable law and regulations, to vote on behalf of the Holders upon the direction of a Majority of the Controlling Class, in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other
bankruptcy or insolvency Proceedings or Person performing similar functions in comparable Proceedings; and 
 (f)(c)    to collect and receive any Monies or other property payable to or deliverable on any such claims, and
to distribute all amounts received with respect to the claims of the Holders 

  
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and of the Trustee on their behalf; and any trustee, receiver or liquidator, custodian or other similar official is hereby authorized by each of the Holders to make payments to the Trustee, and,
if the Trustee shall consent to the making of payments directly to the Holders to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys
and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any
Holders, any plan of reorganization, arrangement, adjustment or composition affecting the Secured Notes or any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holders, as applicable, in any such Proceeding except,
as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 In any Proceedings brought by the Trustee on behalf
of the Holders of the Secured Notes (and any such Proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders of the Secured Notes. 

Notwithstanding anything in this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Assets
or institute Proceedings in furtherance thereof pursuant to this Section 5.3 except according to the provisions specified in Section 5.5(a). 

Section 8.3Section 5.4    
Remedies.
. 

(a)    If an Event of Default has occurred and is continuing, and the Secured Notes have been declared due and payable and
such declaration and its consequences have not been rescinded and annulled, the Issuers agrees that the Trustee may, and shall, subject to the terms of this Indenture (including
Section 6.3(e)), upon written direction of a Majority of the Controlling Class, to the extent permitted by applicable law, exercise one or more of the following rights, privileges and remedies: 

(i)    institute Proceedings for the collection of all amounts then payable on the Secured Notes or
otherwise payable under this Indenture, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Assets any Monies adjudged due; 

(ii)    sell or cause the sale of all or a portion of the Assets or rights or interests therein, at one or
more public or private sales called and conducted in any manner permitted by law and in accordance with Section 5.17 hereof; 

(iii)    institute Proceedings from time to time for the complete or partial foreclosure of this Indenture
with respect to the Assets; 
 (iv)    exercise any remedies of a secured party under the UCC and take
any other appropriate action to protect and enforce the rights and remedies of the Trustee and the Holders of the Secured Notes hereunder (including exercising all rights of the Trustee under the Account Control Agreement); and 

  
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 (v)    exercise any other rights and remedies that may
be available at law or in equity; 
 provided that the Trustee may not sell or liquidate the Assets or institute Proceedings in furtherance thereof
pursuant to this Section 5.4 except according to the provisions of Section 5.5(a). 

The Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking firm of national reputation in structuring
and distributing securities similar to the Secured Notes (the reasonable cost of which shall be payable as an Administrative Expense), which may be the Placement Agent, as to the feasibility of any action proposed to be taken in accordance with this
Section 5.4 and as to the sufficiency of the proceeds and other amounts receivable with respect to the Assets to make the required payments of principal of and interest on the Secured Notes which opinion shall be conclusive
evidence as to such feasibility or sufficiency. 
 (b)    If an Event of Default as described in
Section 5.1(d) hereof shall have occurred and be continuing the Trustee may, and at the direction of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class shall, subject to the
terms of this Indenture (including Section 6.3(e)), institute a Proceeding solely to compel performance of the covenant or agreement or to cure the representation or warranty, the breach of which gave rise to the Event of
Default under such Section, and enforce any equitable decree or order arising from such Proceeding. 
 (c)    Upon any
sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, any of the Holders of the Securities, the Trustee, the Collateral Manager, ORCC, the Collateral Administrator or any Affiliate of the Issuers may bid for and purchase the Assets or any part thereof and, upon compliance with the terms of sale and
applicable law (including the Advisers Act), may hold, retain, possess or dispose of such property in its or their own absolute right without accountability. 

Upon any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, the receipt of the Trustee, or of the
Officer making a sale under judicial Proceedings, shall be a sufficient discharge to the purchaser or purchasers at any sale for its or their purchase Money, and such purchaser or purchasers shall not be obliged to see to the application thereof.

 Any such sale, whether under any power of sale hereby given or by virtue of judicial Proceedings, shall bind the Issuers, the Trustee and the Holders of the Securities, shall operate to divest all right, title and interest whatsoever,
either at law or in equity, of each of them in and to the property sold, and shall be a perpetual bar, both at law and in equity, against each of them and their successors and assigns, and against any and all Persons claiming through or under them.

 (d)    If an Event of Default has occurred and is continuing and the Trustee has directed or been directed to
cause a liquidation of the Assets pursuant to this Indenture, ORCC shall have the right to make a contribution in an amount no less than would be sufficient to discharge in full the amounts then due (or, in the case of interest, accrued) and unpaid
on the Secured Notes for principal and interest (including accrued and unpaid Deferred Interest) and all other amounts that, pursuant to the Priority of Payments, are required to be paid prior to such

  
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payments on such Secured Notes (including any amounts due and owing as Administrative Expenses (without regard to the Administrative Expense Cap) and any due and unpaid Base Management Fee) and
upon the making of such contribution, any such direction for liquidation shall be null and void and any liquidation procedures or auction shall be terminated. 

(e)    Notwithstanding any other provision of this Indenture, none of the Trustee, the Secured Parties or the Holders may,
prior to the date which is one year (or if longer, any applicable preference period) plus one day after the payment in full of all Notes and any other debt obligations of the Issuer that have been rated upon issuance, institute against, or join any
other Person in instituting against, the Issuer or the Co-Issuer any bankruptcy, reorganization, arrangement,
insolvency, moratorium, winding up or liquidation Proceedings, or other similar Proceedings under Cayman Islands, U.S. federal or state bankruptcy or similar laws. Nothing in this Section 5.4 shall preclude, or be deemed to estop, the Trustee (i) from taking any action prior to the expiration of
the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced by the Issuer or the Co-Issuer (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Trustee, or (ii) from commencing against the Issuer, the Co-Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement,
insolvency, moratorium, liquidation or similar Proceeding. The restrictions described this Section 5.4(e) are a material inducement for each Holder and beneficial owner of Notes to acquire such Notes and for the
Issuer, the Co-Issuer and the Collateral Manager to enter into this Indenture (in the case of the
Issuer and the Co-Issuer) and the other applicable Transaction Documents and are an essential term of
this Indenture. Any Holder, beneficial owner of Notes or either of the Issuers may seek and obtain specific performance of such restrictions (including injunctive relief), including, without
limitation, in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, or other proceedings under Cayman Islands law,
United States federal or state bankruptcy law or similar laws. 

(f)    In the event one or more Holders or beneficial owners of Securities cause the filing of a petition in bankruptcy
against the Issuer in violation of the prohibition described in Section 5.4(e) above, such Holder(s) or beneficial owner(s) will be deemed to acknowledge and agree that any claim that such Holder(s) or beneficial owner(s)
have against the Issuer, the Co-Issuer or with respect to any Assets (including any proceeds thereof) shall,
notwithstanding anything to the contrary in the Priority of Payments, be fully subordinate in right of payment to the claims of each Holder and beneficial owner of any Secured Notes that does not seek to cause any such filing, with such
subordination being effective until each Secured Note held by each Holder or beneficial owner of any Secured Notes that does not seek to cause any such filing is paid in full in accordance with the Priority of Payments (after giving effect to such
subordination). The terms described in the immediately preceding sentence are referred to herein as the “Bankruptcy Subordination Agreement”. The Bankruptcy Subordination Agreement will constitute a “subordination
agreement” within the meaning of Section 510(a) of the Bankruptcy Code. The Trustee shall be entitled to rely upon an issuer order from the Issuer with respect to the payment of amounts payable to Holders, which amounts are subordinated
pursuant to this Section 5.4(f). 
 (g)    The Issuer or the Co Issuer, as applicable, -shall, so long as any Notes remain Outstanding and for a year and a day thereafter,
timely file an answer and any other appropriate pleading objecting to (i) the institution of any proceeding to have the Issuer or the Co Issuer, as the case may be, adjudicated as bankrupt or insolvent, or (ii) the filing of any petition seeking 

  
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relief, reorganization, arrangement, adjustment, liquidation, winding up or composition of or in respect of the Issuer
or the Co Issuer, as the case may be, under any Bankruptcy Law or any other applicable law. The reasonable fees, costs,
charges and expenses incurred by the Issuer or
Co Issuer -(including reasonable attorneys’ fees and expenses) in connection with taking any such action shall be paid as Administrative Expenses. 

Section8.4Section 5.5    Optional Preservation of Assets. . 

(a)    Notwithstanding anything to the contrary herein (but subject to the right of the Collateral Manager to direct the
Trustee to sell Collateral Obligations or Equity Securities in strict compliance with Section 12.1), if an Event of Default shall have occurred and be continuing, the Trustee shall retain the Assets securing the Secured
Notes intact, collect and cause the collection of the proceeds thereof and make and apply all payments at the date or dates fixed by the Trustee and deposit and maintain all accounts in respect of the Assets and the Securities in accordance with the
Priority of Payments and the provisions of Article X, Article XII and Article XIII unless: 

(i)    the Trustee, pursuant to Section 5.5(c), determines that the anticipated
proceeds of a sale or liquidation of the Assets (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full the amounts then due (or, in the case of interest, accrued) and unpaid on the
Secured Notes for principal and interest (including accrued and unpaid Deferred
Interest), and all other amounts that, pursuant to the Priority of Payments, are required to be paid prior to such payments on such Secured Notes (including any amounts due and owing as
Administrative Expenses (without regard to the Administrative Expense Cap) and any due and unpaid Base Management Fee) and a Majority of the Controlling Class agrees with such determination and directs the sale and liquidation of the Assets;

 (ii)    in the case of an Event of Default specified in (A) Section 5.1(a) due
to a failure to pay interest on the Class A-1 Notes in accordance with
Section 11.1(a)(i) or Section 11.1(a)(ii), (B) Section 5.1(a) due to failure to pay interest on the Class A-1 Notes in
accordance with the Special Priority of Payments or (C) Section 5.1(e), the Holders of at least a Majority of the Class A-1 Notes direct the sale and liquidation of the
Assets (in each case without regard to whether another Event of Default has occurred prior, contemporaneously or subsequent to such Event of Default); or 

(iii)    if the Class A-1 Notes are no longer Outstanding, or
in the case of any other Event of Default not specified in clause (ii) above, the Holders of at least a Majority of each Class of Secured Notes (voting separately by Class) direct the sale and liquidation of the Assets. 

So long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time when
the conditions specified in clause (i), (ii) or (iii) above exist. 
 (b)    Nothing contained in
Section 5.5(a) shall be construed to require the Trustee to sell the Assets securing the Secured Notes if the conditions set forth in clause (i), (ii) or (iii) of Section 5.5 (a) are not
satisfied. Nothing contained in Section 5.5(a) shall be construed to require the Trustee to preserve the Assets securing the Secured Notes if prohibited by applicable law. 

  
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 (c)    In determining whether the condition specified in
Section 5.5(a)(i) exists, the Trustee shall use reasonable efforts to obtain, with the cooperation of the Collateral Manager, bid prices with respect to each Asset from two nationally recognized dealers (as specified by the
Collateral Manager in writing) at the time making a market in such Assets and shall compute the anticipated proceeds of sale or liquidation on the basis of the lower of such bid prices for each such Asset. In the event that the Trustee, with
the cooperation of the Collateral Manager, is only able to obtain bid prices with respect to each Asset from one nationally recognized dealer at the time making a market in such Assets, the Trustee shall compute the anticipated proceeds of the sale
or liquidation on the basis of such one bid price for each such Asset. In addition, for the purposes of determining issues relating to the execution of a sale or liquidation of the Assets and the execution of a sale or other liquidation thereof in
connection with a determination whether the condition specified in Section 5.5(a)(i) exists, the Trustee may retain and rely on an opinion of an Independent investment banking firm of national reputation (the cost of which
shall be payable as an Administrative Expense). 
 The Trustee shall deliver to the Holders and the Collateral Manager a report stating the
results of any determination required pursuant to Section 5.5(a)(i) no later than 10 days after such determination is made. The Trustee shall make the determinations required by
Section 5.5(a)(i) within 30 days after an Event of Default and at the request of a Majority of the Controlling Class at any time during which the Trustee retains the Assets pursuant to
Section 5.5(a)(i). 
 The Trustee shall deliver written notice to the Issuers, the Collateral Manager and each Rating Agency upon receipt of direction pursuant to
Section 5.5 (a)(i), (ii) or (iii) to liquidate and sell the Assets. 
 Section 5.6    Trustee May Enforce Claims without Possession of Notes. All rights of action
and claims under this Indenture or under any of the Secured Notes may be prosecuted and enforced by the Trustee without the possession of any of the Secured Notes or the production thereof in any trial or other Proceeding relating thereto, and any
such action or Proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be applied as set forth in Section 5.7 hereof. 

Section 5.7    Application of Money Collected. Any Money collected by the Trustee with respect to the Notes pursuant to this Article V and any Money that may then be held or thereafter received
by the Trustee with respect to the Notes hereunder shall be applied, subject to Section 13.1 and in accordance with the provisions of Section 11.1(a)(iii), at the date or dates fixed by the
Trustee. Upon the final distribution of all proceeds of any liquidation effected hereunder, the provisions of Section 4.1(a) and Section 4.1(b) shall be deemed satisfied for the purposes of
discharging this Indenture pursuant to Article IV. 
 Section 5.8    Limitation on Suits. No Holder of any Note shall have any right to institute
any Proceedings, judicial or otherwise, with respect to this Indenture or any Note, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

  
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(d)(a)    such
Holder has previously given to the Trustee written notice of an Event of Default; 
 (e)(b)    the Holders of not less than 25% of the then Aggregate Outstanding Amount of the Securities of the
Controlling Class shall have made written request to the Trustee to institute Proceedings in respect of such Event of Default in its own name as Trustee hereunder and such Holder or Holders have provided the Trustee indemnity reasonably
satisfactory to the Trustee against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities which might reasonably be incurred by it in compliance with such request; 

(f)(c)    the
Trustee, for 30 days after its receipt of such notice, request and provision of such indemnity, has failed to institute any such Proceeding; and 

(g)(d)    no
direction inconsistent with such written request has been given to the Trustee during such 30-day period by a Majority of the Controlling Class; it being understood and intended that no one or more Holders of
Notes shall have any right in any manner whatever by virtue of, or by availing itself of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes of the same Class or to obtain or to seek to
obtain priority or preference over any other Holders of the Notes of the same Class or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all the Holders of Notes of the same
Class subject to and in accordance with Section 13.1 and the Priority of Payments. 
 In the
event the Trustee shall receive conflicting or inconsistent requests and indemnity pursuant to this Section 5.8 from two or more groups of Holders of the Controlling Class, each representing less than a Majority of the
Controlling Class, the Trustee shall act in accordance with the request specified by the group of Holders with the greatest percentage of the Aggregate Outstanding Amount of the Controlling Class, notwithstanding any other provisions of this
Indenture. If all such groups represent the same percentage, the Trustee, in its sole discretion, may determine what action, if any, shall be taken. 

Section 5.9    Unconditional Rights of Holders to Receive Principal and Interest. Subject to Section 2.8(i), but notwithstanding any other provision of this Indenture, the Holder of any Secured
Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Secured Note, as such principal, interest and other amounts become due and payable in accordance with the Priority of
Payments and Section 13.1, as the case may be, and, subject to the provisions of Section 5.8, to institute proceedings for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Holder. Holders of Secured Notes ranking junior to Secured Notes still Outstanding shall have no right to institute Proceedings to request the Trustee to institute proceedings for the enforcement of any such payment until
such time as no Secured Notes ranking senior to such Secured Notes remains Outstanding, which right shall be subject to the provisions of Section 5.8, and shall not be impaired without the consent of any such Holder.

 Section 5.10    Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any Proceeding
to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason, or has been determined adversely 

  
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to the Trustee or to such Holder, then and in every such case the Issuers, the Trustee and the Holder shall, subject to any determination in such Proceeding, be restored severally and
respectively to their former positions hereunder, and thereafter all rights and remedies of the Issuers, Trustee and the Holder shall continue as though no such Proceeding had been instituted. 

Section 5.11    Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 5.12    Delay or Omission Not Waiver. No delay or omission of the Trustee or any
Holder of Secured Notes to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein or of a subsequent Event of Default.
Every right and remedy given by this Article V or by law to the Trustee or to the Holders of the Secured Notes may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of
the Secured Notes. 

Section 5.13    Control by Majority of Controlling Class. A Majority of the Controlling Class shall have the right following the occurrence, and during the continuance of, an Event of Default to cause the institution
of and direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee or exercising any trust or power conferred upon the Trustee under this Indenture; provided that: 

(h)(a)    such
direction shall not conflict with any rule of law or with any express provision of this Indenture; 
 (i)(b)    the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such
direction; provided that subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability or expense (unless the Trustee has received the indemnity as set forth in
(c) below); 
 (j)(c)    the
Trustee shall have been provided with an indemnity reasonably satisfactory to it; and 
 (k)(d)    notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Assets shall
be by the Holders of Secured Notes representing the requisite percentage of the Aggregate Outstanding Amount of Secured Notes specified in Section 5.4 and/or Section 5.5. 

Section 5.14    Waiver of Past Defaults. Prior to the time a judgment or decree for payment of the Money due
has been obtained by the Trustee, as provided in this Article V, a Majority of the Controlling Class may on behalf of the Holders of all the Secured Notes waive any past Default or Event of Default and its
consequences, except a Default: 

  
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(l)(a)    in the
payment of the principal of any Secured Note (which may be waived only with the consent of the Holder of such Secured Note); 
 (m)(b)    in the payment of interest on any Secured Note (which may be waived only with the consent of the
Holder of such Secured Note); 

(c)(c)    in respect
of a covenant or provision hereof that under Section 8.2 cannot be modified or amended without the waiver or consent of the Holder of each Outstanding Security materially and adversely affected thereby (which may be waived
only with the consent of each such Holder); or 

(o)(d)    in respect
of a representation contained in Section 7.19 (which may be waived only by a Majority of the Controlling Class if the Global Rating Agency Condition is satisfied). 

In the case of any such waiver, the Issuers, the Trustee and the Holders of the Securities shall be restored to their former positions and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereto. The Trustee shall promptly give written notice of any such waiver to each Rating Agency, the Collateral Manager and each Holder. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture. 
 Section
 5.15    Undertaking for Costs. All parties to this Indenture agree, and
each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the
Trustee for any action taken, or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to
any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% of the Aggregate Outstanding Amount of the Controlling Class, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of or interest on any Secured Note on or after the applicable Stated Maturity (or, in the case of redemption which has resulted in an Event of Default, on or after the applicable Redemption Date).

 Section 5.16    Waiver of Stay or Extension Laws. The Issuers covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any valuation,
appraisement, redemption or marshalling law or rights, in each case wherever enacted, now or at any time hereafter in force, which may affect the covenants set forth in, the performance of, or any remedies under this Indenture; and the Issuers (to
the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law or
rights, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted or rights created.

  
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Section8.5Section 5.17    Sale of Assets. . 
 (a)    The power to effect any sale (a “Sale”) of
any portion of the Assets pursuant to Sections 5.4 and 5.5 shall not be exhausted by any one or more Sales as to any portion of such Assets remaining unsold, but shall continue unimpaired until the entire Assets
shall have been sold or all amounts secured by the Assets shall have been paid. The Trustee may upon notice to the Holders, and shall, upon direction of a Majority of the Controlling Class, from time to time postpone any Sale by public announcement
made at the time and place of such Sale. The Trustee hereby expressly waives its rights to any amount fixed by law as compensation for any Sale; provided that the Trustee shall be authorized to deduct the reasonable costs, charges and
expenses incurred by it in connection with such Sale from the proceeds thereof notwithstanding the provisions of Section 6.7 or other applicable terms hereof. 

(b)    The Trustee may bid for and acquire any portion of the Assets on behalf of the Holders in connection with a public
Sale thereof, and may pay all or part of the purchase price by crediting against amounts owing on the Secured Notes in the case of the Assets or other amounts secured by the Assets, all or part of the net proceeds of such Sale after deducting the
reasonable costs, charges and expenses incurred by the Trustee in connection with such Sale notwithstanding the provisions of Section 6.7 hereof or other applicable terms hereof. The Secured Notes need not be produced in
order to complete any such Sale, or in order for the net proceeds of such Sale to be credited against amounts owing on the Secured Notes. The Trustee may hold, lease, operate, manage or otherwise deal with any property so acquired in any manner
permitted by law in accordance with this Indenture. 
 (c)    If any portion of the Assets consists of securities issued
without registration under the Securities Act (“Unregistered Securities”), the Trustee may seek an Opinion of Counsel, or, if no such Opinion of Counsel can be obtained and with the consent of a Majority of the Controlling Class,
seek a no action position from the Securities and Exchange Commission or any other relevant federal or State regulatory authorities, regarding the legality of a public or private Sale of such Unregistered Securities. 

(d)    The Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any
portion of the Assets in connection with a Sale thereof, without recourse, representation or warranty. In addition, the Trustee is hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in any
portion of the Assets in connection with a Sale thereof, and to take all action necessary to effect such Sale. No purchaser or transferee at such a sale shall be bound to ascertain the Trustee’s authority, to inquire into the satisfaction of
any conditions precedent or see to the application of any Monies. 

Section 5.18    Action on the Notes. The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking or obtaining of or application for any other relief under
or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Holders shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution under
such judgment upon any portion of the Assets or upon any of the assets of the Issuer. 

  
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 ARTICLE
XI 
 ARTICLEXARTICLE VI

 THE TRUSTEE 
 Section10.1Section 6.1    Certain Duties and Responsibilities. . 

(a)    Except during the continuance of an Event of Default known to the Trustee: 

(i)    the Trustee undertakes to perform such duties and only such duties as are specifically set forth
herein, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements hereof; provided that in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they substantially conform to the requirements hereof and shall promptly, but in any event
within three (3) Business Days in the case of an Officer’s certificate furnished by the Collateral Manager, notify the party delivering the same if such certificate or opinion does not conform. If a corrected form shall not have been
delivered to the Trustee within 15 days after such notice from the Trustee, the Trustee shall so notify the Holders. 

(b)    In case an Event of Default known to the Trustee has occurred and is continuing, the Trustee shall, prior to the
receipt of directions, if any, from a Majority of the Controlling Class, or such other percentage as permitted by this Indenture, exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its
exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(c)    No provision hereof shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that: 
 (i)    this sub-Section shall not be construed to limit the effect of sub-Section (a) of this Section 6.1; 

(ii)    the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer,
unless it shall be proven that the Trustee was negligent in ascertaining the pertinent facts; 

(iii)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in
good faith in accordance with the direction of the Issuers or the Collateral Manager in accordance with this
Indenture and/or a Majority (or such other percentage as 

  
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may be required by the terms hereof) of the Controlling Class (or other Class if required or permitted by the terms hereof), relating to the time, method and place of conducting any
Proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; 

(iv)    no provision hereof shall require the Trustee to expend or risk its own funds or otherwise incur
any financial or other liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity satisfactory to it against such risk or liability is not reasonably assured to it unless such risk or liability relates to the performance of its ordinary services, including mailing of notices under this Indenture; and 

(v)    in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or
damage (including lost profits) even if the Trustee has been advised of the likelihood of such damages and regardless of such action. 

(d)    For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Default
or Event of Default described in Sections 5.1(c), (d), (e), (f), or (g) unless a Trust Officer assigned to and working in the Corporate Trust Office has actual knowledge thereof or unless
written notice of any event which is in fact such an Event of Default or Default is received by the Trustee at the Corporate Trust Office, and such notice references the Securities generally, the Issuer, the Co-Issuer, the Assets or this Indenture. For purposes of determining the Trustee’s responsibility and
liability hereunder, whenever reference is made herein to such an Event of Default or a Default, such reference shall be construed to refer only to such an Event of Default or Default of which the Trustee is deemed to have notice as described in
this Section 6.1. 
 (e)    Upon the Trustee receiving written notice from the
Collateral Manager that an event constituting “Cause” has occurred, the Trustee shall, not later than two (2) Business Days thereafter, forward such notice to the Holders (as their names appear in the Register or the Share Register,
as applicable) and each Rating Agency. 
 (f)    Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1. 

Section 6.2    Notice of Event of Default. Promptly (and in no event later than three (3) Business Days) after the occurrence of any Event of Default actually known to a Trust Officer of the Trustee or after any
declaration of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee shall transmit by mail to the Issuer, the Co-Issuer, the Collateral Manager, each Rating Agency, and all Holders (as their names and addresses appear on the
Register or the Share Register, as applicable), notice of all Event of Defaults hereunder known to the Trustee, unless such Event of Default shall have been cured or waived. 

  
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Section 6.3    Certain Rights of Trustee. Except as otherwise provided in Section 6.1: 

(g)(a)    the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 (h)(b)    any request or direction of the Issuer or the Co-Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order, as the case
may be; 
 (i)(c)    whenever in the administration of this Indenture the Trustee shall (i) deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s
certificate or Issuer Order or (ii) be required to determine the value of any Assets or funds hereunder or the cash flows projected to be received therefrom, the Trustee may, in the absence of bad faith on its part, rely on reports of
nationally recognized accountants, investment bankers or other Persons qualified to provide the information required to make such determination, including nationally recognized dealers in Assets of the type being valued, securities quotation
services, loan pricing services and loan valuation agents; 

(j)(d)    as a condition to the taking or omitting of any action by it hereunder, the Trustee may consult
with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in reliance thereon; 

(k)(e)    the Trustee shall be under no obligation to exercise or to honor any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have provided to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses
(including reasonable attorneys’ fees and expenses) and liabilities which might reasonably be incurred by it in compliance with such request or direction; 

(l)(f)    the Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document, but the Trustee, in its discretion, may, and upon the written direction of a Majority of the Controlling
Class or of the Rating Agencies shall (subject to the right hereunder to be reasonably satisfactorily indemnified for associated expense and liability), make such further inquiry or investigation into such facts or matters as it may see fit or
as it shall be directed, and the Trustee shall be entitled, on reasonable prior notice to the Issuers
and the Collateral Manager, to examine the books and records relating to the Securities and the Assets, personally or by agent or attorney, during the
Issuer’s’
 or the Collateral Manager’s normal business hours; provided that the Trustee shall, and
shall cause its agents to, hold in confidence all such information, except (i) to the extent disclosure may be required by law by any regulatory, administrative or governmental authority and (ii) to the extent that the Trustee, in its sole
discretion, may determine that such disclosure is consistent with its obligations hereunder; provided further that the Trustee may disclose on a confidential basis any such information to its agents, attorneys and auditors in
connection with the performance of its responsibilities hereunder; 

  
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(m)(g)    the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents or attorneys; provided that the Trustee shall not be responsible for any misconduct or negligence on the part of any agent appointed or attorney appointed, with due care by it hereunder; 

(n)(h)    the Trustee shall not be liable for any action it takes or omits to take in good faith that it
reasonably believes to be authorized or within its rights or powers hereunder, including actions or omissions to act at the direction of the Collateral Manager; 

(o)(i)    nothing herein shall be construed to impose an obligation on the part of the Trustee to monitor,
recalculate, evaluate or verify or independently determine the accuracy of any report, certificate or information received from the Issuer, the Co-Issuer
or the Collateral Manager (unless and except to the extent otherwise expressly set forth herein or in the Collateral Administration Agreement); 

(p)(j)    to the extent any defined term hereunder, or any calculation required to be made or determined by
the Trustee hereunder, is dependent upon or defined by reference to generally accepted accounting principles (as in effect in the United States) (“GAAP”), the Trustee shall be entitled to request and receive (and rely upon)
instruction from the Issuer or the accountants identified in the Accountants’ Report (and in the absence of its receipt of timely instruction therefrom, shall be entitled to obtain from an Independent accountant at the expense of the Issuer) as
to the application of GAAP in such connection, in any instance; 
 (q)(k)    
the Trustee shall not be liable for the actions or omissions of, or any inaccuracies in the records of, the Collateral Manager, the Issuer, the Co-Issuer, any Paying Agent (other than the Trustee), DTC, Euroclear, Clearstream, or any other clearing agency
or depository and without limiting the foregoing, the Trustee shall not be under any obligation to monitor, evaluate or verify compliance by the Collateral Manager with the terms hereof or of the Collateral Management Agreement, or to verify or
independently determine the accuracy of information received by the Trustee from the Collateral Manager (or from any selling institution, agent bank, trustee or similar source) with respect to the Assets; 

(r)(l)    notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be
applicable to a “securities intermediary” as defined in the UCC) to the contrary, none of the Trustee, the Custodian or the Securities Intermediary shall be under a duty or obligation in connection with the acquisition or Grant by the
Issuer to the Trustee of any item constituting the Assets, or to evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the
Issuers in connection with its Grant or otherwise, or in that regard to examine any Underlying
Document, in each case, in order to determine compliance with applicable requirements of and restrictions on transfer in respect of such Assets; 

(s)(m)    in the event the Bank is also acting in the capacity of Paying Agent, Registrar, Transfer Agent,
Custodian, Calculation Agent, Collateral Administrator or Securities Intermediary, the rights, protections, benefits, immunities and indemnities afforded to the Trustee 

  
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pursuant to this Article VI shall also be afforded to the Bank acting in such capacities; provided that such rights, protections, benefits, immunities and
indemnities shall be in addition to any rights, immunities and indemnities provided in the Account Control Agreement, the Collateral Administration Agreement or any other documents to which the Bank in such capacity is a party; 

(t)(n)    any permissive right of the Trustee to take or refrain from taking actions enumerated herein shall
not be construed as a duty; 
 (u)(o)    to the extent permitted by applicable law, the Trustee shall not be required to give any bond or
surety in respect of the execution of this Indenture or otherwise; 
 (v)(p)    
except as otherwise provided herein, the Trustee shall not be deemed to have notice or knowledge of any matter unless a Trust Officer has actual knowledge thereof or unless written notice thereof
is received by the Trustee at the Corporate Trust Office and such notice references the Securities generally, the Issuer or this Indenture. Whenever reference is made herein to a Default or an Event of Default such reference shall, insofar as
determining any liability on the part of the Trustee is concerned, be construed to refer only to a Default or an Event of Default of which the Trustee is deemed to have knowledge in accordance with this paragraph; 

(w)(q)    the Trustee shall not be responsible for delays or failures in performance resulting from
circumstances beyond its control (such circumstances include but are not limited to acts of God, strikes, lockouts, riots, acts of war, loss or malfunctions of utilities, computer (hardware or software) or communications services); 

(x)(r)    to help fight the funding of terrorism and money laundering activities, the Trustee will obtain,
verify, and record information that identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee will ask for the name, address, tax identification number and other information that will allow the
Trustee to identify the individual or entity who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as organizational documents, an offering memorandum, or other identifying documents to be
provided; 
 (y)(s)    in making or disposing of any investment permitted by this Indenture, the Trustee is authorized to
deal with itself (in its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis, whether it or such Affiliate is acting as a subagent of the Trustee or for
any third party or dealing as principal for its own account. If otherwise qualified, obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments hereunder; 

(z)(t)    the Trustee or its Affiliates are permitted to receive additional compensation that could be
deemed to be in the Trustee’s economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian with respect to certain of the Eligible Investments, (ii) using
Affiliates to effect transactions in certain Eligible Investments and (iii) effecting transactions in certain Eligible Investments. Such compensation is not payable or reimbursable under Section 6.7 of this Indenture;
and 
 (aa)(u)    the Trustee shall have no duty (i) to see to any recording, filing, or depositing of this
Indenture or any supplemental indenture or any financing statement or 

  
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continuation statement evidencing a security interest, or to see to the maintenance of any such recording, filing or depositing or to any rerecording, refiling or redepositing of any thereof or
(ii) to maintain any insurance. 

Section 6.4    Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, other than the Certificate of Authentication thereon, shall be taken as the statements of the Issuer; and
the Trustee assumes no responsibility for their correctness. The Trustee makes no representation as to the validity or sufficiency of this Indenture (except as may be made with respect to the validity of the Trustee’s obligations hereunder),
the Assets or the Notes. The Trustee shall not be accountable for the use or application by the Issuer of the Notes or the proceeds thereof or any Money paid to the Issuer pursuant to the provisions hereof. 

Section 6.5    May Hold Securities. The Trustee, any Paying Agent, Registrar or any other agent of the Issuers, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal
with the Issuers or any of their Affiliates with the same rights it would have if it were not Trustee, Paying Agent, Registrar or such other agent. 

Section 6.6    Money Held in Trust. Money held by the Trustee hereunder shall be held in trust to the extent required herein. The Trustee shall be under no liability for interest on any Money received by it hereunder
except to the extent of income or other gain on investments which are deposits in or certificates of deposit of the Bank in its commercial capacity and income or other gain actually received by the Trustee on Eligible Investments. 

Section10.2Section 6.7    Compensation and Reimbursement. . 

(a)    The Issuer agrees: 

(i)    to pay the Trustee on each Payment Date reasonable compensation, as set forth in a separate fee
schedule delivered to the Issuer in connection with this Indenture, for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(ii)    except as otherwise expressly provided herein, to reimburse the Trustee in a timely manner upon its
request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture or other Transaction Document (including, without limitation, securities transaction charges and the
reasonable compensation and expenses and disbursements of its agents and legal counsel and of any accounting firm or investment banking firm employed by the Trustee pursuant to Section 5.4, 5.5, 6.3(c) or
10.7, except any such expense, disbursement or advance as may be attributable to its negligence, willful misconduct or bad faith) but with respect to securities transaction charges, only to the extent any such charges have not been waived
during a Collection Period due to the Trustee’s receipt of a payment from a financial institution with respect to certain Eligible Investments, as specified by the Collateral Manager; 

(iii)    to indemnify the Trustee and its Officers, directors, employees and agents for, and to hold them
harmless against, any loss, liability or expense (including reasonable 

  
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attorneys’ fees and expenses) incurred without negligence, willful misconduct or bad faith on their part, arising out of or in connection with the acceptance or administration of this trust
or the performance of its duties hereunder, including the costs and expenses of defending themselves (including reasonable attorney’s fees and costs) against any claim or liability in connection with the exercise or performance of any of their
powers or duties hereunder and under any other agreement or instrument related hereto; and 
 (iv)    to
pay the Trustee reasonable additional compensation together with its expenses (including reasonable counsel fees) for any collection or enforcement action taken pursuant to Section 6.13 or
Article V, respectively. 
 (b)    The Trustee shall receive amounts pursuant to this
Section 6.7 and any other amounts payable to it under this Indenture or in any of the Transaction Documents to which the Trustee is a party only as provided in Sections 11.1(a)(i), (ii) and
(iii) but only to the extent that funds are available for the payment thereof. Subject to Section 6.9, the Trustee shall continue to serve as Trustee under this Indenture notwithstanding the fact that the
Trustee shall not have received amounts due it hereunder; provided that nothing herein shall impair or affect the Trustee’s rights under Section 6.9. No direction by the Holders shall affect the right of the
Trustee to collect amounts owed to it under this Indenture. If, on any date when a fee or an expense shall be payable to the Trustee pursuant to this Indenture, insufficient funds are available for the payment thereof, any portion of a fee or an
expense not so paid shall be deferred and payable on such later date on which a fee or an expense shall be payable and sufficient funds are available therefor. 

(c)    The Trustee hereby agrees not to cause the filing of a petition in bankruptcy for the non-payment to the Trustee of any amounts provided by this Section 6.7 until at least one year (or, if longer, the applicable preference period then in effect) plus one day, after the
payment in full of all Notes issued under this Indenture. 
 (d)    The Issuer’s payment obligations to the Trustee
under this Section 6.7 shall be secured by the lien of this Indenture payable in accordance with the Priority of Payments, and shall survive the discharge of this Indenture and the resignation or removal of the Trustee.

 (e)    Without limiting Section 5.4, the Trustee hereby agrees not to cause the filing of a
petition in bankruptcy against the Issuer or the Co Issuer on its own behalf or on behalf of the Secured Parties until at least one year (or, if longer, the
applicable preference period) plus one day after the payment in full of all of the Notes. 
 Section 6.8    Corporate Trustee Required; Eligibility. There shall at all times be a Trustee
hereunder which shall be an Independent organization or entity organized and doing business under the laws of the United States or of any state thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and
surplus of at least U.S.$200,000,000, subject to supervision or examination by federal or state authority, having (x) for so long as any Notes rated by Fitch remain Outstanding and rated by Fitch, the Fitch Eligible Counterparty Ratings, and
(y) a long-term issuer credit rating of at least “BBB+” by S&P and having an office within the United States, and who makes the representations contained in Section 6.17. If such organization or entity
publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then 

  
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for the purposes of this Section 6.8, the combined capital and surplus of such organization or entity shall be deemed to be its combined capital and surplus as set forth in its most recent
published report of condition. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 6.8, it shall resign immediately in the manner and with the effect hereinafter specified
in this Article VI. 

Section10.3Section 6.9    Resignation and Removal; Appointment of Successor. . 

(a)     No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this
Article VI shall become effective until the acceptance of appointment by the successor Trustee under Section 6.10. 

(b)    Subject to Section 6.9(a), the Trustee may resign at any time by giving not less than
30 days’ written notice thereof to the Issuers, the Collateral Manager, the Holders of the
Securities and each Rating Agency. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees satisfying the requirements of Section 6.8 by written instrument, in duplicate,
executed by a Responsible Officer of the Issuer, one copy of which shall be delivered to the Trustee so resigning and one copy to the successor Trustee or Trustees, together with a copy to each Holder and the Collateral Manager; provided that
such successor Trustee shall be appointed only upon the Act of a Majority of the Securities of each Class or, at any time when an Event of Default shall have occurred and be continuing, by an Act of a Majority of the Controlling Class. If no
successor Trustee shall have been appointed and an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee or any Holder,
on behalf of itself and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee satisfying the requirements of Section 6.8. 

(c)    The Trustee may be removed at any time upon 30 days written notice by an Act of a Majority of the Controlling
Class and a Majority of the Preferred Shares or, at any time when an Event of Default shall have occurred and be continuing by an Act of a Majority of the Controlling Class, delivered to the Trustee and to the Issuer. 

(d)    If at any time: 

(i)    the Trustee shall cease to be eligible under Section 6.8 and shall fail to
resign after written request therefor by the Issuer or by any Holder; or 
 (ii)    the Trustee shall
become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation; 
 then, in any such case (subject to Section 6.9(a)),
(A) the Issuer, by Issuer Order, may remove the Trustee, or (B) subject to Section 5.15, any Holder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee. 

  
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 (e)    If the Trustee shall be removed or become incapable of acting, or
if a vacancy shall occur in the office of the Trustee for any reason (other than resignation), the Issuer, by Issuer Order, shall promptly appoint a successor Trustee. If the Issuer shall fail to appoint a successor Trustee within 30 days after such
removal or incapability or the occurrence of such vacancy, a successor Trustee may be appointed by a Majority of the Controlling Class by written instrument delivered to the Issuer and the retiring Trustee. The successor Trustee so appointed
shall, forthwith upon its acceptance of such appointment, become the successor Trustee and supersede any successor Trustee proposed by the Issuer. If no successor Trustee shall have been so appointed by the Issuer or a Majority of the Controlling
Class and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15, the Trustee or any Holder may, on behalf of itself and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor Trustee. 
 (f)    The Issuer shall give prompt notice of each
resignation and each removal of the Trustee and each appointment of a successor Trustee by mailing written notice of such event by first class mail, postage prepaid, to the Collateral Manager, to each Rating Agency and to the Holders of the
Securities as their names and addresses appear in the Register (or, if applicable, the Share Register). Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office. If the Issuer fails to mail such
notice within ten days after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be given at the expense of the Issuer. 

Section 6.10    Acceptance of Appointment by Successor. Every successor Trustee appointed hereunder shall meet the requirements of Section 6.8, shall make the representations and warranties
contained in Section 6.17, and shall execute, acknowledge and deliver to the Issuer and the retiring Trustee an instrument accepting such appointment. In addition, so long as the retiring Trustee is the same institution as
the Collateral Administrator, unless otherwise agreed to in writing by the Issuer, the successor and the retiring institutions, such successor Trustee shall automatically become, and hereby so agrees to be, the Collateral Administrator pursuant to
Section 7(b) of the Collateral Administration Agreement and shall assume the duties of the Collateral Administrator under the terms and conditions of the Collateral Administration Agreement in its acceptance of appointment
as successor Trustee until such time, if any, as it is replaced as Collateral Administrator by the Issuer pursuant to the Collateral Administration Agreement. Upon delivery of the required instruments, the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Trustee; but, on request of the Issuer or a
Majority of any Class of Securities or the successor Trustee or successor Collateral Administrator, as applicable, such retiring Trustee shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and Money held by such retiring Trustee hereunder. Upon request of any such successor
Trustee, the Issuers shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts. 
 Section 6.11    Merger, Conversion, Consolidation or Succession to Business of Trustee. Any
organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion 

  
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or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor
of the Trustee hereunder; provided that such organization or entity shall be otherwise qualified and eligible under this Article VI, without the execution or filing of any paper or any further act on the part of any
of the parties hereto. In case any of the Notes has been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver
the Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes. 
 Section 6.12    Co-TrusteesCo-Trustees. At any time or times, the Issuer and the Trustee shall have power to appoint one or more Persons to act as co-trustee (subject to the satisfaction of the Global Rating Agency Condition), jointly with the Trustee, of all or any part of the Assets, with the power to file such proofs of claim and take such other actions
pursuant to Section 5.6 herein and to make such claims and enforce such rights of action on behalf of the Holders, as such Holders themselves may have the right to do, subject to the other provisions of this
Section 6.12. 
 The Issuer shall join with the Trustee in the execution, delivery and performance
of all instruments and agreements necessary or proper to appoint a co-trustee. If the Issuer does not join in such appointment within 15 days after the receipt by them of a request to do so, the Trustee shall
have the power to make such appointment. 
 Should any written instrument from the Issuer be required by any
co-trustee so appointed, more fully confirming to such co-trustee such property, title, right or power, any and all such instruments shall, on request, be executed,
acknowledged and delivered by the Issuer. The Issuer agrees to pay, to the extent funds are available therefor under Section 11.1(a)(i)(A), for any reasonable fees and expenses in connection with such appointment. 

Every co-trustee shall, to the extent permitted by law, but to such extent only, be appointed subject
to the following terms: 
 (g)(a)    the Notes shall be authenticated and delivered and all rights, powers, duties and obligations
hereunder in respect of the custody of securities, Cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely by the Trustee; 

(h)(b)    the
 rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by the appointment of a co-trustee shall be conferred or imposed upon and exercised or
performed by the Trustee or by the Trustee and such co-trustee jointly as shall be provided in the instrument appointing such co-trustee; 

(i)(c)    the Trustee at any time, by an instrument in writing executed by it, with the concurrence of the
Issuer evidenced by an Issuer Order, may accept the resignation of or remove any co-trustee appointed under this Section 6.12, and in case an Event of Default has occurred and is
continuing, the Trustee shall have the power to accept the resignation of, or remove, any such co-trustee without the concurrence of the Issuer. A successor to any
co-trustee so resigned or removed may be appointed in the manner provided in this Section 6.12; 

  
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(j)(d)    no co-trustee hereunder shall be personally liable by
reason of any act or omission of the Trustee hereunder; 

(k)(e)    the Trustee shall not be liable by reason of any act or omission of a co-trustee; and 

(l)(f)    any Act of the Holders delivered to the Trustee shall be deemed to have been delivered to each co-trustee. 
 The Issuer shall notify each Rating Agency of the appointment of a co-trustee hereunder. 

Section 6.13    Certain Duties of Trustee Related to Delayed Payment of Proceeds and the Assets. If the Trustee shall not have received a payment with respect to any Asset on its Due Date, (a) the Trustee shall
promptly notify the Issuer and the Collateral Manager in writing and (b) unless within three (3) Business Days (or the end of the applicable grace period for such payment, if any) after such notice (x) such payment shall have
been received by the Trustee or (y) the Issuer, in its absolute discretion (but only to the extent permitted by Section 10.2(a)), shall have made provision for such payment satisfactory to the Trustee in accordance
with Section 10.2(a), the Trustee shall, not later than the Business Day immediately following the last day of such period and in any case upon request by the Collateral Manager, request the issuer of such Asset, the
trustee under the related Underlying Document or a paying agent designated by either of them, as the case may be, to make such payment not later than three (3) Business Days after the date of such request. If such payment is not made within
such time period, the Trustee, subject to the provisions of clause (iv) of Section 6.1(c), shall take such action as the Collateral Manager shall direct. Any such action shall be without prejudice to any right to claim
a Default or Event of Default under this Indenture. If the Issuer or the Collateral Manager requests a release of an Asset and/or delivers an additional Collateral Obligation in connection with any such action under the Collateral Management
Agreement or under this Indenture, such release shall be subject to Section 10.8 and Article XII of this Indenture, as the case may be. Notwithstanding any other provision hereof, the Trustee shall
deliver to the Issuer or its designee any payment with respect to any Asset or any additional Collateral Obligation received after the Due Date thereof to the extent the Issuer previously made provisions for such payment satisfactory to the Trustee
in accordance with this Section 6.13 and such payment shall not be deemed part of the Assets. 
 Reasonably
promptly after receipt thereof, the Trustee will notify and provide to the Collateral Manager on behalf of the Issuer a copy of any documents, financial reports, legal opinions or any other information including, without limitation, any notices,
reports, requests for waiver, consent requests or any other requests or communications relating to the Assets or any Obligor or to actions affecting the Assets or any Obligor. Upon reasonable request by the Collateral Administrator or the Collateral
Manager, the Trustee further agrees to provide to the requesting Person from time to time, on a timely basis, any information in its possession relating to the Collateral Obligations, the Equity Securities and the Eligible Investments as requested
so as to enable the requesting Person to perform its duties hereunder, under the Collateral Administration Agreement or under the Collateral Management Agreement, as applicable. 

  
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Section 6.14    Authenticating
AgentsAuthenticating Agents. Upon the request of the
Applicable Issuer, the Trustee shall, and if the Trustee so chooses the Trustee may, appoint one or
more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with the issuance, transfers and exchanges under Sections 2.4, 2.5, 2.6,
2.7 and 8.5, as fully to all intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an
Authenticating Agent pursuant to this Section 6.14 shall be deemed to be the authentication of Notes by the Trustee. 

Any Person into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from
any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any Person succeeding to the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without
the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. 

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and the Applicable Issuer. The Trustee may at any time terminate the agency of any Authenticating Agent by giving written
notice of termination to such Authenticating Agent and the Applicable Issuer. Upon receiving such
notice of resignation or upon such a termination, the Trustee shall, upon the written request of the Applicable Issuer, promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the
Applicable Issuer. 

Unless the Authenticating Agent is also the same entity as the Trustee, the Applicable Issuer agrees to pay to each Authenticating Agent from time to time reasonable compensation for its
services, and reimbursement for its reasonable expenses relating thereto as an Administrative Expense. The provisions of Sections 2.9, 6.4 and 6.5 shall be applicable to any Authenticating Agent. 

Section 6.15    WithholdingWithholding. If any withholding tax is imposed by applicable law on the
Issuer’s payments (or allocations of income) under the Notes, such tax shall reduce the amount otherwise distributable to the relevant Holder. The Trustee and any other Paying Agent are hereby authorized and directed to retain from amounts
otherwise distributable to any Holder sufficient funds for the payment of any such tax that is legally owed or required to be withheld by the Issuer (but such authorization shall not prevent the Trustee or any such other Paying Agent from contesting
any such tax in appropriate Proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such Proceedings) and to timely remit such amounts to the appropriate taxing authority. The amount of any withholding tax
imposed with respect to any Note shall be treated as Cash distributed to the relevant Holder at the time it is withheld by the Trustee or any other Paying Agent. If there is a reasonable possibility that withholding is required by applicable law
with respect to a distribution, the Paying Agent or the Trustee may, in its sole discretion, withhold such amounts in accordance with this Section 6.15. If any Holder or beneficial owner wishes to apply for a refund of any
such withholding tax, the Trustee or such other Paying Agent shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees to reimburse the Trustee or such Paying Agent for any out of pocket
expenses incurred. Nothing herein shall impose an obligation on the part of the Trustee or any other Paying Agent to determine the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Notes.

  
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Section 6.16    Fiduciary for Holders Only; Agent for Each Other Secured Party.
With respect to the security interest created hereunder, the delivery of any item of Asset to the Trustee is to the Trustee as representative of the Holders and agent for each other Secured Party. In furtherance of the foregoing, the possession by
the Trustee of any Asset, and the endorsement to or registration in the name of the Trustee of any Asset (including without limitation as entitlement holder of the Custodial Account) are all undertaken by the Trustee in its capacity as
representative of the Holders, and agent for each other Secured Party. 
 Section
 6.17    Representations and Warranties of the Bank. The Bank hereby
represents and warrants as follows, in its individual capacity and in its capacities as described below (and any Person that becomes a successor Trustee pursuant to Sections 6.9, 6.10, or 6.11 or a co-trustee pursuant to Section 6.12 represents and warrants as follows in its individual capacity and in its capacity as Trustee where applicable): 

(m)(a)    
Organization. The Bank has been duly organized and is validly existing as a trust company with trust powers under the laws of the Commonwealth of Massachusetts and has the power to conduct
its business and affairs as a trustee, paying agent, registrar, transfer agent, custodian, calculation agent and securities intermediary. 

(n)(b)    
Authorization; Binding Obligations. The Bank has the corporate power and authority to perform the duties and obligations of Trustee, Paying Agent, Registrar, Transfer Agent, Custodian,
Calculation Agent and Securities Intermediary under this Indenture. The Bank has taken all necessary corporate action to authorize the execution, delivery and performance of this Indenture, and all of the documents required to be executed by the
Bank pursuant hereto. This Indenture has been duly authorized, executed and delivered by the Bank and constitutes the legal, valid and binding obligation of the Bank enforceable in accordance with its terms subject, as to enforcement, (i) to
the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Bank and
(ii) to general equitable principles (whether enforcement is considered in a proceeding at law or in equity). 
 (o)(c)    Eligibility. The Bank is eligible under Section 6.8 to serve as
Trustee hereunder. 
 (p)(d)    No
Conflict. Neither the execution, delivery and performance of this Indenture, nor the consummation of the transactions contemplated by this Indenture, (i) is prohibited by, or requires the Bank to obtain any consent, authorization, approval
or registration under, any law, statute, rule, regulation, judgment, order, writ, injunction or decree that is binding upon the Bank or any of its properties or assets, or (ii) will violate any provision of, result in any default or
acceleration of any obligations under, result in the creation or imposition of any lien pursuant to, or require any consent under, any material agreement to which the Bank is a party or by which it or any of its property is bound. 

  
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(q)(e)    
Ownership of Securities. On the date of its appointment as Trustee, the Trustee does not own any Securities and has no present intention of acquiring any Securities although it is not
restricted from doing so in the future as provided in Section 6.5. 
 ARTICLE XIARTICLE VII

 COVENANTS 

COVENANTS 

Section 7.1    Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of
and interest on the Secured Notes, in accordance with the terms of such Secured Notes and this Indenture pursuant to the Priority of Payments. The Issuer will, to the extent funds are lawfully available therefor pursuant to the Priority of Payments,
duly and punctually pay all required distributions on the Preferred Shares, in accordance with this Indenture and the Memorandum and ArticlesLimited Liability Company Agreement. 

Amounts properly withheld under the Code or other applicable law by any Person from a payment under a Security shall be considered as having
been paid by the Issuer to the relevant Holder for all purposes of this Indenture. 
 Section
 7.2    Maintenance of Office or Agency. The Issuers hereby appoints the
Trustee as a Paying Agent for payments or distributions on the Securities, and appoint the Trustee as Transfer Agent at its applicable Corporate Trust Office as the Issuer’s agent where Notes may be surrendered for registration of transfer or
exchange. 
 The Issuer may at any time and from time to time vary or terminate the appointment of any such agent or appoint any
additional agents for any or all of such purposes and no paying agent shall be appointed in a jurisdiction which subjects payments or distributions on the Securities to withholding tax solely as a result of such Paying Agent’s activities. The
Issuers shall at all times maintain a duplicate copy of the Register at the Corporate Trust Office. The
Issuers shall give prompt written notice to the Trustee, each Rating Agency and the Holders of the
appointment or termination of any such agent and of the location and any change in the location of any such office or agency. 
 If
at any time the Issuers shall fail to maintain any such required office or agency, or shall fail to furnish
the Trustee with the address thereof, presentations and surrenders may be made (subject to the limitations described in the preceding paragraph), notices and demands may be served on the Issuers, and Notes may be presented and surrendered for payment to the Trustee at its main office, and the Issuers hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and demands. 

The Issuers shall maintain and implement administrative and operating procedures reasonably necessary in the performance of their obligations hereunder, and the Issuer shall keep and maintain or cause the Administratorits Independent manager to keep or maintain at all times, or cause to be kept and maintained at all times in the Cayman IslandsState of Delaware, all documents, books, records, accounts and other information as are required under the laws of the
Cayman IslandsState of Delaware. 

  
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 The
Issuers shall maintain an Issuer’s’ Notice Agent at all times. If at any time the Issuers fails to maintain any such required office or agency in the United States, or fail to furnish the Trustee with the address thereof, notices and demands may be served directly on the Issuers. For the avoidance of doubt, notices to the Issuers under the Transaction Documents shall be delivered in accordance with Section 14.3.

 Section 7.3    Money for Note Payments to Be Held in Trust. All payments of amounts due and payable with respect to any Securities that are to be made from amounts withdrawn from the Payment Account shall be made on
behalf of the Issuer (and, in the case of the Co Issued Notes, the Issuers) by the Trustee or a
Paying Agent with respect to payments or distributions on the Securities. 
 When the Issuers shall have a Paying Agent that is not also the Registrar, the Issuers shall furnish, or cause the Registrar to furnish, no later than the fifth day after each Record Date a list, if
necessary, in such form as such Paying Agent may reasonably request, of the names and addresses of the Holders and of the certificate numbers of individual Notes held by each such Holder. 

Whenever the Issuers shall have a Paying Agent other than the Trustee, the Issuers
shall, on or before the Business Day next preceding each Payment Date and on any Redemption Date, as the case may be, direct the Trustee to deposit on such Payment Date or such Redemption Date, as the case may be, with such Paying Agent, if
necessary, an aggregate sum sufficient to pay the amounts then becoming due (to the extent funds are then available for such purpose in the Payment Account), such sum to be held in trust for the benefit of the Persons entitled thereto and (unless
such Paying Agent is the Trustee) the Issuers shall promptly notify the Trustee of its action or
failure so to act. Any Monies deposited with a Paying Agent (other than the Trustee) in excess of an amount sufficient to pay the amounts then becoming due on the Securities with respect to which such deposit was made shall be paid over by such
Paying Agent to the Trustee for application in accordance with Article XI. 
 The initial Paying Agent
shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed by Issuer Order with written notice thereof to the Trustee; provided that, so long as the Notes of any Class are
rated by a Rating Agency, with respect to any additional or successor Paying Agent, either (i) such Paying Agent has (x) for so long as any Class A-1 Notes are Outstanding and rated by Fitch,
the Fitch Eligible Counterparty Ratings and (y) a long-term issuer credit rating of “A+” or higher by S&P or a short-term debt rating of “A -1” by S&P or (ii) the Global Rating Agency Condition is
satisfied. If such successor Paying Agent ceases to have any such minimum rating specified in clause (i) of the immediately preceding sentence, the Issuer shall promptly remove such Paying Agent and appoint a successor Paying Agent. The Issuers shall not appoint any Paying Agent that is not, at the time of such appointment, a depository institution or
trust company subject to supervision and examination by federal and/or state and/or national banking authorities. The Issuers shall cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee and if the Trustee acts as Paying Agent, it hereby
so agrees, subject to the provisions of this Section 7.3, that such Paying Agent will: 

  
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 (a)    allocate all sums received for payment to the Holders of
Securities for which it acts as Paying Agent on each Payment Date and any Redemption Date among such Persons in the proportion specified in the applicable Distribution Report to the extent permitted by applicable law; 

(b)    hold all sums held by it for the payment of amounts due with respect to the Securities in trust for the benefit of
the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(c)    if such Paying Agent is not the Trustee, immediately resign as a Paying Agent and forthwith pay to the Trustee all
sums held by it in trust for the payment of the Securities if at any time it ceases to meet the standards set forth above required to be met by a Paying Agent at the time of its appointment; 

(d)    if such Paying Agent is not the Trustee, immediately give the Trustee notice of any default by the Issuer in the
making of any payment required to be made; and 
 (e)    if such Paying Agent is not the Trustee, during the continuance
of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 

The Issuers may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in
trust by the Issuers or such Paying Agent, such sums to be held by the Trustee upon the same trusts as
those upon which such sums were held by the Issuers or such Paying Agent; and, upon such payment by
any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such Money. 
 Except
as otherwise required by applicable law, any Money deposited with the Trustee or any Paying Agent in trust for any payment on any Securities and remaining unclaimed for two years after such amount has become due and payable shall be paid to the
Issuer on Issuer Order; and the Holder of such Securities shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of such amounts (but only to the extent of the amounts so paid to the Issuer) and all liability of
the Trustee or such Paying Agent with respect to such trust Money shall thereupon cease. The Trustee or such Paying Agent, before being required to make any such release of payment, may, but shall not be required to, adopt and employ, at the expense
of the Issuers any reasonable means of notification of such release of payment, including, but not limited
to, mailing notice of such release to Holders whose Securities have been called but have not been surrendered for redemption or whose right to or interest in Monies due and payable but not claimed is determinable from the records of any Paying
Agent, at the last address of record of each such Holder. 

Section11.2Section 7.4    Existence of the Issuers. . 

(a)    Each of theThe Issuer and Co-Issuer
shall take all reasonable steps to maintain its identity as a separate legal entity from that of its
shareholders or
members, as applicable. Each of the. The Issuer and the Co-Issuer
shall keep its registered office or principal 

  
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place of business (as the case may be) in the same city, state and country indicated in the address specified in Section 14.3. Each of theThe Issuer
and the Co-Issuer shall keep separate books and records and shall not commingle its respective funds with those of any other Person. The Issuer and the Co-Issuer shall keep in full force and effect theirits rights and
franchises as an exempted company incorporated under the laws of the Cayman Islands and as a limited
liability company organized under the laws of the State of Delaware, respectively, shall comply with
the provisions of their respectiveits Organizational Documents and shall obtain and preserve theirits qualification to do business as foreign corporations in each jurisdiction in which such qualifications are or shall be
necessary to protect the validity and enforceability of this Indenture, the Securities or any of the Assets; provided that, subject to Cayman
Islands law, the Issuer shall be entitled to change its jurisdiction of incorporation from the Cayman Islands to any other jurisdiction reasonably selected by the Issuer and approved by a Majority of the Preferred Shares in accordance with the
Memorandum and Articles, so long as (i) the
Issuer has received an Opinion of Counsel (upon which the Trustee may conclusively rely) to the effect that such change is not disadvantageous in any material respect to the Holders, (ii) written notice of such change shall have been given to the Trustee by
the Issuer, which notice shall be promptly forwarded by the Trustee to the Holders, the Collateral Manager and each Rating Agency,
(iii) the Global Rating Agency Condition is
satisfied and (iv) on or prior to the 15th
Business Day following receipt of such notice the Trustee shall not have received written notice from a Majority of the Controlling
Class objecting to such change.. 

(b)    Each of the Issuer and the
Co -The Issuer shall (i) ensure that all corporate (or, in the case of the Co Issuer, limited liability company) or other formalities regarding its existence (including, to the extent required by applicable law, holding
regular board of directors’, partners’, members’, managers’ and shareholders’ or other similar meetings) are followed, (ii) conduct business in its own name, (iii) correct any known misunderstanding as to its
separate existence, (iv) maintain separate financial statements (if any), (v) maintain an arm’s -length relationship with any Affiliates, (vi) maintain adequate capital in light of its contemplated business operations and, (vii) not
commingle its funds with those of any other entity. Neither the Issuer nor the Co-Issuer shall and (viii) pay its own liabilities out of its own funds. The Issuer shall not take any action, or conduct its affairs in a manner,
that is likely to result in its separate existence being ignored or in its assets and liabilities being substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. Without limiting the foregoing,
(i) the Issuer shall not have any subsidiaries (other than the
Co Issuer and any subsidiaries necessitated by a change of jurisdiction pursuant to clause (a) above, subject to satisfaction of the Global Rating Agency Condition in the case of such clause (a) above), and (ii) the
Co Issuer shall not have any subsidiaries and (iii) the Issuer and the Co Issuer shall not (A) have any employees (other than their respectiveits
directors, manager and officers) to the extent they are employees, (B) engage in any transaction with any shareholder, member or partner that would constitute a conflict of interest (provided that each Transaction Document shall not be
deemed to be such a transaction that would constitute a conflict of interest) or (C) pay dividends or make distributions to its owners other than in accordance with the provisions of this Indenture. This Section 7.4(b)
shall not be binding forto the extent inconsistent with the status
of the Issuer as an entity disregarded from its sole owner for U.S. federal income tax purposes. 

(c)    The Co-Issuer will at all times have at least one Independent manager under the Limited Liability Company Agreement. 

  
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 Section
11.3Section 7.5    Protection of Assets. . 

(a)    The Collateral Manager on behalf of the Issuer will cause the taking of such action within the Collateral
Manager’s control as is reasonably necessary in order to maintain the perfection and priority of the security interest of the Trustee in the Assets; provided that the Collateral Manager shall be entitled to rely on any Opinion of Counsel
delivered pursuant to Section 7.6 and any Opinion of Counsel with respect to the same subject matter delivered pursuant to Section 3.1(a)(iii) to determine what actions are reasonably necessary,
and shall be fully protected in so relying on such an Opinion of Counsel, unless the Collateral Manager has actual knowledge that the procedures described in any such Opinion of Counsel are no longer adequate to maintain such perfection and
priority. The Issuer shall from time to time execute and deliver all such supplements and amendments hereto and file or authorize the filing of all such Financing Statements, continuation statements, instruments of further assurance and other
instruments, and shall take such other action as may be necessary or advisable or desirable to secure the rights and remedies of the Holders of the Notes hereunder and to: 

(i)    grant more effectively all or any portion of the Assets; 

(ii)    maintain, preserve and perfect any Grant made or to be made by this Indenture including, without
limitation, the first priority nature of the lien or carry out more effectively the purposes hereof; 

(iii)    perfect, publish notice of or protect the validity of any Grant made or to be made by this
Indenture (including, without limitation, any and all actions necessary or desirable as a result of changes in law or regulations); 

(iv)    enforce any of the Assets or other instruments or property included in the Assets; 

(v)    preserve and defend title to the Assets and the rights therein of the Trustee, for the benefit of
the Secured Parties, in the Assets against the claims of all Persons and parties; or 
 (vi)    pay or
cause to be paid any and all taxes levied or assessed upon all or any part of the Assets. 
 The Issuer hereby designates the Trustee as its agent and
attorney in fact to prepare and file and hereby authorizes the filing of any Financing Statement, continuation statement and all other instruments, and take all other actions, required pursuant to this Section 7.5. Such
designation shall not impose upon the Trustee, or release or diminish, the Issuer’s and the Collateral Manager’s obligations under this Section 7.5. The Issuer further authorizes and shall cause the Issuer’s
counsel to file without the Issuer’s signature an initial Financing Statement on the Closing Date that names the Issuer as debtor and the Trustee, on behalf of the Secured Parties, as secured party and that describes “all personal property
of the Issuer now owned or hereafter acquired” as the Assets in which the Trustee has a Grant. 
 (b)    The
Trustee shall not, except in accordance with Section 5.5 or Section 10.8(a), (b) and (c), as applicable, permit the removal of any portion of the Assets or

  
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transfer any such Assets from the Account to which it is credited, or cause or permit any change in the Delivery made pursuant to Section 3.3 with respect to any Assets,
if, after giving effect thereto, the jurisdiction governing the perfection of the Trustee’s security interest in such Assets is different from the jurisdiction governing the perfection at the time of delivery of the most recent Opinion of
Counsel pursuant to Section 7.6 (or, if no Opinion of Counsel has yet been delivered pursuant to Section 7.6, the Opinion of Counsel delivered at the Closing Date pursuant to
Section 3.1(a)(iii)) unless the Trustee shall have received an Opinion of Counsel to the effect that the lien and security interest created by this Indenture with respect to such property and the priority thereof will
continue to be maintained after giving effect to such action or actions. 
 Section
 7.6    Opinions as to Assets. Within the six month period preceding the fifth anniversary of the Closing Date (and every five years thereafter), the Issuer
shall furnish to the Trustee and each Rating Agency an Opinion of Counsel relating to the continued perfection of the security interest granted by the Issuer to the Trustee, stating that, as of the date of such opinion, the lien and security
interest created by this Indenture with respect to the Assets remain perfected and that no further action (other than as specified in such opinion) needs to be taken to ensure the continued perfection of such lien over the next five years.

 Section 11.4Section 7.7    Performance of Obligations. . 

(a)    The Issuers shall not take any action, and will use its best efforts not to permit any action to be taken by others, that would release any Person from any of such Person’s covenants or obligations under any instrument
included in the Assets, except in the case of enforcement action taken with respect to any Defaulted Obligation in accordance with the provisions hereof and actions by the Collateral Manager under the Collateral Management Agreement and in
conformity therewith or with this Indenture, as applicable, or as otherwise required hereby or deemed necessary or advisable by the Collateral Manager in accordance with the Collateral Management Agreement. 

(b)    The Issuer shall notify each Rating Agency within ten (10) Business Days after it has received notice from any
Holder or the Trustee of any material breach of any Transaction Document, following any applicable cure period for such breach. 
 Section
11.5Section 7.8    [Reserved].. 

Section 11.6Section 7.9    Negative Covenants. . 

(a)    The Issuer will not from and after the Closing Date: 

(i)    sell, transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise
encumber (or permit such to occur or suffer such to exist), any part of the Assets, except as expressly permitted by this Indenture and the Collateral Management Agreement; 

(ii)    claim any credit on, make any deduction from, or dispute the enforceability of payment of the
principal or interest payable (or any other amount) in respect of the Securities (other than amounts withheld or deducted in accordance with the Code or any
applicable laws of the Cayman Islands); 

  
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 (iii)    (A) incur or assume or guarantee any
indebtedness, other than the Notes, this Indenture and the transactions contemplated hereby or (B) issue any additional notes, securities or ownership interests after the Closing Date (other than Additional Securities or securities issued in
connection with a Refinancing); 
 (iv)    (A) permit the validity or effectiveness of this
Indenture or any Grant hereunder to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this
Indenture or the Securities except as may be permitted hereby or by the Collateral Management Agreement, (B) except as permitted by this Indenture, permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance (other
than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden any part of the Assets, any interest therein or the proceeds thereof, or (C) except as permitted by this Indenture, take any action that would
permit the lien of this Indenture not to constitute a valid first priority security interest in the Assets; 

(v)    amend the Collateral Management Agreement except pursuant to the terms thereof and Article XV
of this Indenture; 
 (vi)    dissolve or liquidate in whole or in part, except as permitted hereunder or
required by applicable law (to the extent such matters are within its power and control); 
 (vii)    pay
any Cash distributions other than in accordance with the Priority of Payments; 
 (viii)    conduct
business under any name other than its own; 
 (ix)    make or incur any capital expenditures, except as
reasonably required to perform its functions in accordance with the terms of this Indenture; 

(x)    become liable in any way, whether directly or by assignment or as a guarantor or other surety, for
the obligations of the lessee under any lease, hire any employees or make any distributions to the Issuer; 

(xi)    enter into any transaction with any Affiliate or any Holder of Securities other than (A) the
transactions contemplated by the Transaction Documents, (B) the transactions relating to the offering and sale of the Securities or (C) the purchase of any Collateral Obligation in accordance with the terms of this Indenture; 

(xii)    maintain any bank accounts, other than the Accounts and the Issuer’s bank account in the Cayman Islands (if any); 

(xiii)    change its name without first delivering to the Trustee and each Rating Agency notice thereof and
an Opinion of Counsel that after giving effect to the name change the security interest under this Indenture is perfected to the same extent as it was prior to such name change; 

  
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 (xiv)    have any subsidiaries other than the Co-Issuer and any subsidiaries necessitated by a change of jurisdiction pursuant to
Section 7.4 (subject to satisfaction of Global Rating Agency Condition); 

(xv)    transfer its
equity interest in the Co-Issuer so long as any
Co-Issued Notes are Outstanding[Reserved]; 

(xvi)    permit the Issuer to be a U.S. Person or a U.S. resident (as determined for purposes of the 1940
Act); 
 (xvii)    elect to be treated for U.S. federal income tax purposes as other than a disregarded
entity or partnership (that is not a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes); 

(xviii)    fail to pay any tax, assessment, charge or fee with respect to the Assets, or fail to defend any
action, if such failure to pay or defend may adversely affect the priority or enforceability of the lien over the Assets created by this Indenture; and 

(xix)    amend or waive any “non-petition” and “limited recourse” provisions in any
agreements that require such provisions pursuant to Section 7.9(c), unless the Global Rating Agency Condition is satisfied;
and. 

(b)    The Co-Issuer shall not, except as expressly permitted under this
Indenture: 
 (i) claim any credit on, or make any deduction from, the principal or interest payable in respect of the Co-Issued Notes (other than amounts withheld in accordance with the Code or
any applicable laws of the Cayman Islands) or assert any claim against any present or future Holder by reason of the payment of any taxes levied or assessed upon any part of the Assets;

(ii)    
(A) incur, assume or guarantee, or become
directly or indirectly liable with respect to, any indebtedness or any contingent obligations, other than pursuant to the Co-Issued Notes, this Indenture and the other agreements and transactions expressly
contemplated hereby and thereby or
(B) issue any additional notes, securities or
ownership interests after the Closing Date (other than Additional Securities or securities issued in a Refinancing); 

(iii)    
(A) permit the validity or effectiveness of this
Indenture or any Grant hereunder to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to this
Indenture or the Co-Issued Notes, (B) permit any lien, charge, adverse claim, security interest, mortgage
or other encumbrance (including any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever or otherwise, other than the lien of this Indenture) to be created on or extend to or otherwise arise
upon or burden the Assets or any part thereof; any interest therein or the proceeds thereof or (C) take any action that would cause the lien of this Indenture not to constitute a valid first priority perfected security interest in the Assets;

  
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(iv)    make or incur any capital expenditures;

 (v)    become
liable in any way, whether directly or by assignment or as a guarantor or other surety, for the obligations of the lessee under any lease, hire any employees or make any distributions to its members; 

(vi)    enter into any
transaction with any Affiliate or any Holder of Securities, other than the transactions relating to the offering and sale of the Securities; 

(vii)    maintain any
bank accounts; 
 (viii)    change its name without first delivering to the Trustee notice thereof; 

(c)(b)    have any
subsidiaries;[Reserved]. 

(i)    dissolve or
liquidate in whole or in part, except as required by applicable law; 

(ii)    pay any
distributions other than in accordance with the Priority of Payments; 

(iii)    conduct business
under any name other than its own; or 
 (iv)    permit the transfer of any of its membership interests so long as any Co-Issued Notes are Outstanding. 

(d)(c)    The
Issuers shall not be party to any agreements without including customary “non-petition” and “limited recourse” provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except for any agreements to comply with
FATCA, the Cayman FATCA Legislation and the CRS or any agreements related to the purchase and sale of
any Assets which contain customary (as determined by the Collateral Manager in its sole discretion) purchase or sale terms or which are documented using customary (as determined by the Collateral Manager in its sole discretion) loan trading
documentation. 
 (e)(d)    Notwithstanding anything contained herein to the contrary, the Issuers may not acquire any of the Securities; provided that this Section 7.9(d) shall
not be deemed to limit any redemption pursuant to the terms of this Indenture. 
 Section
 7.10    Statement as to Compliance. On or before December 31st in each calendar year commencing in 2021, or promptly after a Responsible Officer of the Issuer
becomes aware thereof if there has been a Default under this Indenture and prior to the issuance of any Additional Securities pursuant to Section 2.4, the Issuer shall deliver to the Trustee (to be forwarded by the Trustee
to the Collateral Manager, each Holder making a written request therefor and each Rating Agency) an Officer’s certificate of the Issuer that, having made reasonable inquiries of the Collateral Manager, and to the best of the knowledge,
information and belief of the Issuer, there did not exist, as at a date not more than five days prior to the date of the certificate, nor had there existed at any time prior thereto since the date of the last certificate (if any), any Default
hereunder or, if such Default did then exist or had existed, specifying the same and the 

  
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nature and status thereof, including actions undertaken to remedy the same, and that the Issuer has complied with all of its obligations under this Indenture or, if such is not the case,
specifying those obligations with which it has not complied. 

Section 11.7Section 7.11    The Issuer May Consolidate, Etc. . 

(a)    TheExcept in connection with the Permitted Merger, the Issuer shall not consolidate or merge with or into any other Person or
convey or transfer its properties and assets substantially as an entirety to any Person, unless permitted by Cayman Islandsthe law of the State of Delaware
and unless: 
 (i)    the Issuer shall be the
surviving entity, or the Person (if other than the Issuer) formed by such consolidation or into which the Issuer is merged or to which the properties and assets of the Issuer are transferred (A) shall be an exempteda limited
liability company or an exempted limited partnership incorporated or formed and existing under the laws of the Cayman IslandsState of Delaware or such other jurisdiction approved by a Majority of the Controlling Class; provided that no such
approval shall be required in connection with any such transaction undertaken solely to effect a change in the jurisdiction of incorporationformation pursuant to Section 7.4, and (B) shall expressly assume, by an indenture
supplemental hereto and an omnibus assumption agreement, executed and delivered to the Trustee, each Holder, the Collateral Manager and the Collateral Administrator, the due and punctual payment of the principal of and interest on all Secured Notes,
the payments on the Preferred Shares and the performance of every covenant hereof and of each other Transaction Document on the part of the Issuer to be performed or observed, all as provided herein or therein, as applicable; 

(ii)    each Rating Agency shall have been notified in writing of such consolidation or merger and the
Global Rating Agency Condition shall have been satisfied; 
 (iii)    if the Issuer is not the surviving
entity, the Person formed by such consolidation or into which the Issuer is merged or to which the properties and assets of the Issuer are transferred substantially as an entirety shall have agreed with the Trustee (A) if the formed or
surviving Person is a company, to observe the same legal requirements for the recognition of such company as a legal entity separate and apart from any of its Affiliates as are applicable to the Issuer with respect to its Affiliates and (B) not
to consolidate or merge with or into any other Person or convey or transfer the Assets or its assets substantially as an entirety to any other Person except in accordance with the provisions of this Section 7.11; 

(iv)    if the Issuer is not the surviving entity, the Person formed by such consolidation or into which
the Issuer is merged or to which the properties and assets of the Issuer are transferred substantially as an entirety shall have delivered to the Trustee and each Rating Agency an Officer’s certificate and an Opinion of Counsel, each stating
that such Person shall be duly organized, validly existing and in good standing in the jurisdiction in which it is organized; that it has sufficient power and authority to assume the obligations set forth in paragraph (i) above and to execute
and deliver an indenture supplemental hereto and an omnibus assumption agreement for the purpose of assuming 

  
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such obligations; that such Person has duly authorized the execution, delivery and performance of an indenture supplemental hereto and an omnibus assumption agreement for the purpose of assuming
such obligations and that such supplemental indenture is a valid, legal and binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the
enforcement of creditors’ rights generally and to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and such other matters as the Trustee may reasonably require;
provided that (x) nothing in this Section 7.11(a)(iv) shall imply or impose a duty on the Trustee to require any other matters to be covered and (y) immediately following the event which causes such Person
to become the successor to the Issuer, (A) such Person has good and marketable title, free and clear of any lien, security interest or charge, other than the lien and security interest of this Indenture, to the Assets and (B) the Trustee
continues to have a valid perfected security interest in the Assets that is of first priority, free of any adverse claim or the legal equivalent thereof, as applicable; and (C) such Person will not be subject to U.S. net income tax; 

(v)    immediately after giving effect to such transaction, no Default or Event of Default shall have
occurred and be continuing; 
 (vi)    the Issuer shall have notified each Rating Agency of such
consolidation, merger, conveyance or transfer and shall have delivered to the Trustee for transmission to each Holder an Officer’s certificate (based upon the advice of counsel), stating that such consolidation, merger, conveyance or transfer
and such supplemental indenture comply with this Section 7.11, that all conditions in this Section 7.11 have been satisfied and that no adverse U.S. federal or Cayman Islands tax consequences (relative to the tax consequences of not effecting the transaction) shall result
therefrom to the Issuer or the Holders of the Securities; and 

(vii)    after giving
effect to such transaction, neither of the Issuers nor the pool of Assets will be required to register as an investment company under the 1940
Act; and 

(viii)     after giving
effect to such transaction, the outstanding interests in the Co-Issuer will not be beneficially owned within the meaning of the 1940
Act by any U.S. Person and the Issuer will not be a U.S. Person. 

(b)    The Co-Issuer shall not consolidate or merge with or into any other Person or
convey or transfer its properties and assets substantially as an entirety to any Person unless: 

(i)    the
Co-Issuer shall be the surviving entity, or the
Person (if other than the Co-Issuer) formed by such
consolidation or into which the Co-Issuer is merged
or to which the properties and assets of the
Co-Issuer are transferred shall be a limited purpose
organization organized and existing under the laws of the State of Delaware or such other jurisdiction approved by a Majority of the Controlling
Class and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee, the due and punctual payment of the principal of and interest on all
Co-Issued Notes and the performance of every covenant
of this Indenture on the part of the Co-Issuer to be
performed or observed, all as provided herein; 

  
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(ii)    each Rating
Agency shall have been notified in writing of such consolidation or merger and the Global Rating Agency Condition shall have been satisfied; 

(iii)    if the
Co-Issuer is not the surviving entity, the Person
formed by such consolidation or into which the
Co- Issuer is merged or to which the properties
and assets of the Co- Issuer are transferred
substantially as an entirety shall have agreed with the Trustee (A) to observe the same legal requirements for the recognition of such formed or surviving corporation as a legal entity separate and apart from any of its Affiliates as
are applicable to the Co- Issuer with respect to
its Affiliates and (B) not to consolidate or
merge with or into any other Person or convey or transfer its assets substantially as an entirety to any other Person except in accordance with the provisions of this -Section 7.11; 
 (iv)    if the Co-Issuer is not the surviving entity, the Person formed by such consolidation or into which the Co- Issuer is merged or to which the properties and assets of the
Co- Issuer are transferred substantially as an
entirety shall have delivered to the Trustee and each Rating Agency an Officer’s certificate and an Opinion of Counsel, each stating that such Person shall be duly organized, validly existing and in good standing in the jurisdiction in which such
Person is organized; that such Person has sufficient power and authority to assume the obligations set forth in paragraph (i) above and to execute and deliver an indenture supplemental hereto and an omnibus assumption agreement for the purpose of assuming such obligations; that such
Person has duly authorized the execution, delivery and performance of an indenture supplemental hereto and an omnibus assumption agreement for the purpose of assuming such obligations and that such supplemental indenture is a valid, legal and
binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law); and such other matters as the Trustee may reasonably require; -provided that nothing in this clause shall imply or impose a duty on the Trustee to
require any such other matters to be covered; 
 (v)    immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 

(vi)    the
Co-Issuer shall have notified each Rating Agency of
such consolidation, merger, conveyance or transfer and shall have delivered to the Trustee and each Holder of a Co- Issued Note an Officer’s certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance or transfer and such supplemental indenture comply with this
-Section 7.11, that all conditions in this
Section 7.11 have been satisfied and that no adverse U.S. federal or Cayman Islands tax consequences will result therefrom to the Co-Issuer or the Holders of the Co-Issued Notes;

 (vii)    after giving effect to such transaction,
neither of the
Issuers nor the pool of Assets will be required to register as an investment company under the 1940
Act;.

  
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Section 7.12    Successor Substitutedafter giving effect to such transaction, the outstanding ownership interests in the
Co-Issuer will not be beneficially owned within the meaning of the 1940 Act by any U.S. Person; and 

(ix)    the conditions
specified in Section 7.17(a) are satisfied. 

Successor Substituted. Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the properties and assets of the Issuer
or the Co-Issuer substantially as an entity in accordance with Section 7.11,
the Person formed by or surviving such consolidation or merger (if other than the Issuer or the Co-Issuer), or the
Person to which such consolidation, merger, conveyance or transfer is made, shall succeed to, and be substituted for, and may exercise every right and power of,
the Issuer or the Co-Issuer, as the case may be, under this Indenture with the same effect as if such Person had been named as the Issuer or the Co-Issuer, as the case may
be, herein. In the event of any such consolidation, merger, transfer or conveyance, the Person named as the “Issuer” or the
“Co-Issuer” herein or any successor which
shall theretofore have become such in the manner prescribed in this Article VII may be dissolved, wound up and liquidated at any time thereafter, and such Person thereafter shall be released, without further action by any
Person, from its liabilities as obligor on all the Securities (or with respect to the Co-Issuer, the Co-Issued Notes)
and from its obligations under this Indenture and the other Transaction Documents to which it is a party. 

Section 7.13    No Other BusinessNo Other Business. The Issuers shall not have any employees (other than its officers, directors and managers to the extent such officers, directors and managers might be considered employees) and shall not engage in any business
or activity other than issuing, selling, paying, redeeming, prepaying and refinancing the Securities pursuant to this Indenture and the Memorandum and
ArticlesLimited Liability Company Agreement, acquiring, holding, selling, exchanging, redeeming and
pledging, solely for its own account, the Assets and other incidental activities thereto, including entering into the Transaction Documents to which it is a party and such other activities which are necessary, required or advisable to accomplish the
foregoing; provided that the Issuer shall be permitted to enter into any additional agreements not expressly prohibited by Section 7.9 and to enter into any amendment, modification, or waiver of existing agreements
or such additional agreements as otherwise provided in this Indenture, including in accordance with Article VIII. The Co-Issuer shall
not engage in any business or activity other than issuing and selling the Co-Issued Notes pursuant to this Indenture and such other activities which are necessary, required or advisable to accomplish the foregoing. 

Each of theThe Issuer and Co-Issuer
will provide prior written notice to S&P of any proposed amendment to its Organizational Documents.
Neither theThe
Issuer nor the Co-Issuer shall not permit the amendment of its Organizational Documents, if such amendment would result in the rating of any Class of
Secured Notes being reduced or withdrawn without the consent of a Majority of the Holders of each Class of Securities so affected, and shall not otherwise amend its Organizational Documents, without the consent of a Majority of any one or more
Classes of Securities unless (i) the Issuer determines that such amendment would not, upon or after becoming effective, materially adversely affect the rights or interests of such Class or Classes, (ii) the Issuer gives ten days’
prior written notice to the Holders of such amendment, (iii) with respect to any such Class, a Majority of such Class do not provide written notice to the Issuer that, notwithstanding the determination of the Issuer, the Persons providing
notice have reasonably 

  
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determined that such amendment would, upon or after becoming effective, materially adversely affect such Class (the failure of any such Majority to provide such notice to the Issuer within ten
days of receipt of notice of such amendment from the Issuer being conclusively deemed to constitute hereunder consent to and approval of such amendment) and (iv) the Global Rating Agency Condition is satisfied. 

Section 11.8Section 7.14    Annual Rating Review. . 

(a)    So long as any of the Secured Notes of any Class remains Outstanding, on or before NovemberApril 20th in each
year commencing in 20212023, the Issuer shall obtain and pay for an annual review of the rating of each such Class of Secured Notes from the Rating Agencies, as applicable. The Issuer shall promptly notify the Trustee and the
Collateral Manager in writing (and the Trustee shall promptly provide the Holders with a copy of such notice) if at any time the Issuer is notified or has actual knowledge that the then-current rating of any such Class of Secured Notes has
been, or is known will be, changed or withdrawn. 
 (b)    The Issuer shall obtain and pay for an annual review
(i) by S&P of any Collateral Obligation which has an S&P Rating determined pursuant to clause (iii)(b) of the definition of “S&P Rating” and (ii) so long as any
Class A-1 Notes are Outstanding, any middle market loan that has a Fitch Rating determined pursuant to clause
(e8) under the
heading “Fitch Rating” in Schedule 6. 

Section 7.15    ReportingReporting. At any time when the Issuers
areis not
subject to Section 13 or 15(d) of the Exchange Act and are not exempt from reporting pursuant to Rule 12g3 - 2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of a Note,
the Issuers shall promptly furnish or cause to be furnished Rule 144A Information to such Holder or
beneficial owner, to a prospective purchaser of such Note designated by such Holder or beneficial owner, or to the Trustee for delivery upon an Issuer Order to such Holder or beneficial owner or a prospective purchaser designated by such Holder or
beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner with Rule 144A under the Securities Act in connection with the resale of such Note. “Rule 144A Information” shall be such
information as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto). 

Section 11.9Section 7.16    Calculation Agent. . 

(a)    The Issuers hereby agrees that for so long as any Floating Rate Note remains
Outstanding there will at all times be an agent appointed (which does not control or is not controlled or under common control with the Issuers or theirits Affiliates or the Collateral Manager or its Affiliates) to calculate the Reference RateBenchmark in respect of each Interest Accrual Period in accordance with the definition of Reference RateBenchmark
(the “Calculation Agent”). The Issuers hereby appoints the Collateral Administrator as Calculation Agent. The Calculation Agent may be removed by the Issuers or the Collateral Manager, on behalf of the Issuers, at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuers or the Collateral Manager, on behalf of the Issuers, the Issuers or the Collateral Manager, on behalf of the Issuers, will promptly appoint a replacement Calculation Agent which does not control and is not controlled by or under
common control with the Issuer or its Affiliates or the Collateral 

  
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Manager or its Affiliates and provide notice thereof to the Trustee and the Collateral Administrator. The Calculation Agent may not resign its duties or be removed without a successor having been
duly appointed. 
 (b)    The Calculation Agent shall be required to agree (and the Collateral Administrator as
Calculation Agent agrees under the Collateral Administration Agreement) that, as soon as possible after 11:00 a.m. London5:00 p.m.
 New York time on each Interest Determination Date, but in no event later than 11:00 a.m5:00 p.m
. New York time on the London BankingU.S. Government Securities Business Day immediately following each Interest Determination Date, the Calculation Agent will
calculate the Interest Rate applicable to each Class of Floating Rate Notes during the related Interest Accrual Period and the Note Interest Amount (in each case, rounded to the nearest cent, with half a cent being rounded upward) payable on
the related Payment Date in respect of such Class of Floating Rate Notes in respect of the related Interest Accrual Period. At such time, the Calculation Agent will communicate such rates and amounts to the Issuer, the Trustee, each Paying
Agent, the Collateral Manager, DTC, Euroclear and Clearstream. The Calculation Agent will also specify to the Issuer the quotations upon which the foregoing rates and amounts are based, and in any event the Calculation Agent shall notify the Issuer
before 5:00 p.m. (New York time) on every Interest Determination Date if it has not determined and is not in the process of determining any such Interest Rate or Note Interest Amount together with its reasons therefor. The Calculation Agent’s
determination of the foregoing rates and amounts for any Interest Accrual Period will (in the absence of manifest error) be final and binding upon all parties. 

Section 11.10Section 7.17    Certain Tax Matters. . 

(a)    The Issuers will treat the Issuers and the Notes as described in the
“Certain U.S. Federal Income Tax Considerations” section of the Offering Circular for all U.S. federal, state and local income tax purposes and will take no action inconsistent with such treatment unless required by law. 

(b)    The Issuer and Co-Issuer
shall prepare and file, or shall hire accountants and the accountants shall cause to be prepared and filed (and, where applicable, delivered to the Issuer or Holders) for each taxable year of
the Issuer and the Co-Issuer the federal, state and local income tax returns and reports as required
under the Code, or any tax returns or information tax returns required by any governmental authority which the Issuer and the Co-Issuer areis required to file (and, where applicable, deliver), and shall provide to each Holder any information that such Holder
reasonably requests in order for such Holder to comply with its U.S. federal, state or local tax and information return and reporting obligations. 

(c)    Notwithstanding any provision herein to the contrary, the Issuer shall take any and all reasonable actions that may
be necessary or appropriate to ensure that the Issuer satisfies any and all withholding and tax payment obligations under Code Sections 1441, 1442, 1445, 1446, 1471, 1472, and any other provision of the Code or other applicable law. Without limiting
the generality of the foregoing, the Issuer may withhold any amount that it or any advisor retained by the Trustee on its behalf determines is required to be withheld from any amounts otherwise distributable to any Person. 

  
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 (d)    Upon written request, the Trustee and the Registrar shall provide
to the Issuer, the Collateral Manager or any agent thereof in accordance with Section 14.3 any information specified by such parties regarding the Holders of the Notes and payments on the Notes that is reasonably available to the Trustee or the
Registrar, as the case may be, and may reasonably be necessary for the Issuer to comply with FATCA and the Cayman FATCA LegislationCRS. 

(e)    The Issuer (or an agent acting on its behalf) will take such reasonable actions, including hiring agents or
advisors, consistent with law and its obligations under this Indenture, as are necessary for compliance with FATCA and the Cayman FATCA LegislationCRS, including appointing any agent or representative to perform due diligence, withholding or reporting obligations of the
Issuer pursuant to FATCA and the Cayman FATCA
LegislationCRS, and any other action that the Issuer would be permitted to take under this Indenture
necessary for compliance with FATCA and the Cayman FATCA
LegislationCRS. 

(f)    Upon the Trustee’s receipt of a request by a Holder or by a Person certifying that it is an owner of a
beneficial interest in a Note for the information described in United States Treasury regulations section 1.1275-3(b)(1)(i) that is applicable to such Holder or beneficial owner, the Issuer shall cause its
Independent accountants to provide promptly to the Trustee and such requesting Holder or owner of a beneficial interest in such a Note all of such information. Any additional issuance of the additional Notes shall be accomplished in a manner that
shall allow the Independent accountants of the Issuer to accurately calculate original issue discount income to Holders of the additional Notes. 

(g)    No more than 50% of the debt obligations (as determined for U.S. federal income tax purposes) held by the Issuer
may at any time consist of real estate mortgages as determined for purposes of Section 7701(i) of the Code unless, based on an opinion or advice from Allen & Overy LLP or Cleary Gottlieb Steen & Hamilton LLP, or an opinion of
other nationally recognized U.S. tax counsel experienced in such matters, the ownership or such debt obligations will not cause the Issuer to be treated as a taxable mortgage pool for U.S. federal income tax purposes. 

(h)    In connection with a designation
of a new ReferenceRe-Pricing or a Benchmark Replacement
Rate Amendment, the Issuer will cause its Independent accountants to assist the Issuer in complying with any
requirements under Treasury Regulation Section 1.1273-2(f)(9) (or any successor provision), including, (i) determining whether Notes subject to such designation of a new ReferenceRe-Pricing
or a Benchmark Replacement Rate Amendment are traded on an
established market, (ii) if so traded, to cause its Independent accountants to determine the fair market value of such Notes, and (iii) to make available such fair market value determination to Holders and beneficial owners of Notes in a
commercially reasonable fashion, including by electronic publication, within 90 days after the effective date of such designation of a new
ReferenceRe-Pricing or Benchmark Replacement Rate Amendment. 

Section 11.11Section 7.18    Effective Date; Purchase of Additional Collateral Obligations. . 

  
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 (a)    The Issuer will use commercially reasonable efforts to purchase,
on or before April 6June 30, 20212022, Collateral
Obligations (i) such that the Target Initial Par Condition is satisfied and (ii) that satisfy, as of the Effective Date, the Concentration Limitations, the Collateral Quality Test and the Coverage Tests. 

(b)    During the period from the Closing Date to and including the Effective Date, the Issuer will use funds to purchase
additional Collateral Obligations as follows: (i) to pay for the principal portion of any Collateral Obligation from any amounts on deposit in the Ramp-Up Account or any Principal Proceeds on deposit in
the Collection Account at the discretion of the Collateral Manager and (ii) to pay for accrued interest on any such Collateral Obligation from any amounts on deposit in the Ramp-Up Account or any
Principal Proceeds on deposit in the Collection Account at the discretion of the Collateral Manager. 
 (c)    Within
thirty (30) days after the Effective Date, (i) the Issuer shall provide to the Collateral Manager and the Trustee, an Accountants’ Report: (x) confirming the identity of the issuer (it being understood that the same issuer may be
referred to differently due to the use of abbreviations or shorthand references by different record keepers), principal balance, coupon/spread, stated maturity, S&P Rating, Fitch Rating and country of Domicile with respect to each Collateral
Obligation as of the Effective Date and the information provided by the Issuer with respect to every other asset included in the Assets, by reference to such sources as shall be specified therein (such report, the
“Accountants’ Effective Date Comparison AUP Report”) and (y) recalculating and comparing as of the Effective Date the level of compliance with, or satisfaction or
non-satisfaction of the Effective Date Tested Items and specifying the procedures undertaken by them to review data and computations relating to such report (the “Accountants’
Effective Date Recalculation AUP Report”), and (ii) the Issuer shall cause the Collateral Administrator to compile and deliver to the Rating Agencies (in the case of delivery to S&P, via email to
CDOEffectiveDatePortfolios@spglobal.com) a report (the “Effective Date Report”), determined as of the Effective Date, containing (A) the information required in a Monthly Report, (B) a calculation of the Aggregate
Principal Balance that indicates whether the Aggregate Principal Balance equals or exceeds the Target Initial Par Amount in satisfaction of the Target Initial Par Condition and (C) a list of any Closing Date Participation Interests held by the
Issuer as of the Effective Date. For the avoidance of doubt, the Effective Date Report shall not include or refer to the Accountants’ Report and no Accountants’ Report shall be provided to or otherwise shared with the Rating Agencies. 

(d)    In accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited form which includes the Accountants’ Effective Date Comparison AUP Report as an attachment and, if Additional Securities are issued, any Accountants’ Report
delivered in connection thereto will be provided by the Independent accountants to the Issuer who will post such Form 15-E, except for the redaction of any sensitive information, on the 17g-5 Website. Copies of the Accountants’ Effective Date Recalculation AUP Report or any other accountants’ report provided by the Independent accountants to the Issuer, Trustee, Collateral Manager or
Collateral Administrator will not be provided to any other party including the Rating Agencies (other than as provided in an access letter between the accountants and such party). 

(e)    If (1) the Effective Date S&P Conditions have not been satisfied prior to the date that is thirty
(30) days after the Effective Date or (2) S&P has not provided written 

  
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confirmation (which may take the form of a press release or other written communication) of its Initial Rating of the Secured Notes rated by S&P by the date thirty (30) days following
the Effective Date, then the Issuer (or the Collateral Manager on the Issuer’s behalf) shall request S&P to provide written confirmation of its Initial Rating of the Secured Notes rated by S&P (which may take the form of a press release
or other written communication). In such case, if S&P does not provide written confirmation of its Initial Rating of the Secured Notes on or prior to the Determination Date immediately preceding the first Payment Date, then the Issuer (or the
Collateral Manager on the Issuer’s behalf) will instruct the Trustee to transfer amounts from the Interest Collection Subaccount to the Principal Collection Subaccount and may, prior to the first Payment Date, use such funds on behalf of the
Issuer for the purchase of additional Collateral Obligations until such time as S&P has provided written confirmation of its Initial Rating of the Secured Notes (provided, that the amount of such transfer would not result in a default in the payment of interest with respect to the Class A
Notes); provided that in lieu of complying with this clause (e), the Issuer (or the Collateral Manager on the Issuer’s behalf) may take such action, including but not limited to, a Special Redemption and/or transferring amounts from the
Interest Collection Subaccount to the Principal Collection Subaccount as Principal Proceeds (for use in a Special Redemption or to acquire additional Collateral Obligations), sufficient to enable the Issuer (or the Collateral Manager on the
Issuer’s behalf) to obtain written confirmation of its Initial Rating of the Secured Notes from S&P. The Issuer shall provide notice to Fitch if the Effective Date S&P Conditions have not been satisfied. 

(f)    U.S.$62,869,000 310,830,024.99 of the net proceeds of the issuance of the Notes will be
deposited in the Ramp-Up Account on the ClosingFirst Refinancing Date. At the direction of the Issuer (or the Collateral Manager on behalf of the Issuer), the Trustee shall
apply amounts held in the Ramp-Up Account to purchase additional Collateral Obligations and Principal Financed Accrued Interest, if any, from the ClosingFirst Refinancing
Date to and including the Effective Date as described in clause (b) above. If on the Effective Date, any amounts on deposit in the Ramp-Up Account have not been applied to purchase Collateral Obligations,
such amounts shall be applied as described in Section 10.3(c). 
 (g)    Weighted
Average S&P Recovery Rate; S&P CDO Monitor. On or prior to the later of (x) the S&P CDO Monitor Election Date and (y) the Effective Date, the Collateral Manager will elect the S&P Minimum Weighted Average Recovery Rate
that will apply on and after such date to the Collateral Obligations for purposes of determining compliance with the Minimum Weighted Average S&P Recovery Rate Test, and the Collateral Manager will so notify the Trustee and the Collateral
Administrator. Thereafter, at any time with written notice, substantially in the form of Exhibit D hereto, to the Trustee, the Collateral Administrator and S&P, the Collateral Manager may elect a different S&P Minimum Weighted Average
Recovery Rate to apply to the Collateral Obligations; provided that if (i) the Collateral Obligations are currently in compliance with the S&P Minimum Weighted Average Recovery Rate case then applicable to the Collateral Obligations
but the Collateral Obligations would not be in compliance with the S&P Minimum Weighted Average Recovery Rate case to which the Collateral Manager desires to change, then such changed case shall not apply or (ii) the Collateral Obligations
are not currently in compliance with the S&P Minimum Weighted Average Recovery Rate case then applicable to the Collateral Obligations and would not be in compliance with any other S&P Minimum Weighted Average Recovery Rate case, the S&P
Minimum Weighted Average Recovery Rate to apply to the Collateral Obligations shall be the lowest S&P Minimum Weighted Average Recovery 

  
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Rate in Section 2 of Schedule 4. If the Collateral Manager does not notify the Trustee and the Collateral Administrator that it will alter the S&P Minimum Weighted Average
Recovery Rate in the manner set forth in this Indenture, the S&P Minimum Weighted Average Recovery Rate chosen as of the S&P CDO Monitor Election Date or the Effective Date, as applicable, shall continue to apply. 

(h)    Compliance with the S&P CDO Monitor Test will be measured by the Collateral Manager on each Measurement Date on
or after the Effective Date and on or prior to the last day of the Reinvestment Period; provided, however, that on each Measurement Date occurring on and after the S&P CDO Monitor Election Date, after receipt by the Issuer of the
S&P CDO Monitor, the Collateral Manager will be required to provide to the Collateral Administrator a report on the portfolio of Collateral Obligations containing such information as shall be reasonably necessary to permit the Collateral
Administrator to calculate the Class Default Differential with respect to the Highest Ranking Class on such Measurement Date. In the event that the Collateral Manager’s measurement of compliance and the Collateral Administrator’s
measurement of compliance show different results, the Collateral Manager and the Collateral Administrator shall be required to cooperate promptly in order to reconcile such discrepancy. 

(i)    The failure of the Issuer to satisfy the requirements of this Section 7.18 will not
constitute an Event of Default unless such failure constitutes an Event of Default under Section 5.1(d) hereof and the Issuer, or the Collateral Manager acting on behalf of the Issuer, has acted in bad faith. 

Section 11.12Section 7.19    Representations Relating to Security Interests in the Assets. . 

(a)    The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall
survive the execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder): 

(i)    The Issuer owns each Asset free and clear of any lien, claim or encumbrance of any Person, other
than such as are being released on the Closing Date contemporaneously with the sale of the Securities on the Closing Date or on the related Cut-Off Date contemporaneously with the purchase of such Asset on the
Cut-Off Date, created under, or permitted by, this Indenture and any other Permitted Liens. 

(ii)    Other than the security interest Granted to the Trustee for the benefit of the Secured Parties
pursuant to this Indenture, except as permitted by this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Assets. The Issuer has not authorized the filing of and is not aware of
any Financing Statements against the Issuer that include a description of collateral covering the Assets other than any Financing Statement relating to the security interest granted to the Trustee hereunder or that has been terminated; the Issuer is
not aware of any judgment, PBGC liens or tax lien filings against the Issuer. 
 (iii)    All Assets
constitute Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), Instruments, general intangibles (as defined in Section 9-102(a)(42) of the

  
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UCC), uncertificated securities (as defined in Section 8-102(a)(18) of the UCC), Certificated Securities or security entitlements to financial assets
resulting from the crediting of financial assets to a “securities account” (as defined in Section 8-501(a) of the UCC). 

(iv)    All Accounts constitute “securities accounts” under
Section 8-501(a) of the UCC or “deposit accounts” (as defined in Section 9-102(a) of the UCC). 

(v)    This Indenture creates a valid and continuing security interest (as defined in Section 1 - 201(37) of the UCC) in such Assets in favor of the Trustee, for the benefit and security of the Secured Parties, which security interest is prior to all other liens, claims and encumbrances (except as
permitted otherwise herein), and is enforceable as such against creditors of and purchasers from the Issuer. 

(b)    The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall
survive the execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder), with respect to Assets that constitute Instruments: 

(i)    Either (x) the Issuer has caused or will have caused, within ten days after the Closing Date,
the filing of all appropriate Financing Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Instruments granted to the Trustee, for the benefit and security of the
Secured Parties or (y) (A) all original executed copies of each promissory note or mortgage note that constitutes or evidences the Instruments have been delivered to the Trustee or the Issuer has received written acknowledgement from a
custodian that such custodian is holding the mortgage notes or promissory notes that constitute evidence of the Instruments solely on behalf of the Trustee and for the benefit of the Secured Parties and (B) none of the Instruments that
constitute or evidence the Assets has any marks or notations indicating that they are pledged, assigned or otherwise conveyed to any Person other than the Trustee, for the benefit of the Secured Parties. 

(ii)    The Issuer has received all consents and approvals required by the terms of the Assets to the
pledge hereunder to the Trustee of its interest and rights in the Assets. 
 (c)    The Issuer hereby represents and
warrants that, as of the Closing Date (which representations and warranties shall survive the execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder), with respect to the Assets
that constitute Security Entitlements: 
 (i)    All of such Assets have been and will have been credited
to one of the Accounts which are securities accounts within the meaning of Section 8-501(a) of the UCC or “deposit accounts” as defined in
Section 9-102(a) of the UCC. The Securities Intermediary for each Account that is a securities account has agreed to treat all assets other than cash or general intangibles credited to such Accounts as
“financial assets” within the meaning of Section 8-102(a)(9) the UCC. 

  
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 (ii)    The Issuer has received all consents and
approvals required by the terms of the Assets to the pledge hereunder to the Trustee of its interest and rights in the Assets. 

(iii)    (x) The Issuer has caused or will have caused, within ten days after the Closing Date, the
filing of all appropriate Financing Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to the Trustee, for the benefit and security of the Secured Parties,
hereunder and (y)(A) the Issuer has delivered to the Trustee a fully executed Account Control Agreement pursuant to which the Custodian has agreed to comply with all instructions originated by the Trustee relating to the Accounts without
further consent by the Issuer or (B) the Issuer has taken all steps necessary to cause the Custodian to identify in its records the Trustee as the Person having a security entitlement against the Custodian in each of the Accounts. 

(iv)    The Accounts are not in the name of any Person other than the Issuer or the Trustee. The Issuer has
not consented to the Custodian to comply with the Entitlement Order of any Person other than the Trustee (and the Issuer prior to a notice of exclusive control being provided by the Trustee). 

(d)    The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall
survive the execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder), with respect to Assets that constitute general intangibles: 

(i)    The Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all
appropriate Financing Statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Assets granted to the Trustee, for the benefit and security of the Secured Parties,
hereunder. 
 (ii)    The Issuer has received, or will receive, all consents and approvals required by
the terms of the Assets to the pledge hereunder to the Trustee of its interest and rights in the Assets. 
 (e)    The
Issuer agrees to notify the Collateral Manager and each Rating Agency promptly if it becomes aware of the breach of any of the representations and warranties contained in this Section 7.19 and shall not, without
satisfaction of the Global Rating Agency Condition, waive any of the representations and warranties in this Section 7.19 or any breach thereof. 

Section 7.20    
Limitation on Long Dated Obligations. Neither the Issuer nor the Collateral Manager on behalf of the Issuer shall agree to any amendment or modification to extend the stated maturity of a Collateral Obligation unless the amended stated
maturity of such Collateral Obligation would be not later than two years beyond the earliest Stated Maturity of any Secured Notes Outstanding; provided that (x) immediately after giving effect to any such amendment or modification, the
Aggregate Principal Balance of all Long Dated Obligations shall not exceed 5.0% of the Collateral Principal Amount and (y) if, after giving effect to such amendment or modification, the Weighted Average Life Test is not satisfied (or if not
satisfied immediately prior to such amendment or modification, is not maintained or improved), then the Collateral Obligation that is subject to such amendment or modification (or portion thereof, as applicable) will be

  
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considered an “Additional Long Dated Obligation” and will be treated as an Equity Security until such time, if any, that the Weighted Average Life Test is satisfied, at which
point such Long Dated Obligation shall no longer be deemed to be an Additional Long Dated Obligation; provided, however, that no Collateral Obligation will be considered an Additional Long Dated Obligation pursuant to the above proviso
if such amendment or modification is being executed in connection with the restructuring of such Collateral Obligation as a result of an actual default, bankruptcy or insolvency of the related Obligor; provided further, however,
that notwithstanding the prohibition set forth above, the Issuer or the Collateral Manager on behalf of the Issuer may agree to an amendment or modification to extend the stated maturity of a Collateral Obligation beyond two years following the
earliest Stated Maturity of any Secured Note Outstanding and in such instances, for all purposes under this Indenture, such Collateral Obligation will be treated as an Equity Security. For the avoidance of doubt, after giving effect to such
amendment or modification, the Collateral Obligation that is the subject of such amendment or modification must satisfy the definition of Collateral Obligation (other than clause (xvii) thereof). 

Subject to the foregoing, the Collateral Manager may, on behalf of the Issuer, agree to any amendment, waiver or modification with respect to
any Collateral Obligation in accordance with the Collateral Management Agreement. 
 Section
 7.21    ProceedingsProceedings. Notwithstanding any other provision of this Indenture, the Notes, the Collateral Administration Agreement, the
Collateral Management Agreement, the Administration Agreement or of any other agreement, the Issuer
shall be under no duty or obligation of any kind to the Holders, or any of them, to institute any legal or other proceedings of any kind, against any person or entity, including, without limitation, the Trustee, the Collateral Administrator, the Administrator or the Calculation Agent. Nothing in this Section 7.21 shall imply or
impose any additional duties on the part of the Trustee. 
 Section
 7.22    Involuntary Bankruptcy Proceedings. The Issuers shall take all actions necessary to defend and dismiss any petition, filing or institution of any involuntary bankruptcy, winding up or insolvency proceedings or procedures against the Issuer or Co-Issuer, or the filing with respect to the Issuer or the Co-Issuer of a petition or answer or consent seeking an involuntary reorganization, arrangement, moratorium,
winding up or liquidation proceedings or other involuntary proceedings under any Bankruptcy Law or any similar laws; provided that the obligations of the
Issuers in this Section 7.22 shall be subject to the availability of funds
therefor under the Priority of Payments. The reasonable fees, costs, charges and expenses incurred by the Issuer or the Co-Issuer (including, without limitation, attorney’s fees and expenses) in connection with taking any such actions constitute Administrative Expenses payable in accordance with the Priority of Payments. 

  
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 ARTICLE
XII 
 ARTICLE XIIIARTICLE VIII

 SUPPLEMENTAL INDENTURES 

Section 13.1Section 8.1    Supplemental Indentures without Consent of Holders. . 

(a)    Without the consent of the Holders of any Securities (except any consent explicitly required below) (but with the
written consent of the Collateral Manager) and at any time and from time to time, subject to Section 8.3, and without regard to whether any Class would be materially and adversely affected thereby (except as expressly
provided below), the Issuers and the Trustee may enter into one or more indentures supplemental hereto, in
form satisfactory to the Trustee, for any of the following purposes: 
 (i)    to evidence the
succession of another Person to the Issuer or the Co-Issuer and the assumption by any such successor Person
of the covenants of the Issuer or the Co-Issuer herein and in the Securities; 

(ii)    to add to the covenants of the Issuers or the Trustee for the benefit of the Secured Parties; 

(iii)    to convey, transfer, assign, mortgage or pledge any property to or with the Trustee or add to the
conditions, limitations or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery of the Securities; 

(iv)    to evidence and provide for the acceptance of appointment hereunder by a successor Trustee and to
add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Sections 6.9, 6.10 and 6.12
hereof; 
 (v)    to correct or amplify the description of any property at any time subject to the lien
of this Indenture, or to better assure, convey and confirm unto the Trustee any property subject or required to be subjected to the lien of this Indenture (including, without limitation, any and all actions necessary or desirable as a result of
changes in law or regulations, whether pursuant to Section 7.5 or otherwise) or to subject to the lien of this Indenture any additional property; 

(vi)    to modify the restrictions on and procedures for resales and other transfers of Securities to
reflect any changes in ERISA or other applicable law or regulation (or the interpretation thereof) or to enable the Issuers to rely upon any exemption from registration under the Securities Act or the 1940 Act or otherwise comply with any applicable securities law; 

(vii)    to remove restrictions on resale and transfer of Securities to the extent not required under
clause (vi) above; 

  
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 (viii)    to facilitate (A) the listing of any of
the Notes on any non-U.S. exchange, (B) compliance with the guidelines of such exchange, or (C) if so listed, the de-listing of any of the Notes from such
exchange if the Collateral Manager determines that the costs and burdens of maintaining such listing are excessive; 

(ix)    to correct any inconsistent or defective provisions herein or to cure any ambiguity, omission or
errors herein; provided that any such supplemental indenture does not materially and adversely affect the rights and interests of the Class A-1 Notes; 
 (x)    to conform the provisions of this Indenture
to the Offering Circular; 
 (xi)    to take any action necessary, advisable, or helpful to prevent the
Issuer, or the holders of any Notes from being subject to (or to otherwise reduce) withholding or other taxes, fees or assessments, including by complying with FATCA and
the CRS, or to reduce the risk that the Issuer may be treated as publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or otherwise subject to U.S. federal,
state or local tax on a net income or entity level basis (including any tax liability imposed under Section 1446 of the Code or any similar provision of law); 

(xii)    (A) with the consent of the Collateral Manager, the Retention Holder and a Majority of the
Preferred Shares (and, solely with respect to an issuance of additional Secured Notes, the consent of a Majority of the Controlling Class (such consent not to be unreasonably withheld, delayed or conditioned)), to make such changes as shall be
necessary to permit the Issuer or the Issuers, as applicable, to issue Additional Securities of any one or
more existing Classes or Junior Mezzanine Notes in accordance with this Indenture or (B) at the direction of a Majority of the Preferred Shares, to permit the Issuer
or the Issuers, as applicable, to issue replacement securities in connection with a Refinancing
or to reduce the Interest Rate of a Class of Re-Pricing Eligible Notes in connection with a Re-Pricing, in each case in accordance with this Indenture; provided that, for the avoidance of doubt, the supplemental indenture executed in connection therewith shall only effect such additional issuance, Re-Pricing or Refinancing, as applicable, and shall not modify any other provisions
of this Indenture; 
 (xiii)    to modify the procedures herein relating to compliance with Rule 17g-5; 
 (xiv)    to conform to ratings criteria and other
guidelines (including, without limitation, any alternative methodology published by a Rating Agency or any use of such Rating Agency’s credit models or guidelines for ratings determination) relating to collateral debt obligations in general
published or otherwise communicated by such Rating Agency; provided that consent to such supplemental indenture has been obtained from a Majority of the Controlling Class (such consent not to be unreasonably withheld, conditioned or
delayed); 
 (xv)    following receipt by the Issuer of written advice of counsel with a national
reputation and experienced in such matters (which may be via e-mail), to amend, modify or otherwise accommodate changes to this Indenture to comply with any statute, rule or regulation enacted by regulatory
agencies of the United States federal government, or by 

  
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any Member State of the European Economic Area or otherwise under European law, after the Closing Date that are applicable to the Issuers, the Secured Notes, the Preferred Shares or the transactions contemplated by this Indenture or the Offering
Circular, including, without limitation, the EU/UK Risk Retention Requirements, U.S. Risk Retention Rules,
securities laws or the Dodd-Frank Act and all rules, regulations, and technical or interpretive guidance thereunder, or any amendment in relation to the Volcker Rule; provided that any amendment in relation to the Volcker Rule shall
require the consent of each holder of Securities that notifies the Issuer that it is adversely affected thereby; 

(xvi)    to amend the name of the Issuer or the Co-Issuer; 

(xvii)    (A) to modify or amend any component of the Collateral Quality Test and the definitions related
thereto which affect the calculation thereof or (B) to modify the definition of “Credit Improved Obligation,” “Credit Risk Obligation,” “Defaulted Obligation” or “Equity Security,” the restrictions on the
sales of Collateral Obligations set forth herein or the Investment Criteria set forth herein (other than the calculation of the Concentration Limitations and the Collateral Quality Test); provided, in each case under the foregoing clauses
(A) and (B), that consent to such supplemental indenture has been obtained from a Majority of the Controlling Class; 

(xviii)    to facilitate the issuance of participation notes, combination notes, composite securities, and
other similar securities by the Issuer or the Issuers, as applicable; 

(xix)    to modify any provision to facilitate an exchange of one Note for another Note that has
substantially identical terms except transfer restrictions, including to effect any serial designation relating to the exchange; 

(xx)    to evidence any waiver or modification by a Rating Agency as to any material requirement or
condition, as applicable, of such Rating Agency set forth herein; provided that consent to such supplemental indenture has been obtained from a Majority of the Controlling Class (such consent not to be unreasonably withheld, conditioned or
delayed); 
 (xxi)    to accommodate the settlement of the Notes in book-entry form through the
facilities of DTC or otherwise; 
 (xxii)    to change the date within the month on which reports are
required to be delivered hereunder; 
 (xxiii)    to enter into any additional agreements not expressly
prohibited by this Indenture if the Issuer determines that such agreement would not, upon or after becoming effective, materially and adversely affect the rights and interests of the Holders of any Class of Securities; provided that
(x) any such additional agreements include customary limited recourse and non-petition provisions and (y) consent to such supplemental indenture has been obtained from a Majority of the Controlling
Class and a Majority of the Preferred Shares (such consents not to be unreasonably withheld, delayed or conditioned); 

  
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 (xxiv)    following (A) the
occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, to enter into a Benchmark Replacement Rate Amendment if the Collateral Manager
determines that a supplemental indenture is necessary in order to adopt a Benchmark Replacement and/or to make Benchmark Replacement Conforming Changes as are necessary or advisable in the reasonable judgment of the Collateral Manager to facilitate such change or (B) the occurrence of any Benchmark Transition Event and with the consent
of a Majority of the Controlling Class and a
Majority of the Preferred Shares, to implement an Alternative Reference Rate without regard to whether such changes materially and adversely affect any
Class of Securities;; 

(xxv)    to make such amendments as are necessary or advisable in the good faith and reasonable judgment of
the Collateral Manager to conform this Indenture to any publication by the Relevant Governmental Body on or after the Closing Date of any new or updated recommendations with respect to reference rate replacement language for the leveraged loan
market or the collateralized loan obligation market; or 
 (xxvi)    to amend, modify or otherwise change
the provisions of this Indenture so that (1) the Issuer is not a “covered fund” under the Volcker Rule, (2) the Secured Notes are not considered to constitute “ownership interests” under the Volcker Rule or
(3) ownership of the Secured Notes will otherwise be exempt from the Volcker Rule. 
 Section
13.2Section 8.2    Supplemental Indentures with Consent of
Holders. . 

(a)    With the written consent of (i) the Collateral Manager and (ii) a Majority of each Class of
Securities (voting separately by Class) materially and adversely affected thereby, if any, the Trustee and the Issuers may, subject to Section 8.3 execute one or more supplemental indentures to add provisions to, or change in any manner or eliminate any of the provisions of, this Indenture or modify in
any manner the rights of the Holders of the Securities of any Class under this Indenture; provided that, notwithstanding anything herein to the contrary, no such supplemental indenture shall, without the consent of the Holder of each
Outstanding Security of each Class materially and adversely affected thereby: 

(i)    change the Stated Maturity of the principal of or the due date of any installment of interest on any
Secured Notes, reduce the principal amount thereof or the rate of interest thereon (except in connection with a Re-Pricing)
or, except as otherwise expressly permitted by this Indenture, the Redemption Price with respect to any Securities, or change the earliest date on which Securities of any Class may be
redeemed or re-priced, change the provisions of this Indenture relating
to the application of proceeds of any Assets to the payment of principal of or interest on the Secured Notes, or distributions on the Preferred Shares or change any place where, or the coin or currency in which, Securities or the principal thereof
or interest or any distribution thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the applicable Redemption Date);
provided that this Indenture may be amended without the consent of the Holders (except as expressly provided in Section
 8.1(a)(xxiv)) to facilitate a change from
LIBOR to an Alternative Reference Rate or, pursuant to a Reference Rate Amendment,the then-current Benchmark to any replacement Benchmark after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred;

  
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 (ii)    reduce the percentage of the Aggregate
Outstanding Amount of Holders of Securities of any Class whose consent is required for the authorization of any such supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder
or their consequences provided for herein; 
 (iii)    materially impair or materially adversely affect
the Assets except as otherwise permitted herein; 
 (iv)    except as otherwise permitted by this
Indenture, permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Assets or terminate such lien on any property at any time subject hereto or deprive the Holder of any Secured
Note of the security afforded by the lien of this Indenture; 
 (v)    reduce the percentage of the
Aggregate Outstanding Amount of Holders of any Class of Secured Notes whose consent is required to request the Trustee to preserve the Assets or rescind the Trustee’s election to preserve the Assets pursuant to
Section 5.5 or to sell or liquidate the Assets pursuant to Section 5.4 or 5.5; 

(vi)    modify any of the provisions of (x) this Section 8.2, except to
increase the percentage of Outstanding Class A-1 Notes, Class A-2 Notes,
Class B-1 Notes,
Class B-2 Notes,
Class C-1 Notes,
Class C-2 Notes
or Preferred Shares, the consent of the holders of which is required for any such action or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Class A-1 Note Outstanding, Class A-2 Note Outstanding, Class B-1 Note Outstanding, Class B-2 Note Outstanding, Class C-1 Note Outstanding, Class C-2 Note Outstanding or Preferred Share Outstanding and affected thereby or (y) Section 8.1 or Section 8.3; 

(vii)    modify the definitions of any of the terms “Outstanding,” “Class,”
“Controlling Class,” or “Majority” or the Priority of Payments; or 

(viii)    modify any of the provisions of this Indenture in such a manner as to affect the calculation of
the amount of any payment of interest or principal on any Secured Notes or any amount available for distribution to the Preferred Shares, or to affect the rights of the Holders of any Securities to the benefit of any provisions for the redemption of
such Securities contained herein. 
 The Trustee may conclusively rely on an Opinion of Counsel (which may be supported as to factual (including financial
and capital markets) matters by any relevant certificates and other documents necessary or advisable in the judgment of counsel delivering the opinion) or a Responsible Officer’s certificate of the Collateral Manager as to whether the interests
of any Holder of Securities would be materially and adversely affected by the modifications set forth in any supplemental indenture entered in pursuant to this Section 8.2, it being expressly understood and agreed that the
Trustee shall have no obligation to make any determination as to the satisfaction of the requirements related to any supplemental indenture which may form the basis of such Opinion of Counsel or such Responsible Officer’s certificate. Such
determination shall be conclusive and 

  
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binding on all present and future Holders. The Trustee shall not be liable for any such determination made in good faith and in reliance upon an Opinion of Counsel or such a Responsible
Officer’s certificate delivered to the Trustee as described herein. Notwithstanding the foregoing, if a Majority of any Class has provided written notice to the Trustee at least three Business Days prior to the execution of such
supplemental indenture that such Class would be materially and adversely affected thereby (and setting forth in reasonable detail how such Class would be materially and adversely affected) and such Class is not being redeemed in
connection with the execution of such supplemental indenture, the Trustee will not enter into such supplemental indenture without the consent of a Majority (or such greater percentage as may be required above) of such Class. 

Section 13.3Section 8.3    Execution of Supplemental Indentures. . 

(a)    The Collateral Manager shall not be bound to follow any amendment or supplement to this Indenture unless it has
consented thereto in accordance with this Article VIII. No amendment to this Indenture will be effective against the Collateral Administrator if such amendment would adversely affect the Collateral Administrator, including,
without limitation, any amendment or supplement that would increase the duties or liabilities of, or adversely change the economic consequences to, the Collateral Administrator, unless the Collateral Administrator otherwise consents in writing. 

(b)    Notwithstanding any other provision relating to supplemental indentures herein, at any time after the expiration of
the Non-Call Period, if any Class of Securities has been or contemporaneously with the effectiveness of any supplemental indenture will be paid in full in accordance with this Indenture as so supplemented
or amended, no consent of any Holder of such Class will be required with respect to such supplemental indenture. 

(c)    The Trustee shall join in the execution of any such supplemental indenture and shall make any further appropriate
agreements and stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture which adversely affects the Trustee’s own rights, duties, liabilities or immunities under this
Indenture or otherwise, except to the extent required by law. 
 (d)    In executing or accepting the additional trusts
created by any supplemental indenture permitted by this Article VIII or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to
Sections 6.1 and 6.3) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions
precedent thereto have been satisfied. The Trustee shall not be liable for any reliance made in good faith upon such an Opinion of Counsel. 

(e)    At the cost of the
Issuers, for so long as any Securities shall remain Outstanding, not later than ten (10) Business Days
(or, in the case of a proposed supplemental indenture that effects a Refinancing, a Re-Pricing or an issuance of Additional Securities, five (5) Business Days) prior to the execution of any proposed supplemental indenture, the Trustee shall be required to deliver to the Collateral Manager, the
Collateral Administrator, the Holders, the Rating Agencies (if any Class of Outstanding Notes is then rated by such Rating Agency) and the 

  
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Issuers, a copy of such proposed supplemental
indenture. The Trustee shall, at the expense of the Issuer, notify the Holders if a Rating Agency determines that such supplemental indenture will affect its rating of any Class rated by such Rating Agency. At the cost of the Issuer, the
Trustee shall provide to the Holders (in the manner described in Section 14.4) and the Rating Agencies (if any Class of Outstanding Notes is then rated by such Rating Agency) a copy of the executed supplemental
indenture after its execution. Any failure of the Trustee to publish or deliver such notice, or any defect therein, shall not in any way impair or affect the validity of any such supplemental indenture. 

(f)    It shall not be necessary for any Act of Holders to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient, if the consent of any Holders to such proposed supplemental indenture is required, that such Act shall approve the substance thereof. 

(g)    Notwithstanding any other provision in this Article VIII or any other requirements set
forth in this Indenture, in connection with a Refinancing of all Classes of Secured Notes, the Issuers and
the Trustee may enter into a supplemental indenture to add any provisions to, or change in any manner or eliminate any of the provisions of, this Indenture if (i) such supplemental indenture is effective on or after the date of such
Refinancing, (ii) the Collateral Manager and a Majority of the Preferred Shares have consented to the execution of such supplemental indenture and (iii) such supplemental indenture does not, by its terms, modify the rights or terms
applicable to any portion of the Preferred Shares in a manner intended to result in such rights or terms being materially different from any other portion of the Preferred Shares; provided further that with respect to any such
supplemental indenture, a description of all material terms of such supplemental indenture was disclosed to the purchasers of the loans or replacement notes prior to the date of such Refinancing. 

(h)    Notwithstanding any other provision in this Article VIII, a supplemental indenture for
which the Holders of each Outstanding Security of each Class have consented shall not require satisfaction of any timing requirements for prior notice of such supplemental indenture to any person. Notwithstanding the foregoing, the Trustee
shall subsequently provide to each Rating Agency then rating an Outstanding Class of Notes a copy of any supplemental indenture described in the immediately preceding sentence. 

(i)    Any amendment or supplement to this Indenture, will only be effective if none of the Issuer, the Collateral
Manager, the Retention Holder or any “sponsor” of the Issuer under the U.S. Risk Retention Rules fails to be in compliance with the U.S. Risk Retention Rules or the
EU/UK Risk Retention Requirements as a result of such amendment or supplement unless such Person has consented to such
amendment or supplement. 
 (j)    Holders of the
Class B Notes will vote together as a single Class in connection with any supplemental indenture, except that the holders of each of
the Class B-1 Notes and the
Class B-2 Notes will vote
separately by Class with respect to any amendment or modification of
the Indenture solely to the extent that such amendment or modification would by its terms directly affect the holders of such Class exclusively or differently from any holders of the other Class B Notes (including, without limitation, any amendment that would reduce the amount of interest or principal payable on such Class). 

  
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 (k)    Holders of the
Class C Notes will vote together as a single Class in connection with any supplemental indenture, except that the holders of each of
the Class C-1 Notes and the
Class C-2 Notes will vote
separately by Class with respect to any amendment or modification of
the Indenture solely to the extent that such amendment or modification would by its terms directly affect the holders of such Class exclusively or differently from any holders of the other Class C Notes (including, without limitation, any amendment that would reduce the amount of interest or principal payable on such Class). 

Section 8.4    
Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article VIII, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part
of this Indenture for all purposes; and every Holder of Notes theretofore and thereafter authenticated and delivered hereunder shall be bound thereby. 

Section 8.5    
Reference in Notes to Supplemental Indentures. Notes authenticated and delivered as part of a transfer, exchange or replacement pursuant to Article II or Notes originally issued hereunder after the execution of any
supplemental indenture pursuant to this Article VIII may, and if required by the Issuer shall, bear a notice in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer shall
so determine, new Notes, so modified as to conform in the opinion of the Issuer to any such supplemental indenture, may be prepared and executed by the Issuers and authenticated and delivered by the Trustee in exchange for Outstanding Notes.

 Section 8.6    Hedge AgreementsHedge Agreements. Notwithstanding anything herein to the contrary, no supplemental indenture, or other modification or amendment of this Indenture, may be entered into that permits the Issuer to enter into any hedge agreement
unless (i) the written terms of the hedge agreement directly relate to the Collateral Obligations or the Securities and such hedge agreement reduces the interest rate and/or foreign exchange risks related to the Collateral Obligations or the
Securities, (ii) for so long as any Notes rated by Fitch remain Outstanding and rated by Fitch, the hedge counterparty has the minimum ratings required by Fitch at the time the Issuer enters into such hedge agreement and (iii) the Global
Rating Agency Condition is satisfied. For the avoidance of doubt, the Issuer cannot enter into hedge agreements without such a modification. 

Section 13.4Section 8.7    Effect of a Benchmark Transition Event. . 

(a)    If the Collateral Manager determines that a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred prior to the Reference5:00 p.m. (New York Ttime) on each Interest Determination
Date in respect of any determination of the Benchmark on any date, the Alternative Reference
RateBenchmark Replacement will replace the then-current Benchmark for all purposes relating to the
securitization in respect of such determination on such date and all determinations on all subsequent dates. 

(b)    In connection with the implementation of
an Alternative Reference Ratea Benchmark Replacement, the Collateral Manager will have the right to make Benchmark Replacement Conforming Changes from time
to time in accordance with Section 8.1(a)(xxiv). 

  
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 (c)    Any determination, decision or election that may be made by the
Collateral Manager pursuant to this Section 8.7 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, may be made in the Collateral Manager’s sole discretion, and, notwithstanding anything to
the contrary in the documentation relating to the securities, shall become effective without consent from any other party. 

(d)    The Holders shall be deemed to have waived and released any and all claims, with respect to any action taken or
omitted to be taken with respect to an Alternative Reference Ratea
Benchmark Replacement, including, without limitation, determinations as to the occurrence of a Benchmark
Replacement Date or a Benchmark Transition Event, the selection of an Alternative Reference Ratea Benchmark Replacement, the
determination of the applicable Benchmark Replacement Adjustment, and the implementation of any ReferenceBenchmark Replacement Rate Amendment. 

ARTICLE XIV 

ARTICLE XVARTICLE IX 

REDEMPTION OF NOTES 
 Section
 9.1    Mandatory RedemptionMandatory Redemption. If a Coverage Test is not met on any Determination Date on which such Coverage Test is applicable, the
Issuer shall apply available amounts in the Payment Account to make payments on the Securities on the applicable Payment Date pursuant to the Priority of Payments (a “Mandatory Redemption”). 

Section 15.1Section 9.2    Optional Redemption. . 

(a)    The Secured Notes shall be redeemable by the Issuers at the written direction of a Majority of the Preferred Shares (with the consent of the Collateral Manager) as
follows: (i) in whole (with respect to all Classes of Secured Notes) but not in part on any Business Day after the end of the Non-Call Period from Sale Proceeds, Refinancing Proceeds and/or all other
available funds or (ii) in part by Class (with respect to one or more entire Classes of Secured Notes designated by a Majority of the Preferred Shares) on any Business Day after the end of the Non-Call
Period from Refinancing Proceeds and/or Partial Refinancing Interest Proceeds; provided that any redemption in part by Class will be in respect of the entire Class or Classes of Secured Notes. In connection with any such redemption,
the Secured Notes shall be redeemed at the applicable Redemption Prices and a Majority of the Preferred Shares must provide the above described written direction to the Issuer and the Trustee not later than thirty (30) days (or such shorter
period of time (not to be less than fifteen (15) Business Days) as the Trustee and the Collateral Manager find reasonably acceptable) prior to the Business Day on which such redemption is to be made; provided that all Secured Notes to be
redeemed must be redeemed simultaneously. 
 (b)    Upon receipt of a notice of any redemption of Secured Notes
in whole (from the Trustee via overnight delivery service) pursuant to
Section 9.2(a)(i), the Collateral Manager in 

  
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its sole discretion shall direct the sale (and the manner thereof) of all or part of the Redemption
AssetsCollateral Obligations and Eligible Investments in an amount such that the proceeds from such
sale and all other funds available for such purpose in the Collection Account and the Payment Account will be at least sufficient to pay the Redemption Prices of the Secured Notes to be redeemed and to pay all Administrative Expenses (without regard
to the Administrative Expense Cap) and Collateral Management Fee due and payable under the Priority of Payments. If such proceeds of such sale and all other funds available for such purpose in the Collection Account and the Payment Account would not
be sufficient to redeem all Secured Notes and to pay such fees and expenses, the Secured Notes may not be redeemed. The Collateral Manager, in its sole discretion, may effect the sale of all or any part of the Collateral Obligations or other Assets
through the direct sale of such Collateral Obligations or other Assets or by participation or other arrangement. 

(c)    In addition to (or in lieu of) a sale of Collateral Obligations and/or Eligible Investments in the manner provided
above, the Issuers may redeem the Secured Notes with the consent of the Collateral Manager in whole from
Refinancing Proceeds and, Sale Proceeds, and/or all other available funds, if
any, or in part by Class (with respect to one or more entire Classes of Secured Notes designated by a Majority of the Preferred Shares) from Refinancing Proceeds and/or Partial Refinancing Interest Proceeds, in each case, by obtaining a loan or an
issuance of replacement securities, whose terms in each case may be negotiated by the Issuer or, upon request of the Issuer, by the Collateral Manager on behalf of the Issuer, from one or more financial institutions or purchasers (any such
redemption and refinancing, a “Refinancing”); provided that the terms of such Refinancing and any financial institutions acting as lenders thereunder or purchasers thereof must be acceptable to the Collateral Manager and a
Majority of the Preferred Shares and such Refinancing must otherwise satisfy the conditions set forth below. Any loans or replacement securities issued in connection with a Refinancing will be offered first to the Collateral Manager and the
Retention Holder, in such amount that the Collateral Manager or the Retention Holder has determined, in its sole discretion, is required for the U.S. Risk Retention Rules and EU/UK Risk Retention Requirements to be
satisfied;
provided
further that
any loans or replacement securities issued in connection with a Refinancing of the Class A-1 Notes will be offered
first to the
Initial Class A-1 Holder, in such amount as is
necessary to preserve such Holder’s pro rata holdings of the Class A-1 Notes, and the Initial Class A-1 Holder shall have ten (10) Business Days to accept any offer of such loans or replacement
securities.. 

(d)    In the case of a Refinancing upon a redemption of the Secured Notes in whole but not in part pursuant to
Section 9.2(a)(i), such Refinancing will be effective only if (i) the Refinancing Proceeds, all Sale Proceeds from the sale of Collateral Obligations and Eligible Investments in accordance with the procedures set forth
herein, and all other available funds will be at least sufficient to redeem simultaneously the Secured Notes then required to be redeemed at the respective Redemption Prices thereof, in whole but not in part, and to pay all accrued and unpaid
Administrative Expenses (without regard to the Administrative Expense Cap), including, without limitation, the reasonable fees, costs, charges and expenses incurred by the Trustee, the Collateral Administrator and the Collateral Manager (including
reasonable attorneys’ fees and expenses) in connection with such Refinancing, (ii) any Sale Proceeds, Refinancing Proceeds and other available funds are used (to the extent necessary) to make such redemption, (iii) none of the Issuer,
the Collateral Manager, the Retention Holder or any “sponsor” of the Issuer under the U.S. Risk Retention Rules shall fail to be in compliance with the U.S. Risk Retention Rules or the 

  
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EU/UK Risk Retention Requirements as a result of such Refinancing
unless such Person has consented to such Refinancing, (iv) the agreements relating to the Refinancing contain limited recourse and non-petition provisions equivalent (mutatis mutandis) to those
contained in Section 13.1(b) and Section 2.8(i) and (v) a written opinion or advice from Allen & Overy LLP or Cleary Gottlieb Steen & Hamilton LLP, or a written opinion of
tax counsel of nationally recognized standing in the United States experienced in such matters, is delivered to the Trustee, in form and substance satisfactory to the Collateral Manager and the Trustee, to the effect that such Refinancing will not
result in the Issuer becoming subject to U.S. federal income taxation with respect to its net income (including any tax liability imposed under Section 1446 of the Code), or result in the Issuer being treated as a publicly traded
partnership taxable as a corporation for U.S. federal income tax purposes. 
 (e)    In the case of a
Refinancing upon a redemption of the Secured Notes in part by Class pursuant to Section 9.2(a)(ii), such Refinancing will be effective only if (i) the Global Rating Agency Condition has been satisfied with respect
to any remaining Secured Notes that were not the subject of the Refinancing, (ii) the Refinancing Proceeds and the Partial Refinancing Interest Proceeds will be at least sufficient to pay in full the aggregate Redemption Prices of the entire
Class or Classes of Secured Notes subject to Refinancing, (iii) the Refinancing Proceeds and the Partial Refinancing Interest Proceeds are used (to the extent necessary) to make such redemption, (iv) the agreements relating to the
Refinancing contain limited recourse and non-petition provisions equivalent (mutatis mutandis) to those contained in Section 13.1(b) and
Section 2.8(i), (v) the aggregate principal amount of any obligations providing the Refinancing is no greater than the Aggregate Outstanding Amount of the Secured Notes being redeemed with the proceeds of such
obligations plus an amount equal to the reasonable fees, costs, charges and expenses incurred in connection with such Refinancing, (vi) the stated maturity of each class of obligations providing the Refinancing is no earlier than the
corresponding Stated Maturity of each Class of Secured Notes being refinanced, (vii) the reasonable fees, costs, charges and expenses incurred in connection with such Refinancing have been paid or will be adequately provided for from the
Refinancing Proceeds (except for expenses owed to Persons that the Collateral Manager informs the Trustee will be paid solely as Administrative Expenses payable in accordance with the Priority of Payments; provided that any such fees
due to the Trustee and determined by the Collateral Manager to be paid in accordance with the Priority of Payments shall not be subject to the Administrative Expense Cap), (viii) the weighted average interest rate (based on the aggregate
principal amount of the obligations providing the Refinancing and the Reference RateBenchmark as in effect in the Interest Accrual Period in which the notice of redemption is delivered) with respect to such
obligations providing the Refinancing must not exceed the weighted average interest rate (based on the aggregate principal amount of each Class of Secured Notes subject to a Refinancing and the Reference RateBenchmark as
in effect in the Interest Accrual Period in which the notice of redemption is delivered) of the Class or Classes of Secured Notes that are being redeemed pursuant to such Refinancing; provided, for the avoidance of doubt, that Floating
Rate Notes may be refinanced with notes bearing a fixed rate of interest and Fixed Rate Notes may be refinanced with notes bearing a floating rate of interest, (ix) the obligations providing the Refinancing are subject to the Priority of
Payments and do not rank higher in priority pursuant to the Priority of Payments than the corresponding Class of Secured Notes being refinanced, (x) the voting rights, consent rights, redemption rights and all other rights of the
obligations providing the Refinancing are the same as the rights of the corresponding Class of Secured Notes being refinanced, (xi) a Majority of the Preferred Shares directs the Issuer to effect such Refinancing,

  
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(xii) the Issuer has received a written opinion or advice from Allen & Overy LLP or Cleary Gottlieb Steen & Hamilton LLP, or a written opinion of tax counsel of nationally
recognized standing in the United States experienced in such matters, to the effect that such Refinancing will not result in the Issuer becoming subject to U.S. federal income tax with respect to its net income (including any tax liability imposed
under Section 1446 of the Code), or result in the Issuer being treated as a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes and (xiii) none of the Issuer, the Collateral Manager, the Retention
Holder or any “sponsor” of the Issuer under the U.S. Risk Retention Rules shall fail to be in compliance with the U.S. Risk Retention Rules or the
EU/UK Risk Retention Requirements as a result of such Refinancing unless such Person has consented to such Refinancing.

 (f)    The holders of the Preferred Shares will not have any cause of action against the Issuers, the Collateral Manager, the Collateral Administrator or the Trustee for any failure to obtain a Refinancing.
Unless it otherwise consents, neither the Collateral Manager nor any Affiliate of the Collateral Manager shall be required to acquire any obligations or securities of the Issuers in connection with such Refinancing. If a Refinancing is obtained meeting the requirements specified above as
certified by the Collateral Manager, the Issuers and the Trustee shall amend this Indenture to the
extent necessary to reflect the terms of the Refinancing and, notwithstanding anything to the contrary set forth in Article VIII hereof, no further consent for such amendments shall be required from the Holders of Securities other than the
consent of a Majority of the Preferred Shares directing the redemption (including with respect to any related amendment providing that replacement securities issued in connection therewith will not be subject to any subsequent Refinancing). The
Trustee shall not be obligated to enter into any amendment that, in its view, adversely affects its duties, obligations, liabilities or protections hereunder, and the Trustee shall be entitled to conclusively rely upon an Opinion of Counsel as to
matters of law (which may be supported as to factual (including financial and capital markets) matters by any relevant certificates and other documents necessary or advisable in the judgment of counsel delivering such Opinion of Counsel) provided by
the Issuer to the effect that such amendment meets the requirements specified above and is permitted under this Indenture (except that such officer or counsel shall have no obligation to certify or opine as to the sufficiency of the Refinancing
Proceeds, or the sufficiency of the Accountants’ Report required hereunder). 
 (g)    In the event of any
Optional Redemption, the Issuer shall, at least fifteen (15) Business Days prior to the Redemption Date, notify the Trustee in writing of such Redemption Date, the applicable Record Date, the principal amount of Secured Notes to be redeemed on
such Redemption Date and the applicable Redemption Prices. The failure to effect any Optional Redemption shall not constitute an Event of Default. 

(h)    In connection with any Optional Redemption of the Secured Notes in whole or of any Class of the Secured Notes
in connection with a Refinancing of such Class, Holders of 100% of the Aggregate Outstanding Amount of any such Class of Secured Notes may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of
such Class of Secured Notes. 
 (i)    If a Class or Classes of Secured Notes are redeemed in connection with
a Refinancing in part by Class, Refinancing Proceeds, together with Partial Refinancing Interest Proceeds, shall be used to pay the Redemption Price(s) of such Class or Classes of Secured Notes without regard to the Priority of Payments. 

  
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 (j)    Subject to and in accordance with the Memorandum and Articles, theThe Preferred Shares may be redeemed by the Issuer at their Redemption Price (any such redemption, an “Optional Preferred Shares Redemption”), in whole but not in part, on any Business Day upon five
(5) Business Days’ notice (or such shorter agreed period) to the Trustee on or after the redemption in full of the Secured Notes, at the direction of a Majority of the Preferred Shares (with the consent of the Collateral Manager) or at the
direction of the Collateral Manager. If no funds are available to pay holders of the Preferred Shares pursuant hereto and to the Fiscal Agency Agreement, the Issuer may redeem the Preferred Shares (in whole but not in part) for no consideration on
any Redemption Date, on the Stated Maturity or upon an acceleration of the Notes as the result of an Event of Default. 
 (k)    In connection
with a Refinancing pursuant to which all Classes of Secured Notes are being refinanced, the Collateral Manager may, with the consent of a Majority of the Preferred Shares but without the consent of any other person, including any other Holder
designate Principal Proceeds up to the Excess Par Amount as of the related Determination Date as Interest Proceeds for payment on the Redemption Date or up to the first Payment Date thereafter. Notice of any such designation will be provided to the
Trustee (with copies to the Rating Agencies) on or before the Business
Day prior to the related Redemption Date. 
 Section
15.2Section 9.3    Tax Redemption. . 

(a)    The Securities shall be redeemed in whole but not in part (any such redemption, a “Tax Redemption”)
at their applicable Redemption Prices at the written direction (delivered to the Trustee) of (x) a Majority of any Affected Class or (y) a Majority of the Preferred Shares, in either case following the occurrence and continuation of a
Tax Event. 
 (b)    In connection with any Tax Redemption, Holders of 100% of the Aggregate Outstanding Amount of any
Class of Secured Notes may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class of Secured Notes. 

(c)    Upon its receipt of such written direction directing a Tax Redemption, the Trustee shall promptly notify the
Collateral Manager, the Holders and each Rating Agency thereof. 
 (d)    If an Officer of the Collateral Manager
obtains actual knowledge of the occurrence of a Tax Event, the Collateral Manager shall promptly notify the Issuer, the Collateral Administrator and the Trustee thereof, and upon receipt of such notice the Trustee shall promptly notify the Holders
of the Securities and each Rating Agency thereof. 

Section 15.3Section 9.4    Redemption Procedures. . 

(a)    In the event of any Optional Redemption, the written direction of a Majority of the Preferred Shares and the consent
of the Collateral Manager shall be provided to the Issuers, the Trustee and the Collateral Manager not later
than thirty (30) days (or such shorter period of time, not to be less than fifteen (15) Business Days, as the Trustee and the Collateral Manager find reasonably acceptable) prior to the Business Day on which such redemption is to be made
(which 

  
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date shall be designated in such notice). In the event of any Optional Redemption or Tax Redemption, a notice of redemption shall be given by the Trustee by overnight delivery service, postage
prepaid, mailed not later than fifteen (15) Business Days prior to the applicable Redemption Date, to each Holder of Securities, at such Holder’s address in the Register or the Share Register, as applicable (and, in the case of Global
Notes, delivered by electronic transmission to DTC) and each Rating Agency. 
 (b)    All notices of redemption
delivered pursuant to Section 9.4(a) shall state: 
 (i)    the applicable
Redemption Date; 
 (ii)    the Redemption Prices of the Notes to be redeemed; 

(iii)    all of the Securities that are to be redeemed are to be redeemed in full and that interest on such
Notes shall cease to accrue on the Payment Date specified in the notice; and 
 (iv)    the place or
places where Securities are to be surrendered for payment of the Redemption Prices, which in the case of the Notes shall be the Corporate Trust Office of the Trustee and in the case of the Preferred Shares shall be the offices of the Fiscal Agent as
set forth in the Fiscal Agency Agreement. 
 (c)    The Issuer may withdraw any such notice of an Optional Redemption on
any day up to and including the later of (x) the day on which the Collateral Manager is required to deliver to the Trustee the sale agreement or agreements or certifications as described in Section 9.4(e), by written
notice to the Trustee that the Collateral Manager will be unable after using commercially reasonable efforts to deliver such sale agreement or agreements or certifications or it elects in good faith based on an assessment of current market
conditions not to deliver such sale agreement or agreements or certifications and (y) the day on which the Holders of Securities are notified of such redemption in accordance with Section 9.4(a), at the written
direction of a Majority of Preferred Shares to the Trustee and the Collateral Manager. The Issuer shall provide notice to each Rating Agency of any such
withdrawalIn addition, the Issuer may withdraw any notice of a redemption by written notice to the Trustee on any day up to and including the Business Day
prior to the proposed Redemption Date if the conditions to such redemption have not been satisfied (including the receipt of sufficient funds to effect such redemption). The Trustee will, at the expense of the Issuer, promptly forward any notice of
withdrawal of a redemption to Holders that were given notice of such redemptions and to the Rating
Agencies. The reasonable fees, costs, charges and
expenses incurred in connection with the failure of any such redemption will be paid by the Issuer as Administrative Expenses payable in accordance with the Priority of Payments. 

(d)    Notice of redemption (and any withdrawal thereof) pursuant to Section 9.2 or 9.3
shall be given to the Holders of Securities and each Rating Agency by the Issuer or, upon an Issuer Order, by the Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any
Notes selected for redemption shall not impair or affect the validity of the redemption of any other Notes. 

  
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 (e)    Unless Refinancing Proceeds are being used to redeem the Secured
Notes in whole or in part, in the event of any Optional Redemption or Tax Redemption, no Secured Note may be optionally redeemed unless (i) at least five (5) Business Days before the scheduled Redemption Date the Collateral Manager shall
have furnished to the Trustee evidence in a form reasonably satisfactory to the Trustee that the Collateral Manager on behalf of the Issuer has entered into a binding agreement or agreements with a financial or other institution or institutions
whose short-term unsecured debt obligations (other than such obligations whose rating is based on the credit of a Person other than such institution) are rated, or guaranteed by a Person whose short-term unsecured debt obligations are rated, at
least “A-1” by S&P to purchase (directly or by participation or other arrangement), not later than the Business Day immediately preceding the scheduled Redemption Date in immediately available
funds, all or part of the Assets at a purchase price at least sufficient, together with the Eligible Investments maturing, redeemable or putable to the issuer thereof at par on or prior to the scheduled Redemption Date, to pay all Administrative
Expenses (without regard to the Administrative Expense Cap) and Collateral Management Fees payable in connection with such Optional Redemption or Tax Redemption, in each case, as applicable and in accordance with the Priority of Payments, and redeem
the applicable Class of Secured Notes on the scheduled Redemption Date at the applicable Redemption Prices (including, without limitation, any such amount that the Holders of such Class have elected to receive, where Holders of such
Class have elected to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class), or (ii) prior to selling any Collateral Obligations and/or Eligible Investments, the Collateral Manager
shall certify to the Trustee that, in its judgment (which may be based on the Issuer having entered into an agreement to sell such Assets to another special purpose entity (or any Affiliate which has sufficient cash or financing resources available)
that has committed financing or that has priced but has not yet closed its securities offering if such securities offering is expected to close on or prior to the scheduled Redemption Date), the aggregate sum of (A) expected proceeds from the
sale of Eligible Investments and all amounts that ORCC has committed to contribute to the Issuer, and (B) for each Collateral Obligation, its Market Value, shall exceed the sum of (x) the aggregate Redemption Prices of the applicable
Class of Secured Notes (including, without limitation, any such amount that the Holders of such Class have elected to receive, where Holders of such Class have elected to receive less than 100% of the Redemption Price that would
otherwise be payable to the Holders of such Class) and (y) all Administrative Expenses (without regard to the Administrative Expense Cap) and Collateral Management Fees payable in connection with such Optional Redemption or Tax Redemption, in
each case, as applicable and in accordance with the Priority of Payments. Any certification delivered by the Collateral Manager pursuant to this Section 9.4(e) shall include (1) the prices of, and expected proceeds
from, the sale (directly or by participation or other arrangement) of any Collateral Obligations and/or Eligible Investments and (2) all calculations required by this Section 9.4(e). Any holder of Securities,
ORCC, the Collateral Manager or any of their respective Affiliates or accounts managed thereby or by any of their respective Affiliates may, subject to the same terms and conditions afforded to other bidders and compliance with applicable law
(including the Advisers Act), bid on Assets to be sold as part of an Optional Redemption or Tax Redemption. 
 Section 15.4Section 9.5    Notes Payable on Redemption Date.
. 

(a)    Notice of redemption pursuant to Section 9.4 having been given as aforesaid, the Notes to
be redeemed shall, on the Redemption Date, subject to Section 9.4(e) and 

  
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the Issuer’s right to withdraw any notice of redemption pursuant to Section 9.4(c), become due and payable at the Redemption Prices therein specified, and from and
after the Redemption Date (unless the Issuer shall default in the payment of the Redemption Prices and accrued interest) all such Notes shall cease to bear interest on the Redemption Date. Upon final payment on a Note to be so redeemed, the
Holder shall present and surrender such Note at the place specified in the notice of redemption on or prior to such Redemption Date; provided that if there is delivered to the Issuer and the Trustee such security or indemnity as may be
required by them to save such party harmless and an undertaking thereafter to surrender such Note, then, in the absence of notice to the Issuer or the Trustee that the applicable Note has been acquired by a protected purchaser, such final payment
shall be made without presentation or surrender. Payments of interest on Notes to be so redeemed which are payable on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more predecessor Notes, registered as such
at the close of business on the relevant Record Date according to the terms and provisions of Section 2.8(e). 

(b)    If any Secured Notes called for redemption shall not be paid upon surrender thereof for redemption, the principal
thereof shall, until paid, bear interest from the Redemption Date at the applicable Interest Rate for each successive Interest Accrual Period such Secured Notes remain Outstanding; provided that the reason for such non-payment is not the fault of such Holder. 
 Section
 9.6    Special RedemptionSpecial Redemption. Principal payments on the Secured Notes shall be made in part in accordance with the Priority of
Payments on any Payment Date (i) during the Reinvestment Period, if the Collateral Manager in its sole discretion notifies the Trustee at least five (5) Business Days prior to the applicable Special Redemption Date that it has been unable,
for a period of at least twenty (20) consecutive Business Days, to identify additional Collateral Obligations that are deemed appropriate by the Collateral Manager in its sole discretion and which would satisfy the Investment Criteria in
sufficient amounts to permit the investment or reinvestment of all or a portion of the funds then in the Collection Account that are to be invested in additional Collateral Obligations or (ii) after the Effective Date, if the Collateral Manager
notifies the Trustee that a redemption is required pursuant to Section 7.18 in order to (A) satisfy the Effective Date S&P Conditions or (B) obtain from S&P its written confirmation of its Initial Ratings
of the Secured Notes (each of (i) and (ii), a “Special Redemption”). On the first Payment Date following the Collection Period in which such notice is given (a “Special Redemption Date”), the amount in the
Collection Account representing, as applicable, either (i) Principal Proceeds which the Collateral Manager has determined cannot be reinvested in additional Collateral Obligations will be applied as described in
Section 
11.1(a)(ii)(EH), or (ii) Interest Proceeds and Principal Proceeds available therefor will be applied to pay principal of the Secured Notes in accordance with the Note Payment Sequence as described in
Section 
11.1(a)(i)(GJ) and Section 11.1(a)(ii)(CF) (but in the case of this clause (ii), only to the extent that the Collateral Manager does not direct that the Interest Proceeds and
Principal Proceeds be allocated to the purchase of additional Collateral Obligations) until the Issuer obtains written confirmation from S&P of the Initial Ratings of the Secured Notes or the Effective Date S&P Conditions have been satisfied
(the applicable amount payable under clause (i) or (ii), the “Special Redemption Amount”) will be applied in accordance with the Priority of Payments. Notice of a Special Redemption shall be given by the Trustee not less than
three (3) Business Days prior to the applicable Special Redemption Date (x) by email transmission, if available, and otherwise by facsimile, if available, or (y) by first class mail, postage prepaid, to each Holder of Securities
affected thereby at such Holder’s facsimile number, email address or mailing address in the Register (and, in the case of Global Notes, delivered by electronic transmission to DTC) or the Share Register, as applicable, and to each Rating
Agency. 

  
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 Section
15.5Section 9.7    [Reserved].Optional
Re-Pricing. 
 (a)    On any
Business Day after the Non-Call Period, at the written direction of a Majority of the Preferred Shares (with the consent of the Collateral Manager), the Issuer shall reduce the spread over the Benchmark (or,
in the case of any Fixed Rate Notes, the stated rate of interest) with respect to any Class of Re-Pricing Eligible Notes (such reduction, a “Re-Pricing” and any Class of Re-Pricing Eligible Notes to be subject
to a Re-Pricing, a “Re-Priced Class”); provided that the Issuer shall not effect any Re-Pricing unless each condition specified in this Section 9.7 is satisfied with respect thereto. For the avoidance of doubt, no terms of any Secured Notes other
than the Interest Rate applicable to the related Re-Priced Class may be modified or supplemented in connection with a Re-Pricing. In connection with any
Re-Pricing, the Issuer may engage a broker-dealer (the
“Re-Pricing Intermediary”) upon the recommendation and subject to the approval of (i) a Majority of the Preferred Shares and (ii) the Collateral Manager and such Re-Pricing Intermediary shall assist the Issuer in effecting the
Re-Pricing. 

(b) 
   At least 30 days prior to the Business Day fixed by a Majority of the Preferred Shares for any proposed
Re-Pricing (the “Re-Pricing Date”), the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall deliver a notice in writing to the Trustee (who shall
promptly deliver a copy of such notice to each Holder of the proposed Re-Priced Class(es), the Collateral Manager and the Rating Agencies), which notice
shall: 
 (i)    specify the
proposed Re-Pricing Date and the revised Interest Rate to be applied with respect to such Class (the “Re-Pricing Rate”); 

(ii)    request each Holder of the Re-Priced Class to approve the proposed Re-Pricing;
and 
 (iii)    specify the
price at which Secured Notes of any Holder of the Re-Priced Class which does not approve the Re-Pricing may be sold and transferred pursuant to
Section 9.7(c), which, for purposes of such Re-Pricing, shall be the
applicable Redemption Price after giving effect on a pro forma basis to all payments to be made pursuant to the Priority of Payments on the Re-Pricing Date if such date is a Payment Date. 

(c) 
   In the event any Holders of the Re-Priced Class do not deliver written consent to the proposed
Re-Pricing on or before the date that is ten (10) Business Days prior to the proposed Re-Pricing Date, the Issuer, or the Re-Pricing
Intermediary on behalf of the Issuer, shall deliver written notice thereof to the Trustee (who shall promptly deliver a copy of such notice to the consenting Holders of the Re-Priced Class), specifying the
Aggregate Outstanding Amount of the Secured Notes of the Re-Priced Class held by such non-consenting Holders, and shall request that each such consenting Holder provide written notice to the Issuer, the
Trustee, the Collateral Manager and the Re-Pricing Intermediary if such Holder would like to purchase all or any portion of the Secured Notes of the Re-Priced
Class held by the
non-consenting Holders (each such notice, an “Exercise Notice”) within five (5) Business Days after receipt of such notice. In the event the Issuer shall receive Exercise Notices with respect to more than the Aggregate Outstanding Amount  

  
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of the Secured Notes of the Re-Priced Class held by non-consenting Holders, the Issuer,
or the Re-Pricing Intermediary on behalf of the Issuer, shall cause the sale and transfer of such Secured Notes, without
further notice to the non-consenting Holders thereof (for settlement on the Re-Pricing Date) to the Holders delivering Exercise Notices with respect thereto, pro rata based on the Aggregate Outstanding Amount of the Secured Notes such
Holders indicated an interest in purchasing pursuant to their Exercise Notices. In the event the Issuer shall receive Exercise Notices with respect to less than the Aggregate Outstanding Amount of the Secured Notes of the Re-Priced Class held by non-consenting Holders, the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall cause the sale and transfer of such Secured Notes, without further notice to
the non-consenting Holders thereof, for settlement on the Re-Pricing Date to the Holders delivering Exercise Notices with respect thereto, and any excess Secured Notes
of the Re-Priced Class held
by non-consenting Holders shall be sold (for settlement on the Re-Pricing Date) to one or more transferees designated by the
Re-Pricing Intermediary and consented to by the Collateral Manager on behalf of the Issuer. All sales of Re-Pricing Eligible Notes to be effected pursuant to this clause
(c) shall be made at the applicable Redemption Price after giving
effect on a pro forma basis to
all payments to be made pursuant to the Priority of Payments on the Re-Pricing Date if such date is a Payment Date, and shall be effected only if the related Re-Pricing
is effected in accordance with the provisions hereof. The Holder of each Re-Pricing Eligible Note, by its acceptance of an interest in the Re-Pricing Eligible Note,
agrees that the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, may enter into binding commitments to sell and transfer all Re-Pricing Eligible Notes of
a Re-Priced Class held by non-consenting Holders in accordance with this Section 9.7 and,
if it is a non-consenting Holder, hereby irrevocably appoints the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, in connection with such sale and transfer, and agrees to sell and transfer
its Secured Notes in accordance with this Section 9.7 and to cooperate with the Issuer, the Re-Pricing Intermediary and the Trustee to effect such sale and transfers. The Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall deliver written notice to
the Trustee and the Collateral Manager not later than five
(5) Business Days prior to the proposed Re-Pricing Date confirming that the Issuer has received written commitments to purchase all Secured Notes of the Re-Priced Class held by non-consenting Holders. For the
avoidance of doubt, such Re-Pricing will apply to all the Secured Notes of the Re-Priced Class, including the Secured Notes of the
Re-Priced Class held by non-consenting Holders. 

(d) 
   The Issuer shall not effect any proposed Re-Pricing unless: (i) with the consent of a Majority of the Preferred Shares and the Collateral Manager,
the Issuer and the Trustee shall have entered into a supplemental indenture, dated as of the Re-Pricing Date solely to decrease the spread over the Benchmark (or, in the case of any Fixed Rate Notes, the stated rate of interest) applicable to the Re-Priced Class; (ii) the Issuer,
or the Re-Pricing Intermediary on behalf of the Issuer, has received written commitments to purchase all Secured Notes of the Re-Priced Class held by non-consenting Holders;
(iii) the Rating Agencies shall have been notified of such Re-Pricing; (iv) the Issuer has
received a written opinion or advice from Allen & Overy LLP or
Cleary Gottlieb Steen & Hamilton LLP, or a written opinion of
other tax counsel of nationally recognized standing in the United States experienced in such matters, to the effect that such Re-Pricing will not result in the Issuer becoming subject to U.S. federal income tax with respect to its
net income (including any tax liability imposed under Section 1446
of the Code), or result in the Issuer being treated as a publicly traded partnership taxable as a corporation for U.S. federal income tax  

  
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purposes; (v) all expenses of the Issuer and the Trustee (including the fees of the Re-Pricing Intermediary and fees of counsel) incurred in
connection with the Re-Pricing shall not exceed the amount of Interest Proceeds expected to be available after taking into account all amounts required to be paid pursuant to the Priority of Payments on the
subsequent Payment Date prior to distributions to the Holders of the Preferred Shares, unless such expenses shall have been paid (including from proceeds of any additional issuance of Preferred Shares) or shall be adequately provided for by an
entity other than the Issuer; and (vi) none of the Issuer, the
Collateral Manager, the Retention Holder or any “sponsor” of the Issuer under the U.S. Risk Retention Rules fails to be in compliance with the U.S. Risk Retention Rules or the EU/UK Risk Retention Requirements as a result of such Re-Pricing unless such Person has consented to such Re-Pricing. Unless it otherwise consents, none of the Collateral Manager, the Retention Holder nor any of their Affiliates shall be required to acquire any obligations or securities of the Issuer in connection with
such Re-Pricing. 
 (e)    If notice has
been received by the Trustee from the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, confirming that the Issuer, or the Re-Pricing Intermediary on
behalf of the Issuer, has received written commitments to purchase all Secured Notes of the Re-Priced Class held by non-consenting Holders, notice of a Re-Pricing shall be given by the Trustee by
email transmission, if available, and by first class mail, postage prepaid, mailed not less than three (3) Business Days prior to the proposed Re-Pricing Date, to each Holder of Notes of the
Re-Priced Class at the
address in the Register (and, in the case of Global Notes, delivered by electronic transmission to DTC) (with a copy to the Collateral Manager), specifying the applicable Re-Pricing Date and Re-Pricing Rate. Notice of Re-Pricing shall be given by the Trustee at the expense of the Issuer. Failure to give a notice of
Re-Pricing, or any defect therein, to any Holder of any Re-Priced
Class shall not impair or affect the validity of the Re-Pricing or give rise to any claim based upon such failure or defect. Any notice of a Re-Pricing may be withdrawn by a Majority of the Preferred Shares on or prior to the
fourth Business Day prior to the scheduled Re-Pricing Date by written notice to the Issuer, the Trustee and the Collateral Manager for any reason. Upon receipt of such notice of withdrawal, the Trustee shall
send such notice to the Holders of Secured Notes and the Rating Agencies. 
 (f)    The Issuer
shall direct the Trustee to segregate payments and take other reasonable steps to effect the Re-Pricing and the Trustee shall have the authority to take such actions as may be directed by the Issuer or the
Collateral Manager as the Issuer (or the Re-Pricing Intermediary on behalf of the Issuer) or Collateral Manager shall deem necessary or desirable to effect a Re-Pricing.
In order to give effect to the Re-Pricing, the Issuer may, to the extent necessary or desirable, obtain and assign a separate
CUSIP or CUSIPs to the Secured Notes of each Class held by such consenting or non-consenting
Holder(s). The Trustee shall be entitled to receive, and shall be fully protected in relying upon an Opinion of Counsel stating that the Re-Pricing is authorized or permitted by this Indenture and that all
conditions precedent thereto have been complied with. The Trustee may request and rely on an Issuer Order providing direction and any additional information requested by the Trustee in order to effect a
Re-Pricing. 
 Section 15.6Section 9.8    Clean-Up Call Redemption. . 

(a)    At the written direction of the Collateral Manager to the Issuer and the Trustee, with a copy to each Rating Agency,
at least twenty (20) Business Days prior to the 

  
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proposed Redemption Date, the Secured Notes shall be subject to redemption by the Issuers, in whole but not in part, at the applicable Redemption Price, on any Business Day after the Non-Call Period on which the Collateral Principal Amount is less than 10% of
the Target Initial Par Amount. 
 (b)    Notwithstanding anything to the contrary set forth herein, the Secured
Notes shall not be redeemed pursuant to a Clean-Up Call Redemption unless (i) at least five (5) Business Days before the scheduled Redemption Date the Collateral Manager shall have furnished to the
Trustee evidence, in form satisfactory to the Trustee, that the Collateral Manager on behalf of the Issuer has entered into a binding agreement or agreements to sell to a financial or other institution or institutions not later than the Business Day
immediately preceding the scheduled Redemption Date, all or part of the Collateral Obligations at a purchase price at least equal to an amount sufficient, together with the Eligible Investments maturing, redeemable (or putable to the issuer thereof
at par) on or prior to the scheduled Redemption Date, to pay all Administrative Expenses and other fees and expenses payable in accordance with the Priority of Payments (without regard to the Administrative Expense Cap) prior to the payment of the
principal of the Secured Notes to be redeemed and redeem all of the Secured Notes on the scheduled Redemption Date at the applicable Redemption Price, or (ii) prior to selling any Collateral Obligations and/or Eligible Investments, the
Collateral Manager shall certify to the Trustee in a certificate of a Responsible Officer upon which the Trustee can conclusively rely that, in its judgment (which may be based on the Issuer having entered into an agreement to sell such Assets to
another special purpose entity that has committed financing or that has priced but has not yet closed its securities offering if such securities offering is expected to close on or prior to the scheduled Redemption Date), the aggregate sum of
(A) any expected proceeds from the sale of Eligible Investments and (B) for each Collateral Obligation, the Market Value thereof, shall equal or exceed the Redemption Price of the Secured Notes. Any certification delivered by the
Collateral Manager pursuant to this Section 9.8 shall include (1) the prices of, and expected proceeds from, the sale (directly or by participation or other arrangement) of any Collateral Obligations and/or Eligible
Investments and (2) all calculations required by this Section 9.8. 
 (c)    Upon receipt
from the Collateral Manager of a direction in writing to effect a Clean-Up Call Redemption, the Issuer will set the related Redemption Date and the Record Date and give written notice thereof to the Trustee,
the Collateral Administrator, the Collateral Manager and each Rating Agency not later than fifteen (15) Business Days prior to the proposed Redemption Date. A notice of redemption will be given by email, if available, and by first-class mail,
postage prepaid, mailed not later than ten (10) Business Days prior to the applicable Redemption Date, to each Holder of Securities, at such Holder’s address in Register (and, in the case of Global Notes, delivered by electronic
transmission to DTC) or the Share Register, as applicable, and each Rating Agency. 
 (d)    Any notice of a Clean-Up Call Redemption may be withdrawn by the Issuer (or by the Collateral Manager on behalf of the Issuer) up to (and including) the fourth Business Day prior to the related Redemption Date by written notice to
the Trustee, the Fiscal Agent and each Rating Agency (if the Secured Notes remain Outstanding) only if the Collateral Manager has not delivered the sale agreement or agreements or certifications as described in
Section 9.8(b) in form satisfactory to the Trustee. 

  
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 (e)    The Trustee will give notice of any such withdrawal of a Clean-Up Call Redemption, at the expense of the Issuer, to each Holder of Securities that were to be redeemed at such holder’s address in the Register or Share Register, as applicable, by overnight courier
guaranteeing next day delivery not later than the third Business Day prior to the related scheduled Redemption Date. 

(f)    On the Redemption Date related to any Clean-Up Call Redemption, the
Redemption Price for the Secured Notes will be distributed pursuant to the Priority of Payments. 
 ARTICLE XVI 

ARTICLE XVIIARTICLE X 

ACCOUNTS, ACCOUNTINGS AND RELEASES 

Section 10.1    
Collection of Money. Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or
assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable by the Trustee pursuant to this Indenture, including all payments due on the Assets, in accordance with the terms and conditions of such
Assets. The Trustee shall segregate and hold all such Money and property received by it in trust for the Holders of the Securities and shall apply it as provided herein. Each Account shall be established and maintained (a) with a federal or
state-chartered depository institution that (i) has a short-term debt rating of at least “A-1” and a long-term issuer credit rating of at least “A” (or, in the absence of a short-term
debt rating, a long-term issuer credit rating of at least “A+”) by S&P and (ii) so long as any Notes rated by Fitch remain Outstanding, satisfies the Fitch Eligible Counterparty Ratings or (b) in segregated trust accounts
with the corporate trust department of a federal or state-chartered depositary institution that (i) has a
short-term debt rating of at least “A-1” and a long-term issuer credit rating of at least “A” (or, in the absence of a short-term debt rating, a long-term issuer credit rating of at least
“A+”) by S&P, (ii) so long as any Notes rated by Fitch remain Outstanding, satisfies the Fitch Eligible Counterparty Ratings and (iii) is subject to regulations regarding fiduciary funds on deposit similar to Title 12 of
the Code of Federal Regulations Section 9.10(b) (an “Eligible Institution”) and, in each
case, if such institution’s rating falls below any such rating threshold, the assets held in such Account shall be moved within 30 calendar days to another institution that satisfies those ratings. Such institution shall have a combined
capital and surplus of at least U.S.$200,000,000. Notice will be provided to S&P and Fitch upon any change in the Trustee (for so long as S&P or Fitch, as applicable, is a Rating Agency). All Cash deposited in the Accounts shall be invested
only in Eligible Investments or Collateral Obligations in accordance with the terms of this Indenture. To avoid the consolidation of the Assets of the Issuer with the general assets of the Bank under any circumstances, the Trustee shall comply, and
shall cause the Custodian to comply, with all law applicable to it as a Massachusetts trust company holding segregated trust assets in a fiduciary capacity. Notwithstanding anything herein to the contrary, the Trustee shall not credit or otherwise
deposit Excluded Property into any Account. The Co-Issuer shall have no legal, equitable or beneficial interest in an Account. 

  
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 Section
17.1Section 10.2    Collection Account. . 

(a)    In accordance with this Indenture and the Account Control Agreement, the Issuer shall, prior to the Closing Date,
cause the Trustee to establish at the Custodian two segregated trust accounts, one of which will be designated the “Interest Collection Subaccount” and one of which will be designated the “Principal Collection
Subaccount” (and which together will comprise the Collection Account), each held in the name of the Issuer subject to the Lien of this Indenture and each of which shall be maintained with the Custodian in accordance with the Account Control
Agreement. The Trustee shall from time to time deposit into the Interest Collection Subaccount, in addition to the deposits required pursuant to Section 10.6(a), immediately upon receipt thereof or upon transfer from the
Payment Account, all Interest Proceeds (unless simultaneously reinvested in additional Collateral Obligations in accordance with Article XII). The Trustee shall deposit immediately upon receipt thereof or upon transfer from
the Expense Reserve Account, the Ramp-Up Account or Revolver Funding Account all other amounts remitted to the Collection Account into the Principal Collection Subaccount, including in addition to the deposits
required pursuant to Section 10.6(a), (i) any funds designated as Principal Proceeds by the Collateral Manager in accordance with this Indenture and (ii) all other Principal Proceeds (unless simultaneously
reinvested in additional Collateral Obligations in accordance with Article XII or in Eligible Investments). The Issuer may, but under no circumstances shall be required to, deposit from time to time into the Collection
Account, in addition to any amount required hereunder to be deposited therein, such Monies received from external sources for the benefit of the Secured Parties or the Issuer (other than payments on or in respect of the Collateral Obligations,
Eligible Investments or other existing Assets) as the Issuer deems, in its sole discretion, to be advisable and to designate them as Interest Proceeds or Principal Proceeds. All Monies deposited from time to time in the Collection Account pursuant
to this Indenture shall be held by the Trustee as part of the Assets and shall be applied to the purposes herein provided. Subject to Section 10.2(d), amounts in the Collection Account shall be reinvested pursuant to
Section 10.6(a). 
 (b)    The Trustee, within one Business Day after receipt of any
distribution or other proceeds in respect of the Assets which are not Cash, shall so notify the Issuer and the Issuer (or the Collateral Manager on behalf of the Issuer) shall use its commercially reasonable efforts to, within five (5) Business
Days after receipt of such notice from the Trustee (or as soon as practicable thereafter), sell such distribution or other proceeds for Cash in an arm’s length transaction and deposit the proceeds thereof in the Collection Account;
provided that the Issuer (i) need not sell such distributions or other proceeds if it delivers an Issuer Order or an Officer’s certificate to the Trustee certifying that such distributions or other proceeds constitute Collateral
Obligations, Equity Securities or Eligible Investments or (ii) may otherwise retain such distribution or other proceeds for up to two years from the date of receipt thereof if it delivers an Officer’s certificate to the Trustee certifying
that (x) it will sell such distribution within such two-year period and (y) retaining such distribution is not otherwise prohibited by this Indenture. 

(c)    At any time when reinvestment is permitted pursuant to Article XII, the Collateral
Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order the Trustee shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal Proceeds (together with any
Principal Financed Accrued Interest) and reinvest (or invest, in the case of funds referred to in Section 7.18) such funds in additional Collateral Obligations, in each case in accordance with the requirements of
Article XII and such Issuer Order. At any time, the Collateral Manager on behalf of the Issuer may by Issuer 

  
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Order direct the Trustee to, and upon receipt of such Issuer Order the Trustee shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal Proceeds and deposit
such funds in the Revolver Funding Account to meet funding requirements on Delayed Drawdown Collateral Obligations or Revolving Collateral Obligations. 

(d)    The Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of such
Issuer Order the Trustee shall, pay from amounts on deposit in the Collection Account on any Business Day during any Interest Accrual Period (i) any amount required to purchase additional Collateral Obligations or to exercise a warrant or right
to acquire securities held in the Assets in accordance with the requirements of Article XII and such Issuer Order; provided that (x) any payment to acquire additional Collateral oObligations shall be made
from Principal Proceeds (and Interest Proceeds but only to the extent used to pay for accrued interest on an additional Collateral Obligation or Interest Proceeds that have been designated as Principal Proceeds in accordance with the definition of
“Interest Proceeds”) and (y) any payment to acquire Workout Loans, Equity Securities or exercise a warrant or right to acquire securities held in the Assets shall be made from Interest Proceeds only (including Contributions treated as
Interest Proceeds), and (ii) from Interest Proceeds only, any Administrative Expenses (such payments to be counted against the Administrative Expense Cap for the applicable period and to be subject to the order of priority as stated in the
definition of Administrative Expenses); provided that the aggregate Administrative Expenses paid pursuant to this Section 10.2(d) during any Collection Period shall not exceed the Administrative Expense Cap for the
related Payment Date; provided further that the Trustee shall be entitled (but not required) without liability on its part, to refrain from making any such payment of an Administrative Expense pursuant to this
Section 10.2 on any day other than a Payment Date if, in its reasonable determination, the payment of such amount is likely to leave insufficient funds available to pay in full each of the items described in
Section 11.1(a)(i)(A) as reasonably anticipated to be or become due and payable on the next Payment Date, taking into account the Administrative Expense Cap. 

(e)    The Trustee shall transfer to the Payment Account, from the Collection Account for application pursuant to
Section 11.1(a), on the Business Day immediately preceding each Payment Date, the amount set forth to be so transferred in the Distribution Report for such Payment Date. 

(f)    In connection with a Refinancing in part by Class of one or more Classes of Notes, the Collateral Manager on
behalf of the Issuer may direct the Trustee to apply Partial Refinancing Interest Proceeds from the Interest Collection Subaccount on the date of a Refinancing of one or more Classes of Notes to the payment of the Redemption Price(s) of the
Class or Classes of Notes subject to Refinancing without regard to the Priority of Payments. 
 Section 17.2Section 10.3    Transaction Accounts.
. 

(a)    Payment Account. In accordance with this Indenture and the Account Control Agreement, the Issuer shall, prior
to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing trust account held in the name of State Street Bank and Trust Company, as Trustee, for the benefit
of the Secured Parties, which shall be designated as the Payment Account, which shall be maintained with the Custodian in accordance with the Account Control Agreement. Except as provided in Section 11.1(a), the only
permitted 

  
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withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall be to pay amounts due and payable on the Securities in accordance with their terms
and the provisions of this Indenture and, upon Issuer Order, to pay Administrative Expenses, fees and other amounts due and owing to the Collateral Manager under the Collateral Management Agreement and other amounts specified herein, each in
accordance with the Priority of Payments. The Issuer shall not have any legal, equitable or beneficial interest in the Payment Account other than in accordance with this Indenture (including the Priority of Payments) and the Account Control
Agreement. Amounts in the Payment Account shall remain uninvested. 
 (b)    Custodial Account. In accordance
with this Indenture and the Account Control Agreement, the Issuer shall, prior to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing trust account held
in the name of the Issuer, subject to the Lien of this Indenture, which shall be designated as the Custodial Account, which shall be maintained with the Custodian in accordance with the Account Control Agreement. All Collateral Obligations shall be
credited to the Custodial Account. The only permitted withdrawals from the Custodial Account shall be in accordance with the provisions of this Indenture. The Trustee agrees to give the Issuer immediate notice if (to the actual knowledge of a Trust
Officer of the Trustee) the Custodial Account or any assets or securities on deposit therein, or otherwise to the credit of the Custodial Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar
process. The Issuer shall not have any legal, equitable or beneficial interest in the Custodial Account other than in accordance with this Indenture and the Priority of Payments. 

(c)    Ramp-Up Account. In accordance with this Indenture and the Account
Control Agreement, the Trustee shall, if directed to do so by the Issuer, prior to the Closing Date, establish at the Custodian a single, segregated non-interest bearing trust account held in the name of the
Issuer, subject to the Lien of this Indenture, which shall be designated as the Ramp-Up Account, which shall be maintained with the Custodian in accordance with the Account Control Agreement. The Issuer shall
direct the Trustee to deposit the amount specified in the Issuer Order delivered pursuant to Section 3.1(a)(xi) to the Ramp-Up Account on the Closing Date. In connection with any
purchase of an additional Collateral Obligation, the Trustee will apply amounts held in the Ramp-Up Account as provided by Section 7.18(b) and
Section 7.18(f). Any income earned on amounts deposited in the Ramp-Up Account will be deposited in the Interest Collection Subaccount. All other amounts on deposit in the Ramp-Up Account will be deemed to represent Principal Proceeds. Upon the occurrence of an Enforcement Event (and excluding any amounts that will be used to settle binding commitments entered into prior to such
date), the Trustee will deposit any remaining amounts in the Ramp-Up Account into the Principal Collection Subaccount as Principal Proceeds. On the Effective Date (and excluding any amounts that will be used
to settle binding commitments entered into prior to such date), the Collateral Manager, in its sole discretion, may direct the Trustee to deposit from amounts remaining in the Ramp-Up Account into the
Principal Collection Subaccount as Principal Proceeds. 
 (d)    Expense Reserve Account. In accordance with this
Indenture and the Account Control Agreement, the Issuer shall, prior to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing trust account held in the
name of the Issuer, subject to the Lien of this Indenture, which shall be designated as the Expense Reserve Account, which shall be maintained with the Custodian in accordance with the Account 

  
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Control Agreement. The Issuer shall direct the Trustee to deposit the amount specified in the Issuer Order delivered pursuant to Section 3.1(a)(xi) to the Expense
Reserve Account. On any Business Day from the Closing Date up to the date that is two (2) Business Days prior to the first Payment Date following the Closing Date, the Trustee shall apply funds from the Expense Reserve Account, as directed by
the Collateral Manager, (i) to pay expenses of the Issuers incurred in connection with the establishment
of the Issuers, the structuring and consummation of the Offering and the issuance of the Securities or
(ii) to the Collection Account as Principal Proceeds (or, prior to the Effective Date, the Ramp-Up Account) or (solely in respect of the first Payment Date) as Interest Proceeds. By the date that is two (2) Business Days prior to the first
Payment Date following the Closing Date, all funds in the Expense Reserve Account (after deducting any expenses paid on such Payment Date) will be deposited in the Collection Account as Principal Proceeds and/or Interest Proceeds and the
Expense Reserve Account will be closed. Thereafter, amounts may be deposited into the Expense Reserve Account in connection with the issuance of Additional Securities and the Trustee shall apply such funds from the Expense Reserve Account, as
directed by the Collateral Manager on behalf of the Issuer, as needed to pay expenses of the Issuer incurred in connection with such additional issuance or as a deposit into the Collection Account as Principal Proceeds or Interest Proceeds (solely
with respect to the first Payment Date following such additional issuance). Any income earned on amounts deposited in the Expense Reserve Account will be deposited in the Interest Collection Subaccount as Interest Proceeds as it is received.

 (e)    Interest Reserve Account. In accordance with this Indenture and the Account Control Agreement,
the Trustee shall, if directed to do so by the Issuer, prior to the Closing Date, establish a single, segregated non-interest bearing trust account held in the name of the Issuer, subject to the Lien of this
Indenture, designated as the “Interest Reserve Account”. The Issuer shall direct the Trustee to make the deposit specified in the Issuer Order delivered pursuant to Section 3.1(a)(xi) to the Interest
Reserve Account. Such Interest Reserve Amount shall be transferred to the Collection Account as Interest Proceeds on the Determination Date relating to the first Payment Date unless the Collateral Manager, in its discretion, provides written notice
to the Trustee that such Interest Reserve Amount shall not be so transferred and should instead be held in the Interest Reserve Account for application in accordance with this Section 10.3(e). The only permitted withdrawals
from or application of funds or property on deposit in the Interest Reserve Account shall be in accordance with the provisions of this Indenture, including: (i) prior to the second Payment Date, at the discretion of the Collateral Manager, to
the Collection Account as Interest Proceeds or to the Collection Account (or, prior to the Effective Date, the Ramp-Up Account) as Principal Proceeds (as designated by the Collateral Manager), and
(ii) amounts remaining in the Interest Reserve Account after the second Payment Date shall be transferred to the Collection Account as Interest Proceeds or Principal Proceeds (as designated by the Collateral Manager). 

Section 10.4    
The Revolver Funding Account. Upon the purchase or acquisition of any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation identified by written notice to the Trustee, funds in an amount equal to the undrawn portion of
such obligation shall be withdrawn from the Ramp-Up Account and/or from the Principal Collection Subaccount (at the direction of the Collateral Manager) and deposited by the Trustee in a single, segregated
trust account established (in accordance with this Indenture and the Account Control Agreement) at the Custodian and held in the name of the Issuer subject to the Lien of this Indenture (the 

  
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“Revolver Funding Account”). Upon initial purchase or acquisition of any such obligations, funds deposited in the Revolver Funding Account in respect of any Delayed Drawdown
Collateral Obligation or Revolving Collateral Obligation will be treated as part of the purchase price therefor. Amounts on deposit in the Revolver Funding Account will be invested in overnight funds that are Eligible Investments selected by the
Collateral Manager pursuant to Section 10.6 and earnings from all such investments will be deposited in the Interest Collection Subaccount as Interest Proceeds. All other amounts held in the Revolver Funding Account will be
deemed to represent Principal Proceeds. 
 The Issuer shall, at all times maintain sufficient funds on deposit in the Revolver Funding
Account such that the sum of the amount of funds on deposit in the Revolver Funding Account shall be equal to or greater than the sum of the unfunded funding obligations under all such Delayed Drawdown Collateral Obligations and Revolving Collateral
Obligations then included in the Assets. Funds shall be deposited in the Revolver Funding Account upon the purchase of any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation and upon the receipt by the Issuer of any Principal
Proceeds with respect to a Revolving Collateral Obligation as directed by the Collateral Manager on behalf of the Issuer. In the event of any shortfall in the Revolver Funding Account, the Collateral Manager (on behalf of the Issuer) may direct the
Trustee to, and the Trustee thereafter shall, transfer funds in an amount equal to such shortfall from the Principal Collection Subaccount to the Revolver Funding Account. 

Any funds in the Revolver Funding Account (other than earnings from Eligible Investments therein) will be treated as Principal Proceeds
and will be available solely to cover any drawdowns on the Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations; provided that any excess of (A) the amounts on deposit in the Revolver Funding Account over
(B) the sum of the unfunded funding obligations under all Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations that are included in the Assets (which excess may occur for any reason, including upon (i) the sale or
maturity of a Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation, (ii) the occurrence of an event of default with respect to any such Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation or
(iii) any other event or circumstance which results in the irrevocable reduction of the undrawn commitments under such Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation) may be transferred by the Trustee (at the written
direction of the Collateral Manager on behalf of the Issuer) from time to time as Principal Proceeds to the Principal Collection Subaccount. 

Section 10.5    ContributionsContributions. At any time, the holders of the Preferred Shares may, but shall not be required to, make contributions of cash, Eligible Investments, or Collateral Obligations to the Issuer for any purpose (including, for the
avoidance of doubt, to acquire any Workout Loan or Equity Security); provided that, following the first Payment Date, each such (x) each cContribution to be used to acquire
Workout Loans or Equity Securities shall be in an amount equal to or greater than
U.S.$250,000500,000, (y) each Cure Contribution shall be in an
amount equal to or greater than U.S.$1,000,000, and (z) unless otherwise consented to by a Majority of the Controlling Class, not more than three Contributions (counting all Contributions made on the same day as a single Contribution for such
purpose) may be made in the aggregate since the first Payment Date after the First Refinancing Date (a “Contribution”). Cash contributions may be treated as Interest Proceeds if
so directed by the 

  
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holders of a Majority of the Preferred Shares (i) where necessary to cure or prevent any default or to permit the
Class A Interest Coverage Test to be satisfied, or if not satisfied, maintained or improved or (ii) to acquire
a Workout Loan or Equity Security, and otherwise will be treated as Principal Proceeds; provided that any such designation shall be irrevocable. No contribution or portion thereof shall be returned to the contributor at any time (other than
by operation of the Priority of Payments). The Trustee will post the details of any contributions on a dedicated page in the Monthly Report. 

Section 17.3Section 10.6    Reinvestment of Funds in Accounts; Reports by Trustee. . 

(a)    By Issuer Order (which may be in the form of standing instructions), the Issuer (or the Collateral Manager on behalf
of the Issuer) shall at all times direct the Trustee to, and, upon receipt of such Issuer Order, the Trustee shall, invest all funds on deposit in the Collection Account, the Ramp-Up Account, the Revolver
Funding Account, the Interest Reserve Account and the Expense Reserve Account, as so directed in Eligible Investments having stated maturities no later than the Business Day preceding the next Payment Date (or such shorter maturities expressly
provided herein). If prior to the occurrence of an Event of Default, the Issuer shall not have given any such investment directions, the Trustee shall seek instructions from the Collateral Manager within three (3) Business Days after transfer
of any funds to such accounts. If the Trustee does not thereafter receive written instructions from the Collateral Manager within five (5) Business Days after transfer of such funds to such accounts, it shall invest and reinvest the funds held
in such accounts, as fully as practicable, in the Standby Directed Investment. If after the occurrence of an Event of Default, the Issuer shall not have given such investment directions to the Trustee for three consecutive days, the Trustee shall
invest and reinvest such Monies as fully as practicable in the Standby Directed Investment unless and until contrary investment instructions as provided in the preceding sentence are received or the Trustee receives a written instruction from the
Issuer, or the Collateral Manager on behalf of the Issuer, changing the Standby Directed Investment. Except to the extent expressly provided otherwise herein, all interest and other income from such investments shall be deposited in the Interest
Collection Subaccount, any gain realized from such investments shall be credited to the Principal Collection Subaccount upon receipt, and any loss resulting from such investments shall be charged to the Principal Collection Subaccount. The Trustee
shall not in any way be held liable by reason of any insufficiency of such accounts which results from any loss relating to any such investment; provided that nothing herein shall relieve the Bank of (i) its obligations or liabilities
under any security or obligation issued by the Bank or any Affiliate thereof or (ii) liability for any loss resulting from gross negligence, willful misconduct or fraud on the part of the Bank or any Affiliate thereof. 

For all U.S. federal tax reporting purposes, all income earned on the funds invested and allocable to the Accounts is legally owned by the
Issuer (and beneficially owned by the Issuer or the equity owners of the Issuer). The Issuer is required to provide to the Bank, in its capacity as Trustee, (i) an applicable IRS Form W-9 or W-8 no later than the date hereof, and (ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation at such time or times required by applicable law or upon
the reasonable request of the Trustee as may be necessary (a) to reduce or eliminate the imposition of U.S. withholding taxes and (b) to permit the Trustee to fulfill its tax reporting obligations under applicable law with respect to the
Accounts or any amounts paid to the Issuer. The Issuer is further required to report 

  
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to the Trustee comparable information upon any change in the legal or beneficial ownership of the income allocable to the Accounts. The Bank, both in its individual capacity and in its capacity
as Trustee, shall have no liability to the Issuer or any other person in connection with any tax withholding amounts paid, or retained for payment, to a governmental authority from the Accounts arising from the Issuer’s failure to timely
provide an accurate, correct and complete applicable IRS Form W-9 or W-8 or such other documentation contemplated under this paragraph. For the avoidance of doubt, no
funds shall be invested with respect to such Accounts absent the Trustee having first received (x) instructions with respect to the investment of such funds, and (y) the forms and other documentation required by this paragraph. 

(b)    The Trustee agrees to give the Issuer immediate notice if any Account or any funds on deposit in any Account, or
otherwise to the credit of an Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. 

(c)    The Trustee shall supply, in a timely fashion, to the Issuers, each Rating Agency, the Collateral Administrator and the Collateral Manager any information regularly maintained
by the Trustee that the Issuers, each Rating Agency, the Collateral Administrator or the Collateral
Manager may from time to time reasonably request with respect to the Assets, the Accounts and the other Assets and provide any other requested information reasonably available to the Trustee by reason of its acting as Trustee hereunder and required
to be provided by Section 10.7 or to permit the Collateral Manager to perform its obligations under the Collateral Management Agreement or the Issuer’s obligations hereunder that have been delegated to the
Collateral Manager. The Trustee shall promptly forward to the Collateral Manager copies of notices and other writings received by it from the obligor or issuer of any Asset or from any Clearing Agency with respect to any Asset which notices or
writings advise the holders of such Asset of any rights that the holders might have with respect thereto (including, without limitation, requests to vote with respect to amendments or waivers and notices of prepayments and redemptions) as well
as all periodic financial reports received from such obligor or issuer and Clearing Agencies with respect to such issuer. 
 Section 17.4Section 10.7    Accountings. . 
 (a)    Monthly. Not later than the 20th calendar day (or, if
such day is not a Business Day, on the next succeeding Business Day) of each calendar month (other than the calendar months in which a Payment Date occurs) and commencing in
December 2020June
2022, the Issuer shall compile and make available (or cause to be compiled and made available) to each Rating Agency, the Trustee, the Collateral Manager, the Placement Agent and each other Holder
shown on the Register and any beneficial owner of a Note who has delivered a Beneficial Ownership Certificate to the Trustee a monthly report on a settlement date basis (except as otherwise expressly provided in this Indenture) (each such report a
“Monthly Report”). As used herein, the “Monthly Report Determination Date” with respect to any calendar month will be the 10th Business Day preceding the date the Monthly Report is made available. The Monthly Report
for a calendar month shall contain the following information with respect to the Collateral Obligations and Eligible Investments included in the Assets, and shall be determined as of the close of business on the Monthly Report Determination Date for
such calendar month: 

  
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 (i)    Aggregate Principal Balance of Collateral
Obligations, the aggregate unfunded commitments of the Collateral Obligations, any capitalized interest on the Collateral Obligations and Eligible Investments representing Principal Proceeds. 

(ii)    Adjusted Collateral Principal Amount of Collateral Obligations. 

(iii)    Collateral Principal Amount of Collateral Obligations. 

(iv)    A list of Collateral Obligations, including, with respect to each such Collateral Obligation, the
following information: 
 (A)    The obligor thereon (including the issuer ticker, if any); 

(B)    The LoanX ID (to the extent available) and any other security identifier thereof; 

(C)    The Principal Balance thereof (other than any accrued interest that was purchased with Principal
Proceeds) and any unfunded commitment pertaining thereto; 
 (D)    The percentage of the aggregate
Collateral Principal Amount represented by such Collateral Obligation; 
 (E)    (x) The related
interest rate or spread (in the case of a Reference Rate Floor Obligation, calculated both with and without
regard to the applicable specified “floor” rate per annum), (y) if such Collateral Obligation is a Reference Rate Floor Obligation, the related Reference RateBenchmark floor and (z) the identity of any Collateral Obligation that is not a Reference Rate Floor Obligation and for which interest is calculated with respect to any index other than the
Reference RateBenchmark then applicable to the Floating Rate Notes; 
 (F)    The
stated maturity thereof; 
 (G)    The related S&P Industry Classification; 

(H)    For each Collateral Obligation with an S&P Rating derived from a Moody’s Rating, the
Moody’s Rating, unless such rating is based on a credit estimate unpublished by Moody’s (and, in the event of a downgrade or withdrawal of the applicable Moody’s Rating, the prior rating and the date such Moody’s Rating was
changed); 
 (I)    The S&P Rating, unless such rating is based on a credit estimate or is a private
or confidential rating from S&P; 

(J) The Fitch Rating and the following
details if available related to such rating, unless such rating is based on a credit estimate or is a private or confidential rating from Fitch: 

  
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(1) The Fitch public long-term issuer
default rating or long-term issuer default credit opinion; 

(2) The Fitch recovery rating or credit
opinion recovery rating; 
 (3) The watch or outlook status; 

(K)(J)    The Fitch Rating
effective date;
and Fitch Rating Reporting Items. 

(1) The Fitch Industry
Classification. 
 (L)(K)   
 The country of Domicile; 

(M)(L)    An indication as to whether each such Collateral Obligation is (1) a Senior Secured Loan,
(2) a Defaulted Obligation, (3) a Delayed Drawdown Collateral Obligation, (4) a Revolving Collateral Obligation, (5) except for the Closing Date Participation Interests, a Participation Interest (indicating the related Selling
Institution, if applicable, and its ratings by the Rating Agencies), (6) a Permitted Deferrable Obligation, (7) a Fixed Rate Obligation, (8) a Current Pay Obligation, (9) a Discount Obligation, (10) a Workout Loan,
(11) a Cov-Lite Loan, (12) a First-Lien Last-Out Loan or (13) a DIP Collateral Obligation. 

(N)(M)    Whether or not the Retention Holder has confirmed that it: 

(1)    continues to hold the
EU/UK Retained Interest; and 

(2)    has not sold, hedged or otherwise mitigated its credit risk under or associated with the EU/UK Retained Interest or the underlying portfolio of Collateral Obligations or Eligible Investments except to the extent
expressly permitted by the EU/UK Risk Retention Requirements. 

(O)(N)    The Principal Balance of each Cov-Lite Loan and the
Aggregate Principal Balance of all Cov-Lite Loans; 
 (P)(O)   
 The S&P Recovery Rate; and 

(Q)(P)    The date of the credit estimate of such Collateral Obligation, if applicable. 

(v)    If the Monthly Report Determination Date occurs on or after the Effective Date, for each of the
limitations and tests specified in the definitions of Concentration Limitations and Collateral Quality Test, (1) the result, (2) if such Monthly Report Determination Date occurs on or prior to the last day of the Reinvestment Period, the
related minimum or maximum test level and (3) if such Monthly Report Determination Date occurs on or prior to the last day of the Reinvestment Period, a determination as to whether such result satisfies the related test. 

  
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 (vi)    The calculation of each of the following: 

(A)    Each Interest Coverage Ratio (and setting forth the percentage required to satisfy the Class A Interest Coverage
Tests); and 

(B)    Each Overcollateralization Ratio (and setting forth the percentage required to satisfy the Class A Overcollateralization Ratio Tests). 

(vii)    The calculation specified in Section 5.1(e). 

(viii)    For each Account, a schedule showing the beginning balance, each credit or debit specifying the
nature, source and amount, and the ending balance. 
 (ix)    A schedule showing for each of the
following the beginning balance, the amount of Interest Proceeds received from the date of determination of the immediately preceding Monthly Report, and the ending balance for the current Measurement Date: 

(A)    Interest Proceeds from Collateral Obligations; and 

(B)    Interest Proceeds from Eligible Investments. 

(x)    Purchases and sales: 

(A)    The identity, Principal Balance (other than any accrued interest that was purchased with Principal
Proceeds), unfunded commitment (if any), capitalized interest (if any), Principal Proceeds and Interest Proceeds received, and date for each Collateral Obligation that was released for sale or disposition pursuant to
Section 12.1 since the last Monthly Report Determination Date and whether such Collateral Obligation was a Credit Risk Obligation or a Credit Improved Obligation, whether the sale of such Collateral Obligation was a
discretionary sale; provided that Principal Proceeds shall not be required to be reported in connection with an Optional Redemption in full; 

(B)    The identity, Principal Balance (other than any accrued interest that was purchased with Principal
Proceeds), unfunded commitment (if any), capitalized interest (if any) and cash expended to acquire each Collateral Obligation acquired pursuant to Section 12.2 since the last Monthly Report Determination Date; 

(C)    The identity, Principal Balance (other than any accrued interest that was purchased with Principal
Proceeds), unfunded commitment (if any), Principal Proceeds and Interest Proceeds received, and date for each Collateral Obligation that was substituted pursuant to Section 12.3(a) or purchased pursuant to
Section 12.3(b) since the last Monthly Report Determination Date, all as reported to the Trustee by the Collateral Manager at the time of such purchase or substitution; and 

  
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 (D)    On a dedicated page of the Monthly Report, the
completion of any Trading Plan and the details of any Trading Plan (including, the proposed acquisitions and dispositions identified by the Collateral Manager as part of such Trading Plan). 

(xi)    The identity of each Defaulted Obligation, the S&P Collateral Value, the Fitch Collateral
Value, and the Market Value of each such Defaulted Obligation and date of default thereof. 

(xii)    The identity of each Long Dated Obligation, the S&P Collateral Value, the Fitch Collateral
Value and the Market Value of each such Long Dated Obligation and date of modification or amendment thereof. 

(xiii)    The identity of each Collateral Obligation with an S&P Rating of “CCC+” or below,
and, if the CCC Excess is greater than zero, the Market Value of each such Collateral Obligation. 

(xiv)    The identity of each Collateral Obligation with a Fitch Rating of “CCC+” or below, and,
if the CCC Excess is greater than zero, the Market Value of each such Collateral Obligation. 

(xv)    The identity of each Deferring Obligation and Market Value of each Deferring Obligation, and the
date on which interest was last paid in full in Cash thereon. 
 (xvi)    The identity of each Current
Pay Obligation, the Market Value of each such Current Pay Obligation, and the percentage of the Collateral Principal Amount comprised of Current Pay Obligations. 

(xvii)    The identity, rating and maturity of each Eligible Investment. 

(xviii)    The Moody’s Equivalent Diversity Score, the Weighted Average Floating Spread, the Weighted
Average Life, the Weighted Average S&P Recovery Rate and the Moody’s Equivalent Weighted Average Rating Factor. 

(xix)    The results of the S&P CDO Monitor Test (with a statement as to whether it is passing or
failing), including the Weighted Average S&P Rating Factor, the Default Rate Dispersion, the Obligor Diversity Measure, the Industry Diversity Measure, the Regional Diversity Measure, the Weighted Average Life, and the Class Default
Differentials, the Class Break-even Default Rates and the Class Scenario Default Rate for the Highest Ranking Class of Notes, and, after the S&P CDO Monitor Election Date, the Weighted Average Floating Spread that is calculated
for purposes of the S&P CDO Monitor Test, the characteristics of the Current Portfolio and the benchmark rating levels used in connection with the related S&P CDO Monitor. 

(xx)    The Fitch Rating Factor, if publicly available. 

  
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 (xxi)    The Fitch Recovery Rate, if publicly available
(including the applicable Fitch recovery rating and Fitch recovery rate in accordance with the definition of “Fitch Recovery Rate”). 

(xxii)    The number, identity, Bloomberg Loan ID, FIGI, ISIN, Loan/X or CUSIP number, if applicable, of
any Collateral Obligations. 
 (xxiii)    The short-term debt rating and long-term issuer credit rating
by S&P of the Eligible Institution. 
 (xxiv)    Confirmation that each Account is held at an
Eligible Institution (and which Eligible Institution). 
 (xxv)    On a dedicated page of the Monthly
Report, any amounts in the Ramp-Up Account which the Collateral Manager designated as Interest Proceeds on the Effective Date pursuant to Section 10.3(c). 

(xxvi)    On a dedicated page of the Monthly Report, the amount of any contributions received by the Issuer
pursuant to Section 10.5 since the previous Monthly Report Determination Date. 

(xxvii)    The identity of each Closing Date Participation Interest. 

(xxviii)    Such other information as the Rating Agencies or the Collateral Manager may reasonably request.

 Upon receipt of each Monthly Report, the Trustee shall (a) if the relevant Monthly Report Determination Date occurred on or prior to
the last day of the Reinvestment Period, notify the Issuer (who shall notify S&P) if such Monthly Report indicates that the S&P CDO Monitor Test has not been satisfied as of the relevant Measurement Date and (b) compare the information
contained in such Monthly Report to the information contained in its records with respect to the Assets and shall, within three (3) Business Days after receipt of such Monthly Report, notify the Issuer, the Collateral Administrator, each Rating
Agency and the Collateral Manager if the information contained in the Monthly Report does not conform to the information maintained by the Trustee with respect to the Assets. If any discrepancy exists, the Collateral Administrator and the Issuer, or
the Collateral Manager on behalf of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall within ten (10) Business Days notify the Collateral Manager who shall, on behalf of the
Issuer, request that the Independent accountants appointed by the Issuer pursuant to Section 10.9 review such Monthly Report and the Trustee’s records to determine the cause of such discrepancy. If such review reveals
an error in the Monthly Report or the Trustee’s records, the Monthly Report or the Trustee’s records shall be revised accordingly and, as so revised, shall be utilized in making all calculations pursuant to this Indenture and notice of any
error in the Monthly Report shall be sent as soon as practicable by the Issuer to all recipients of such report which may be accomplished by making a notation of such error in the subsequent Monthly Report. 

(b)    Payment Date Accounting. The Issuer shall render (or cause to be rendered) an accounting (each a
“Distribution Report”), determined as of the close of business on each 

  
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Determination Date preceding a Payment Date, and shall make available such Distribution Report to the Trustee, the Collateral Manager, the Placement Agent, each Rating Agency and any Holder shown
on the Register, any Shareholder shown on the Share Register and any beneficial owner of a Security who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business Day preceding the related Payment Date. The
Distribution Report shall contain the following information: 
 (i)    the information required to be in
the Monthly Report pursuant to Section 10.7(a); 
 (ii)    (a) the
Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount
of principal payments to be made on the Secured Notes of each Class on the next Payment Date, the amount of any Deferred Interest on the Deferrable Notes and the Aggregate Outstanding Amount of the Secured Notes of each
Class after giving effect to the principal payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class and (c) the amount of distributions,
if any, to be made on the Preferred Shares on the next Payment Date; 
 (iii)    the Interest Rate
and accrued interest for each applicable Class of Secured Notes for such Payment Date; 

(iv)    the amounts payable pursuant to each clause of Section 11.1(a)(i) and
each clause of Section 11.1(a)(ii) or each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date; 

(v)    for the Collection Account: 

(A)    the Balance on deposit in the Collection Account at the end of the related Collection Period; 

(B)    the amounts payable from the Collection Account to the Payment Account, in order to make payments
pursuant to Section 11.1(a)(i) and Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest in
additional Collateral Obligations pursuant to Article XII); and 
 (C)    the
Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and 

(vi)    such other information as the Collateral Manager may reasonably request. 

Each Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer such
amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII. 

  
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 (c)    Interest Rate Notice. The Trustee shall include in the
Monthly Report a notice setting forth the Interest Rate for each Class of Secured Notes for the Interest Accrual Period preceding the next Payment Date. 

(d)    Failure to Provide Accounting. If the Trustee shall not have received any accounting provided for in this
Section 10.7 on the first Business Day after the date on which such accounting is due to the Trustee, the Trustee shall notify the Collateral Manager who shall use all reasonable efforts to obtain such accounting by the
applicable Payment Date. To the extent the Collateral Manager is required to provide any information or reports pursuant to this Section 10.7 as a result of the failure of the Issuer to provide such information or reports,
the Collateral Manager shall be entitled to retain an Independent certified public accountant in connection therewith and the reasonable costs incurred by the Collateral Manager for such Independent certified public accountant shall be paid by the
Issuer. 
 (e)    Required Content of Certain Reports. Each Monthly Report and each Distribution Report sent to
any Holder or beneficial owner of an interest in a Security shall contain, or be accompanied by, the following notices: 
 The Securities may
be beneficially owned only by Persons that are (a) not “U.S. Persons” (as defined in Regulation S) outside of the United States in reliance on Regulation S
that is also a Qualified Purchaser or corporations, partnerships, limited liability companies or other entities (other than trusts) each shareholder, partner, member or
other equity owner of which is a Qualified Purchaser) or (b) both (i) Qualified Institutional Buyers and (ii) Qualified Purchasers (or corporations, partnerships, limited liability
companies or other entities (other than trusts) each shareholder, partner, member or other equity owner of which is a Qualified Purchaser). The Applicable
Issuer has the right to compel any beneficial owner of an interest in the Securities that does not meet the qualifications set forth in the preceding sentence to sell its interest in such
Securities, or may sell such interest on behalf of such owner, pursuant to Section 2.12 of the Indenture in the case of the Secured Notes or pursuant to Section 2.6 of the Fiscal Agency Agreement in the case of the
Preferred Shares. 
 Each holder receiving this report agrees to keep all non-public
information herein confidential and not to use such information for any purpose other than its evaluation of its investment in the Securities; provided that any holder may provide such information on a confidential basis to any prospective
purchaser of such holder’s Securities that is permitted by the terms of the Transaction Documents to acquire such holder’s Securities and that agrees to keep such information confidential in accordance with the terms of the Transaction
Documents. 

  
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 (f)    Placement Agent Information. The Issuer and the
Placement Agent or any successor to the Placement Agent, may post the information contained in a Monthly Report or Distribution Report to a password-protected internet site accessible only to the Holders of the Securities and to the Collateral
Manager. 
 (g)    Distribution of Reports. The Trustee will make the Monthly Report and the Distribution Report
available via its website. The Trustee’s website shall initially be located at www.mystatestreet.com. The Trustee may change the way such statements are distributed. Access to the Trustee’s website shall be provided to Holders upon
request. As a condition to access to the Trustee’s website, the Trustee may require registration and the acceptance of a disclaimer. The Trustee shall be entitled to rely on but shall not be responsible for the content or accuracy of any
information provided in the Monthly Report and the Distribution Report which the Trustee disseminates in accordance with this Indenture and may affix thereto any disclaimer it deems appropriate in its reasonable discretion. 

(h)    As promptly as possible following the delivery of each Monthly Report and Distribution Report to the Trustee
pursuant to Section 10.7(a) or (b), as applicable, the Collateral Manager on behalf of the Issuer shall cause a copy of such report (or portions thereof, as determined by the Collateral Manager) to be delivered to
Intex Solutions, Inc. and Bloomberg Financial Markets, and any other service provider as determined by the Collateral Manager in its reasonable judgment, which may be delivered via the Trustee’s website. The Trustee further acknowledges and agrees that, at the instruction of the Collateral
Manager or the Issuer, Intex Solutions Inc. may make available to its current subscribers the Offering Circular and this Indenture (including any supplemental indentures thereto). 

(i)    In the event the Trustee receives instructions from the Issuer to effect a securities transaction as contemplated
in 12 CFR 12.1, the Issuer acknowledges that upon its written request and at no additional cost, it has the right to receive the notification from the Trustee after the completion of such transaction as contemplated in 12 CFR 12.4(a) or (b). The
Issuer agrees that, absent specific request, such notifications shall not be provided by the Trustee hereunder, and in lieu of such notifications, the Trustee shall make available the Monthly Report in the manner required by this Indenture. 

Section 10.8    
Release of Assets. (a) Subject to Article XII, the Issuer may, by Issuer Order executed by an Officer of the Collateral Manager, delivered to the Trustee at least one Business Day prior to the settlement date for
any sale of an Asset certifying that the sale, purchase or substitution of such Asset is being made in accordance with Section 12.1 or 12.3 hereof or Section 2.2 of each Loan Sale Agreement, as applicable, and
such sale, purchase or substitution complies with all applicable requirements of Section 12.1 or 12.3 hereof or Section 2.2 of each Loan Sale Agreement, as applicable (provided that if an Event of Default
has occurred and is continuing, neither the Issuer nor the Collateral Manager (on behalf of the Issuer) may direct the Trustee to release or cause to be released such Asset from the lien of this Indenture pursuant to a sale under
Section 12.1(e), Section 12.1(f) or Section 12.1(g) unless the sale of such Asset is permitted pursuant to Section 12.4(c)), direct the Trustee
to release or cause to be released such Asset from the lien of this Indenture and, upon receipt of such Issuer Order, the Trustee shall deliver any such Asset, if in physical form, duly endorsed to the broker or purchaser designated in such Issuer
Order or, if such Asset is a Clearing Corporation Security, cause an appropriate transfer 

  
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thereof to be made, in each case against receipt of the sales price therefor as specified by the Collateral Manager in such Issuer Order; provided that the Trustee may deliver any such
Asset in physical form for examination in accordance with industry custom. 
 (k)(b)   
 Subject to the terms of this Indenture, the Trustee shall upon an Issuer Order (i) deliver any Asset, and release or cause to be released such Asset from the lien of this Indenture, which is set for any mandatory call or redemption or
payment in full to the appropriate payor or paying agent, as applicable, on or before the date set for such call, redemption or payment, in each case against receipt of the call or redemption price or payment in full thereof and (ii) provide
notice thereof to the Collateral Manager. 

(l)(c)    Upon receiving actual notice of any Offer or any request for a waiver, direction, consent,
amendment or other modification or action with respect to any Asset, the Trustee on behalf of the Issuer shall notify the Collateral Manager of any Asset that is subject to a tender offer, voluntary redemption, exchange offer, conversion or other
similar action (an “Offer”) or such request. Unless the Notes have been accelerated following an Event of Default, the Collateral Manager may, by Issuer Order, direct (x) the Trustee to accept or participate in or decline or
refuse to participate in such Offer and, in the case of acceptance or participation, to release from the lien of this Indenture such Asset in accordance with the terms of the Offer against receipt of payment therefor, or (y) the Issuer or the
Trustee to agree to or otherwise act with respect to such consent, direction, waiver, amendment, modification or action; provided that in the absence of any such direction, the Trustee shall not respond or react to such Offer or request.

 (m)(d)    As provided in Section 10.2(a), the Trustee shall deposit any proceeds
received by it from the disposition or replacement of an Asset in the applicable subaccount of the Collection Account, unless simultaneously applied to the purchase of additional Collateral Obligations or Eligible Investments as permitted under and
in accordance with the requirements of this Article X and Article XII. 
 (n)(e)   
 The Trustee shall, upon receipt of an Issuer Order at such time as there are no Notes Outstanding and all obligations of the Issuer hereunder have been satisfied, release any remaining Assets from the lien of this Indenture. 

(o)(f)    Any security, Collateral Obligation or amounts that are released pursuant to
Section 10.8(a), (b) or (c) shall be released from the lien of this Indenture. 
 (p)(g)   
 Any amounts paid from the Payment Account to the holders of the Preferred Shares in accordance with the Priority of Payments shall be released from the lien of this Indenture. 

(q)(h)    The Trustee shall, upon receipt of an Issuer Order, release from the lien of this Indenture any
Collateral Obligation being transferred. Such Issuer Order shall be executed by an Authorized Officer of the Collateral Manager, request release of such Collateral Obligation, certify that such release is permitted under this Indenture and request
that the Trustee execute the agreements, releases or other documents releasing such Collateral Obligation as presented to it by the Collateral Manager. 

  
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 (i)    In connection with the Permitted Merger, on the First Refinancing Date, the Trustee shall release from
the lien of this Indenture the cash consideration (if any) specified in an Issuer Order in accordance with Section 14.17 of this Indenture. 

Section 17.5Section 10.9    Reports by Independent Accountants. . 

(a)    At the Closing Date, the Issuer shall appoint one or more firms of Independent certified public accountants of
recognized international reputation for purposes of reviewing and delivering the reports or certificates of such accountants required by this Indenture, which may be the firm of Independent certified public accountants that performs accounting
services for the Issuer or the Collateral Manager. The Issuer may remove any firm of Independent certified public accountants at any time without the consent of any Holder of Securities. Upon any resignation by such firm or removal of such firm by
the Issuer, the Issuer (or the Collateral Manager on behalf of the Issuer) shall promptly appoint by Issuer Order delivered to the Trustee and each Rating Agency a successor thereto that shall also be a firm of Independent certified public
accountants of recognized international reputation, which may be a firm of Independent certified public accountants that performs accounting services for the Issuer or the Collateral Manager. If the Issuer shall fail to appoint a successor to a firm
of Independent certified public accountants which has resigned within 30 days after such resignation, the Issuer shall promptly notify the Trustee of such failure in writing. If the Issuer shall not have appointed a successor within ten days
thereafter, the Trustee shall promptly notify the Collateral Manager, who shall appoint a successor firm of Independent certified public accountants of recognized international reputation. The fees of such Independent certified public accountants
and its successor shall be payable by the Issuer as Administrative Expenses. In the event such firm requires the Bank, in any of its capacities including but not limited to Trustee or Collateral Administrator, to agree to the procedures performed by
such firm, which acknowledgment or agreement may include confidentiality provisions and/or releases of claims or other liabilities by the Bank, the Issuer hereby directs the Bank to so agree; it being understood that the Bank shall deliver such
letter of agreement in conclusive reliance on the foregoing direction and the Bank shall make no inquiry or investigation as to, and shall have no obligation in respect of, the sufficiency, validity, or correctness of such procedures. The Bank, in
each of its capacities, shall not disclose any information or documents provided to it by such firm of Independent accountants. 

(b)    On or before the date which is 30 days after the Payment Date occurring in October of each year commencing in 2021,
the Issuer shall cause to be delivered to the Trustee and the Collateral Manager a statement from a firm of Independent certified public accountants for each Distribution Report delivered in the previous year (i) indicating that such firm has
performed agreed upon procedures to recalculate certain calculations within such Distribution Report (excluding the S&P CDO Monitor Test) and (ii) listing the Aggregate Principal Balance of the Assets and the Aggregate Principal Balance of
the Collateral Obligations securing the Notes as of the relevant Determination Dates; provided that in the event of a conflict between such firm of Independent certified public accountants and the Issuer with respect to any matter in this
Section 10.9, the determination by such firm of Independent public accountants shall be conclusive. 

(c)    Upon the written request of the Trustee or any holder of a Preferred Share, the Issuer will cause the firm of
Independent certified public accountants appointed pursuant to 

  
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 Section 10.9(a) to provide any holder of the Preferred Shares
with all of the information required to be provided by the Issuer or pursuant to Section 7.17 or assist the Issuer in the preparation thereof. 

Section 10.10    
Reports to Rating Agencies and Additional Recipients. In addition to the information and reports specifically required to be provided to each Rating Agency pursuant to the terms of this Indenture, the Issuer shall provide each Rating Agency
with (i) notice of any Specified Amendment (which notice shall include (x) a copy of such Specified Amendment, (y) a brief summary of its purpose and (z) which criteria under the definition of “Collateral Obligation”
are no longer satisfied with respect to such Collateral Obligation after giving effect to the Specified Amendment, if any), (ii) all information or reports delivered to the Trustee hereunder, and such additional information as either Rating Agency
may from time to time reasonably request (including notification to such Rating Agency of the occurrence of an event with respect to a Collateral Obligation that has a credit estimate or credit opinion from such Rating Agency and which in the
reasonable business judgment of the Collateral Manager would require such notification to such Rating Agency under its credit estimate or credit opinion guidelines); provided that any reports, statements or certificates of the Issuer’s
Independent certified public accountants shall not be provided to the Rating Agencies. Within ten (10) Business Days after the Effective Date, together with each Monthly Report and on each Payment Date, the Issuer shall provide to S&P at
cdo_surveillance@spglobal.com or via the Trustee’s website, a Microsoft Excel file of the Excel Default Model Input File and, with respect to each Collateral Obligation, the name of each obligor or issuer thereof, the CUSIP number thereof (if
applicable) and the Priority Category thereof. 

Section 10.11    
Procedures Relating to the Establishment of Accounts Controlled by the Trustee. Notwithstanding anything else contained herein, the Trustee agrees that with respect to each of the Accounts, it will cause each Securities Intermediary
establishing such accounts to enter into an account control agreement and, if the Securities Intermediary is the Bank, shall cause the Bank to comply with the provisions of such account control agreement. The Trustee shall have the right to open
such subaccounts of any such account as it deems necessary or appropriate for convenience of administration. 
 Section
 10.12    Section 3(c)(7) Procedures. For so long as any Securities are Outstanding, the Issuer shall do the following: 

(d)(a)    Notification. Each Monthly Report sent or caused to be sent by the Issuer to the Holders
will include a notice to the following effect: 
 “The United States Investment Company Act of 1940, as amended (the
“1940 Act”), requires that all holders of the outstanding securities of the Issuer that are “U.S. persons” (as defined in Regulation S) be “Qualified Purchasers” (“Qualified Purchasers”) as
defined in Section 2(a)(51)(A) of the 1940 Act and related rules. Under the rules, the Issuer must have a “reasonable belief” that all holders of its outstanding securities that are “U.S. persons” (as defined in Regulation
S), including transferees, are Qualified Purchasers. Consequently, all sales and resales of the Securities in 

  
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the United States or to “U.S. persons” (as defined in Regulation S) must be made solely to purchasers that are Qualified Purchasers. Each purchaser of a Security in the United States
who is a “U.S. person” (as defined in Regulation S) (such Security a “Restricted Security”) will be deemed (or required, as the case may be) to represent at the time of purchase that: (i) the purchaser is a Qualified
Purchaser who is a qualified institutional buyer as defined in Rule 144A under the Securities Act (“QIB”); (ii) the purchaser is acting for its own account or the account of another Qualified Purchaser and QIB; (iii) the
purchaser is not formed for the purpose of investing in the Issuer (unless each beneficial owner of the purchaser is a Qualified Purchaser); (iv) the purchaser, and each account for which it is purchasing, will hold and transfer at least the minimum
denominations of the Securities specified in the Transaction Documents; (v) the purchaser understands that the Issuer may receive a list of participants holding positions in securities from one or more book-entry depositories; and (vi) the
purchaser will provide written notice of the foregoing, and of any applicable restrictions on transfer, to any subsequent transferees. The Restricted Securities may only be transferred to another Qualified Purchaser and QIB and all subsequent
transferees are deemed to have made representations (i) through (vi) above.” 
 “The Issuer directs that the recipient of this
notice, and any recipient of a copy of this notice, to provide a copy to any Person having an interest in this Security as indicated on the books of DTC or on the books of a participant in DTC or on the books of an indirect participant for which
such participant in DTC acts as agent.” 
 “The Transaction Documents provide that if, notwithstanding the restrictions on transfer
contained therein, the Issuer determines that any holder of, or beneficial owner of an interest in a Restricted Security is a “U.S. person” (as defined in Regulation S) who is determined not to have been a Qualified Purchaser at the time
of acquisition of such Restricted Security, or beneficial interest therein, the Issuer may require, by notice to such Holder or beneficial owner, that such Holder or beneficial owner sell all of its right, title and interest to such Restricted
Security (or any interest therein) to a Person that is either (x) a Person that is not a “U.S. Person” (as defined in Regulation S) acquiring the Securities in an offshore transaction (as defined in Regulation S) in reliance on the
exemption from registration provided by Regulation S that is also a Qualified Purchaser, or (y) a Qualified
Purchaser who is a QIB, with such sale to be effected within 30 days after notice of such sale requirement is given. If such holder or beneficial owner fails to effect the transfer required within such 30-day
period, (i) the Issuer or the Collateral Manager acting for the Issuer, without further notice to such holder, 

  
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shall and is hereby irrevocably authorized by such holder or beneficial owner, to cause its Restricted Security, or beneficial interest therein, to be transferred in a commercially reasonable
sale (conducted by the Collateral Manager in accordance with Article 9 of the UCC as in effect in the State of New York as applied to securities that are sold on a recognized market or that may decline speedily in value) to a Person that certifies
to the Trustee, the Issuer and the Collateral Manager, in connection with such transfer, that such Person meets the qualifications set forth in clauses (x) and (y) above and (ii) pending such transfer, no further payments will be made in
respect of such Restricted Security, or beneficial interest therein held by such holder or beneficial owner.” 
 (e)(b)   
 DTC Actions. The Issuer will direct DTC to take the following steps in connection with the Global Notes: 

(i)    The Issuer will direct DTC to include the marker “3c7” in the DTC 20-character security descriptor and the 48-character additional descriptor for the Global Notes in order to indicate that sales are limited to Qualified Purchasers. 

(ii)    The Issuer will direct DTC to cause each physical deliver order ticket that is delivered by DTC to
purchasers to contain the 20-character security descriptor. The Issuer will direct DTC to cause each deliver order ticket that is delivered by DTC to purchasers in electronic form to contain a “3c7”
indicator and a related user manual for participants. Such user manual will contain a description of the relevant restrictions imposed by Section 3(c)(7). 

(iii)    On or prior to the Closing Date or the First Refinancing Date, as applicable, the Issuer will instruct DTC to send a
Section 3(c)(7) Notice to all DTC participants in connection with the offering of the Global Notes. 

(iv)    In addition to the obligations of the Registrar set forth in Section 2.6,
the Issuer will from time to time (upon the request of the Trustee) make a request to DTC to deliver to the Issuer a list of all DTC participants holding an interest in the Global Notes. 

(v)    The Issuer will cause each CUSIP number obtained for a Global Note to have a fixed field containing
“3c7” and “144A” indicators, as applicable, attached to such CUSIP number. 
 (f)(c)   
 Bloomberg Screens, Etc. The Issuer will from time to time request all third-party vendors to include on screens maintained by such vendors appropriate legends regarding Rule 144A and Section 3(c)(7) under
the 1940 Act restrictions on the Global Notes. Without limiting the foregoing, the Placement Agent will request that each third-party vendor include the following legends on each screen containing information about the Notes: 

  
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 (i)    Bloomberg. 

(A)    “Iss’d Under 144A/3c7,” to be stated in the “Note Box” on the bottom of the
“Security Display” page describing the Global Notes; 
 (B)    a flashing red indicator stating
“See Other Available Information” located on the “Security Display” page; 
 (C)    a
link to an “Additional Security Information” page on such indicator stating that the Global Notes are being offered in reliance on the exception from registration under Rule 144A of the Securities Act of 1933 to Persons that are both (i)
“qualified institutional buyers” as defined in Rule 144A under the Securities Act and (ii) “qualified purchasers” as defined under Section 2(a)(51) of the 1940 Act, as amended; and 

(D)    a statement on the “Disclaimer” page for the Global Notes that the Notes will not be and
have not been registered under the Securities Act of 1933, as amended, that the Issuer has not been registered under the 1940 Act, as amended, and that the Global Notes may only be offered or sold in accordance with Section 3(c)(7) of the 1940
Act, as amended. 
 (ii)    Reuters. 

(A)    a “144A – 3c7” notation included in the security name field at the top of the Reuters
Instrument Code screen; 
 (B)    a “144A3c7Disclaimer” indicator appearing on the right side
of the Reuters Instrument Code screen; and 
 (C)    a link from such “144A3c7Disclaimer”
indicator to a disclaimer screen containing the following language: “These Notes may be sold or transferred only to Persons who are both (i) Qualified Institutional Buyers, as defined in Rule 144A under the Securities Act, and
(ii) Qualified Purchasers, as defined under Section 3(c)(7) under the U.S. Investment Company Act of 1940.” 
 ARTICLE XVIII 

ARTICLE XIXARTICLE XI 

APPLICATION OF MONIES 
 Section 19.1Section 11.1    Disbursements of Monies from Payment Account. . 

(a)    Notwithstanding any other provision herein, but subject to the other
sub-Sections of this Section 11.1 and to Section 13.1, on each Payment Date, the Trustee shall disburse amounts transferred from the Collection Account to
the Payment Account pursuant to Section 10.2 in accordance with the following priorities (the “Priority of Payments”); provided 

  
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that, unless an Enforcement Event has occurred and is continuing, (x) amounts transferred from the Interest Collection Subaccount shall be applied solely in accordance with
Section 11.1(a)(i); and (y) amounts transferred from the Principal Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(ii). 

(i)    On each Payment Date, unless an Enforcement Event has occurred and is continuing, Interest Proceeds
on deposit in the Collection Account, to the extent received on or before the related Determination Date (or if such Determination Date is not a Business Day, the next succeeding Business Day) and that are transferred into the Payment Account as set forth in Article X, shall be applied in the following order of priority: 

(A)    to the payment of (1) first, taxes and governmental fees owing by the Issuers, if any and (2) second, the accrued and unpaid Administrative Expenses, in the priority stated in the
definition thereof, up to the Administrative Expense Cap (except as otherwise expressly provided in connection with any Optional Redemption or Tax Redemption); 

(B)    to the payment to the Collateral Manager of the accrued and unpaid Base Management Fee that has not
been waived by the Collateral Manager; 
 (C)    to the payment of accrued and unpaid interest on the Class A-1 Notes (including any defaulted interest); 
 (D)    to
the payment of accrued and unpaid interest on the Class A-2 Notes (including any defaulted interest); 

(E)    
[Reserved]to the payment, pro rata based on amounts due, of accrued and unpaid interest on the Class B-1 Notes and the Class B-2 Notes (in each case, including any defaulted interest); 

(F)     if either of the Class A/B Coverage Tests is not satisfied on the
related Determination Date (except, in the case of the
Class A Interest Coverage Test, if such Determination Date is prior to the Interest Coverage Test Effective Date),
to make payments in accordance with the Note Payment Sequence to the extent necessary to cause all
Class A/B Coverage Tests that are applicable on such Payment Date to be satisfied on a pro forma
basis after giving effect to all payments pursuant to this clause (F); 
 (G)    to the
payment, pro rata based on
amounts due, of accrued and unpaid interest (in each case, excluding Deferred Interest but including interest accrued thereon) on the Class C-1 Notes and the Class C-2 Notes; 

(H)     if either of the
Class C Coverage Tests is not satisfied on the related Determination
Date (except, in the case of the Interest Coverage Test, if such Determination Date is prior to the Interest Coverage Test Effective Date), to make payments in accordance with the Note Payment Sequence to the extent necessary to cause all
Class C Coverage Tests that are applicable on such Payment Date to
be satisfied on a pro forma basis
after giving effect to all payments pursuant to this
clause (H);

  
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(I)    to the payment, pro rata based on amounts due, of any Deferred Interest on the Class C-1 Notes and the Class C-2 Notes; 

(G)(J)    if, with respect to any Payment Date following the Effective Date, S&P has not yet confirmed
satisfaction of the S&P Rating Condition pursuant to Section 7.18(e), and the Effective Date S&P Conditions are not satisfied, to one or both of the following alternatives, as directed by the Collateral Manager:
(i) for application in accordance with the Note Payment Sequence on such Payment Date or (ii) as Principal Proceeds and transferred to the Collection Account to invest in Eligible Investments (pending the purchase of additional Collateral
Obligations) and/or to the purchase of additional Collateral Obligations (provided that such payment would not, in the reasonable determination of the Collateral Manager, cause an EU/UK Retention Deficiency), in an amount sufficient to satisfy the S&P Rating Condition; 

(H)(K)    to the payment of
(1) first (in the same manner and order
of priority stated therein), any Administrative Expenses not paid pursuant to clause (A)(2) above due to the limitation contained therein and (2) second, any expenses related to a Re-Pricing to the
extent not paid on the effective date of such Re-Pricing; 

(I)(L)    to the payment to the Collateral Manager of any accrued and unpaid Subordinated Management Fee
that has not been waived by the Collateral Manager; and 
 (J)(M)   
 any remaining Interest Proceeds (i) first to be deposited in the Collection Account to the extent the Collateral Manager elects, in its sole discretion, to designate such amounts as Interest Proceeds or Principal Proceeds and
(ii) second, to be paid to the Fiscal Agent for payment to the holders of the Preferred Shares. 

(ii)    On each Payment Date, unless an Enforcement Event has occurred and is continuing, Principal
Proceeds on deposit in the Collection Account that are received on or before the related Determination Date (or if such Determination Date is not a Business Day, the next succeeding Business Day) and that are transferred to the Payment Account as set forth in Article X (which will not include (i) amounts required to meet funding requirements with respect to
Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations that are deposited in the Revolver Funding Account or (ii) Principal Proceeds which the Issuer has entered into any commitment to reinvest in Collateral Obligations)
shall be applied in the following order of priority: 
 (A)    to pay the amounts referred to in
clauses (A) through (DE) of Section 11.1(a)(i) (and in the same manner and order of priority stated therein), but only to the extent not paid in full thereunder; 

  
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 (B)    to pay the amounts referred to in clause (F)
of Section 11.1(a)(i), but only to the extent not paid in full thereunder and to the extent necessary to cause the Class A/B Coverage Tests that are applicable on such Payment Date to be met as of the related Determination Date on a pro forma basis after giving effect to any payments made through this clause (B);

 (C)    to pay the amounts referred to in clause (G) of Section 11.1(a)(i) (and in the same manner and order of priority stated therein), but only to the extent not paid in full thereunder; provided that payment of such amounts shall be made only to the extent the Class C Notes are the Controlling Class at such time;

 (D)    to pay the amounts referred to in clause (H) of Section 11.1(a)(i), but only to the extent not paid in full thereunder and to the extent necessary to cause the Class C Coverage Tests that are applicable on such Payment Date to be met as of the
related Determination Date on a pro forma basis after giving effect to any payments made through this clause (D); 

(E)    to pay the amounts referred to in clause (I) of Section 11.1(a)(i) (and in the same manner and order of priority stated therein), but only to the extent not
paid in full thereunder; provided
that payment of such amounts shall be made only to the extent the
Class C Notes are the Controlling Class at such time;

(C)(F)    with respect to any Payment Date following the Effective Date, if after the application of
Interest Proceeds as provided in clause (GJ) under Section 11.1(a)(i) S&P has not yet confirmed satisfaction of the S&P Rating Condition pursuant to Section 7.18(e), and the Effective Date S&P
Conditions are not satisfied, to one or both of the following alternatives, as directed by the Collateral Manager: (i) for application in accordance with the Note Payment Sequence on such Payment Date or (ii) as Principal Proceeds and
transferred to the Collection Account to invest in Eligible Investments (pending the purchase of additional Collateral Obligations) and/or to the purchase of additional Collateral Obligations (provided that such payment would not, in the
reasonable determination of the Collateral Manager, cause an EU/UK Retention Deficiency), in an amount
sufficient to satisfy the S&P Rating Condition; 
 (D)(G)   
 if such Payment Date is a Redemption Date, to make payments in accordance with the Note Payment Sequence; 
 (E)(H)   
 if such Payment Date is a Special Redemption Date occurring in connection with a Special Redemption described in clause (i) of the definition thereof to make payments in the amount of the Special Redemption Amount at the election of the
Collateral Manager, in accordance with the Note Payment Sequence; 
 (F)(I)   
 during the Reinvestment Period, to the Collection Account as Principal Proceeds to invest in Eligible Investments (pending the purchase of additional Collateral Obligations) and/or to the purchase of additional Collateral Obligations
(provided that such payment would not, in the reasonable determination of the Collateral Manager, cause an EU/UK Retention Deficiency); 

  
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(G)(J)    after the Reinvestment Period, to make payments in accordance with the Note Payment Sequence;

 (H)(K)    after the Reinvestment Period, to pay the amounts referred to in clause (HK) of
Section 11.1(a)(i) only to the extent not already paid (in the same manner and order of priority stated therein); 

(I)(L)    after the Reinvestment Period, to pay the amounts referred to in clause (IL) of
Section 11.1(a)(i) only to the extent not already paid (in the same manner and order of priority stated therein); and 

(J)(M)    any remaining Principal Proceeds to be paid to the Fiscal Agent for payment to the holders of the
Preferred Shares. 
 (iii)    On the Stated Maturity of the Notes, the Trustee shall pay the net
proceeds from the liquidation of the Assets and all available Cash, but only after the payment of (or establishment of a reserve for) all Administrative Expenses (in the same manner and order of priority stated in the definition thereof),
Collateral Management Fees, and interest and principal on the Notes, to the Holders of the Preferred Shares in final payment of such Preferred Shares (such payments to be made in accordance with the priority set forth in
Section 11.1(a)(iv)). 
 (iv)    Notwithstanding the provisions of the
foregoing Sections 11.1(a)(i) and 11.1(a)(ii) (other than the last paragraph thereof), on the Stated Maturity of the Notes, or if the maturity of the Notes has been accelerated following an Event of Default and has not been rescinded
in accordance with the terms herein (an “Enforcement Event”), pursuant to Section 5.7, distributions and proceeds in respect of the Assets will be applied at the date or dates fixed by the Trustee in the
following order of priority (the “Special Priority of Payments”): 
 (A)    to the
payment of (1) first, taxes and governmental fees owing by the Issuers, if any, and
(2) second, the accrued and unpaid Administrative Expenses, in the priority stated in the definition thereof, up to the Administrative Expense Cap; provided, that following the commencement of the liquidation of Assets in
accordance with Section 6.4, the Administrative Expense Cap shall be disregarded for purposes of clause (2) above; 

(B)    to the payment to the Collateral Manager of the accrued and unpaid Base Management Fee that has not
been waived by the Collateral Manager; 
 (C)    to the payment of (1) first, accrued and unpaid interest
on the Class A-1 Notes (including any defaulted interest) and (2) second, principal of the Class A-1 Notes until the Class A-1 Notes have been paid in full; 

  
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 (D)    to the payment of (1) first, accrued and unpaid interest on the Class A-2 Notes (including any defaulted interest)
and (2) second, principal of the
Class 
A-1-2 Notes
until the Class A-1-2 Notes have been paid in full; 
 (E)    to the payment, pro rata based on amounts due, of accrued and unpaid interest on the Class AB-1 Notes and the
Class B-2 Notes
(in each case, including any defaulted interest); 

(F)    to the payment,
pro rata based on their
respective Aggregate Outstanding Amounts, of principal of the Class AB-1 Notes and the Class B-2 Notes until the
Class AB-1 Notes and
the Class B-2
Notes have been paid in full; 

(G)    to the payment, pro rata based on amounts due, of (1) first, accrued and unpaid interest (excluding Deferred Interest but including interest
accrued thereon) on the
Class C-1 and the
Class C-2 Notes and
(2) second, any Deferred Interest on the Class C-1 and the Class C-2 Notes, until such amounts have been paid
in full; 
 (H)    to the
payment, pro rata based on their
respective Aggregate Outstanding Amounts, of principal of the
Class C-1 and the
Class C-2 Notes until the
Class C-1 and the
Class C-2 Notes have been
paid in full; 
 (G)(I)   
 to the payment of (in the same manner and order of priority stated therein) any Administrative Expenses not paid pursuant to clause (A)(2) above due to the limitation contained therein; 

(H)(J)    to the payment to the Collateral Manager of any accrued and unpaid Subordinated Management Fee
that has not been waived by the Collateral Manager; 
 (I)(K)   
 to the payment of any obligations of the Issuers or to establish any reserves determined by the
Issuer or the Collateral Manager to be necessary or desirable; and 
 (J)(L)   
 to pay the balance to the Fiscal Agent for payment to the holders of the Preferred Shares. 
 If any declaration of acceleration
has been rescinded in accordance with the provisions hereof, proceeds in respect of the Assets will be applied in accordance with Section 11.1(a)(i) or (ii), as applicable. 

(b)    If on any Payment Date the amount available in the Payment Account is insufficient to make the full amount of the
disbursements required by the Distribution Report, the Trustee shall make the disbursements called for in the order and according to the priority set forth under Section 11.1(a) above, subject to
Section 13.1, to the extent funds are available therefor. 
 (c)    In connection with the
application of funds to pay Administrative Expenses of the Issuer in accordance with Section 11.1(a)(i), Section 11.1(a)(ii) and Section 11.1(a)(iv), the

  
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Trustee shall remit such funds, to the extent available (and subject to the order of priority set forth in the definition of “Administrative Expenses”), as directed and
designated in an Issuer Order (which may be in the form of standing instructions, including standing instructions to pay Administrative Expenses in such amounts and to such entities as indicated in the Distribution Report in respect of such Payment
Date) delivered to the Trustee no later than the Business Day prior to each Payment Date. 
 (d)    The Collateral
Manager may, in its sole discretion, elect to waive payment of any or all of any Collateral Management Fee otherwise due on any Payment Date by notice to the Issuer, the Collateral Administrator and the Trustee no later than the Business Day
immediately prior to such Payment Date in accordance with the terms of Section 8(a) of the Collateral Management Agreement. Any such Collateral Management Fee, once waived, shall not thereafter become due and payable and any claim of the
Collateral Manager therein shall be extinguished. 

ARTICLE XX 
 ARTICLE
XXIARTICLE XII 

SALE OF COLLATERAL OBLIGATIONS; 

PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS 

Section 12.1    
Sales of Collateral Obligations. Subject to the satisfaction of the conditions specified in Section 12.4, the Collateral Manager on behalf of the Issuer may (except as otherwise specified in this
Section 12.1) direct the Trustee to sell and the Trustee shall sell on behalf of the Issuer in the manner directed by the Collateral Manager any Collateral Obligation or Equity Security if, as certified by the Collateral
Manager, such sale meets the requirements of any one of paragraphs (a) through (j) of this Section 12.1 (subject in each case to any applicable requirement of disposition under
Section 12.1(h) and provided that (x) if an Event of Default has occurred and is continuing, the Collateral Manager may not direct the Trustee to sell any Collateral Obligation or Equity Security pursuant to
Section 12.1(e), Section 12.1(f) or Section 12.1(g) unless the sale of such Asset is permitted pursuant to Section 12.4(c) and (y) the
Collateral Manager may not direct the Trustee to sell any Collateral Obligation pursuant to this Section 12.1 to ORCC unless such sale satisfies the Purchase and Substitution Limit). For purposes of this
Section 12.1, the Sale Proceeds of a Collateral Obligation sold by the Issuer shall include any Principal Financed Accrued Interest received in respect of such sale. 

(a)    Credit Risk Obligations. The Collateral Manager may direct the Trustee to sell any Credit Risk Obligation at
any time. 
 (b)    Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit
Improved Obligation at any time during the Reinvestment Period, if the Collateral Manager reasonably believes prior to any such sale that either: 

(i)    after giving effect to such sale and subsequent reinvestment, the Adjusted Collateral Principal
Amount (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of such additional
Collateral Obligation) will be at least equal to the Reinvestment Target Par Balance; or 

  
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 (ii)    it will be able to enter into binding
commitments to reinvest all or a portion of the proceeds of such sale, in compliance with the Investment Criteria, in one or more additional Collateral Obligations with an aggregate outstanding principal balance at least equal to the outstanding
principal balance (or, in the case of any Discount Obligation, the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied by the outstanding principal balance thereof) of such Credit Improved Obligation within 20
Business Days of such sale; 
 (c)    Defaulted Obligations; Workout Loans. The
Collateral Manager may direct the Trustee to sell any Defaulted Obligation andor any Workout Loan at any time. 

(d)    Equity Securities. The Collateral Manager may direct the Trustee to sell any Equity Security at any time
without restriction, and shall use its commercially reasonable efforts to effect the sale of any Equity Security, regardless of price (provided that any sale to ORCC or its Affiliates must be on arm’s length terms), subject to any
applicable transfer restrictions: 
 (i)    within three years after receipt, if such Equity Security is
(A) received upon the conversion of a Defaulted Obligation, or (B) received in an exchange initiated by the Obligor to avoid bankruptcy; and 

(ii)    within 45 days after receipt, if such Equity Security constitutes Margin Stock, unless such sale is
prohibited by applicable law or contractual restriction, in which case such Equity Security shall be sold as soon as such sale is permitted by applicable law or such contract. 

(e)    Optional Redemption, Optional Preferred Shares Redemption or
Clean-Up Call Redemption. In connection with an Optional Redemption of the Secured Notes, an Optional Preferred Shares Redemption or a Clean-Up Call Redemption, if
all requirements for such redemption set forth in this Indenture are met (or expected to be met), if necessary to effect such redemption, the Collateral Manager shall direct the Trustee to sell (which sale may be through participation or other
arrangement) all or a portion of the Collateral Obligations (provided that all of the Collateral Obligations shall be sold in connection with an Optional Preferred Shares Redemption) if the requirements of Article IX
(including the certification requirements of Section 9.4(e)(ii), if applicable) are satisfied. 

(f)    Tax Redemption. After a Majority of an Affected Class or a Majority of the Preferred Shares has
directed (by a written direction delivered to the Trustee) a Tax Redemption, the Collateral Manager shall, if necessary to effect such Tax Redemption, direct the Trustee to sell (which sale may be through participation or other arrangement) all
or a portion of the Collateral Obligations if the requirements of Article IX (including the certification requirements of Section 9.4(e)(ii), if applicable) are satisfied (or expected to be satisfied). 

(g)    Discretionary Sales. The Collateral Manager may direct the Trustee to sell (in addition to any sales
pursuant to clauses (a) through (e) above) any Collateral Obligation to any party other than ORCC at any time other than during a Restricted Trading Period if after giving 

  
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effect to such sale, the Aggregate Principal Balance of all Collateral Obligations sold as described in this Section 12.1(g) during the preceding period of 12 calendar
months (or, for the first 12 calendar months after the ClosingFirst
Refinancing Date, during the period commencing on the ClosingFirst Refinancing Date) is not greater than 25% of the Collateral Principal Amount as of the first day of such 12 calendar
month period (or as of the ClosingFirst Refinancing Date, as the case may be). 
 (h)    Mandatory Sales. The Collateral
Manager on behalf of the Issuer shall use its commercially reasonable efforts to effect the sale (regardless of price, but after a reasonable period of market inquiry, except that sales to ORCC or its Affiliates must be on arm’s length terms)
subject to any applicable transfer restrictions of any Collateral Obligation that (i) no longer meets the criteria described in clause (vii) of the definition of “Collateral Obligation,” within 18 months after the
failure of such Collateral Obligation to meet such criteria or (ii) no longer meets the criteria described in clause (vi) of the definition of “Collateral Obligation” within 45 days after the failure of such Collateral Obligation
to meet either such criteria. 
 (i)    Sales in Connection with an Optional Substitution or Optional Repurchase.
The Collateral Manager may direct the Trustee to sell any Collateral Obligation to ORCC at any time in connection with an optional purchase or substitution of such Collateral Obligation pursuant to Section 12.3, it being
understood that such sales will be subject to the Purchase and Substitution Limit. 
 (j)    Sales at Stated
Maturity. The Collateral Manager may direct the Trustee to sell any Collateral Obligation in order to repay the Secured Notes at the earliest Stated Maturity of any Secured Notes Outstanding. 

Section 12.2    
Purchase of Additional Collateral Obligations. On any date during the Reinvestment Period, the Collateral Manager on behalf of the Issuer may, subject to the other requirements in this Indenture, direct the Trustee to invest Principal
Proceeds, amounts on deposit in the Ramp-Up Account and Principal Financed Accrued Interest, and the Trustee shall invest such Principal Proceeds and other amounts in accordance with such direction. After the
Reinvestment Period, the Collateral Manager shall not direct the Trustee to invest any amounts on behalf of the Issuer; provided that in accordance with Section 12.2(f), Cash on deposit in any Account (other than the
Payment Account) may be invested in Eligible Investments following the Reinvestment Period. 
 (K)(a)   
 Investment Criteria. No obligation may be purchased by the Issuer unless each of the following conditions is satisfied as of the date the Collateral Manager commits on behalf of the Issuer to make such purchase, in each case as
determined by the Collateral Manager after giving effect to such purchase and all other sales or purchases previously or simultaneously committed to; provided that the conditions set forth in clauses (ii), (iii) and (iv) below need only
be satisfied with respect to purchases of Collateral Obligations occurring on or after the Effective Date (the “Investment Criteria”): 

(i)    such obligation is a Collateral Obligation; 

 

  
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 (ii)    each Coverage Test will be satisfied, or if any
such test is not satisfied, the level of compliance with such test is maintained or improved; 

(iii)    (A) in the case of an additional Collateral Obligation purchased with the proceeds from the sale
of a Credit Risk Obligation or a Defaulted Obligation, either (1) the Aggregate Principal Balance of all additional Collateral Obligations purchased with the proceeds from such sale will at least equal the Sale Proceeds from such sale,
(2) the Aggregate Principal Balance of the Collateral Obligations will be maintained or increased (when compared to the Aggregate Principal Balance of the Collateral Obligations immediately prior to such sale) or (3) the Adjusted
Collateral Principal Amount (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of
such additional Collateral Obligation) will be greater than the Reinvestment Target Par Balance and (B) in the case of any other purchase of additional Collateral Obligations purchased with the proceeds from the sale of a Collateral Obligation,
either (1) the Aggregate Principal Balance of the Collateral Obligations will be maintained or increased (when compared to the Aggregate Principal Balance of the Collateral Obligations immediately prior to such sale) or (2) the Adjusted
Collateral Principal Amount (excluding the Collateral Obligation being sold but including, without duplication, the Collateral Obligation being purchased and the anticipated cash proceeds, if any, of such sale that are not applied to the purchase of
such additional Collateral Obligation) will be greater than the Reinvestment Target Par Balance; 

(iv)    either (A) each requirement or test, as the case may be, of the Concentration Limitations and
the Collateral Quality Test (except, in the case of an additional Collateral Obligation purchased with the proceeds from the sale of a Credit Risk Obligation or a Defaulted Obligation, the S&P CDO Monitor Test) will be satisfied or (B) if
any such requirement or test was not satisfied immediately prior to such investment, such requirement or test will be maintained or improved, in each case after giving effect to the investment; 

(v)    the date on which the Issuer (or the Collateral Manager on its behalf) commits to purchase such
Collateral Obligation occurs during the Reinvestment Period; 
 (vi)    if the Weighted Average Life Test
is not satisfied immediately prior to the purchase of such additional Collateral Obligation, the Average Life of such additional Collateral Obligation shall be no greater than the level of the Weighted Average Life Test in effect as of the date of
such purchase; 
 (vii)    the
EU/UK Origination Requirement will be satisfied immediately after giving effect to such purchase; and 

(viii)    no EU/UK Retention Deficiency would occur as a result of, and immediately after giving effect to any such purchase. 

(l)(b)    Post-Reinvestment Period Settlement Obligations. If the Issuer has entered into a written
trade ticket or other written binding commitment to purchase a Collateral Obligation 

  
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during the Reinvestment Period which purchase does not settle or is not scheduled to settle prior to the end of the Reinvestment Period (such Collateral Obligation, a “Post-Reinvestment
Period Settlement Obligation”), such Post-Reinvestment Period Settlement Obligation shall be treated as having been purchased by the Issuer prior to the end of the Reinvestment Period for purposes of the Investment Criteria, and Principal
Proceeds received after the end of the Reinvestment Period may be applied to the payment of the purchase price of such Post-Reinvestment Period Settlement Obligation, provided that the Collateral Manager believes, in its commercially
reasonable business judgment, that the settlement date with respect to such purchase will occur within forty-five (45) Business Days of the date of the trade ticket or other commitment to purchase such Collateral Obligations. Not later than the
Business Day immediately preceding the end of the Reinvestment Period, the Collateral Manager shall deliver to the Trustee a schedule of Collateral Obligations purchased by the Issuer with respect to which purchases the trade date has occurred but
the settlement date has not yet occurred and shall certify to the Trustee that sufficient Principal Proceeds are available (including for this purpose, cash on deposit in the Principal Collection Subaccount as well as any Principal Proceeds received
by the Issuer from the sale of Collateral Obligations for which the trade date has already occurred but the settlement date has not yet occurred) to effect the settlement of such Collateral Obligation. 

(m)(c)    Trading Plan Period. For purposes of calculating compliance with the Investment Criteria,
at the election of the Collateral Manager in its sole discretion, any proposed investment (whether a single Collateral Obligation or a group of Collateral Obligations) identified by the Collateral Manager as such at the time when compliance with the
Investment Criteria is required to be calculated (a “Trading Plan”) may be evaluated after giving effect to all sales and reinvestments proposed to be entered into within the three (3) Business Days following the date of
determination of such compliance (such period, the “Trading Plan Period”); provided that (i) no Trading Plan may result in the purchase of Collateral Obligations having an Aggregate Principal Balance that exceeds
5.0% of the Collateral Principal Amount as of the first day of the Trading Plan Period, (ii) no Trading Plan Period may include a Determination Date, (iii) no more than one Trading Plan may be in effect at any time during a Trading Plan
Period, (iv) if the Investment Criteria are satisfied prospectively after giving effect to a Trading Plan but are not satisfied upon the expiry of the related Trading Plan Period, solely as a result of the purchases and sales included in the
Trading Plan, the Investment Criteria shall not at any time thereafter be evaluated by giving effect to a Trading Plan, (v) no Trading Plan may result in the purchase of Collateral Obligations with the difference between the maturity of the
Collateral Obligation with the shortest maturity in such group and the maturity of the Collateral Obligation with the longest maturity in such group being greater than 36 months, (vi) no Trading Plan may result in the purchase of a Collateral
Obligation with a maturity of less than 6 months and (vii) with respect to Discount Obligations and for purposes of determining compliance with clause (xxiii) of the definition of “Collateral Obligation,” no such calculation
or evaluation may be made using the weighted average price of any Collateral Obligation or any group of Collateral Obligations. The Collateral Manager shall provide written notice to each Rating Agency of (i) any Trading Plan, which notice
shall specify the proposed investments identified by the Collateral Manager for acquisition as part of such Trading Plan, prior to utilizing such Trading Plan and (ii) the occurrence of the event described in clause (iv) above promptly
following the occurrence thereof. The Collateral Manager shall notify the Trustee of the completion of any Trading Plan and, upon receipt of such notice, the Trustee will post a notice on the Trustee’s website and the Trustee will include the
details of any Trading Plan in the Monthly Report. 

  
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(n)(d)    Exercise of Warrants. At any time, the Collateral Manager may, subject to
Section 10.2(d), direct the Trustee to apply Interest Proceeds (but not Principal Proceeds) to make any payments required in connection with a workout or restructuring of a Collateral Obligation or exercise an option,
warrant, right of conversion or similar right in connection with a workout or restructuring of a Collateral Obligation (including for the acquisition of a
Workout Loan); provided, that the Issuer will not exercise any warrant or other similar right
received in connection with a workout or a restructuring of a Collateral Obligation that requires a payment that results in receipt of an Equity Security unless the Collateral Manager (on the Issuer’s behalf) certifies to the Trustee that (x) exercising the warrant or other similar right is necessary for the
Issuer to realize the value of the workout or restructuring and (y) any Equity Security received as a result will be sold prior to receipt by the Issuer or, if such sale or other disposition is prohibited by applicable law or an
applicable contractual restriction in the related Underlying Documents, the Issuer (or the Collateral Manager on the Issuer’s behalf) will sell such Equity Security as soon as practicable after such sale or disposition is permitted by applicable law and not prohibited by such contractual
restriction;
provided,
further
that, with respect to any such exercise, the Issuer shall only apply Interest Proceeds (including Contributions treated as Interest Proceeds) in excess of the amount of Interest Proceeds
required (x) to pay interest due and payable on the Secured Notes on the next succeeding Payment Date and (y) to cure any Coverage Test failure continuing at such time. For the avoidance of doubt, any sale or other disposition described in
the proviso above may be to ORCC or otherwise. 
 (o)(e)    
Certification by Collateral Manager. Not later than the Cut-Off Date for any Collateral Obligation purchased in accordance with this
Section 12.2, the Collateral Manager shall deliver by e-mail or other electronic transmission to the Trustee and the Collateral Administrator an Officer’s certificate of the
Collateral Manager certifying that such purchase complies with this Section 12.2 and Section 12.4. 

(p)(f)    Investment in Eligible Investments. Cash on deposit in any Account (other than the Payment
Account) may be invested at any time in Eligible Investments in accordance with Article X. 
 (q)(g)    
Workout Loans. Notwithstanding anything to the contrary herein, the Issuer may purchase a Workout Loan during or after the Reinvestment Period: (i) from Interest Proceeds; provided that neither the Issuer, nor the
Collateral Manager on its behalf, shall direct such a withdrawal of Interest Proceeds if it would cause (x) the deferral of interest on any Class of Secured Notes on the immediately succeeding Payment Date on a pro forma basis,
(y) the non-payment of any of the items reasonably anticipated to be due and payable on the immediately succeeding Payment Date pursuant to Section 11.1(a)(i)(A), on the immediately succeeding Payment Date taking into
account the Administrative Expense Cap, or (z) the non-payment of any amounts reasonably anticipated to be due and payable pursuant to Section 11.1(a)(i)(F) on the immediately
succeeding Payment Date on a pro forma basis or (ii) from Contributions designated as Interest Proceeds. In each case, the Issuer’s acquisition of a Workout Loan will not be required to satisfy the Investment Criteria (or the definition of
“Collateral Obligation”). 

(h)    Negative Cash Balance. Notwithstanding anything herein to the contrary, as a condition to any purchase of an
additional Collateral Obligation, if the balance in the Principal Collection Subaccount after giving effect to (i) all
 expected debits and credits in connection with  

  
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such purchase and all other sales and purchases (as applicable) previously or simultaneously committed to, and
(ii) without duplication of amounts in the preceding clause
(i), anticipated receipts of Principal Proceeds, is a negative amount,
the absolute value of such amount may not, for a period longer than 30 days, be greater than 5.0% of the Aggregate Principal Balance of the Collateral Obligations as of the Measurement Date immediately preceding the trade date for such purchase.
 

Section 21.2Section 12.3    Optional Purchase or Substitution of Collateral Obligations. . 

(a)    Optional Substitutions. 

(i)    With respect to any Collateral Obligation as to which a Substitution Event has occurred, subject to
the limitations set forth in this Section 12.3 (including the Purchase and Substitution Limit), ORCC may (but shall not be obligated to) either (x) convey to the Issuer one or more Collateral Obligations in exchange
for such Collateral Obligation or (y) deposit into the Principal Collection Subaccount an amount equal to the Fair Market Value (or, with respect to any Post-Transition CCC Collateral Obligation, the purchase price that the Issuer paid to
acquire such Post-Transition CCC Collateral Obligation) for such Collateral Obligation and then, prior to the expiration of the Substitution Period, convey to the Issuer one or more Collateral Obligations in exchange for the funds so deposited or a
portion thereof. 
 (ii)    Any substitution pursuant to this Section 12.3(a)
shall be initiated by delivery of written notice in the form of Exhibit E hereto (a “Notice of Substitution”) by ORCC to the Trustee, the Issuer and the Collateral Manager that ORCC intends to substitute a
Collateral Obligation pursuant to this Section 12.3(a) and shall be completed prior to the earliest of: (x) the expiration of
9060 days after
delivery of such notice (or, with respect to any Collateral Obligation that is substituted or repurchased solely on the basis of becoming a Post-Transition CCC Collateral Obligation, 15 Business Days from the date on which it became a
Post-Transition CCC Collateral Obligation); (y) delivery of written notice to the Trustee from ORCC stating that ORCC does not intend to convey any additional Substitute Collateral Obligations to the Issuer in exchange for any remaining amounts
deposited in the Principal Collection Subaccount under clause (a)(i)(y) above; or (z) in the case of a Collateral Obligation which has become subject to a Specified Amendment, five Business Days after the effective date set
forth in such Specified Amendment (such period described in this clause (ii), the “Substitution Period”). 

(iii)    Each Notice of Substitution shall specify the Collateral Obligation to be substituted, the reasons
for such substitution and the Fair Market Value (or, with respect to any Collateral Obligation that is substituted or repurchased solely on the basis of becoming a Post-Transition CCC Collateral Obligation, the purchase price that the Issuer paid to
acquire such Collateral Obligation) with respect to the Collateral Obligation. On the last day of any Substitution Period, any amounts previously deposited in accordance with clause (a)(i)(y) above which
relate to such Substitution Period that have not been applied to purchase one or more Substitute Collateral Obligations (or to fund the Revolver Funding Account if necessary) with respect thereto shall be deemed to constitute Principal Proceeds;

  
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provided that prior to the expiration of the related Substitution Period any such amounts shall not be deemed to be Principal Proceeds and shall remain in the Principal Collection
Subaccount until applied to acquire Substitute Collateral Obligations (or to fund the Revolver Funding Account if necessary) with respect thereto. 

(iv)    The substitution of any Substitute Collateral Obligation will be subject to the satisfaction of the
Substitute Collateral Obligations Qualification Conditions as of the related Cut-Off Date for each such Collateral Obligation (after giving effect to such substitution). 

(b)    Optional Purchases. In addition to the right to substitute for any Collateral Obligations that become
subject to a Substitution Event, ORCC shall have the right, but not the obligation, to purchase from the Issuer any Collateral Obligation subject to the Purchase and Substitution Limit at a cash purchase price at least equal to the Fair Market Value
of such Collateral Obligation (or applicable portion thereof) as of the date of such purchase, which the Trustee shall deposit into the Collection Account upon receipt. All substitutions and repurchases described above will be at the election of
ORCC acting in its sole discretion. 
 (c)    Purchase and Substitution Limit. At all timesThe Issuer shall not accept a Substitute Collateral Obligation or
purchase a Collateral Obligation from ORCC if, after giving effect to such substitution or purchase, (i) the Aggregate Principal Balance of all Collateral Obligations that are Substitute
Collateral Obligations, plus (ii) the Aggregate Principal Balance of all Collateral Obligations that have been purchased by ORCC pursuant to Section 12.3(a) and that the purchase price therefor was not
subsequently applied to purchase a Substitute Collateral Obligation, plus (iii) the Aggregate Principal Balance of all Collateral Obligations that have been purchased by ORCC pursuant to Section 12.3(b)
above, plus (iv) the Aggregate Principal Balance of all Collateral Obligations that have been purchased by ORCC pursuant to Section 12.1 may not exceedwould exceed after the First Refinancing Date (x) during the Reinvestment Period,
an amount equal to 2530% of the Target Initial Par Amount, and
(y) without duplication, after the Reinvestment Period, an amount equal to 7.5% of the Target Initial Par Amount; provided that (I) clauses
(i)—(iv) above shall not include (A) the Principal Balance related to any Collateral Obligation that is purchased or substituted by ORCC in connection with a Specified Amendment or a proposed Specified Amendment to such Collateral
Obligation so long as such repurchase or substitution is effected not less than five Business Days after the effective date set forth in such Specified Amendment and ORCC certifies in writing to the Collateral Manager and the Trustee that such
purchase or substitution is, in the commercially reasonable business judgment of ORCC, necessary or advisable in connection with the restructuring of such Collateral Obligation and such restructuring has or is expected to result in a Specified
Amendment to such Collateral Obligation, (B) the purchase price of any Equity Securities sold to ORCC pursuant to Section 12.1(d), (C) the Principal Balance of up to 15 Post-Transition CCC Collateral Obligations that are substituted or repurchased solely on the basis of becoming a
Post-Transition CCC Collateral Obligation; provided that (x) each such Collateral Obligation must be substituted or repurchased by ORCC within 15 Business Days from the date it becomes a Post-Transition CCC Collateral Obligation and
(y) the purchase price, or substitution value, as applicable, for such Post-Transition CCC Collateral Obligation must be at least the greater of its Fair Market Value and the purchase price that the Issuer paid to acquire such Collateral
Obligation (less any principal payments received by the Issuer) or (D) any purchase by ORCC in connection with an Optional Redemption, Tax 

  
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Redemption or Clean-Up Call Redemption and (II) ORCC may not substitute or repurchase a Collateral Obligation that is a Post-Transition CCC Collateral
Obligation that was not substituted or repurchased in accordance with clause (I)(C) above or was a CCC Collateral Obligation at the time the Issuer acquired such Collateral Obligation, in each case, other than (A) if a Substitution Event has
occurred with respect to such Collateral Obligation (other than a Substitution Event under clause (v) of the definition thereof) or (B) in connection with an Optional Redemption, Tax Redemption or
Clean-Up Call Redemption. The foregoing provisions in this paragraph constitute the “Purchase and Substitution Limit.” 

(d)    Third Party Beneficiaries. The Issuer and the Trustee agree that ORCC shall be a third party beneficiary of
this Indenture solely for purposes of this Section 12.3, and shall be entitled to rely upon and enforce such provisions of this Section 12.3 to the same extent as if it were a party hereto. 

Section 21.3Section 12.4    Conditions Applicable to All Sale and Purchase Transactions. 

 (a)    Any transaction effected under this Article XII or in connection with the
acquisition, disposition or substitution of any Asset shall be conducted on an arm’s length basis and, if effected with an Affiliate of the Collateral Manager (or with an account or portfolio for which the Collateral Manager or any of its
Affiliates serves as investment adviser), shall be effected in accordance with the requirements of Section 5 of the Collateral Management Agreement on terms no less favorable to the Issuer than would be the case if such Person were not an
Affiliate of the Collateral Manager; provided that the Trustee shall have no responsibility to oversee compliance with this clause (a) by the other parties. Any sale of a Collateral Obligation or an Equity Security (other than a
Substitute Collateral Obligation) to the Collateral Manager, an Affiliate of the Collateral Manager or an Affiliate of the Issuer shall be at a purchase price at least equal to the current Fair Market Value of such Collateral Obligation or Equity
Security and certified by the Collateral Manager to the Trustee. 
 (b)    Upon any acquisition of a Collateral
Obligation pursuant to this Article XII, all of the Issuer’s right, title and interest to the Asset or Assets shall be Granted to the Trustee pursuant to this Indenture, such Asset or Assets shall be Delivered to the
Custodian, and, if applicable, the Custodian shall receive such Asset or Assets. The Trustee shall also receive, not later than the Cut-Off Date, an Officer’s certificate of the Issuer containing the
statements set forth in Section 3.1(a)(viii); provided that such requirement shall be satisfied, and such statements shall be deemed to have been made by the Issuer, in respect of such acquisition by the delivery to
the Trustee of a trade ticket in respect thereof that is signed by a Responsible Officer of the Collateral Manager. 

(c)    Notwithstanding anything contained in this Article XII or
Article V to the contrary, in addition to the rights described herein, the Issuer shall have the right to effect any sale of any Asset or purchase of any Collateral Obligation and ORCC shall have the right to exercise any
optional purchase or substitution rights with the consent of Holders evidencing at least 75% of the Aggregate Outstanding Amount of each Class of Securities (and notice to the Trustee and each Rating Agency). 

  
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 (d)    Notwithstanding anything contained in this
Article XII or Article V to the contrary, upon the occurrence and during the continuance of an Enforcement Event, the Issuer shall not have the right to effect any sale of any Asset or purchase of
any Collateral Obligation and ORCC shall not exercise any optional purchase or substitution rights, in each case without the consent of a Majority of the Controlling Class. 

ARTICLE XXII 
 ARTICLE
XXIIIARTICLE XIII 

HOLDERS’ RELATIONS 
 Section 23.1Section 13.1    Subordination. . 
 (a)    Anything in this Indenture or the Notes to the contrary
notwithstanding, the Holders of each Class of Securities that constitute a Junior Class agree for the benefit of the Holders of the Securities of each Priority Class with respect to such Junior Class that such Junior
Class shall be subordinate and junior to the Securities of each such Priority Class to the extent and in the manner expressly set forth in the Priority of Payments. 

(b)    The Holders of each Class of Securities and beneficial owners of each Class of Securities agree, for the
benefit of all Holders of each Class of Securities and beneficial owners of each Class of Securities, not to cause the filing of a petition in bankruptcy, insolvency or a similar proceeding in the United States, the Cayman Islands or any other jurisdiction against the Issuer or the Co-Issuer until the payment in full of all Notes and the expiration of a period equal to one year (or, if
longer, the applicable preference period then in effect) plus one day, following such payment in full. 
 Section
 13.2    Standard of Conduct. In exercising any of its or their voting
rights, rights to direct and consent or any other rights as a Holder under this Indenture, a Holder or Holders shall not have any obligation or duty to any Person or to consider or take into account the interests of any Person and shall not be
liable to any Person for any action taken by it or them or at its or their direction or any failure by it or them to act or to direct that an action be taken, without regard to whether such action or inaction benefits or adversely affects any
Holder, the Issuers, or any other Person, except for any liability to which such Holder may be subject
to the extent the same results from such Holder’s taking or directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Indenture. 

ARTICLE XXIVARTICLE XIV 

MISCELLANEOUS 

MISCELLANEOUS 

Section 14.1    Form of Documents Delivered to Trustee. In any case where several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, 

  
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or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other
matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of
an Officer of the Issuer, the Co-Issuer or the Collateral Manager may be based, insofar as it relates to
legal matters, upon a certificate or opinion of, or representations by, counsel (provided that, with respect to any matter of U.S. law, such counsel is a nationally or internationally recognized and reputable law firm, one or more of the
partners of which are admitted to practice before the highest court of any State of the United States or the District of Columbia which law firm may, except as otherwise expressly provided herein, be counsel for the Issuer), unless such Officer
knows, or should know, that the certificate or opinion or representations with respect to the matters upon which such certificate or opinion is based are erroneous. Any such certificate of an Officer of the Issuer, the Co-Issuer or the Collateral Manager or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, the Issuer, the Co-Issuer, the
Collateral Manager or any other Person (on which the Trustee shall be entitled to rely), stating that the information with respect to such factual matters is in the possession of the
Issuer, the Co-Issuer,
the Collateral Manager or such other Person, unless such Officer of the Issuer, the Co-Issuer
or the Collateral Manager or such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel may also be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer of the Collateral Manager or of the Issuer or the
Co-Issuer, stating that the information with respect to such matters is in the possession of the Collateral Manager or of the Issuer, unless such counsel knows that the certificate or opinion
or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Whenever in this Indenture it is provided that the absence of the occurrence and continuation of a Default or Event of Default is a condition
precedent to the taking of any action by the Trustee at the request or direction of the Issuer or the
Co-Issuer, then notwithstanding that the satisfaction of such condition is a condition precedent to the Issuer’s or the Co-Issuer’s right to make such request or direction, the Trustee shall be protected in acting in accordance with such request
or direction if it does not have knowledge of the occurrence and continuation of such Default or Event of Default as provided in Section 6.1(d). 

The Bank (in any capacity under the Transaction Documents) agrees to accept and act upon instructions or directions pursuant to the
Transaction Documents sent by unsecured email, facsimile transmission or other similar unsecured electronic methods. If any person elects to give the Bank email or facsimile instructions (or instructions by a similar electronic method) and the Bank
in its discretion elects to act upon such instructions, the Bank’s reasonable understanding of such instructions shall be deemed controlling. The Bank shall not be liable for any losses, costs or expenses arising directly or indirectly from the
Bank’s reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Any person providing such instructions agrees to assume all risks

  
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arising out of the use of such electronic methods to submit instructions and directions to the Bank, including without limitation the risk of the Bank acting on unauthorized instructions, and the
risk of interception and misuse by third parties and acknowledges and agrees that there may be more secure methods of transmitting such instructions than the method(s) selected by it and agrees that the security procedures (if any) to be followed in
connection with its transmission of such instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 

Section 24.1Section 14.2    Acts of
Holders. .

 (a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action or actions embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and conclusive in favor of the Trustee and the Issuers, if made in the manner
provided in this Section 14.2. 
 (b)    The fact and date of the execution by any
Person of any such instrument or writing may be proved in any manner which the Trustee reasonably deems sufficient. 

(c)    The principal amount or face amount, as the case may be, and registered numbers of Securities held by any Person,
and the date of such Person’s holding the same, shall be proved by the Register or Share Register, as applicable, or shall be provided by certification by such Holder. 

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any
Security shall bind the Holder (and any transferee thereof) of such and of every Security issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the
Trustee or the Issuers in reliance thereon, whether or not notation of such action is made upon such
Security. 
 (e)    Notwithstanding anything herein to the contrary, a holder of a beneficial interest in a
Global Note will have the right to receive access to reports on the Trustee’s website and will be entitled to exercise rights to vote, give consents and directions which holders of the related Class of Notes is entitled to give under this
Indenture upon delivery of a beneficial ownership certificate (a “Beneficial Ownership Certificate”) to the Trustee which certifies (i) that such Person is a beneficial owner of an interest in a Global Note, (ii) the
amount and Class of Notes so owned, and (iii) that such Person will notify the Trustee when it sells all or a portion of its beneficial interest in such Class of Notes. A separate Beneficial Ownership Certificate must be delivered
each time any such vote, consent or direction is given; provided that nothing shall prevent the Trustee from requesting additional information and documentation with respect to any such beneficial owner. 

  
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Section 24.2Section 14.3    Notices, Etc. to the Trustee, the Issuer, the Collateral Manager,
Placement Agent, the Collateral Administrator, and the Rating Agencies and the Co-Issuer.
. 

(a)    Any request, demand, authorization, direction, instruction, order, notice, consent, waiver or Act of Holders or
other documents or communication provided or permitted by this Indenture to be made upon, given, e-mailed or furnished to, or filed with: 

(i)    the Trustee shall be sufficient for every purpose hereunder if made, given, furnished or filed in
writing to and mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery, by electronic mail, or by facsimile to State Street Bank and Trust Company, 1776 Heritage Drive,
Mail Code: JAB0250JAB0527, North Quincy, Massachusetts 02171, Attention: Owl Rock CLO V, Ltd.LLC, in legible form, to the Trustee addressed to it at its applicable Corporate Trust Office, or at any other address
previously furnished in writing to the other parties hereto by the Trustee, and executed by a Responsible Officer of the entity sending such request, demand, authorization, direction, instruction, order, notice, consent, waiver or other document;
provided that any demand, authorization, direction, instruction, order, notice, consent, waiver or other document sent to State Street Bank and Trust Company (in any capacity hereunder) will be deemed effective only upon receipt thereof by
State Street Bank and Trust Company; 
 (ii)    the Issuer shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid,
hand delivered, sent by overnight courier service, by electronic mail, or by facsimile in legible form, to the Issuer addressed to it at c/o Walkers Fiduciary
Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman, KY1-9008, Cayman Islands, Attention: The Directors,
telephone number (345) 814-7600, email:
fiduciary@walkersglobal.com, with a copy to the Collateral Manager,c/o Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, DE 19711 or at any other address previously furnished in
writing to the other parties hereto by the Issuer, with a copy to the Collateral Manager at its address below; 

(iii)    the Collateral Manager shall be sufficient for every purpose hereunder if in writing and mailed,
first class postage prepaid, hand delivered, sent by overnight courier service, by electronic mail or by facsimile in legible form, to the Collateral Manager addressed to it at 399 Park Avenue, 38th Floor, New York, NY 10022, or at any other address
previously furnished in writing to the parties hereto; 
 (iv)    the Placement Agent shall be sufficient
for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service, in legible form, addressed to Natixis Securities Americas LLC, 1251 Avenue of the Americas, New York, NY 10020,
Attention: Structured Credit and Solutions Group, or at any other address previously furnished in writing to the parties hereto, or sent by e-mail to scsg.notices@natixis.com; and 

  
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 (v)    the Collateral Administrator shall be sufficient
for every purpose hereunder (except as otherwise provided in Section 14.16 with respect to 17g-5 Information) if in writing and mailed, first class postage prepaid, hand delivered,
sent by overnight courier service, by electronic mail, or by facsimile in legible form, to the Collateral Administrator at State Street Bank and Trust Company, 1776 Heritage Drive, Mail Code: JAB0250JAB0527, North
Quincy, Massachusetts 02171, Attention: Owl Rock CLO V,
Ltd.LLC, or at
any other address previously furnished in writing to the parties hereto; and 

(vi)    each Rating Agency shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) (i) in the case of S&P, if delivered by electronic copy to CDO_Surveillance@spglobal.com; provided that (x) in respect of any application for a ratings estimate by S&P in respect of a Collateral
Obligation, Information must be submitted to creditestimates@spglobal.com, (y) in respect of any request for satisfaction of the S&P Rating Condition in connection with the Effective Date, Information must be submitted to
CDOEffectiveDatePortfolios@spglobal.com and (x) in respect of emails related to the S&P CDO Monitor, Information must be submitted to cdomonitor@spglobal.com and (ii) in the case of Fitch, by email to cdo.surveillance@fitchratings.com;cdo.surveillance@fitchratings.com. 

    the Administrator
shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered, sent by overnight courier service, by electronic mail, or by facsimile in legible form, to the Administrator addressed to it at
Walkers Fiduciary Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman, KY1-9008, Cayman Islands, Attention: the Directors, Tel: +1 (345) 814 7600, email: fiduciary@walkersglobal.com; and 
     the Co-Issuer shall be sufficient for every purpose hereunder (unless otherwise expressly provided) if in writing and mailed, first class postage prepaid, hand delivered,
sent by overnight courier service, by electronic mail, or by facsimile in legible form, to c/o Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, DE 19711 or at any other address previously furnished in writing to the other parties hereto by the Co-Issuer
with a copy to the Collateral Manager. 
 (b)    If any
provision herein calls for any notice or document to be delivered simultaneously to the Trustee and any other Person, the Trustee’s receipt of such notice or document shall entitle the Trustee to assume that such notice or document was
delivered to such other Person or entity unless otherwise expressly specified herein. 
 (c)    Notwithstanding any
provision to the contrary contained herein or in any agreement or document related thereto, any report, statement or other information required to be provided by the Issuer or the Trustee may be provided by providing access to a website containing
such information. 
 (d)    Unless the parties hereto otherwise agree, (i) notices and other communications sent to
an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgment), and (ii) notices or communications 

  
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posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in
the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that if any such notice or other communication is not sent or posted during normal business
hours, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day; provided further that if in any instance the intended recipient declines or opts out of the receipt
acknowledgment, then such notice or communication shall be deemed to have been received on the Business Day sent or posted, if sent or posted during normal business hours on such Business Day, or if otherwise, at the opening of business on the next
Business Day. 
 Section 14.4    Notices to Holders; Waiver. Except as otherwise expressly provided herein, where this
Indenture provides for notice to Holders of any event: 

(e)(a)    such notice shall be sufficiently given to Holders if in writing and sent by email transmission,
if available, and mailed, first class postage prepaid, or by overnight delivery service (or, in the case of Holders of Global Notes, emailed to DTC), to each Holder affected by such event, at the address of such Holder as it appears in the Register
not earlier than the earliest date and not later than the latest date prescribed for the giving of such notice; and 
 (f)(b)    
such notice shall be in the English language. 
 Where this Indenture provides
for notice to holders of Preferred Shares, such notice shall be sufficiently given if in writing and mailed, first class postage prepaid, or by overnight delivery service to Issuer, or by electronic mail transmission, at the Issuer’s address
pursuant to Section 14.3 hereof. The Issuer shall forward all notices received pursuant to the preceding sentence to the holders of Preferred Shares. The Issuer shall provide notice and a consent solicitation package to
each holder of a Preferred Share to the extent that such holder’s consent or approval is required hereunder. The Issuer shall provide written notice to the Trustee confirming any such approval or consent obtained from the requisite holders of
the Preferred Shares. 
 Notwithstanding clause (a) above, a Holder may give the Trustee a written notice that it is requesting that
notices to it be given by electronic mail or by facsimile transmissions and stating the electronic mail address or facsimile number for such transmission. Thereafter, the Trustee shall give notices to such Holder by electronic mail or facsimile
transmission, as so requested; provided that if such notice also requests that notices be given by mail, then such notice shall also be given by mail in accordance with clause (a) above. Notices for Holders may also be posted to the
Trustee’s website. 
 Subject to the requirements of Section 14.15, the Trustee will deliver to the Holders
any information or notice relating to this Indenture requested to be so delivered by at least 25% of the Holders of any Class of Notes (by Aggregate Outstanding Amount), at the expense of the Issuer; provided that the Trustee may decline
to send any such notice that it reasonably determines to be contrary to (i) any of the terms of this Indenture, (ii) any duty or obligation that the Trustee may have hereunder or (iii) applicable law. The Trustee may require the
requesting Holders to comply with its standard verification policies in order to confirm Holder status. 

  
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 Neither the failure to mail any notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to other Holders. In case by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity or by reason of any other cause it
shall be impracticable to give such notice by mail of any event to Holders when such notice is required to be given pursuant to any provision of this Indenture, then such notification to Holders as shall be made with the approval of the Trustee
shall constitute a sufficient notification to such Holders for every purpose hereunder. 
 Where this Indenture provides for notice in any
manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 Section
 14.5    Effect of Headings and Table of Contents. The Article and
Section headings herein (including those used in cross-references herein) and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 14.6    Successors and Assigns. All covenants and agreements herein by the Issuers shall bind their
successors and assigns, whether so expressed or not. 

Section 14.7    SeverabilitySeverability. If any term, provision, covenant or condition of this
Indenture or the Securities, or the application thereof to any party hereto or any circumstance, is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions,
covenants and conditions of this Indenture or the Securities, modified by the deletion of the unenforceable, invalid or illegal portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity, or
illegality will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions, covenants and conditions of this Indenture or the Securities, as the case may be, so long as this Indenture or the Securities, as the
case may be, as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the deletion of such portion of this Indenture or the Securities, as the case may be, will not
substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. 

Section 14.8    Benefits of Indenture. Except as otherwise expressly set forth in this Indenture, nothing
herein or in the Securities, expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Collateral Manager, the Collateral Administrator, the Holders of the Securities and (to the extent
provided herein) and the other Secured Parties any benefit or any legal or equitable right, remedy or claim under this Indenture. 
     Liability of Issuers. Notwithstanding any other terms of this Indenture, the Notes, or any other agreement entered into by either of the Issuers or
otherwise, neither of the Issuers shall have any liability whatsoever to the other of the Issuers under this Indenture, the Notes, any other agreement, or otherwise. Without prejudice to the generality of the foregoing, neither of the Issuers may
take any action to enforce, or bring any action or proceeding, in respect of this Indenture, the Notes, any other agreement, or otherwise against the

  
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other of the Issuers. In particular, the Issuers may not petition or take any other steps for the winding up or
bankruptcy of the other of the Issuers or of any and neither of the Issuers shall have any claim with respect to any assets of the other of the Issuers. 

Section 14.9  
  [Reserved]. 

Section 14.10    Governing LawGoverning Law. This Indenture shall be construed in accordance with, and
this Indenture and any matters arising out of or relating in any way whatsoever to this Indenture (whether in contract, tort or otherwise), shall be governed by, the law of the State of New York. 

Section 14.11    Submission to Jurisdiction. With respect to any suit, action or proceedings relating to this
Indenture or any matter between the parties arising under or in connection with this Indenture (“Proceedings”), each party irrevocably: (i) submits to the non-exclusive jurisdiction of
the Supreme Court of the State of New York sitting in the Borough of Manhattan and the United States District Court for the Southern District of New York, and any appellate court from any thereof; and (ii) waives any objection which it may have
at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such
court does not have any jurisdiction over such party. Nothing herein precludes any of the parties from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction. 

Section 14.12    WAIVER OF JURY TRIAL. EACH OF THE
ISSUERS, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. Each party hereby (i) certifies that no representative, agent or
attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Indenture by, among
other things, the mutual waivers and certifications in this paragraph. THE ISSUERS IRREVOCABLY
CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY ACTION OR PROCEEDING BY THE MAILING OR DELIVERY OF COPIES
OF SUCH PROCESS TO IT AT THE OFFICE OF THE ISSUER’S’ NOTICE AGENT SET FORTH IN SECTION 7.2. THE ISSUERS AND THE TRUSTEE AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 Section
 14.13    
CounterpartsCounterparts
. This Indenture (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by
e-mail (.pdf) or facsimile transmission), each of which will be deemed an original, and all of which together constitute one and the same instrument. Delivery of an executed counterpart signature page of this
Indenture by e-mail (.pdf) or facsimile shall be effective as delivery of a manually executed counterpart of this Indenture. Any signature (including, without limitation, any

  
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facsimile or electronic transmission, including .pdf file, .jpeg file or electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or any
other similar platform identified by the Issuer and reasonably available at no undue burden or expense to the Trustee (including any symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the
intent to sign, authenticate or accept such contract or record)) hereto or to any other certificate, agreement or document related to the transactions contemplated by this Indenture, and any contract formation or record-keeping, in each case,
through electronic means, including, without limitation, through e-mail or portable document format, shall have the same legal validity and enforceability as a manually executed signature or use of a
paper-based record-keeping system to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, supplement, restatement, extension or renewal of this Indenture. Each party hereto
represents and warrants to the other parties hereto that (i) it has the corporate or other applicable entity capacity and authority to execute this Indenture (and any other documents to be delivered in connection therewith) through electronic
means, (ii) any electronic signatures of such party appearing on this Indenture (or such other documents) shall be treated in the same way as handwritten signatures for the purposes of validity, enforceability and admissibility of this
Indenture (or any such other document) and (iii) the execution of this Indenture (or any such other document) by such party through such electronic means is not restricted by, and does not contravene, such party’s constitutive documents or
applicable law. Any document electronically signed in a manner consistent with the foregoing provisions shall be valid so long as it is delivered by an Authorized Officer of the executing Person or by any person reasonably understood to be acting on
behalf of such Person. The Trustee shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability
with respect thereto. 
 Section 14.14    Acts of Issuer. Any report, information, communication, request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or performed by the Issuer shall be effective if given or performed by the Issuer or by the Collateral Manager on the Issuer’s behalf. 

The Issuer agrees to coordinate with the Collateral Manager with respect to any communication to each Rating Agency and to comply with the
provisions of this Section and Section 14.16, unless otherwise agreed to in writing by the Collateral Manager. 
 Section 24.3Section 14.15    Confidential Information.
. 

(a)    The Trustee, the Collateral Administrator and each Holder or beneficial owner of Securities will maintain the
confidentiality of all Confidential Information in accordance with procedures adopted by such Person in good faith to protect Confidential Information of third parties delivered to such Person; provided that such Person may deliver or
disclose Confidential Information to: (i) such Person’s directors, trustees, managers, officers, employees, agents, attorneys and affiliates who agree to hold confidential the Confidential Information substantially in accordance with the
terms of this Section 14.15 and to the extent such disclosure is reasonably required for the administration of this Indenture, the matters contemplated hereby or the investment represented by the Securities; (ii) such
Person’s legal advisors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information 

  
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substantially in accordance with the terms of this Section 14.15 and to the extent such disclosure is reasonably required for the administration of this Indenture, the
matters contemplated hereby or the investment represented by the Securities; (iii) any other Holder, or any of the other parties to this Indenture, the Collateral Management Agreement or the Collateral Administration Agreement; (iv) except
for Specified Obligor Information, any Person of the type that would be, to such Person’s knowledge, permitted to acquire Securities or any other security of the
Issuers in accordance with the requirements of Section 2.6 hereof to which such
Person sells or offers to sell any such Securities or security or any part thereof or is proposing in good faith a transaction relating thereto; (v) any federal or state or other regulatory, governmental or judicial authority having
jurisdiction over such Person; (vi) the National Association of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to information about the investment portfolio of such Person,
reinsurers and liquidity and credit providers that agree to hold confidential the Confidential Information substantially in accordance with this Section 14.15; (vii) each Rating Agency (subject to
Section 14.16); (viii) any other Person with the consent of the Issuer and the Collateral Manager; or (ix) any other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect
compliance with any law, rule, regulation or order applicable to such Person, (B) in response to any subpoena or other legal process (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law),
(C) in connection with any litigation to which such Person is a party (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (D) if an Event of Default has occurred and is continuing, to
the extent such Person may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under this Indenture or the Securities or (E) in the Trustee’s
or Collateral Administrator’s performance of its obligations under this Indenture, the Collateral Administration Agreement or other transaction document related thereto; and provided that delivery to the Holders by the Trustee or the
Collateral Administrator of any report of information required by the terms of this Indenture to be provided to Holders shall not be a violation of this Section 14.15. Each Holder or beneficial owner of a Security will, by
its acceptance of its Securities, be deemed to have agreed, except as set forth in clauses (v), (vi) and (ix) above, that it shall use the Confidential Information for the sole purpose of making an investment in the Securities or
administering its investment in the Securities; and that the Trustee and the Collateral Administrator shall neither be required nor authorized to disclose to Holders any Confidential Information in violation of this
Section 14.15. In the event of any required disclosure of the Confidential Information by such Holder or beneficial owner such Holder or beneficial owner will, by its acceptance of its Securities, be deemed to have agreed
to use reasonable efforts to protect the confidentiality of the Confidential Information. Each Holder or beneficial owner of a Security, by its acceptance of its Securities, will be deemed to have agreed to be bound by and to be entitled to the
benefits of this Section 14.15 (subject to Section 7.17(f)). 

(b)    For the purposes of this Section 14.15, (A) “Confidential Information”
means information delivered to the Trustee, the Collateral Administrator or any Holder of Securities by or on behalf of the Issuer in connection with and relating to the transactions contemplated by or otherwise pursuant to this Indenture
(including, without limitation, information relating to Obligors); provided that such term does not include information that: (i) was publicly known or otherwise known to the Trustee, the Collateral Administrator or such Holder prior to
the time of such disclosure; (ii) subsequently becomes publicly known through no act or omission by the Trustee, the Collateral Administrator, any Holder or any Person acting on behalf of the Trustee,

  
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the Collateral Administrator or any Holder; (iii) otherwise is known or becomes known to the Trustee, the Collateral Administrator or any Holder other than (x) through disclosure by the
Issuer or (y) to the knowledge of the Trustee, the Collateral Administrator or a Holder, as the case may be, in each case after reasonable inquiry, as a result of the breach of a fiduciary duty to the Issuer or a contractual duty to the Issuer;
or (iv) is allowed to be treated as non-confidential by consent of the Issuer; and (B) “Specified Obligor Information” means Confidential Information relating to Obligors that is not
otherwise included in the Monthly Reports or Distribution Reports or the disclosure of which would be prohibited by applicable law or the Underlying Documents relating to such Obligor’s Collateral Obligation. 

(c)    Notwithstanding the foregoing, the Trustee and the Collateral Administrator may disclose Confidential Information
to the extent disclosure thereof may be required by law or by any regulatory or governmental authority and the Trustee and the Collateral Administrator may disclose on a confidential basis any Confidential Information to its agents, attorneys and
auditors in connection with the performance of its responsibilities hereunder. 
 Section 24.4Section 14.16    17g-5 Information. . 

(a)    The Issuer shall comply with their obligations under Rule 17g-5 promulgated
under the Exchange Act (“Rule 17g-5”), by its or its agent’s posting on the 17g-5 Website, no later than the time such information is provided to
each Rating Agency, all information that the Issuer or other parties on its behalf, including the Trustee and the Collateral Manager, provide to each Rating Agency for the purposes of determining the initial credit rating of the Secured Notes or
undertaking credit rating surveillance of the Secured Notes (the “17g-5 Information”); provided that no party other than the Issuer (or the Information Agent on its behalf), the Trustee
or the Collateral Manager may provide information to each Rating Agency on the Issuer’s behalf without the prior written consent of the Collateral Manager. At all times while any Secured Note is rated by the Rating Agencies or any other NRSRO,
the Issuer shall engage a third-party to post 17g-5 Information to the 17g-5 Website. On the Closing Date, the Issuer shall engage the Collateral Administrator (in such
capacity, the “Information Agent”), to post 17g-5 Information it receives from the Issuer, the Trustee or the Collateral Manager to the 17g-5 Website in
accordance with Section 2A of the Collateral Administration Agreement. 
 (b)    To the extent that any of the
Issuer, the Collateral Manager, the Collateral Administrator or the Trustee is required to provide any information to, or communicate with, each Rating Agency in writing in accordance with its obligations under this Indenture, the Collateral
Management Agreement or the Collateral Administration Agreement (as applicable), the Issuer, the Collateral Manager, the Collateral Administrator or the Trustee, as applicable (or their respective representatives or advisors), shall provide such
information or communication to the Information Agent by e-mail at statestreet_cdo_services@statestreet.com with the subject line specifically referencing “17g-5
Information” and “Owl Rock CLO V, Ltd.LLC,” which information the Information Agent shall promptly post to the 17g-5 Website in accordance with Section 2A of the Collateral Administration Agreement.

 (c)    To the extent any of the Issuer, the Trustee or the Collateral Manager are engaged in oral
communications with a Rating Agency, for the purposes of determining the initial credit rating of the Secured Notes or undertaking credit rating surveillance of the Secured Notes, 

  
 -229- 

 
the party communicating with such Rating Agency shall cause such oral communication to either be (x) recorded and an audio file containing the recording to be promptly delivered to the
Information Agent for posting to the 17g-5 Website or (y) summarized in writing and the summary to be promptly delivered to the Information Agent by e-mail at
statestreet_cdo_services@statestreet.com with the subject line specifically referencing “17g-5 Information” and “Owl Rock CLO V, Ltd.LLC,” which
information the Information Agent shall promptly post to the 17g-5 Website in accordance with Section 2A of the Collateral Administration Agreement. 

(d)    All information to be made available to the Rating Agencies pursuant to Section 14.3(a)
shall be made available on the 17g-5 Website. In the event that any information is delivered or posted in error, the Issuer may remove it from the 17g-5 Website, and
shall so remove promptly when instructed to do so by the Person that delivered such information. None of the Trustee, the Collateral Manager, the Collateral Administrator and the Information Agent shall have obtained or shall be deemed to have
obtained actual knowledge of any information solely due to receipt and posting to the 17g-5 Website. Access will be provided to the Issuer, the Collateral Manager, each Rating Agency, and to any NRSRO upon
receipt by the Issuer of an NRSRO Certification from such NRSRO (which may be submitted electronically via the 17g-5 Website). 

(e)    Notwithstanding the requirements herein, the Trustee shall have no obligation to engage in or respond to any oral
communications, for the purposes of determining the initial credit rating of the Secured Notes or undertaking credit rating surveillance of the Secured Notes, with the Rating Agencies or any of its respective officers, directors or employees. 

(f)    The Trustee shall not be responsible for maintaining the 17g-5 Website,
posting any 17g-5 Information to the 17g-5 Website or assuring that the 17g-5 Website complies with the requirements of this
Indenture, Rule 17g-5, or any other law or regulation. In no event shall the Trustee be deemed to make any representation in respect of the content of the 17g-5 Website
or compliance of the 17g-5 Website with this Indenture, Rule 17g-5, or any other law or regulation. 

(g)    The Trustee shall not be responsible or liable for the dissemination of any identification numbers or passwords for
the 17g-5 Website, including by the Issuer, each Rating Agency, the NRSROs, any of their agents or any other party. The Trustee shall not be liable for the use of any information posted on the 17g-5 Website, whether by the Issuer, each Rating Agency, the NRSROs or any other third party that may gain access to the 17g-5 Website or the information posted thereon. 

(h)    Notwithstanding anything herein to the contrary, the maintenance by the Information Agent of the website described
in Section 10.7(g) shall not be deemed as compliance by or on behalf of the Issuer with Rule 17g-5 or any other law or regulation related thereto. 

(i)    For the avoidance of doubt, no reports of Independent accountants shall be provided to the Rating Agencies
hereunder and shall not be posted to the 17g-5 Website. 

  
 -230- 

 Notwithstanding anything to the contrary in this Indenture, a breach of this
Section 14.16 shall not constitute a Default or Event of Default. 
 I 

Section 24.5Section 14.17    Trustee Consent to
Merger. 

The Trustee is hereby authorized and directed by the Issuer to
execute an instrument, dated on or about the First Refinancing Date
(a) consenting to the Issuer’s entry into the Plan of Merger and consummation of the Permitted Merger pursuant to
the Plan of Merger and (b) authorizing payment by the Issuer, if
applicable, in connection with the Plan of Merger of the cash consideration specified in the Issuer Order, free of the security interest granted by the Issuer pursuant to this Indenture. For the avoidance of doubt, the Trustee has no responsibility
for the contents of the Plan of Merger including the instrument described in the immediately preceding sentence, or its sufficiency for any purpose. 

ARTICLE XXVARTICLE XV 

ASSIGNMENT OF CERTAIN AGREEMENTS 

Section 25.1Section 15.1    Assignment of Collateral Management Agreement. . 

(a)    The Issuer hereby acknowledges that its Grant pursuant to the first Granting Clause hereof includes all of the
Issuer’s estate, right, title and interest in, to and under the Collateral Management Agreement, including (i) the right to give all notices, consents and releases thereunder, (ii) the right to give all notices of termination and to
take any legal action upon the breach of an obligation of the Collateral Manager thereunder, including the commencement, conduct and consummation of proceedings at law or in equity, (iii) the right to receive all notices, accountings, consents,
releases and statements thereunder and (iv) the right to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided that, notwithstanding anything herein to the contrary, the Trustee shall not
have the authority to exercise any of the rights set forth in (i) through (iv) above or that may otherwise arise as a result of the Grant until the occurrence of an Event of Default hereunder and such authority shall terminate at such
time, if any, as such Event of Default is cured or waived and, for the avoidance of doubt, the Issuer may exercise any of its rights under the Collateral Management Agreement without notice to or the consent of the Trustee (except as otherwise
expressly required by this Indenture), so long as an Event of Default has not occurred and is not continuing. From and after the occurrence and continuance of an Event of Default, the Collateral Manager shall continue to perform and be bound by the
provisions of the Collateral Management Agreement and this Indenture applicable thereto. 
 (b)    The assignment made
hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or diminish the obligations of the Issuer under the provisions of the Collateral Management Agreement, nor shall any of the obligations
contained in the Collateral Management Agreement be imposed on the Trustee. 
 (c)    Upon the retirement of the Secured
Notes, the payment of all amounts required to be paid pursuant to the Priority of Payments and the release of the Assets from the lien 

  
 -231- 

 
of this Indenture, this assignment and all rights herein assigned to the Trustee for the benefit of the Holders shall cease and terminate and all the estate, right, title and interest of the
Trustee in, to and under the Collateral Management Agreement shall revert to the Issuer and no further instrument or act shall be necessary to evidence such termination and reversion. 

(d)    The Issuer represents that, as of the date hereof, the Issuer has not executed any other assignment of the
Collateral Management Agreement. 
 (e)    The Issuer agrees that this assignment is irrevocable, and that it will not
take any action which is inconsistent with this assignment or make any other assignment inconsistent herewith. The Issuer will, from time to time, execute all instruments of further assurance and all such supplemental instruments with respect to
this assignment as may be necessary to continue and maintain the effectiveness of such assignment. 
 (f)    The Issuer
hereby agrees, and hereby undertakes to obtain the agreement and consent of the Collateral Manager in the Collateral Management Agreement, to the following: 

(i)    The Collateral Manager shall consent to the provisions of this assignment and agree to perform any
provisions of this Indenture applicable to the Collateral Manager subject to the terms (including the Collateral Manager Standard) of the Collateral Management Agreement. 

(ii)    The Collateral Manager shall acknowledge that the Issuer is assigning all of its right, title and
interest in, to and under the Collateral Management Agreement to the Trustee as representative of the Holders and the Collateral Manager shall agree that all of the representations, covenants and agreements made by the Collateral Manager in the
Collateral Management Agreement are also for the benefit of the Trustee. 
 (iii)    The Collateral
Manager shall deliver to the Trustee copies of all notices, statements, communications and instruments delivered or required to be delivered by the Collateral Manager to the Issuer pursuant to the Collateral Management Agreement. 

(iv)    Neither the Issuer nor the Collateral Manager will enter into any agreement amending, modifying or
terminating the Collateral Management Agreement except as permitted by the Collateral Management Agreement. 

(v)    Except as otherwise set forth herein and in the Collateral Management Agreement (including pursuant
to Section 8 thereof), the Collateral Manager shall continue to serve as Collateral Manager under the Collateral Management Agreement notwithstanding that the Collateral Manager shall not have received amounts due it under the Collateral
Management Agreement because sufficient funds were not then available hereunder to pay such amounts in accordance with the Priority of Payments set forth under Section 11.1. The Collateral Manager agrees not to cause the
filing of a petition in bankruptcy against the Issuer for the nonpayment of the fees or other amounts payable by the Issuer to the Collateral Manager under the Collateral Management Agreement until the payment in full of all Notes issued under this
Indenture and the expiration of a period equal to one year (or, if longer, the applicable preference period then in effect) and a day, following such payment. Nothing in this Section 15.1 shall preclude, or be deemed to

  
 -232- 

 
estop, the Collateral Manager (i) from taking any action prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced by the Issuer,
or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Collateral Manager, or (ii) from commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization,
arrangement, insolvency, moratorium or liquidation proceeding. 
 (vi)    Except with respect to
transactions contemplated by Section 5 of the Collateral Management Agreement, if the Collateral Manager determines that it or any of its Affiliates has a conflict of interest between the Holder of any Securities and any other account or
portfolio for which the Collateral Manager or any of its Affiliates is serving as investment adviser which relates to any action to be taken with respect to any Asset, then the Collateral Manager will give written notice briefly describing such
conflict and the action it proposes to take to the Trustee, who shall promptly forward such notice to the relevant Holder. The provisions of this clause (vi) shall not apply to any transaction permitted by the terms of the Collateral Management
Agreement. 
 (vii)    On each Measurement Date on which the S&P CDO Monitor Test is used, the
Collateral Manager on behalf of the Issuer will measure compliance under such test. 
 (g)    The Issuer and the Trustee
agree that the Collateral Manager shall be a third party beneficiary of this Indenture, and shall be entitled to rely upon and enforce such provisions of this Indenture to the same extent as if it were a party hereto. 

(h)    Upon a Trust Officer of the Trustee receiving written notice from the Collateral Manager that an event constituting
“Cause” has occurred, the Trustee shall, not later than two (2) Business Days thereafter, forward such notice to the Holders (as their names appear in the Register). 

[Signature Pages Follow] 

  
 -233- 

 IN WITNESS WHEREOF, we have set our hands as of the day and year first written above. 

 

			
	OWL ROCK CLO V, LTDLC.,
    as Issuer
		
	By:	 	  

	 Name:
 Title:
	 	

  

			
	OWL ROCK CLO V, LLC, as Co-Issuer
		
	By:	 	  

	 Name:

Title:
	 	

 
			
	 STATE STREET BANK AND TRUST COMPANY, as Trustee

		
	By:	 	  

		 	 Name:
 Title:

 SCHEDULE 1 

LIST OF COLLATERAL OBLIGATIONS 

Distributed Separately 

  
 SCH. 1-1 

 SCHEDULE 2 

S&P INDUSTRY CLASSIFICATIONS 
  

			
	 Asset Type Code
	  	 Asset Type Description

	1020000	  	 Energy Equipment & Services

	1030000	  	 Oil, Gas & Consumable Fuels

	2020000	  	 Chemicals

	2030000	  	 Construction Materials

	2040000	  	 Containers & Packaging

	2050000	  	 Metals & Mining

	2060000	  	 Paper & Forest Products

	3020000	  	 Aerospace & Defense

	3030000	  	 Building Products

	3040000	  	 Construction & Engineering

	3050000	  	 Electrical Equipment

	3060000	  	 Industrial Conglomerates

	3070000	  	 Machinery

	3080000	  	 Trading Companies & Distributors

	3110000	  	 Commercial Services & Supplies

	9612010	  	 Professional Services

	3210000	  	 Air Freight & Logistics

	3220000	  	 Airlines

	3230000	  	 Marine

	3240000	  	 Road & Rail

	3250000	  	 Transportation Infrastructure

	4011000	  	 Auto Components

	4020000	  	 Automobiles

	4110000	  	 Household Durables

	4120000	  	 Leisure Products

	4130000	  	 Textiles, Apparel & Luxury Goods

	4210000	  	 Hotels, Restaurants & Leisure

	9551701	  	 Diversified Consumer Services

	4300001	  	 Entertainment

	4300002	  	 Interactive Media and Services

	4310000	  	 Media

	4410000	  	 Distributors

	4420000	  	 Internet and Direct Marketing Retail

	4430000	  	 Multiline Retail

	4440000	  	 Specialty Retail

	5020000	  	 Food & Staples Retailing

	5110000	  	 Beverages

	5120000	  	 Food Products

	5130000	  	 Tobacco

	5210000	  	 Household Products

	5220000	  	 Personal Products

	6020000	  	 Health Care Equipment & Supplies

	6030000	  	 Health Care Providers & Services

	9551729	  	 Health Care Technology

	6110000	  	 Biotechnology

	6120000	  	 Pharmaceuticals

	9551727	  	 Life Sciences Tools &
Services

  
 SCH. 2-1 

			
	 Asset Type Code
	  	 Asset Type Description

	7011000	  	 Banks

	7020000	  	 Thrifts & Mortgage Finance

	7110000	  	 Diversified Financial Services

	7120000	  	 Consumer Finance

	7130000	  	 Capital Markets

	7210000	  	 Insurance

	7311000	  	 Real Estate Investment Trusts (REITs)

	7310000	  	 Real Estate Management & Development

	8030000	  	 IT Services

	8040000	  	 Software

	8110000	  	 Communications Equipment

	8120000	  	 Technology Hardware, Storage & Peripherals

	8130000	  	 Electronic Equipment, Instruments & Components

	8210000	  	 Semiconductors & Semiconductor Equipment

	9020000	  	 Diversified Telecommunication Services

	9030000	  	 Wireless Telecommunication Services

	9520000	  	 Electric Utilities

	9530000	  	 Gas Utilities

	9540000	  	 Multi-Utilities

	9550000	  	 Water Utilities

	9551702	  	 Independent Power and Renewable Electricity Producers

	PF1	  	 Project finance: Industrial equipment

	PF2	  	 Project finance: Leisure and gaming

	PF3	  	 Project finance: Natural resources and mining

	PF4	  	 Project finance: Oil and gas

	PF5	  	 Project finance: Power

	PF6	  	 Project finance: Public finance and real estate

	PF7	  	 Project finance: Telecommunications

	PF8	  	 Project finance: Transport

  
 SCH. 2-2 

 SCHEDULE 3 

MOODY’S RATING DEFINITIONS 

Moody’s Rating 

(a)    With respect to a Collateral Obligation that (A) is publicly rated by Moody’s, such public rating, or
(B) is not publicly rated by Moody’s but for which a rating or rating estimate has been assigned by Moody’s upon the request of the Issuer or the Collateral Manager, such rating or, in the case of a rating estimate, the applicable
rating estimate for such obligation; 
 (b)    With respect to a Collateral Obligation that is a Moody’s Senior
Secured Loan or Participation Interest in a Moody’s Senior Secured Loan, if not determined pursuant to clause (a) above, if the Obligor of such Collateral Obligation has a corporate family rating by Moody’s, then such corporate family
rating; and 
 (c)    With respect to a Collateral Obligation, if not determined pursuant to clause (a) or (b)
above, if the Obligor of such Collateral Obligation has one or more senior unsecured obligations publicly rated by Moody’s, then the Moody’s public rating on any such obligation (or, if such Collateral Obligation is a Moody’s Senior
Secured Loan, the Moody’s rating that is one subcategory higher than the Moody’s public rating on any such senior unsecured obligation) as selected by the Collateral Manager in its sole discretion. 

For purposes of calculating a Moody’s Rating, each applicable rating, at the time of calculation, (i) on credit watch by
Moody’s with positive implications will be treated as having been upgraded by one rating subcategory,
and (ii) on credit watch by Moody’s with negative implications will be treated as having been
downgraded by two rating subcategories and
(iii) on negative outlook by
Moody’s will be treated as having been
downgraded by one rating subcategory. 
 For purposes of this definition,
any credit estimate assigned by Moody’s shall expire one year from the date such estimate was issued; provided that, for purposes of any calculation under this Indenture, if Moody’s fails to renew for any reason a credit estimate
for a previously acquired Collateral Obligation thereunder on or before such one-year anniversary (which may be extended at Moody’s option to the extent the annual audited financial statements for the
Obligor have not yet been received), after the Issuer or the Collateral Manager on the Issuer’s behalf has submitted to Moody’s all information that the Issuer or the Collateral Manager believed in good faith was required to provide such
renewal, (1) the Issuer for a period of 30 days will continue using the previous credit estimate assigned by Moody’s with respect to such Collateral Obligation until such time as Moody’s renews the credit estimate for such Collateral
Obligation, (2) after 30 days until the 90th day or until such time as Moody’s renews the credit estimate for such Collateral Obligation the Collateral Obligation will be treated as having been downgraded by one rating subcategory and
(3) after 90 days but before Moody’s renews the credit estimate for such Collateral Obligation, the Collateral Obligation will be deemed to have a Moody’s rating of “Caa3”. 

  
 SCH. 3-1 

 Moody’s Senior Secured Loan 

(a)    A loan that: 

(i)    is not (and cannot by its terms become) subordinate in right of payment to any other debt obligation
of the Obligor of the loan; 
 (ii)    (x) is secured by a valid first priority perfected security
interest or lien in, to or on specified collateral securing the Obligor’s obligations under the loan and (y) such specified collateral does not consist entirely of equity securities or common stock; provided that any loan that would
be considered a Moody’s Senior Secured Loan but for clause (y) above shall be considered a Moody’s Senior Secured Loan if it is a loan made to a parent entity and as to which the Collateral Manager determines in good faith that the
value of the common stock of the subsidiary (or other equity interests in the subsidiary) securing such loan at or about the time of acquisition of such loan by the Issuer has a value that is at least equal to the outstanding principal balance of
such loan and the outstanding principal balances of any other obligations of such parent entity that are pari passu with such loan, which value may include, among other things, the enterprise value of such subsidiary of such parent entity; and 

(iii)    the value of the collateral securing the loan together with other attributes of the Obligor
(including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in the commercially reasonable judgment of the Collateral Manager) to repay
the loan in accordance with its terms and to repay all other loans of equal seniority secured by a first lien or security interest in the same collateral; or 

(b)    a loan that: 

(i)    is not (and cannot by its terms become) subordinate in right of payment to any other debt obligation
of the Obligor of the loan, except that such loan can be subordinate with respect to the liquidation of such Obligor or the collateral for such loan; 

(ii)    with respect to such liquidation, is secured by a valid second priority perfected security interest
or lien in, to or on specified collateral securing the Obligor’s obligations under the loan; 

(iii)    the value of the collateral securing the loan together with other attributes of the Obligor
(including, without limitation, its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in the commercially reasonable judgment of the Collateral Manager) to repay
the loan in accordance with its terms and to repay all other loans of equal or higher seniority secured in the same collateral; and 

  
 SCH. 3-2 

 (iv)    (x) has a Moody’s facility rating and
the Obligor of such loan has a Moody’s corporate family rating and (y) such Moody’s facility rating is not lower than such Moody’s corporate family rating; and 

(c)    a loan that is not a loan for which the security interest or lien (or the validity or effectiveness
thereof) in substantially all of its collateral attaches, becomes effective, or otherwise “springs” into existence after the origination thereof. 

  
 SCH. 3-3 

 SCHEDULE 4 

S&P RECOVERY RATE TABLES 
 Section 1.
    S&P Recovery Rate Tables 
 (a)    (i) If a Collateral Obligation has an S&P Recovery
Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of Notes:

 Table 1: S&P Recovery Rates for Collateral Obligations with S&P Recovery Ratings* 

 

																																	
	 S&P Recovery
Rating of
a
Collateral
Obligation
	 	Initial Liability Rating	 
	 	 	Recovery Point
Estimate**	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	  	“BB”	 	  	“B”	 	  	“CCC”	 
	1+	 	 	100	% 	 	 	75.00	% 	 	 	85.00	% 	 	 	88.00	% 	 	 	90.00	% 	  	 	92.00	% 	  	 	95.00	% 	  	 	95.00	% 
	1	 	 	95	% 	 	 	70.00	% 	 	 	80.00	% 	 	 	84.00	% 	 	 	87.50	% 	  	 	91.00	% 	  	 	95.00	% 	  	 	95.00	% 
	1	 	 	90	% 	 	 	65.00	% 	 	 	75.00	% 	 	 	80.00	% 	 	 	85.00	% 	  	 	90.00	% 	  	 	95.00	% 	  	 	95.00	% 
	2	 	 	85	% 	 	 	62.50	% 	 	 	72.50	% 	 	 	77.50	% 	 	 	83.00	% 	  	 	88.00	% 	  	 	92.00	% 	  	 	92.00	% 
	2	 	 	80	% 	 	 	60.00	% 	 	 	70.00	% 	 	 	75.00	% 	 	 	81.00	% 	  	 	86.00	% 	  	 	89.00	% 	  	 	89.00	% 
	2	 	 	75	% 	 	 	55.00	% 	 	 	65.00	% 	 	 	70.50	% 	 	 	77.00	% 	  	 	82.50	% 	  	 	84.00	% 	  	 	84.00	% 
	2	 	 	70	% 	 	 	50.00	% 	 	 	60.00	% 	 	 	66.00	% 	 	 	73.00	% 	  	 	79.00	% 	  	 	79.00	% 	  	 	79.00	% 
	3	 	 	65	% 	 	 	45.00	% 	 	 	55.00	% 	 	 	61.00	% 	 	 	68.00	% 	  	 	73.00	% 	  	 	74.00	% 	  	 	74.00	% 
	3	 	 	60	% 	 	 	40.00	% 	 	 	50.00	% 	 	 	56.00	% 	 	 	63.00	% 	  	 	67.00	% 	  	 	69.00	% 	  	 	69.00	% 
	3	 	 	55	% 	 	 	35.00	% 	 	 	45.00	% 	 	 	51.00	% 	 	 	58.00	% 	  	 	63.00	% 	  	 	64.00	% 	  	 	64.00	% 
	3	 	 	50	% 	 	 	30.00	% 	 	 	40.00	% 	 	 	46.00	% 	 	 	53.00	% 	  	 	59.00	% 	  	 	59.00	% 	  	 	59.00	% 
	4	 	 	45	% 	 	 	28.50	% 	 	 	37.50	% 	 	 	44.00	% 	 	 	49.50	% 	  	 	53.50	% 	  	 	54.00	% 	  	 	54.00	% 
	4	 	 	40	% 	 	 	27.00	% 	 	 	35.00	% 	 	 	42.00	% 	 	 	46.00	% 	  	 	48.00	% 	  	 	49.00	% 	  	 	49.00	% 
	4	 	 	35	% 	 	 	23.50	% 	 	 	30.50	% 	 	 	37.50	% 	 	 	42.50	% 	  	 	43.50	% 	  	 	44.00	% 	  	 	44.00	% 
	4	 	 	30	% 	 	 	20.00	% 	 	 	26.00	% 	 	 	33.00	% 	 	 	39.00	% 	  	 	39.00	% 	  	 	39.00	% 	  	 	39.00	% 
	5	 	 	25	% 	 	 	17.50	% 	 	 	23.00	% 	 	 	28.50	% 	 	 	32.50	% 	  	 	33.50	% 	  	 	34.00	% 	  	 	34.00	% 
	5	 	 	20	% 	 	 	15.00	% 	 	 	20.00	% 	 	 	24.00	% 	 	 	26.00	% 	  	 	28.00	% 	  	 	29.00	% 	  	 	29.00	% 
	5	 	 	15	% 	 	 	10.00	% 	 	 	15.00	% 	 	 	19.50	% 	 	 	22.50	% 	  	 	23.50	% 	  	 	24.00	% 	  	 	24.00	% 
	5	 	 	10	% 	 	 	5.00	% 	 	 	10.00	% 	 	 	15.00	% 	 	 	19.00	% 	  	 	19.00	% 	  	 	19.00	% 	  	 	19.00	% 
	6	 	 	5	% 	 	 	3.50	% 	 	 	7.00	% 	 	 	10.50	% 	 	 	13.50	% 	  	 	14.00	% 	  	 	14.00	% 	  	 	14.00	% 
	6	 	 	0	% 	 	 	2.00	% 	 	 	4.00	% 	 	 	6.00	% 	 	 	8.00	% 	  	 	9.00	% 	  	 	9.00	% 	  	 	9.00	% 
		 	 	Recovery rate	 

  
  

	*	 The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the
Highest Ranking Class at the time of determination. 

	**	 From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a
recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.

 (ii)    If (x) a Collateral Obligation does not have an S&P Recovery Rating and such
Collateral Obligation is a senior unsecured loan, First-Lien Last-Out Loans or Second Lien Loan and (y) the issuer of such Collateral Obligation has issued another debt instrument that is outstanding and
senior to such Collateral Obligation (a “Senior Secured Debt Instrument”) that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows: 

  
 SCH. 4-1 

 For Collateral Obligations Domiciled in Group A* 

 

																									
	
S&P Recovery Rating of
the Senior Secured
Debt
Instrument
	 	Initial Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	  	“B” and “CCC”	 
	1+	 	 	18	% 	 	 	20	% 	 	 	23	% 	 	 	26	% 	 	 	29	% 	  	 	31	% 
	1	 	 	18	% 	 	 	20	% 	 	 	23	% 	 	 	26	% 	 	 	29	% 	  	 	31	% 
	2	 	 	18	% 	 	 	20	% 	 	 	23	% 	 	 	26	% 	 	 	29	% 	  	 	31	% 
	3	 	 	12	% 	 	 	15	% 	 	 	18	% 	 	 	21	% 	 	 	22	% 	  	 	23	% 
	4	 	 	5	% 	 	 	8	% 	 	 	11	% 	 	 	13	% 	 	 	14	% 	  	 	15	% 
	5	 	 	2	% 	 	 	4	% 	 	 	6	% 	 	 	8	% 	 	 	9	% 	  	 	10	% 
	6	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	  	 	0	% 
		 	 	Recovery rate	 

  
  

	*	 The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the
Highest Ranking Class at the time of determination. 

 For Collateral Obligations Domiciled in Group B* 

 

																									
	
S&P Recovery Rating of
the Senior Secured
Debt
Instrument
	 	Initial Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and “CCC”	 
	1+	 	 	13	% 	 	 	16	% 	 	 	18	% 	 	 	21	% 	 	 	23	% 	 	 	25	% 
	1	 	 	13	% 	 	 	16	% 	 	 	18	% 	 	 	21	% 	 	 	23	% 	 	 	25	% 
	2	 	 	13	% 	 	 	16	% 	 	 	18	% 	 	 	21	% 	 	 	23	% 	 	 	25	% 
	3	 	 	8	% 	 	 	11	% 	 	 	13	% 	 	 	15	% 	 	 	16	% 	 	 	17	% 
	4	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 
	5	 	 	2	% 	 	 	2	% 	 	 	2	% 	 	 	2	% 	 	 	2	% 	 	 	2	% 
	6	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 
		 	 	Recovery rate	 

  
  

	*	 The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the
Highest Ranking Class at the time of determination. 

 For Collateral Obligations Domiciled in Group C* 

 

																									
	
S&P Recovery Rating of
the Senior Secured
Debt
Instrument
	 	Initial Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and “CCC”	 
	1+	 	 	10	% 	 	 	12	% 	 	 	14	% 	 	 	16	% 	 	 	18	% 	 	 	20	% 
	1	 	 	10	% 	 	 	12	% 	 	 	14	% 	 	 	16	% 	 	 	18	% 	 	 	20	% 
	2	 	 	10	% 	 	 	12	% 	 	 	14	% 	 	 	16	% 	 	 	18	% 	 	 	20	% 
	3	 	 	5	% 	 	 	7	% 	 	 	9	% 	 	 	10	% 	 	 	11	% 	 	 	12	% 
	4	 	 	2	% 	 	 	2	% 	 	 	2	% 	 	 	2	% 	 	 	2	% 	 	 	2	% 
	5	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 
	6	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 
		 	 	Recovery rate	 

  
  

	*	 The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the
Highest Ranking Class at the time of determination. 

  
 SCH. 4-2 

 (iii)    If (x) a Collateral Obligation does not have an S&P
Recovery Rating and such Collateral Obligation is a subordinated loan or subordinated bond and (y) the issuer of such Collateral Obligation has issued another debt instrument that is outstanding and senior to such Collateral Obligation that is
a Senior Secured Debt Instrument that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows: 

For Collateral Obligations Domiciled in Groups A and B* 
  

																									
	
S&P Recovery Rating of
the Senior Secured
Debt
Instrument
	 	Initial Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and “CCC”	 
	1+	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 
	1	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 
	2	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 
	3	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 
	4	 	 	2	% 	 	 	2	% 	 	 	2	% 	 	 	2	% 	 	 	2	% 	 	 	2	% 
	5	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 
	6	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 
		 	 	Recovery rate	 

  
  

	*	 The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the
Highest Ranking Class at the time of determination. 

 For Collateral Obligations Domiciled in Group C* 

 

																									
	
S&P Recovery Rating of
the Senior Secured
Debt
Instrument
	 	Initial Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and “CCC”	 
	1+	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 
	1	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 
	2	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 
	3	 	 	2	% 	 	 	2	% 	 	 	2	% 	 	 	2	% 	 	 	2	% 	 	 	2	% 
	4	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 
	5	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 
	6	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0	% 
		 	 	Recovery rate	 

  
  

	*	 The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the
Highest Ranking Class at the time of determination. 

  
 SCH. 4-3 

 (b)    If a recovery rate cannot be determined using clause (a), the
recovery rate shall be determined using the following table. 
 Recovery rates for Obligors Domiciled in Group A, B or C*: 

 

																											
	
Priority Category
	 	 	Initial Liability Rating	 
	 	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and “CCC”	 
	 	Senior Secured Loans**	 
	 	Group A	 	 	 	50	% 	 	 	55	% 	 	 	59	% 	 	 	63	% 	 	 	75	% 	 	 	79	% 
	 	Group B	 	 	 	39	% 	 	 	42	% 	 	 	46	% 	 	 	49	% 	 	 	60	% 	 	 	63	% 
	 	Group C	 	 	 	17	% 	 	 	19	% 	 	 	27	% 	 	 	29	% 	 	 	31	% 	 	 	34	% 
	 	Senior Secured Loans (Cov-Lite Loans)**, ***	 
	 	Group A	 	 	 	41	% 	 	 	46	% 	 	 	49	% 	 	 	53	% 	 	 	63	% 	 	 	67	% 
	 	Group B	 	 	 	32	% 	 	 	35	% 	 	 	39	% 	 	 	41	% 	 	 	50	% 	 	 	53	% 
	 	Group C	 	 	 	17	% 	 	 	19	% 	 	 	27	% 	 	 	29	% 	 	 	31	% 	 	 	34	% 
	 	Second Lien Loans, First-Lien Last-Out Loans, Unsecured Loans****	 
	 	Group A	 	 	 	18	% 	 	 	20	% 	 	 	23	% 	 	 	26	% 	 	 	29	% 	 	 	31	% 
	 	Group B	 	 	 	13	% 	 	 	16	% 	 	 	18	% 	 	 	21	% 	 	 	23	% 	 	 	25	% 
	 	Group C	 	 	 	10	% 	 	 	12	% 	 	 	14	% 	 	 	16	% 	 	 	18	% 	 	 	20	% 
	 	Subordinated loans	 
	 	Group A	 	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 
	 	Group B	 	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 	 	 	8	% 
	 	Group C	 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 	 	 	5	% 
				 	 	Recovery rate	 

  

	
	 Group A:  Australia, Austria, Belgium, Canada, Denmark, Finland, France,
Germany, Hong Kong, Ireland, Israel, Japan, Luxembourg, The Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, U.K., U.S.*****
  

Group B:  Brazil, Czech Republic, Italy, Mexico, Poland, South Africa. *****

 
 Group C:  Dubai International
Finance Center, Greece, India, Indonesia, Kazakhstan, Romania, Russia, Turkey, Ukraine, United Arab Emirates, Vietnam, countries that do not have a jurisdictional ranking assessment listed in “ Jurisdiction
Ranking Assessments Of National Insolvency Regimes Update: October 2019,” published October 21,
20192021.*****

  
  

	*	 The S&P Recovery Rate will be the applicable rate set forth above based on the initial rating of the
Highest Ranking Class at the time of determination. 

	**	 Solely for the purpose of determining the S&P Recovery Rate for such loan, no loan will constitute a
“Senior Secured Loan” unless such loan (a) is secured by a valid first priority security interest in collateral, (b) in the Collateral Manager’s commercially reasonable judgment (with such determination being made in good
faith by the Collateral Manager at the time of such loan’s purchase and based upon information reasonably available to the Collateral Manager at such time and without any requirement of additional investigation beyond the Collateral
Manager’s customary credit review procedures), is secured by specified collateral that has a value not less than an amount equal to the sum of (i) the aggregate principal balance of all loans senior or pari passu to such loans and
(ii) the outstanding principal balance of such loan, which value may be derived from, among other things, the enterprise value (including equity and goodwill) of the issuer of such loan; provided that the terms of this footnote may be
amended or revised at any time by a written notice from the Issuer and the Collateral Manager to the Trustee and the Collateral Administrator (without the consent of any holder of any Note), subject to the satisfaction of the S&P Rating
Condition, in order to conform to S&P then current criteria for such loans and (c) is not subordinate to any other obligation; provided further that if 100% of the value of such loan is derived from the enterprise value of the
issuer of such loan, such loan will have either (1) the S&P Recovery Rate specified for Unsecured Loans in the table above, or (2) the S&P Recovery Rate determined by S&P on a case by case basis. 

  
 SCH. 4-4 

	***	 For the avoidance of doubt, each Cov-Lite Loan will constitute a “senior secured cov-lite loan”.

	****	 Solely for the purpose of determining the S&P Recovery Rate for such loan, the Aggregate Principal Balance
of all Unsecured Loans, First-Lien Last-Out Loans and Second Lien Loans that, in the aggregate, represent up to 15% of the Collateral Principal Amount shall have the S&P Recovery Rate specified for
Unsecured Loans, First-Lien Last-Out Loans and Second Lien Loans in the table above and the Aggregate Principal Balance of all Unsecured Loans, First-Lien Last-Out Loans
and Second Lien Loans in excess of 15% of the Collateral Principal Amount shall have the S&P Recovery Rate specified for subordinated loans in the table above. 

	*****	 In each case, or such other countries identified as such by S&P in a press release, written criteria or
other public announcement from time to time or as may be notified by S&P to the Collateral Manager from time to time. 

Notwithstanding the foregoing, for purposes of determining the S&P Recovery Rate of a Collateral Obligation that is a Senior Secured Loan
(including any Cov-Lite Loan) secured solely or primarily by common stock or other equity interest, such Collateral Obligation shall be deemed to be an Unsecured Loan. 

Section 2.    S&P CDO Monitor 

“S&P Minimum Weighted Average Recovery Rate”: As of any date of determination for each Class of Secured Notes, the
recovery rate applicable to such Class of Secured Notes determined by reference to the “Recovery Rate” as set forth in the table below chosen by the Collateral Manager (with prior notification to the Collateral Administrator and
S&P) as currently applicable to the Collateral Obligations. 
  

									
	 Liability Rating
	  	Recovery Rate (in increments of 0.05%)	 
	 	  	Not Less Than	 	 	Not Greater Than	 
	 “AAA” (%)
	  	 	35.00	% 	 	 	55.00	% 
	 “AA” (%)
	  	 	40.00	% 	 	 	65.00	% 
	 “A” (%)
	  	 	50.00	% 	 	 	75.00	% 

 S&P Minimum Weighted Average Floating Spread. 

“S&P Minimum Weighted Average Floating Spread”: A spread between 1.50% and 7.00% (in increments of .01%) without exceeding
the Weighted Average Floating Spread as of such Measurement Date. 
 Section 3.    S&P Region Classifications 

 

							
	 Region
Code
	  	 Region Name
	  	Country
Code	  	 Country Name

	17	  	 Africa: Eastern
	  	253	  	 Djibouti

	17	  	 Africa: Eastern
	  	291	  	 Eritrea

	17	  	 Africa: Eastern
	  	251	  	 Ethiopia

	17	  	 Africa: Eastern
	  	254	  	 Kenya

	17	  	 Africa: Eastern
	  	252	  	 Somalia

	17	  	 Africa: Eastern
	  	249	  	 Sudan

	12	  	 Africa: Southern
	  	247	  	 Ascension

	12	  	 Africa: Southern
	  	267	  	 Botswana

	12	  	 Africa: Southern
	  	266	  	 Lesotho

	12	  	 Africa: Southern
	  	230	  	 Mauritius

	12	  	 Africa: Southern
	  	264	  	 Namibia

	12	  	 Africa: Southern
	  	248	  	 Seychelles

  
 SCH. 4-5 

							
	 Region
Code
	  	 Region Name
	  	Country
Code	  	 Country Name

	12	  	 Africa: Southern
	  	27	  	 South Africa

	12	  	 Africa: Southern
	  	290	  	 St. Helena

	12	  	 Africa: Southern
	  	268	  	 Swaziland

	13	  	 Africa: Sub-Saharan
	  	244	  	 Angola

	13	  	 Africa: Sub-Saharan
	  	226	  	 Burkina Faso

	13	  	 Africa: Sub-Saharan
	  	257	  	 Burundi

	13	  	 Africa: Sub-Saharan
	  	225	  	 Cote d’lvoire

	13	  	 Africa: Sub-Saharan
	  	240	  	 Equatorial Guinea

	13	  	 Africa: Sub-Saharan
	  	241	  	 Gabonese Republic

	13	  	 Africa: Sub-Saharan
	  	220	  	 Gambia

	13	  	 Africa: Sub-Saharan
	  	233	  	 Ghana

	13	  	 Africa: Sub-Saharan
	  	224	  	 Guinea

	13	  	 Africa: Sub-Saharan
	  	245	  	 Guinea-Bissau

	13	  	 Africa: Sub-Saharan
	  	231	  	 Liberia

	13	  	 Africa: Sub-Saharan
	  	261	  	 Madagascar

	13	  	 Africa: Sub-Saharan
	  	265	  	 Malawi

	13	  	 Africa: Sub-Saharan
	  	223	  	 Mali

	13	  	 Africa: Sub-Saharan
	  	222	  	 Mauritania

	13	  	 Africa: Sub-Saharan
	  	258	  	 Mozambique

	13	  	 Africa: Sub-Saharan
	  	227	  	 Niger

	13	  	 Africa: Sub-Saharan
	  	234	  	 Nigeria

	13	  	 Africa: Sub-Saharan
	  	250	  	 Rwanda

	13	  	 Africa: Sub-Saharan
	  	239	  	 Sao Tome & Principe

	13	  	 Africa: Sub-Saharan
	  	221	  	 Senegal

	13	  	 Africa: Sub-Saharan
	  	232	  	 Sierra Leone

	13	  	 Africa: Sub-Saharan
	  	255	  	 Tanzania/Zanzibar

	13	  	 Africa: Sub-Saharan
	  	228	  	 Togo

	13	  	 Africa: Sub-Saharan
	  	256	  	 Uganda

	13	  	 Africa: Sub-Saharan
	  	260	  	 Zambia

	13	  	 Africa: Sub-Saharan
	  	263	  	 Zimbabwe

	13	  	 Africa: Sub-Saharan
	  	229	  	 Benin

	13	  	 Africa: Sub-Saharan
	  	237	  	 Cameroon

	13	  	 Africa: Sub-Saharan
	  	238	  	 Cape Verde Islands

	13	  	 Africa: Sub-Saharan
	  	236	  	 Central African Republic

	13	  	 Africa: Sub-Saharan
	  	235	  	 Chad

	13	  	 Africa: Sub-Saharan
	  	269	  	 Comoros

	13	  	 Africa: Sub-Saharan
	  	242	  	 Congo-Brazzaville

	13	  	 Africa: Sub-Saharan
	  	243	  	 Congo-Kinshasa

	3	  	 Americas: Andean
	  	591	  	 Bolivia

	3	  	 Americas: Andean
	  	57	  	 Colombia

	3	  	 Americas: Andean
	  	593	  	 Ecuador

	3	  	 Americas: Andean
	  	51	  	 Peru

	3	  	 Americas: Andean
	  	58	  	 Venezuela

	4	  	 Americas: Mercosur and Southern Cone
	  	54	  	 Argentina

	4	  	 Americas: Mercosur and Southern Cone
	  	55	  	 Brazil

	4	  	 Americas: Mercosur and Southern Cone
	  	56	  	 Chile

	4	  	 Americas: Mercosur and Southern Cone
	  	595	  	 Paraguay

	4	  	 Americas: Mercosur and Southern Cone
	  	598	  	 Uruguay

	1	  	 Americas: Mexico
	  	52	  	 Mexico

	2	  	 Americas: Other Central and Caribbean
	  	1264	  	 Anguilla

	2	  	 Americas: Other Central and Caribbean
	  	1268	  	 Antigua

	2	  	 Americas: Other Central and Caribbean
	  	1242	  	 Bahamas

	2	  	 Americas: Other Central and Caribbean
	  	246	  	 Barbados

  
 SCH. 4-6 

							
	 Region
Code
	  	 Region Name
	  	Country
Code	  	 Country Name

	2	  	 Americas: Other Central and Caribbean
	  	501	  	 Belize

	2	  	 Americas: Other Central and Caribbean
	  	441	  	 Bermuda

	2	  	 Americas: Other Central and Caribbean
	  	284	  	 British Virgin Islands

	2	  	 Americas: Other Central and Caribbean
	  	345	  	 Cayman Islands

	2	  	 Americas: Other Central and Caribbean
	  	506	  	 Costa Rica

	2	  	 Americas: Other Central and Caribbean
	  	809	  	 Dominican Republic

	2	  	 Americas: Other Central and Caribbean
	  	503	  	 El Salvador

	2	  	 Americas: Other Central and Caribbean
	  	473	  	 Grenada

	2	  	 Americas: Other Central and Caribbean
	  	590	  	 Guadeloupe

	2	  	 Americas: Other Central and Caribbean
	  	502	  	 Guatemala

	2	  	 Americas: Other Central and Caribbean
	  	504	  	 Honduras

	2	  	 Americas: Other Central and Caribbean
	  	876	  	 Jamaica

	2	  	 Americas: Other Central and Caribbean
	  	596	  	 Martinique

	2	  	 Americas: Other Central and Caribbean
	  	505	  	 Nicaragua

	2	  	 Americas: Other Central and Caribbean
	  	507	  	 Panama

	2	  	 Americas: Other Central and Caribbean
	  	869	  	 St. Kitts/Nevis

	2	  	 Americas: Other Central and Caribbean
	  	758	  	 St. Lucia

	2	  	 Americas: Other Central and Caribbean
	  	784	  	 St. Vincent & Grenadines

	2	  	 Americas: Other Central and Caribbean
	  	597	  	 Suriname

	2	  	 Americas: Other Central and Caribbean
	  	868	  	 Trinidad& Tobago

	2	  	 Americas: Other Central and Caribbean
	  	649	  	 Turks & Caicos

	2	  	 Americas: Other Central and Caribbean
	  	297	  	 Aruba

	2	  	 Americas: Other Central and Caribbean
	  	53	  	 Cuba

	2	  	 Americas: Other Central and Caribbean
	  	599	  	 Curacao

	2	  	 Americas: Other Central and Caribbean
	  	767	  	 Dominica

	2	  	 Americas: Other Central and Caribbean
	  	594	  	 French Guiana

	2	  	 Americas: Other Central and Caribbean
	  	592	  	 Guyana

	2	  	 Americas: Other Central and Caribbean
	  	509	  	 Haiti

	2	  	 Americas: Other Central and Caribbean
	  	664	  	 Montserrat

	101	  	 Americas: U.S. and Canada
	  	2	  	 Canada

	101	  	 Americas: U.S. and Canada
	  	1	  	 USA

	7	  	 Asia: China, Hong Kong, Taiwan
	  	86	  	 China

	7	  	 Asia: China, Hong Kong, Taiwan
	  	852	  	 Hong Kong

	7	  	 Asia: China, Hong Kong, Taiwan
	  	886	  	 Taiwan

	5	  	 Asia: India, Pakistan and Afghanistan
	  	93	  	 Afghanistan

	5	  	 Asia: India, Pakistan and Afghanistan
	  	91	  	 India

	5	  	 Asia: India, Pakistan and Afghanistan
	  	92	  	 Pakistan

	6	  	 Asia: Other South
	  	880	  	 Bangladesh

	6	  	 Asia: Other South
	  	975	  	 Bhutan

	6	  	 Asia: Other South
	  	960	  	 Maldives

	6	  	 Asia: Other South
	  	977	  	 Nepal

	6	  	 Asia: Other South
	  	94	  	 Sri Lanka

	8	  	 Asia: Southeast, Korea and Japan
	  	673	  	 Brunei

	8	  	 Asia: Southeast, Korea and Japan
	  	855	  	 Cambodia

	8	  	 Asia: Southeast, Korea and Japan
	  	62	  	 Indonesia

	8	  	 Asia: Southeast, Korea and Japan
	  	81	  	 Japan

	8	  	 Asia: Southeast, Korea and Japan
	  	856	  	 Laos

	8	  	 Asia: Southeast, Korea and Japan
	  	60	  	 Malaysia

	8	  	 Asia: Southeast, Korea and Japan
	  	95	  	 Myanmar

	8	  	 Asia: Southeast, Korea and Japan
	  	850	  	 North Korea

	8	  	 Asia: Southeast, Korea and Japan
	  	63	  	 Philippines

	8	  	 Asia: Southeast, Korea and Japan
	  	65	  	 Singapore

	8	  	 Asia: Southeast, Korea and Japan
	  	82	  	 South Korea

  
 SCH. 4-7 

							
	 Region
Code
	  	 Region Name
	  	Country
Code	  	 Country Name

	8	  	 Asia: Southeast, Korea and Japan
	  	66	  	 Thailand

	8	  	 Asia: Southeast, Korea and Japan
	  	84	  	 Vietnam

	8	  	 Asia: Southeast, Korea and Japan
	  	670	  	 East Timor

	105	  	 Asia-Pacific: Australia and New Zealand
	  	61	  	 Australia

	105	  	 Asia-Pacific: Australia and New Zealand
	  	682	  	 Cook Islands

	105	  	 Asia-Pacific: Australia and New Zealand
	  	64	  	 New Zealand

	9	  	 Asia-Pacific: Islands
	  	679	  	 Fiji

	9	  	 Asia-Pacific: Islands
	  	689	  	 French Polynesia

	9	  	 Asia-Pacific: Islands
	  	686	  	 Kiribati

	9	  	 Asia-Pacific: Islands
	  	691	  	 Micronesia

	9	  	 Asia-Pacific: Islands
	  	674	  	 Nauru

	9	  	 Asia-Pacific: Islands
	  	687	  	 New Caledonia

	9	  	 Asia-Pacific: Islands
	  	680	  	 Palau

	9	  	 Asia-Pacific: Islands
	  	675	  	 Papua New Guinea

	9	  	 Asia-Pacific: Islands
	  	685	  	 Samoa

	9	  	 Asia-Pacific: Islands
	  	677	  	 Solomon Islands

	9	  	 Asia-Pacific: Islands
	  	676	  	 Tonga

	9	  	 Asia-Pacific: Islands
	  	688	  	 Tuvalu

	9	  	 Asia-Pacific: Islands
	  	678	  	 Vanuatu

	15	  	 Europe: Central
	  	420	  	 Czech Republic

	15	  	 Europe: Central
	  	372	  	 Estonia

	15	  	 Europe: Central
	  	36	  	 Hungary

	15	  	 Europe: Central
	  	371	  	 Latvia

	15	  	 Europe: Central
	  	370	  	 Lithuania

	15	  	 Europe: Central
	  	48	  	 Poland

	15	  	 Europe: Central
	  	421	  	 Slovak Republic

	16	  	 Europe: Eastern
	  	355	  	 Albania

	16	  	 Europe: Eastern
	  	387	  	 Bosnia and Herzegovina

	16	  	 Europe: Eastern
	  	359	  	 Bulgaria

	16	  	 Europe: Eastern
	  	385	  	 Croatia

	16	  	 Europe: Eastern
	  	383	  	 Kosovo

	16	  	 Europe: Eastern
	  	389	  	 Macedonia

	16	  	 Europe: Eastern
	  	382	  	 Montenegro

	16	  	 Europe: Eastern
	  	40	  	 Romania

	16	  	 Europe. Eastern
	  	381	  	 Serbia

	16	  	 Europe: Eastern
	  	90	  	 Turkey

	14	  	 Europe: Russia & CIS
	  	374	  	 Armenia

	14	  	 Europe: Russia & CIS
	  	994	  	 Azerbaijan

	14	  	 Europe: Russia & CIS
	  	375	  	 Belarus

	14	  	 Europe: Russia & CIS
	  	995	  	 Georgia

	14	  	 Europe: Russia & CIS
	  	8	  	 Kazakhstan

	14	  	 Europe: Russia & CIS
	  	996	  	 Kyrgyzstan

	14	  	 Europe: Russia & CIS
	  	373	  	 Moldova

	14	  	 Europe: Russia & CIS
	  	976	  	 Mongolia

	14	  	 Europe: Russia & CIS
	  	7	  	 Russia

	14	  	 Europe: Russia & CIS
	  	992	  	 Tajikistan

	14	  	 Europe: Russia & CIS
	  	993	  	 Turkmenistan

	14	  	 Europe: Russia & CIS
	  	380	  	 Ukraine

	14	  	 Europe: Russia & CIS
	  	998	  	 Uzbekistan

	102	  	 Europe: Western
	  	376	  	 Andorra

	102	  	 Europe: Western
	  	43	  	 Austria

	102	  	 Europe: Western
	  	32	  	 Belgium

	102	  	 Europe: Western
	  	357	  	 Cyprus

  
 SCH. 4-8 

							
	 Region
Code
	  	 Region Name
	  	Country
Code	  	 Country Name

	102	  	 Europe: Western
	  	45	  	 Denmark

	102	  	 Europe: Western
	  	358	  	 Finland

	102	  	 Europe: Western
	  	33	  	 France

	102	  	 Europe: Western
	  	49	  	 Germany

	102	  	 Europe: Western
	  	30	  	 Greece

	102	  	 Europe: Western
	  	354	  	 Iceland

	102	  	 Europe: Western
	  	353	  	 Ireland

	102	  	 Europe: Western
	  	101	  	 Isle of Man

	102	  	 Europe: Western
	  	39	  	 Italy

	102	  	 Europe: Western
	  	102	  	 Liechtenstein

	102	  	 Europe: Western
	  	352	  	 Luxembourg

	102	  	 Europe: Western
	  	356	  	 Malta

	102	  	 Europe: Western
	  	377	  	 Monaco

	102	  	 Europe: Western
	  	31	  	 Netherlands

	102	  	 Europe: Western
	  	47	  	 Norway

	102	  	 Europe: Western
	  	351	  	 Portugal

	102	  	 Europe: Western
	  	386	  	 Slovenia

	102	  	 Europe: Western
	  	34	  	 Spain

	102	  	 Europe: Western
	  	46	  	 Sweden

	102	  	 Europe: Western
	  	41	  	 Switzerland

	102	  	 Europe: Western
	  	44	  	 United Kingdom

	10	  	 Middle East: Gulf States
	  	973	  	 Bahrain

	10	  	 Middle East: Gulf States
	  	98	  	 Iran

	10	  	 Middle East: Gulf States
	  	964	  	 Iraq

	10	  	 Middle East: Gulf States
	  	965	  	 Kuwait

	10	  	 Middle East: Gulf States
	  	968	  	 Oman

	10	  	 Middle East: Gulf States
	  	974	  	 Qatar

	10	  	 Middle East: Gulf States
	  	966	  	 Saudi Arabia

	10	  	 Middle East: Gulf States
	  	971	  	 United Arab Emirates

	10	  	 Middle East: Gulf States
	  	967	  	 Yemen

	11	  	 Middle East: MENA
	  	213	  	 Algeria

	11	  	 Middle East: MENA
	  	20	  	 Egypt

	11	  	 Middle East: MENA
	  	972	  	 Israel

	11	  	 Middle East MENA
	  	962	  	 Jordan

	11	  	 Middle East: MENA
	  	961	  	 Lebanon

	11	  	 Middle East: MENA
	  	212	  	 Morocco

	11	  	 Middle East: MENA
	  	970	  	 Palestinian Settlements

	11	  	 Middle East: MENA
	  	963	  	 Syrian Arab Republic

	11	  	 Middle East: MENA
	  	216	  	 Tunisia

	11	  	 Middle East: MENA
	  	1212	  	 Western Sahara

	11	  	 Middle East: MENA
	  	218	  	 Libya

 Section 4.    S&P Rating Factor 

“S&P Rating Factor”: With respect to each Collateral Obligation, the rating factor determined in accordance with the table
below opposite the S&P Rating of such Collateral Obligation. 
  

			
	 S&P Rating
	  	 S&P Rating Factor

	 AAA
	  	13.51
	 AA+
	  	26.75

  
 SCH. 4-9 

			
	 S&P Rating
	  	 S&P Rating Factor

	 AA
	  	46.36
	 AA-
	  	63.90
	 A+
	  	99.50
	 A
	  	146.35
	 A-
	  	199.83
	 BBB+
	  	271.01
	 BBB
	  	361.17
	 BBB-
	  	540.42
	 BB+
	  	784.92
	 BB
	  	1233.63
	 BB-
	  	1565.44
	 B+
	  	1982.00
	 B
	  	2859.50
	 B-
	  	3610.11
	 CCC+
	  	4641.40
	 CCC
	  	5293.00
	 CCC-
	  	5751.10
	 CC or lower or SD
	  	10,000

  
 SCH. 4-10 

 SCHEDULE 5 

MOODY’S EQUIVALENT DIVERSITY SCORE CALCULATION 

The Moody’s Equivalent Diversity Score is calculated as follows: 

(a)    An “Issuer Par Amount” is calculated for each issuer of a Collateral Obligation,
and is equal to the Aggregate Principal Balance of all Collateral Obligations issued by that issuer and all affiliates. 

(b)    An “Average Par Amount” is calculated by summing the Issuer Par Amounts for all
issuers, and dividing by the number of issuers. 
 (c)    An “Equivalent Unit Score” is
calculated for each issuer, and is equal to the lesser of (x) one and (y) the Issuer Par Amount for such issuer divided by the Average Par Amount. 

(d)    An “Aggregate Industry Equivalent Unit Score” is then calculated for each S&P
Industry Classification, shown on Schedule 2, and is equal to the sum of the Equivalent Unit Scores for each issuer in such industry classification group. 

(e)    An “Industry Diversity Score” is then established for each S&P Industry
Classification, shown on Schedule 2, by reference to the following table for the related Aggregate Industry Equivalent Unit Score; provided that if any Aggregate Industry Equivalent Unit Score falls between any two such scores, the
applicable Industry Diversity Score will be the lower of the two Industry Diversity Scores: 
  

																															
	
Aggregate
Industry
Equivalent
Unit Score
	 	 	Industry
Diversity
Score	 	 	Aggregate
Industry
Equivalent
Unit Score	 	 	Industry
Diversity
Score	 	 	Aggregate
Industry
Equivalent
Unit Score	 	  	Industry
Diversity
Score	 	  	Aggregate
Industry
Equivalent
Unit Score	 	  	Industry
Diversity
Score	 
	 	0.0000	 	 	 	0.0000	 	 	 	5.0500	 	 	 	2.7000	 	 	 	10.1500	 	  	 	4.0200	 	  	 	15.2500	 	  	 	4.5300	 
	 	0.0500	 	 	 	0.1000	 	 	 	5.1500	 	 	 	2.7333	 	 	 	10.2500	 	  	 	4.0300	 	  	 	15.3500	 	  	 	4.5400	 
	 	0.1500	 	 	 	0.2000	 	 	 	5.2500	 	 	 	2.7667	 	 	 	10.3500	 	  	 	4.0400	 	  	 	15.4500	 	  	 	4.5500	 
	 	0.2500	 	 	 	0.3000	 	 	 	5.3500	 	 	 	2.8000	 	 	 	10.4500	 	  	 	4.0500	 	  	 	15.5500	 	  	 	4.5600	 
	 	0.3500	 	 	 	0.4000	 	 	 	5.4500	 	 	 	2.8333	 	 	 	10.5500	 	  	 	4.0600	 	  	 	15.6500	 	  	 	4.5700	 
	 	0.4500	 	 	 	0.5000	 	 	 	5.5500	 	 	 	2.8667	 	 	 	10.6500	 	  	 	4.0700	 	  	 	15.7500	 	  	 	4.5800	 
	 	0.5500	 	 	 	0.6000	 	 	 	5.6500	 	 	 	2.9000	 	 	 	10.7500	 	  	 	4.0800	 	  	 	15.8500	 	  	 	4.5900	 
	 	0.6500	 	 	 	0.7000	 	 	 	5.7500	 	 	 	2.9333	 	 	 	10.8500	 	  	 	4.0900	 	  	 	15.9500	 	  	 	4.6000	 
	 	0.7500	 	 	 	0.8000	 	 	 	5.8500	 	 	 	2.9667	 	 	 	10.9500	 	  	 	4.1000	 	  	 	16.0500	 	  	 	4.6100	 
	 	0.8500	 	 	 	0.9000	 	 	 	5.9500	 	 	 	3.0000	 	 	 	11.0500	 	  	 	4.1100	 	  	 	16.1500	 	  	 	4.6200	 
	 	0.9500	 	 	 	1.0000	 	 	 	6.0500	 	 	 	3.0250	 	 	 	11.1500	 	  	 	4.1200	 	  	 	16.2500	 	  	 	4.6300	 
	 	1.0500	 	 	 	1.0500	 	 	 	6.1500	 	 	 	3.0500	 	 	 	11.2500	 	  	 	4.1300	 	  	 	16.3500	 	  	 	4.6400	 
	 	1.1500	 	 	 	1.1000	 	 	 	6.2500	 	 	 	3.0750	 	 	 	11.3500	 	  	 	4.1400	 	  	 	16.4500	 	  	 	4.6500	 
	 	1.2500	 	 	 	1.1500	 	 	 	6.3500	 	 	 	3.1000	 	 	 	11.4500	 	  	 	4.1500	 	  	 	16.5500	 	  	 	4.6600	 
	 	1.3500	 	 	 	1.2000	 	 	 	6.4500	 	 	 	3.1250	 	 	 	11.5500	 	  	 	4.1600	 	  	 	16.6500	 	  	 	4.6700	 
	 	1.4500	 	 	 	1.2500	 	 	 	6.5500	 	 	 	3.1500	 	 	 	11.6500	 	  	 	4.1700	 	  	 	16.7500	 	  	 	4.6800	 
	 	1.5500	 	 	 	1.3000	 	 	 	6.6500	 	 	 	3.1750	 	 	 	11.7500	 	  	 	4.1800	 	  	 	16.8500	 	  	 	4.6900	 
	 	1.6500	 	 	 	1.3500	 	 	 	6.7500	 	 	 	3.2000	 	 	 	11.8500	 	  	 	4.1900	 	  	 	16.9500	 	  	 	4.7000	 

  
 SCH. 5-1 

																															
	
Aggregate
Industry
Equivalent
Unit Score
	 	 	Industry
Diversity
Score	 	 	Aggregate
Industry
Equivalent
Unit Score	 	 	Industry
Diversity
Score	 	 	Aggregate
Industry
Equivalent
Unit Score	 	  	Industry
Diversity
Score	 	  	Aggregate
Industry
Equivalent
Unit Score	 	  	Industry
Diversity
Score	 
	 	1.7500	 	 	 	1.4000	 	 	 	6.8500	 	 	 	3.2250	 	 	 	11.9500	 	  	 	4.2000	 	  	 	17.0500	 	  	 	4.7100	 
	 	1.8500	 	 	 	1.4500	 	 	 	6.9500	 	 	 	3.2500	 	 	 	12.0500	 	  	 	4.2100	 	  	 	17.1500	 	  	 	4.7200	 
	 	1.9500	 	 	 	1.5000	 	 	 	7.0500	 	 	 	3.2750	 	 	 	12.1500	 	  	 	4.2200	 	  	 	17.2500	 	  	 	4.7300	 
	 	2.0500	 	 	 	1.5500	 	 	 	7.1500	 	 	 	3.3000	 	 	 	12.2500	 	  	 	4.2300	 	  	 	17.3500	 	  	 	4.7400	 
	 	2.1500	 	 	 	1.6000	 	 	 	7.2500	 	 	 	3.3250	 	 	 	12.3500	 	  	 	4.2400	 	  	 	17.4500	 	  	 	4.7500	 
	 	2.2500	 	 	 	1.6500	 	 	 	7.3500	 	 	 	3.3500	 	 	 	12.4500	 	  	 	4.2500	 	  	 	17.5500	 	  	 	4.7600	 
	 	2.3500	 	 	 	1.7000	 	 	 	7.4500	 	 	 	3.3750	 	 	 	12.5500	 	  	 	4.2600	 	  	 	17.6500	 	  	 	4.7700	 
	 	2.4500	 	 	 	1.7500	 	 	 	7.5500	 	 	 	3.4000	 	 	 	12.6500	 	  	 	4.2700	 	  	 	17.7500	 	  	 	4.7800	 
	 	2.5500	 	 	 	1.8000	 	 	 	7.6500	 	 	 	3.4250	 	 	 	12.7500	 	  	 	4.2800	 	  	 	17.8500	 	  	 	4.7900	 
	 	2.6500	 	 	 	1.8500	 	 	 	7.7500	 	 	 	3.4500	 	 	 	12.8500	 	  	 	4.2900	 	  	 	17.9500	 	  	 	4.8000	 
	 	2.7500	 	 	 	1.9000	 	 	 	7.8500	 	 	 	3.4750	 	 	 	12.9500	 	  	 	4.3000	 	  	 	18.0500	 	  	 	4.8100	 
	 	2.8500	 	 	 	1.9500	 	 	 	7.9500	 	 	 	3.5000	 	 	 	13.0500	 	  	 	4.3100	 	  	 	18.1500	 	  	 	4.8200	 
	 	2.9500	 	 	 	2.0000	 	 	 	8.0500	 	 	 	3.5250	 	 	 	13.1500	 	  	 	4.3200	 	  	 	18.2500	 	  	 	4.8300	 
	 	3.0500	 	 	 	2.0333	 	 	 	8.1500	 	 	 	3.5500	 	 	 	13.2500	 	  	 	4.3300	 	  	 	18.3500	 	  	 	4.8400	 
	 	3.1500	 	 	 	2.0667	 	 	 	8.2500	 	 	 	3.5750	 	 	 	13.3500	 	  	 	4.3400	 	  	 	18.4500	 	  	 	4.8500	 
	 	3.2500	 	 	 	2.1000	 	 	 	8.3500	 	 	 	3.6000	 	 	 	13.4500	 	  	 	4.3500	 	  	 	18.5500	 	  	 	4.8600	 
	 	3.3500	 	 	 	2.1333	 	 	 	8.4500	 	 	 	3.6250	 	 	 	13.5500	 	  	 	4.3600	 	  	 	18.6500	 	  	 	4.8700	 
	 	3.4500	 	 	 	2.1667	 	 	 	8.5500	 	 	 	3.6500	 	 	 	13.6500	 	  	 	4.3700	 	  	 	18.7500	 	  	 	4.8800	 
	 	3.5500	 	 	 	2.2000	 	 	 	8.6500	 	 	 	3.6750	 	 	 	13.7500	 	  	 	4.3800	 	  	 	18.8500	 	  	 	4.8900	 
	 	3.6500	 	 	 	2.2333	 	 	 	8.7500	 	 	 	3.7000	 	 	 	13.8500	 	  	 	4.3900	 	  	 	18.9500	 	  	 	4.9000	 
	 	3.7500	 	 	 	2.2667	 	 	 	8.8500	 	 	 	3.7250	 	 	 	13.9500	 	  	 	4.4000	 	  	 	19.0500	 	  	 	4.9100	 
	 	3.8500	 	 	 	2.3000	 	 	 	8.9500	 	 	 	3.7500	 	 	 	14.0500	 	  	 	4.4100	 	  	 	19.1500	 	  	 	4.9200	 
	 	3.9500	 	 	 	2.3333	 	 	 	9.0500	 	 	 	3.7750	 	 	 	14.1500	 	  	 	4.4200	 	  	 	19.2500	 	  	 	4.9300	 
	 	4.0500	 	 	 	2.3667	 	 	 	9.1500	 	 	 	3.8000	 	 	 	14.2500	 	  	 	4.4300	 	  	 	19.3500	 	  	 	4.9400	 
	 	4.1500	 	 	 	2.4000	 	 	 	9.2500	 	 	 	3.8250	 	 	 	14.3500	 	  	 	4.4400	 	  	 	19.4500	 	  	 	4.9500	 
	 	4.2500	 	 	 	2.4333	 	 	 	9.3500	 	 	 	3.8500	 	 	 	14.4500	 	  	 	4.4500	 	  	 	19.5500	 	  	 	4.9600	 
	 	4.3500	 	 	 	2.4667	 	 	 	9.4500	 	 	 	3.8750	 	 	 	14.5500	 	  	 	4.4600	 	  	 	19.6500	 	  	 	4.9700	 
	 	4.4500	 	 	 	2.5000	 	 	 	9.5500	 	 	 	3.9000	 	 	 	14.6500	 	  	 	4.4700	 	  	 	19.7500	 	  	 	4.9800	 
	 	4.5500	 	 	 	2.5333	 	 	 	9.6500	 	 	 	3.9250	 	 	 	14.7500	 	  	 	4.4800	 	  	 	19.8500	 	  	 	4.9900	 
	 	4.6500	 	 	 	2.5667	 	 	 	9.7500	 	 	 	3.9500	 	 	 	14.8500	 	  	 	4.4900	 	  	 	19.9500	 	  	 	5.0000	 
	 	4.7500	 	 	 	2.6000	 	 	 	9.8500	 	 	 	3.9750	 	 	 	14.9500	 	  	 	4.5000	 	  				  			
	 	4.8500	 	 	 	2.6333	 	 	 	9.9500	 	 	 	4.0000	 	 	 	15.0500	 	  	 	4.5100	 	  				  			
	 	4.9500	 	 	 	2.6667	 	 	 	10.0500	 	 	 	4.0100	 	 	 	15.1500	 	  	 	4.5200	 	  				  			

 (f)    The Moody’s Equivalent Diversity Score is then calculated by
summing each of the Industry Diversity Scores for each S&P Industry Classification shown on Schedule 2. 
 For
purposes of calculating the Moody’s Equivalent Diversity Score, affiliated issuers in the same industry are deemed to be a single issuer (provided that one obligor shall not be considered an affiliate of another obligor solely because
they are controlled by the same financial sponsor) except as otherwise agreed to by S&P. 

  
 SCH. 5-2 

 SCHEDULE 6 

FITCH RATING DEFINITIONS 

“Fitch Rating” means, with respect to any Collateral Obligation, as of any date of determination, the rating determined in
accordance with the following methodology: 

(a)    
if Fitch has issued an issuer default rating or an assigned credit opinion with respect to the Obligor of such Collateral Obligation, or the guarantor which
unconditionally and irrevocably guarantees such Collateral Obligation, then the Fitch Rating will be such issuer default rating (regardless of whether there is a published rating by Fitch on the Collateral Obligations of such Obligor held by the
Issuer) or assigned credit opinion;  

 

	1	 Public Fitch long-term issuer default rating
(“LT IDR”) or Fitch long-term issuer default credit opinion (“LT IDCO”).

  

	(b)2	 ifIf Fitch has not issued an issuer default rating with respect to the Obligor or guarantor of such Collateral
Obligationa LT IDR or LT IDCO, but Fitch has issued an outstanding long
terminsurer financial strength rating with respect to such Obligor,(“IFSR”), then the Fitch Rating of such Collateral Obligation will be one sub category below suchis one
rating; lower. 

 (c)    
if a Fitch Rating cannot be determined pursuant to clause
(a) or (b), but 

1. Fitch has issued a senior unsecured rating
on any obligation or security of the Obligor of such Collateral Obligation, then the Fitch Rating of such Collateral Obligation will equal such rating; or 

 

	3	 If Fitch has not issued a senior unsecured
rating on any obligation or security of the Obligor of such Collateral Obligation but Fitch has issued a senior rating, senior secured rating or a
subordinated secured rating on any obligation or security of the Obligor of such Collateral ObligationLT IDR, LT IDCO or IFSR, but has outstanding corporate issue ratings, then the Fitch Rating of such Collateral Obligation will (x) equal such rating if such rating is “BBB-” or higher and (y) be one sub category below such rating if such rating is “BB+” or lower, oris calculated using the Fitch IDR Equivalency
Table. 

  

	4	 If Fitch does not rate the issuer (LT IDR, LT IDCO, IFSR) or any associated issuance,
then determine a Moody’s and S&P equivalent to Fitch’s LT IDR pursuant to steps 5 and
6. 

  

	5a	 A public Moody’s-issued corporate family rating (“CFR”) is equivalent in terms of definition to the Fitch LT IDR; if
Moody’s has not issued a CFR, but has a public LT issuer rating, then this is equivalent to the Fitch LT IDR. 

1. Fitch has not issued a senior unsecured
rating or a senior rating, senior secured rating or a subordinated secured rating on any obligation or security of the Obligor of such Collateral Obligation but Fitch has issued a subordinated, junior subordinated or senior subordinated rating on
any obligation or security of the Obligor of such Collateral Obligation, then the Fitch Rating of such Collateral Obligation will be
(x) one sub category above such rating if such
rating is “B+” or higher and (y) two
sub categories above such rating if such rating is “B” or lower; 

  
 SCH. 6-1 

	 	(d)	 if a Fitch Rating cannot be determined pursuant to clause (a), (b) or (c) and 

 (i)Moody’s has issued a publicly available corporate family rating for
the Obligor of such Collateral Obligation, then, subject to subclause (viii) below, the Fitch Rating of such Collateral Obligation will be the Fitch equivalent of such Moody’s
rating; 
 (ii)Moody’s has not issued a publicly available corporate family
rating for the Obligor of such Collateral Obligation
but has issued a publicly available long term Obligor rating for such Obligor, then, subject to subclause (viii) below, the Fitch Rating of such Collateral Obligation will be the Fitch equivalent of such Moody’s
rating; 
  

	5b	
(iii) If Moody’’s has not issued a publicly available corporate family rating for the
Obligor of such Collateral ObligationCFR or LT issuer rating, but Moody’s has
issued a publicly available outstanding insurance financial strength rating for
such Obligor, then, subject to subclause (viii) below, the Fitch Rating of such Collateral Obligation will be one sub category below the Fitch equivalent of such Moody’sis one rating; lower. 

  

	5c	 If
Moody’s has not issued a CFR, LT issuer rating or insurance financial strength rating, but has public corporate issue ratings, then the Fitch Rating is calculated using the
Fitch IDR Equivalency Table. 

 (iv) Moody’s has not
issued a publicly available corporate family rating for the
Obligor of such Collateral Obligation but has issued publicly available outstanding corporate issue ratings for such Obligor, then, subject to
subclause (viii) below, the Fitch Rating of such
Collateral Obligation will be (x) if such
corporate issue rating relates to senior unsecured obligations of such Obligor, the Fitch equivalent of the Moody’s rating for such issue, if there is no such corporate issue ratings relating to senior unsecured obligations of the Obligor then
(y) if such corporate issue rating relates to
senior, senior secured or subordinated secured obligations of such Obligor, (1) one sub category below the Fitch equivalent of such Moody’s rating if such obligations are rated “Ba1” or above or “Ca” by Moody’s or
(2) two sub categories below the Fitch
equivalent of such Moody’s rating if such obligations are rated “Ba2” or below but above “Ca” by Moody’s, or if there is no such publicly available corporate issue rating relating to senior unsecured, senior, senior
secured or subordinated secured obligations of the Obligor then (z) if such corporate issue rating relates to subordinated, junior subordinated or senior subordinated obligations of such Obligor, (1) one sub category above the Fitch equivalent of such Moody’s
rating if such obligations are rated “B1” or above by Moody’s or (2) two sub categories above the Fitch equivalent of such Moody’s rating if such obligations are rated “B2” or below by Moody’s; 
  

	(v)6a	 A public S&P has
P-issued a publicly available issuer credit rating for the Obligor of such
Collateral Obligation, then, subject to subclause (viii) below, the Fitch Rating of such Collateral
Obligation will be the Fitch equivalent of such S&P rating;(“ICR”) is equivalent in terms of definition to the Fitch LT
IDR. 

  
 SCH. 6-2 

	(vi)6b	 If S&P has not issued a publicly available issuer credit
rating for the Obligor of such Collateral Obligationan ICR, but S&P
has issued a publicly available outstanding insurance financial strength rating for such Obligor, then, subject to subclause (viii) below, the
Fitch Rating of such Collateral Obligation will be one sub category below the Fitch equivalent of such S&Pis one
rating; lower. 

  

	(vii)6c	 If S&P has not issued a publicly available issuer credit
rating for the Obligor of such Collateral Obligation but has issued publicly available outstandingan ICR or
insurance financial strength rating, but has public corporate issue ratings for such Obligor, then, subject to subclause (viii) below, the Fitch Rating of such Collateral Obligation will be
(x) if such corporate issue rating relates to senior unsecured obligations of such Obligor, the Fitch equivalent of the S&P rating for such issue,
if there is no such corporate issue ratings relating to senior unsecured obligations of the Obligor then (y) if such corporate issue rating relates to
senior, senior secured or subordinated secured obligations of such Obligor, (1) the Fitch equivalent of such S&P rating if such obligations are
rated “BBB-” or above by S&P or (2) one sub category below the Fitch equivalent of such S&P rating if such obligations are rated
“BB+” or below by S&P, or if there is no such publicly available corporate issue rating relating to senior unsecured, senior, senior secured or subordinated secured obligations of the Obligor then (z) if such corporate issue rating relates to subordinated, junior subordinated or senior subordinated obligations of such Obligor,
(1) one sub category above the Fitch equivalent of such S&P rating if such obligations are rated “B+” or above by S&P or
(2) two sub categories above the Fitch equivalent of such S&P rating if such obligations are rated “B” or below by S&P;
andis calculated using the Fitch IDR Equivalency Table. 

  

	(viii)	 7 If
both Moody’’s and S&P provide a public rating of the Obligor of
such Collateral Obligation or a corporate issue of such Obligor, then the Fitch Rating will be the lowest of the Fitch Ratings determined pursuant to any of
the subclauses of this clause (d); andon the issuer or an issue, the lower of the two Fitch Ratings will be used; otherwise the sole public Fitch Rating calculated from
Moody’s or S&P will be applied. 

  

	8.	
(e) (x) if a
rating cannot be determined pursuant to clauses (a1) through (c) and (y)(1) if a rating cannot be determined pursuant to clause (d) or (2)
the Collateral Manager makes a commercially reasonable determination that the rating determined pursuant to clause (d) does not reflect the appropriate
rating applicable to such Collateral Obligation,7) then, (i) at the discretion of the Collateral Manager, the Fitch Rating may be based on a credit opinion provided by Fitch, and in connection
therewith, the Issuer, the Collateral Manager on behalf of the Issuer or the Obligor of such Collateral Obligation willmay, prior to or within thirty (30) days
after the acquisition of such Collateral Obligation, apply to Fitch for a credit opinion (which shall be the Fitch Rating of such Collateral Obligation) and a recovery rating with respect to such Collateral Obligation; provided that, until
the receipt from Fitch of such credit opinion, such Collateral Obligation will have a Fitch Rating of (x) “B-” if the Collateral Manager certifies to the Trustee that it believes that the credit
opinion will be at least equal to such rating, or (y) otherwise, the rating specified as applicable thereto by Fitch pending receipt of such credit opinion; provided further that,

  
 SCH. 6-3 

	 	
such credit opinion shall expire 12 months after the acquisition of such Collateral Obligation, following which, such Collateral Obligation shall have a Fitch
Rating of “CCC” unless, during such 12-month period, the Issuer applies for renewal thereof in accordance with
Section 7.14(b)of such credit opinion, in which case the rating provided in
connection with such credit opinion will continue to be the Fitch Rating of such Collateral Obligation until Fitch has confirmed or revised such credit opinion, upon which such confirmed or revised credit opinion will be the Fitch Rating
of such Collateral Obligation; or (ii) the Issuer may assign a Fitch Rating of “CCC” or lower to such Collateral Obligation which is not in default; 

provided that, (x) on the Closing Date, if any rating described above is
(i) on rating watch negative or negative credit
watch, the rating will be the Fitch Rating as determined above adjusted down by one subcategory, or (ii) on outlook negative, the rating will be the Fitch Rating as determined above, and (y) after the Closing Date, if any rating described above is
(i) on rating watch negative or negative credit
watch, the rating will be the Fitch Rating as determined above adjusted down by one subcategory, or (ii) on outlook negative, the rating will not be adjusted; provided further that, the Fitch Rating may be updated by Fitch from time to
time as indicated in the “CLOs and Corporate CDOs Rating Criteria” report issued by Fitch and available at www.fitchratings.com. For the avoidance of doubt, the Fitch Rating takes into account adjustments for assets that are on rating
watch negative or negative credit watch, as well as negative outlook prior to determining the issue rating or in the determination of the lower of the Moody’s and S&P rating public ratings.     

  
 SCH. 6-4 

 
provided, that if any rating described
above has a negative rating watch status, the Fitch Rating will be the rating as determined above, adjusted down by one sub-category; provided, further, that if the Fitch Rating determined pursuant to any of clauses
(1) through (8) above would cause the Collateral obligation to be a
Defaulted Obligation pursuant to clause (d) of the definition of
“Defaulted Obligation” due to Fitch, S&P or Moody’s
rating on which such Fitch Rating is based being adjusted down one or more sub-categories, the Fitch Rating of such Collateral Obligation shall be the Fitch, S&P or Moody’s rating on which such Fitch Rating was based without making such
adjustment.      

Fitch Equivalent Ratings 
  

					
	 Fitch Rating
	  	 Moody’s rating
	  	 S&P rating

	AAA	  	Aaa	  	AAA
	AA+	  	Aa1	  	AA+
	AA	  	Aa2	  	AA
	AA-	  	Aa3	  	AA-
	A+	  	A1	  	A+
	A	  	A2	  	A
	A-	  	A3	  	A-
	BBB+	  	Baa1	  	BBB+
	BBB	  	Baa2	  	BBB
	BBB-	  	Baa3	  	BBB-
	BB+	  	Ba1	  	BB+
	BB	  	Ba2	  	BB
	BB-	  	Ba3	  	BB-
	B+	  	B1	  	B+
	B	  	B2	  	B
	B-	  	B3	  	B-
	CCC+	  	Caa1	  	CCC+
	CCC	  	Caa2	  	CCC
	CCC-	  	Caa3	  	CCC-
	CC	  	Ca	  	CC
	C	  	C	  	C

 Fitch IDR Equivalency Map from Corporate Ratings 

 

							
	 Rating Type
	  	Rating Agency(s)	  	Issue Rating	  	 Mapping Rule

	 Corporate Family Rating, LT Issuer
Rating
	  	Moody’s	  	NA	  	0
	 Issuer Credit Rating
	  	S&P	  	NA	  	0
	 Senior unsecured
	  	Fitch, Moody’s, S&P	  	Any	  	0
		  	Fitch, S&P	  	“BBB-” or above	  	0

  
 SCH. 6-5 

							
	 Senior debt:,
Senior secured or Subordinated secured
	  	Fitch, S&P	  	“BB+” or below	  	-1
		  	Moody’s	  	“Ba1” or above	  	-1
		  	Moody’s	  	“Ba2” or below	  	-2
		  	Moody’s	  	“Ca”	  	-1
	 Subordinated
debt:, Junior subordinated or Senior subordinated
	  	Fitch, Moody’s, S&P	  	“B+” /, “B1” or above	  	1
		  		  		  	
		  	Fitch, Moody’s, S&P	  	“B”/, “B2” or below	  	2

 The following steps are used to calculate
the Fitch IDR equivalent ratings: 
 1    
Public or private Fitch-issued IDR or Fitch credit opinions. 

2   
 If Fitch has not issued an IDR, but has an outstanding Long-Term Financial Strength Rating, then the IDR equivalent is one rating lower. 
 3    If Fitch has not issued an IDR, but has outstanding corporate issue ratings, then the IDR equivalent
is calculated using the mapping in the table above. 
 4    
If Fitch does not rate the issuer or any associated issuance, then determine a Moody’s and S&P equivalent to Fitch’s IDR pursuant to steps 5 and
6. 

5a  
  A public Moody’s-issued Corporate Family Rating (CFR) is equivalent in definition terms to the Fitch IDR. If Moody’s has not issued a CFR,
but has an outstanding LT issuer Rating, then this is equivalent to the Fitch IDR. 
 5b    
If Moody’s has not issued a CFR, but has an outstanding Insurance Financial Strength Rating, then the Fitch IDR equivalent is one rating
lower. 

5c  
  If Moody’s has not issued a CFR, but has outstanding corporate issue ratings, then the Fitch IDR equivalent is calculated using the mapping in
the table above. 

6a  
  A public S&P-issued Issuer Credit Rating (ICR) is equivalent in terms of definition to the Fitch IDR. 
 6b    If S&P has not issued an ICR, but has an outstanding Insurance Financial Strength Rating, then
the Fitch IDR equivalent is one rating lower. 
 6c    
If S&P has not issued an ICR, but has outstanding corporate issue ratings, then the Fitch IDR equivalent is calculated using the mapping in the table
above. 

7   
 If both Moody’s and S&P provide a public rating on the issuer or an issue, the lower of the two Fitch IDR equivalent ratings will be used in PCM.
Otherwise the sole public Fitch IDR equivalent rating from Moody’s or S&P will be applied. 

  
 SCH. 6-6 

 “Fitch Recovery Rate” means, with respect to a Collateral Obligation, the
recovery rate determined in accordance with paragraphsclauses (a) tothrough (c) below or (in any case) such other recovery rate as Fitch may notify the Collateral Manager from time to time: 

(a) if such Collateral Obligation has either a public Fitch recovery rating or a private Fitch recovery rating, the “BBsf” recovery
rate corresponding to such recovery rating in the applicable table below (corresponding to the country group in which the Obligor thereof is Domiciled), unless a specific recovery rate (expressed as a percentage) is provided by Fitch in which case
such recovery rate shall be used: 
 Asset-Specific Recovery Rate Assumptions - Group 1 and 2: 

 

													
	 Fitch recovery rating c(%)
	  	Fitch recovery rate %
	 	  	AAAsf	  	AAsf	  	Asf	  	BBBsf	  	BBsf	  	Bsf
	 RR1 (outstanding: 91-100%)
	  	60	  	70	  	80	  	90	  	95	  	95
	 RR2 (superior: 71-90%)
	  	45	  	55	  	65	  	75	  	80	  	85
	 RR3 (good: 51-70%)
	  	30	  	35	  	45	  	55	  	60	  	65
	 RR4 (average: 31-50%)
	  	10	  	15	  	20	  	25	  	40	  	45
	 RR5 (below average: 11-30%)
	  	0	  	5	  	10	  	15	  	20	  	25
	 RR6 (poor: 0-10%)
	  	0	  	0	  	0	  	0	  	5	  	5

 Asset-Specific Recovery Rate Assumptions - Group 3: 

 

													
	 Fitch recovery rating (%)
	  	Fitch recovery rate %
	 	  	AAAsf	  	AAsf
	  	Asf
	  	BBBsf
	  	BBsf	  	Bsf 
	 RR1 (outstanding: 91-100%)
	  	5	  	10	  	30	  	50	  	70	  	90
	 RR2 (superior: 71-90%)
	  	5	  	10	  	20	  	35	  	50	  	70
	 RR3 (good: 51-70%)
	  	0	  	5	  	15	  	25	  	35	  	50
	 RR4 (average: 31-50%)
	  	0	  	0	  	5	  	10	  	20	  	30
	 RR5 (below average: 11-30%)
	  	0	  	0	  	0	  	0	  	5	  	10
	 RR6 (poor: 0-10%)
	  	0	  	0	  	0	  	0	  	0	  	0

 Asset-Specific Recovery Rate
Assumptions – Italy/Portugal 
  

													
	 Fitch recovery rating
(%)
	  	Fitch recovery rate %
	  	AAAsf	  	AAsf
	  	Asf
	  	BBBsf
	  	BBsf
	  	Bsf

	 RR1 (outstanding: 91-100%) 
	  	50	  	60	  	70	  	75	  	85	  	95
	 RR2 (superior: 71-90%) 
	  	35	  	45	  	55	  	60	  	75	  	85
	 RR3 (good: 51-70%) 
	  	25	  	30	  	35	  	40	  	55	  	65

  
 SCH. 6-7 

													
	 RR4 (average: 31-50%) 
	  	5	  	10	  	15	  	25	  	40	  	45
	 RR5 (below average: 11-30%) 
	  	0	  	0	  	5	  	10	  	15	  	25
	 RR6 (poor: 0-10%) 
	  	0	  	0	  	0	  	0	  	0	  	5

(b)    (b) if such Collateral Obligation is a DIP Collateral Obligation, the “BBsf” asset-specific recovery rate
assumptions applicable to such DIP Collateral Obligation shall correspond to the Fitch recovery rating of the “RR1” rating in the table above (corresponding to the country group in which the Obligor thereof is Domiciled); and 

(c)    (c) if such Collateral Obligation has no public Fitch recovery rating or recovery rating associated with a private
Fitch rating, the “BBsf” recovery rate applicable will be the rate determined in accordance with the applicable table below (corresponding to the country group in which the Obligor thereof is Domiciled), for purposes of which the
Collateral Obligation will be categorized as (i) “Strong Recovery” if it is a Senior Secured Loan from an issuer with a public rating from Fitch, Moody’s or S&P (a “non-middle market
issuer”); (ii) “Strong Recovery MML” if it is a Senior Secured Loan from a Group 1 issuer without a public rating from Fitch, Moody’s or S&P (a “Group 1 middle-marketmiddle- market
issuer”); (iii) “Senior Secured Bonds” if it is a senior secured bond; (iv) “Moderate Recovery” if it is a senior unsecured bond; and (v) “Weak Recovery” if it is a
non-Senior Secured Loan from a Group 1 middle-market issuer, a Second Lien Loan or other debt instrument not listed above, unless otherwise specified by Fitch: 

Recovery Rate Assumptions 
  

																									
	 Recovery prospects (%)
	  	AAAsf	 	  	AAsf	 	  	Asf	 	  	BBBsf	 	  	BBsf	 	  	Bsf	 
	 Group 1 – US mainly
	  

	 Strong Recovery
	  	 	40	 	  	 	50	 	  	 	60	 	  	 	70	 	  	 	75	 	  	 	80	 
	 Strong Recovery
MML
	  	 	35	 	  	 	40	 	  	 	50	 	  	 	60	 	  	 	65	 	  	 	70	 
	 Senior Secured
Bonds
	  	 	30	 	  	 	35	 	  	 	45	 	  	 	55	 	  	 	60	 	  	 	65	 
	 Moderate
Recovery
	  	 	10	 	  	 	15	 	  	 	20	 	  	 	25	 	  	 	40	 	  	 	45	 
	 Weak Recovery
	  	 	0	 	  	 	0	 	  	 	5	 	  	 	10	 	  	 	15	 	  	 	20	 
	
	 Group 2 – Europe
	  

	 Strong Recovery
	  	 	35	 	  	 	40	 	  	 	50	 	  	 	60	 	  	 	65	 	  	 	70	 
	 Senior Secured
Bonds
	  	 	30	 	  	 	35	 	  	 	45	 	  	 	55	 	  	 	60	 	  	 	65	 
	 Moderate
Recovery
	  	 	10	 	  	 	15	 	  	 	20	 	  	 	25	 	  	 	40	 	  	 	45	 
	 Weak Recovery
	  	 	0	 	  	 	0	 	  	 	5	 	  	 	10	 	  	 	15	 	  	 	20	 

  
 SCH. 6-8 

																									
	 Group 3 - other
	  

	 Strong Recovery
	  	 	5	 	  	 	10	 	  	 	15	 	  	 	20	 	  	 	30	 	  	 	35	 
	 Moderate
Recovery
	  	 	0	 	  	 	0	 	  	 	5	 	  	 	10	 	  	 	20	 	  	 	25	 
	 Weak Recovery
	  	 	0	 	  	 	0	 	  	 	0	 	  	 	0	 	  	 	5	 	  	 	5	 

 Recovery Rate Assumptions – Italy/Portugal 
  

													
	 Recovery prospects
(%)
	  	AAAsf	  	AAsf	  	Asf	  	BBBsf	  	BBsf	  	Bsf
	 Italy/Portugal 

	 Strong Recovery 
	  	30	  	35	  	40	  	50	  	60	  	70
	ModerateWeak Recovery	  	5	  	10	  	15	  	20	  	305	  	45
	 Weak Recovery
	  	0	  	0	  	5	  	10	  	15	  	20

 Group 1: Australia, Bermuda, Canada, Cayman Islands, New Zealand, Puerto Rico, United States. 

Group 2: Austria, Barbados, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Hong Kong, Iceland,
Ireland, Israel, Italy, Japan, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Singapore, Slovakia, Slovenia, South Korea, Spain, Sweden, Switzerland, Taiwan, United Kingdom. 

Group 3: Albania, Argentina, Asia Others, Bahamas, Bosnia and Herzegovina, Brazil, Bulgaria, Chile, China, Colombia, Costa Rica,
Croatia, Cyprus, Dominican Republic, Eastern Europe Others, Ecuador, Egypt, El Salvador, Greece, Guatemala, Hungary, India, Indonesia, Iran, Jamaica, Kazakhstan, Liberia, Macedonia, Malaysia, Malta, Marshall Islands, Mauritius, Mexico, Middle East
and North Africa Others, Moldova, Morocco, Other Central America, Other South America, Other Sub Saharan Africa, Pakistan, Panama, Peru, Philippines, Qatar, Romania, Russia, Saudi Arabia, Serbia and Montenegro, South Africa, Thailand, Tunisia,
Turkey, Ukraine, Uruguay, Venezuela, Vietnam. 

  
 SCH. 6-9 

 For purposes of calculating the Fitch Recovery Rate, First-Lien Last-Out Loans shall be deemed to be Second Lien Loans 
 Fitch Test Matrix 

Subject to the provisions provided below, on or after the Effective Date, the Collateral Manager will have the option to elect which of the
cases set forth in the matrix below (the “Fitch Test Matrix”) shall be applicable for purposes of the Maximum Fitch Rating Factor Test, the Minimum Weighted Average Fitch Recovery Rate Test and the Minimum Fitch Floating Spread
Test. For any given case: 
 (a)    the applicable value for determining satisfaction of the Maximum Fitch Rating Factor
Test will be the value set forth in the column header (or linear interpolation between two adjacent columns, as applicable) of the row-column combination in the Fitch Test Matrix selected by the Collateral
Manager; 
 (b)    the applicable value for determining satisfaction of the Minimum Fitch Floating Spread Test will be
the percentage set forth in the row header (or linear interpolation between two adjacent rows as applicable) of the row-column combination in the Fitch Test Matrix selected by the Collateral Manager; and 

(c)    the applicable value for determining satisfaction of the Minimum Weighted Average Fitch Recovery Rate Test will be
the value in the intersection cell (or linear interpolation between two adjacent rows and/or two adjacent columns, as applicable) of the row-column combination in the Fitch Test Matrix selected by the
Collateral Manager in relation to (a) and (b) above. 
 On the
EffectiveFirst Refinancing Date, the Collateral Manager will be required to elect which case shall apply initially by written notice to the Issuer and Fitch. Thereafter, on two Business Days’ notice to the Issuer and Fitch, the
Collateral Manager may elect to have a different case apply; provided that the Maximum Fitch Rating Factor Test, the Minimum Weighted Average Fitch Recovery Rate Test and the Minimum Fitch Floating Spread Test applicable to the case to
which the Collateral Manager desires to change are satisfied after giving effect to such change or, in the case of any tests that are not satisfied, the Issuer’s level of compliance with such tests is improved after giving effect to the
application of the different case. 

  
 SCH. 6-10 

																																																																																					
	 Maximum Fitch Weighted Average Rating
Factor
	 
	 Minimum
Fitch
Floating
Spread
	  	3021	 	 	3122	 	 	3223	 	 	3324	 	 	3425	 	 	3526	 	 	3627	 	 	37	 	 	3828	 	 	3929	 	 	4030	 	 	4131	 	 	4232	 	 	4333	 	 	4434	 	 	45	 	 	4635	 	 	4736	 	 	4837	 	 	4938	 	  	5039	 
	 3.60%
	  	 	54.0	% 	 	 	55.5	% 	 	 	56.9	% 	 	 	58.3	% 	 	 	59.6	% 	 	 	60.8	% 	 	 	62.0	% 	 	 	63.1	% 	 	 	64.2	% 	 	 	65.3	% 	 	 	66.4	% 	 	 	67.6	% 	 	 	68.7	% 	 	 	69.8	% 	 	 	70.9	% 	 	 	72.1	% 	 	 	73.2	% 	 	 	74.3	% 	 	 	75.3	% 	 	 	76.2	% 	  	 	77.0	% 
	
3.702.20%
	  	 	53.656.5	% 	 	 	55.158.2	% 	 	 	56.559.9	% 	 	 	57.961.4	% 	 	 	59.262.9	% 	 	 	60.564.3	% 	 	 	61.665.7	% 	 	 	62.8	% 	 	 	63.967.2	% 	 	 	65.068.7	% 	 	 	66.170.1	% 	 	 	67.371.7	% 	 	 	68.473.1	% 	 	 	69.574.6	% 	 	 	70.675.9	% 	 	 	71.7	% 	 	 	72.977.0	% 	 	 	74.078.1	% 	 	 	75.079.2	% 	 	 	75.980.2	% 	  	 	76.881.0	% 
	 3.80%
	  	 	53.1	% 	 	 	54.6	% 	 	 	56.0	% 	 	 	57.4	% 	 	 	58.8	% 	 	 	60.1	% 	 	 	61.2	% 	 	 	62.4	% 	 	 	63.5	% 	 	 	64.6	% 	 	 	65.7	% 	 	 	66.9	% 	 	 	68.0	% 	 	 	69.1	% 	 	 	70.2	% 	 	 	71.3	% 	 	 	72.5	% 	 	 	73.6	% 	 	 	74.6	% 	 	 	75.6	% 	  	 	76.5	% 
	
3.902.40%
	  	 	52.655.2	% 	 	 	54.157.0	% 	 	 	55.558.7	% 	 	 	57.060.3	% 	 	 	58.461.8	% 	 	 	59.763.3	% 	 	 	60.964.6	% 	 	 	62.0	% 	 	 	63.266.1	% 	 	 	64.367.6	% 	 	 	65.369.1	% 	 	 	66.570.5	% 	 	 	67.772.0	% 	 	 	68.873.5	% 	 	 	69.974.9	% 	 	 	71.0	% 	 	 	72.176.1	% 	 	 	73.377.3	% 	 	 	74.378.5	% 	 	 	75.379.6	% 	  	 	76.280.5	% 
	
4.002.60%
	  	 	52.053.9	% 	 	 	53.555.7	% 	 	 	55.057.5	% 	 	 	56.559.2	% 	 	 	57.960.8	% 	 	 	59.262.2	% 	 	 	60.563.6	% 	 	 	61.6	% 	 	 	62.865.0	% 	 	 	63.966.5	% 	 	 	64.968.0	% 	 	 	66.169.4	% 	 	 	67.370.9	% 	 	 	68.472.4	% 	 	 	69.573.9	% 	 	 	70.6	% 	 	 	71.775.3	% 	 	 	72.976.5	% 	 	 	74.077.6	% 	 	 	75.078.7	% 	  	 	75.979.8	% 
	
4.102.80%
	  	 	51.452.6	% 	 	 	53.054.5	% 	 	 	54.556.3	% 	 	 	56.058.0	% 	 	 	57.459.7	% 	 	 	58.861.2	% 	 	 	60.162.6	% 	 	 	61.2	% 	 	 	62.464.0	% 	 	 	63.565.4	% 	 	 	64.667.0	% 	 	 	65.768.4	% 	 	 	66.969.8	% 	 	 	68.171.3	% 	 	 	69.272.8	% 	 	 	70.3	% 	 	 	71.474.3	% 	 	 	72.675.6	% 	 	 	73.776.8	% 	 	 	74.777.9	% 	  	 	75.779.1	% 
	
4.203.00%
	  	 	50.851.3	% 	 	 	52.553.3	% 	 	 	54.055.1	% 	 	 	55.556.9	% 	 	 	56.958.6	% 	 	 	58.360.2	% 	 	 	59.661.7	% 	 	 	60.8	% 	 	 	62.063.1	% 	 	 	63.164.5	% 	 	 	64.266.0	% 	 	 	65.367.4	% 	 	 	66.568.9	% 	 	 	67.770.3	% 	 	 	68.871.8	% 	 	 	69.9	% 	 	 	71.073.3	% 	 	 	72.274.7	% 	 	 	73.376.0	% 	 	 	74.477.1	% 	  	 	75.478.3	% 
	
4.303.20%
	  	 	50.150.0	% 	 	 	51.952.0	% 	 	 	53.554.0	% 	 	 	55.055.8	% 	 	 	56.457.5	% 	 	 	57.859.2	% 	 	 	59.260.8	% 	 	 	60.4	% 	 	 	61.662.2	% 	 	 	62.763.6	% 	 	 	63.965.0	% 	 	 	65.066.5	% 	 	 	66.168.0	% 	 	 	67.369.4	% 	 	 	68.470.9	% 	 	 	69.5	% 	 	 	70.672.4	% 	 	 	71.873.8	% 	 	 	73.075.2	% 	 	 	74.176.4	% 	  	 	75.177.6	% 
	
4.403.40%
	  	 	49.448.9	% 	 	 	51.250.8	% 	 	 	53.052.7	% 	 	 	54.554.6	% 	 	 	55.956.4	% 	 	 	57.358.1	% 	 	 	58.759.8	% 	 	 	60.0	% 	 	 	61.261.3	% 	 	 	62.362.7	% 	 	 	63.564.1	% 	 	 	64.665.5	% 	 	 	65.767.0	% 	 	 	66.968.5	% 	 	 	68.069.9	% 	 	 	69.1	% 	 	 	70.271.4	% 	 	 	71.472.9	% 	 	 	72.674.3	% 	 	 	73.775.6	% 	  	 	74.876.8	% 
	 4.50%
	  	 	48.8	% 	 	 	50.5	% 	 	 	52.3	% 	 	 	54.0	% 	 	 	55.5	% 	 	 	56.9	% 	 	 	58.3	% 	 	 	59.6	% 	 	 	60.8	% 	 	 	62.0	% 	 	 	63.1	% 	 	 	64.2	% 	 	 	65.3	% 	 	 	66.5	% 	 	 	67.6	% 	 	 	68.8	% 	 	 	69.9	% 	 	 	71.0	% 	 	 	72.2	% 	 	 	73.4	% 	  	 	74.5	% 
	
4.603.60%
	  	 	48.147.7	% 	 	 	49.849.6	% 	 	 	51.651.5	% 	 	 	53.4	% 	 	 	55.055.3	% 	 	 	56.457.1	% 	 	 	57.858.8	% 	 	 	59.1	% 	 	 	60.4	% 	 	 	61.661.8	% 	 	 	62.763.3	% 	 	 	63.864.6	% 	 	 	64.966.1	% 	 	 	66.167.6	% 	 	 	67.269.0	% 	 	 	68.4	% 	 	 	69.570.5	% 	 	 	70.672.0	% 	 	 	71.873.4	% 	 	 	73.074.9	% 	  	 	74.176.1	% 
	
4.703.80%
	  	 	47.546.6	% 	 	 	49.248.5	% 	 	 	51.050.4	% 	 	 	52.852.3	% 	 	 	54.554.2	% 	 	 	56.0	% 	 	 	57.457.7	% 	 	 	58.7	% 	 	 	60.059.4	% 	 	 	61.261.0	% 	 	 	62.4	% 	 	 	63.563.8	% 	 	 	64.665.2	% 	 	 	65.766.7	% 	 	 	66.968.1	% 	 	 	68.1	% 	 	 	69.269.6	% 	 	 	70.371.1	% 	 	 	71.572.5	% 	 	 	72.674.0	% 	  	 	73.875.4	% 
	 4.80%
	  	 	46.8	% 	 	 	48.6	% 	 	 	50.3	% 	 	 	52.1	% 	 	 	53.9	% 	 	 	55.5	% 	 	 	56.9	% 	 	 	58.3	% 	 	 	59.6	% 	 	 	60.8	% 	 	 	62.0	% 	 	 	63.1	% 	 	 	64.2	% 	 	 	65.3	% 	 	 	66.5	% 	 	 	67.7	% 	 	 	68.8	% 	 	 	69.9	% 	 	 	71.1	% 	 	 	72.2	% 	  	 	73.4	% 
	 4.90%
	  	 	46.3	% 	 	 	48.0	% 	 	 	49.7	% 	 	 	51.5	% 	 	 	53.3	% 	 	 	55.0	% 	 	 	56.5	% 	 	 	57.9	% 	 	 	59.3	% 	 	 	60.5	% 	 	 	61.7	% 	 	 	62.8	% 	 	 	63.9	% 	 	 	65.0	% 	 	 	66.2	% 	 	 	67.4	% 	 	 	68.5	% 	 	 	69.6	% 	 	 	70.8	% 	 	 	71.9	% 	  	 	73.1	% 
	
5.004.00%
	  	 	45.745.5	% 	 	 	47.4	% 	 	 	49.149.2	% 	 	 	50.951.1	% 	 	 	52.753.1	% 	 	 	54.454.9	% 	 	 	56.156.6	% 	 	 	57.5	% 	 	 	58.958.4	% 	 	 	60.260.0	% 	 	 	61.361.5	% 	 	 	62.563.0	% 	 	 	63.664.3	% 	 	 	64.765.8	% 	 	 	65.867.3	% 	 	 	67.0	% 	 	 	68.268.7	% 	 	 	69.370.1	% 	 	 	70.471.6	% 	 	 	71.673.1	% 	  	 	72.774.6	% 
	
5.104.20%
	  	 	45.344.4	% 	 	 	46.946.3	% 	 	 	48.648.2	% 	 	 	50.350.0	% 	 	 	52.152.0	% 	 	 	53.953.8	% 	 	 	55.6	% 	 	 	57.1	% 	 	 	58.557.4	% 	 	 	59.859.0	% 	 	 	61.060.6	% 	 	 	62.262.1	% 	 	 	63.363.5	% 	 	 	64.464.9	% 	 	 	65.566.4	% 	 	 	66.7	% 	 	 	67.9	% 	 	 	69.069.3	% 	 	 	70.170.8	% 	 	 	71.372.3	% 	  	 	72.473.7	% 
	 5.20%
	  	 	44.8	% 	 	 	46.4	% 	 	 	48.0	% 	 	 	49.7	% 	 	 	51.5	% 	 	 	53.3	% 	 	 	55.0	% 	 	 	56.6	% 	 	 	58.1	% 	 	 	59.4	% 	 	 	60.6	% 	 	 	61.8	% 	 	 	62.9	% 	 	 	64.0	% 	 	 	65.1	% 	 	 	66.3	% 	 	 	67.5	% 	 	 	68.6	% 	 	 	69.7	% 	 	 	70.9	% 	  	 	72.1	% 
	 5.30%
	  	 	44.3	% 	 	 	46.0	% 	 	 	47.6	% 	 	 	49.3	% 	 	 	50.9	% 	 	 	52.7	% 	 	 	54.5	% 	 	 	56.1	% 	 	 	57.7	% 	 	 	59.0	% 	 	 	60.3	% 	 	 	61.5	% 	 	 	62.6	% 	 	 	63.7	% 	 	 	64.8	% 	 	 	66.0	% 	 	 	67.2	% 	 	 	68.3	% 	 	 	69.4	% 	 	 	70.6	% 	  	 	71.8	% 
	 5.40%
	  	 	43.8	% 	 	 	45.5	% 	 	 	47.2	% 	 	 	48.8	% 	 	 	50.3	% 	 	 	52.1	% 	 	 	53.9	% 	 	 	55.6	% 	 	 	57.2	% 	 	 	58.6	% 	 	 	60.0	% 	 	 	61.2	% 	 	 	62.3	% 	 	 	63.4	% 	 	 	64.5	% 	 	 	65.7	% 	 	 	66.8	% 	 	 	68.0	% 	 	 	69.1	% 	 	 	70.3	% 	  	 	71.4	% 
	
5.504.40%
	  	 	43.4	% 	 	 	45.145.3	% 	 	 	46.847.1	% 	 	 	48.448.9	% 	 	 	49.950.8	% 	 	 	51.652.7	% 	 	 	53.454.6	% 	 	 	55.1	% 	 	 	56.756.4	% 	 	 	58.258.0	% 	 	 	59.6	% 	 	 	60.961.1	% 	 	 	62.062.7	% 	 	 	63.164.1	% 	 	 	64.265.5	% 	 	 	65.4	% 	 	 	66.567.0	% 	 	 	67.768.5	% 	 	 	68.869.9	% 	 	 	70.071.4	% 	  	 	71.172.9	% 

																																																																																					
	
5.604.60%
	  	 	42.942.3	% 	 	 	44.644.2	% 	 	 	46.346.1	% 	 	 	47.9	% 	 	 	49.549.8	% 	 	 	51.151.7	% 	 	 	52.853.5	% 	 	 	54.5	% 	 	 	56.255.4	% 	 	 	57.857.1	% 	 	 	59.258.7	% 	 	 	60.560.3	% 	 	 	61.7	% 	 	 	62.863.2	% 	 	 	63.964.6	% 	 	 	65.0	% 	 	 	66.266.1	% 	 	 	67.467.6	% 	 	 	68.569.0	% 	 	 	69.670.5	% 	  	 	70.872.0	% 
	 5.70%
	  	 	42.5	% 	 	 	44.2	% 	 	 	45.9	% 	 	 	47.5	% 	 	 	49.1	% 	 	 	50.7	% 	 	 	52.3	% 	 	 	54.0	% 	 	 	55.7	% 	 	 	57.3	% 	 	 	58.8	% 	 	 	60.2	% 	 	 	61.4	% 	 	 	62.5	% 	 	 	63.6	% 	 	 	64.7	% 	 	 	65.9	% 	 	 	67.1	% 	 	 	68.2	% 	 	 	69.3	% 	  	 	70.5	% 
	
5.804.80%
	  	 	42.041.2	% 	 	 	43.743.2	% 	 	 	45.445.1	% 	 	 	47.046.9	% 	 	 	48.648.7	% 	 	 	50.250.6	% 	 	 	51.852.5	% 	 	 	53.5	% 	 	 	55.254.3	% 	 	 	56.856.1	% 	 	 	58.457.8	% 	 	 	59.859.4	% 	 	 	61.060.9	% 	 	 	62.2	% 	 	 	63.363.7	% 	 	 	64.4	% 	 	 	65.565.2	% 	 	 	66.7	% 	 	 	67.968.2	% 	 	 	69.069.6	% 	  	 	70.171.1	% 
	 5.90%
	  	 	41.6	% 	 	 	43.3	% 	 	 	45.0	% 	 	 	46.6	% 	 	 	48.2	% 	 	 	49.8	% 	 	 	51.4	% 	 	 	53.0	% 	 	 	54.7	% 	 	 	56.3	% 	 	 	58.0	% 	 	 	59.5	% 	 	 	60.7	% 	 	 	61.9	% 	 	 	63.0	% 	 	 	64.1	% 	 	 	65.2	% 	 	 	66.4	% 	 	 	67.6	% 	 	 	68.7	% 	  	 	69.9	% 
	 6.00%
	  	 	41.1	% 	 	 	42.8	% 	 	 	44.5	% 	 	 	46.2	% 	 	 	47.8	% 	 	 	49.3	% 	 	 	50.9	% 	 	 	52.5	% 	 	 	54.1	% 	 	 	55.8	% 	 	 	57.5	% 	 	 	59.1	% 	 	 	60.4	% 	 	 	61.6	% 	 	 	62.7	% 	 	 	63.8	% 	 	 	64.9	% 	 	 	66.1	% 	 	 	67.3	% 	 	 	68.4	% 	  	 	69.6	% 
	
6.105.00%
	  	 	40.640.2	% 	 	 	42.442.2	% 	 	 	44.1	% 	 	 	45.845.9	% 	 	 	47.447.8	% 	 	 	48.949.5	% 	 	 	50.551.5	% 	 	 	52.1	% 	 	 	53.753.3	% 	 	 	55.455.1	% 	 	 	57.056.9	% 	 	 	58.658.5	% 	 	 	60.1	% 	 	 	61.361.5	% 	 	 	62.462.8	% 	 	 	63.5	% 	 	 	64.664.2	% 	 	 	65.8	% 	 	 	67.067.3	% 	 	 	68.168.8	% 	  	 	69.370.2	% 
	 6.20%
	  	 	40.1	% 	 	 	41.9	% 	 	 	43.6	% 	 	 	45.3	% 	 	 	46.9	% 	 	 	48.5	% 	 	 	50.1	% 	 	 	51.7	% 	 	 	53.3	% 	 	 	54.9	% 	 	 	56.5	% 	 	 	58.1	% 	 	 	59.7	% 	 	 	60.9	% 	 	 	62.1	% 	 	 	63.2	% 	 	 	64.3	% 	 	 	65.5	% 	 	 	66.7	% 	 	 	67.8	% 	  	 	69.0	% 
	
6.305.20%
	  	 	39.037.6	% 	 	 	41.541.1	% 	 	 	43.243.1	% 	 	 	44.9	% 	 	 	46.546.8	% 	 	 	48.148.6	% 	 	 	49.750.4	% 	 	 	51.3	% 	 	 	52.952.3	% 	 	 	54.554.2	% 	 	 	56.155.9	% 	 	 	57.757.6	% 	 	 	59.359.2	% 	 	 	60.660.7	% 	 	 	61.862.0	% 	 	 	62.9	% 	 	 	64.163.4	% 	 	 	65.264.8	% 	 	 	66.4	% 	 	 	67.567.9	% 	  	 	68.769.4	% 
	 6.40%
	  	 	37.9	% 	 	 	41.0	% 	 	 	42.7	% 	 	 	44.4	% 	 	 	46.1	% 	 	 	47.7	% 	 	 	49.3	% 	 	 	50.9	% 	 	 	52.5	% 	 	 	54.0	% 	 	 	55.6	% 	 	 	57.2	% 	 	 	58.8	% 	 	 	60.3	% 	 	 	61.5	% 	 	 	62.6	% 	 	 	63.8	% 	 	 	64.9	% 	 	 	66.0	% 	 	 	67.2	% 	  	 	68.4	% 
	
6.505.40%
	  	 	36.734.8	% 	 	 	40.640.1	% 	 	 	42.342.0	% 	 	 	44.043.9	% 	 	 	45.745.8	% 	 	 	47.347.6	% 	 	 	48.949.4	% 	 	 	50.5	% 	 	 	52.151.3	% 	 	 	53.753.2	% 	 	 	55.255.0	% 	 	 	56.856.7	% 	 	 	58.4	% 	 	 	59.9	% 	 	 	61.261.3	% 	 	 	62.4	% 	 	 	63.562.6	% 	 	 	64.664.0	% 	 	 	65.765.4	% 	 	 	66.967.0	% 	  	 	68.168.5	% 
	 6.60%
	  	 	35.5	% 	 	 	40.1	% 	 	 	41.9	% 	 	 	43.6	% 	 	 	45.3	% 	 	 	46.9	% 	 	 	48.5	% 	 	 	50.1	% 	 	 	51.7	% 	 	 	53.3	% 	 	 	54.8	% 	 	 	56.3	% 	 	 	57.9	% 	 	 	59.5	% 	 	 	60.9	% 	 	 	62.1	% 	 	 	63.2	% 	 	 	64.3	% 	 	 	65.4	% 	 	 	66.6	% 	  	 	67.8	% 
	
6.705.60%
	  	 	34.332.0	% 	 	 	39.037.4	% 	 	 	41.541.0	% 	 	 	43.243.0	% 	 	 	44.944.8	% 	 	 	46.546.7	% 	 	 	48.148.5	% 	 	 	49.7	% 	 	 	51.350.3	% 	 	 	52.952.2	% 	 	 	54.454.0	% 	 	 	55.955.8	% 	 	 	57.5	% 	 	 	59.1	% 	 	 	60.6	% 	 	 	61.8	% 	 	 	62.961.9	% 	 	 	64.063.3	% 	 	 	65.164.5	% 	 	 	66.366.0	% 	  	 	67.567.7	% 
	 6.80%
	  	 	33.1	% 	 	 	37.9	% 	 	 	41.0	% 	 	 	42.7	% 	 	 	44.4	% 	 	 	46.1	% 	 	 	47.7	% 	 	 	49.3	% 	 	 	50.9	% 	 	 	52.5	% 	 	 	54.0	% 	 	 	55.5	% 	 	 	57.1	% 	 	 	58.7	% 	 	 	60.3	% 	 	 	61.5	% 	 	 	62.6	% 	 	 	63.7	% 	 	 	64.8	% 	 	 	66.0	% 	  	 	67.2	% 
	
6.905.80%
	  	 	31.929.2	% 	 	 	36.834.7	% 	 	 	40.640.0	% 	 	 	42.342.0	% 	 	 	44.043.9	% 	 	 	45.7	% 	 	 	47.347.6	% 	 	 	48.9	% 	 	 	50.549.3	% 	 	 	52.151.2	% 	 	 	53.753.1	% 	 	 	55.254.9	% 	 	 	56.756.6	% 	 	 	58.3	% 	 	 	59.959.8	% 	 	 	61.2	% 	 	 	62.361.2	% 	 	 	63.562.5	% 	 	 	64.663.8	% 	 	 	65.765.1	% 	  	 	67.066.7	% 
	 7.00%
	  	 	30.7	% 	 	 	35.6	% 	 	 	40.1	% 	 	 	41.9	% 	 	 	43.6	% 	 	 	45.3	% 	 	 	46.9	% 	 	 	48.5	% 	 	 	50.1	% 	 	 	51.7	% 	 	 	53.3	% 	 	 	54.8	% 	 	 	56.3	% 	 	 	57.8	% 	 	 	59.4	% 	 	 	60.9	% 	 	 	62.0	% 	 	 	63.2	% 	 	 	64.3	% 	 	 	65.4	% 	  	 	66.7	% 
	
7.106.00%
	  	 	29.526.5	% 	 	 	34.432.0	% 	 	 	39.137.4	% 	 	 	41.541.0	% 	 	 	43.242.9	% 	 	 	44.944.8	% 	 	 	46.546.6	% 	 	 	48.1	% 	 	 	49.748.4	% 	 	 	51.350.2	% 	 	 	52.952.1	% 	 	 	54.554.0	% 	 	 	56.055.7	% 	 	 	57.4	% 	 	 	59.0	% 	 	 	60.6	% 	 	 	61.860.5	% 	 	 	62.961.8	% 	 	 	64.163.2	% 	 	 	65.264.5	% 	  	 	66.465.8	% 
	
7.206.20%
	  	 	28.323.6	% 	 	 	33.229.3	% 	 	 	38.034.7	% 	 	 	41.140.0	% 	 	 	42.842.0	% 	 	 	44.543.9	% 	 	 	46.145.7	% 	 	 	47.7	% 	 	 	49.347.5	% 	 	 	50.949.3	% 	 	 	52.551.1	% 	 	 	54.153.0	% 	 	 	55.654.9	% 	 	 	57.056.6	% 	 	 	58.658.2	% 	 	 	60.2	% 	 	 	61.559.7	% 	 	 	62.661.1	% 	 	 	63.862.5	% 	 	 	64.963.8	% 	  	 	66.165.1	% 
	
7.306.40%
	  	 	27.120.7	% 	 	 	32.126.6	% 	 	 	36.932.1	% 	 	 	40.737.4	% 	 	 	42.441.0	% 	 	 	44.142.9	% 	 	 	45.744.8	% 	 	 	47.4	% 	 	 	49.046.6	% 	 	 	50.548.4	% 	 	 	52.150.2	% 	 	 	53.752.1	% 	 	 	55.354.0	% 	 	 	56.755.7	% 	 	 	58.257.4	% 	 	 	59.8	% 	 	 	61.259.0	% 	 	 	62.460.5	% 	 	 	63.561.8	% 	 	 	64.663.1	% 	  	 	65.864.4	% 
	
7.406.60%
	  	 	25.918.0	% 	 	 	30.923.8	% 	 	 	35.729.5	% 	 	 	40.234.9	% 	 	 	42.040.1	% 	 	 	43.742.0	% 	 	 	45.343.9	% 	 	 	47.0	% 	 	 	48.645.7	% 	 	 	50.147.5	% 	 	 	51.749.3	% 	 	 	53.351.2	% 	 	 	54.953.0	% 	 	 	56.354.9	% 	 	 	57.856.6	% 	 	 	59.4	% 	 	 	60.958.2	% 	 	 	62.159.7	% 	 	 	63.261.1	% 	 	 	64.362.5	% 	  	 	65.563.8	% 
	
7.506.80%
	  	 	24.715.3	% 	 	 	29.721.0	% 	 	 	34.626.8	% 	 	 	39.232.3	% 	 	 	41.637.6	% 	 	 	43.341.1	% 	 	 	44.943.0	% 	 	 	46.6	% 	 	 	48.244.8	% 	 	 	49.846.7	% 	 	 	51.448.4	% 	 	 	53.050.2	% 	 	 	54.552.1	% 	 	 	56.054.0	% 	 	 	57.555.8	% 	 	 	59.0	% 	 	 	60.657.4	% 	 	 	61.859.0	% 	 	 	63.060.4	% 	 	 	64.161.8	% 	  	 	65.263.1	% 
	
7.607.00%
	  	 	23.40.0	% 	 	 	28.518.3	% 	 	 	33.524.2	% 	 	 	38.229.8	% 	 	 	41.135.1	% 	 	 	42.940.2	% 	 	 	44.542.1	% 	 	 	46.2	% 	 	 	47.843.9	% 	 	 	49.445.8	% 	 	 	51.047.6	% 	 	 	52.649.3	% 	 	 	54.151.2	% 	 	 	55.653.1	% 	 	 	57.154.9	% 	 	 	58.6	% 	 	 	60.256.6	% 	 	 	61.558.2	% 	 	 	62.759.7	% 	 	 	63.861.1	% 	  	 	64.962.5	% 

																																																																																					
	 7.70%

22.1%

27.4%

32.4%

37.1%

40.7%

42.5%

44.2%

45.8%

47.5%

49.1%

50.6%

52.2%

53.8%

55.3%

56.8%

58.3%

59.9%

61.3%

62.4%

63.6%

64.7%Weighted Average Fitch
Recovery Rate
	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	 7.80%
	  	 	20.8	% 	 	 	26.2	% 	 	 	31.2	% 	 	 	36.0	% 	 	 	40.3	% 	 	 	42.1	% 	 	 	43.8	% 	 	 	45.4	% 	 	 	47.1	% 	 	 	48.7	% 	 	 	50.2	% 	 	 	51.8	% 	 	 	53.4	% 	 	 	55.0	% 	 	 	56.4	% 	 	 	57.9	% 	 	 	59.5	% 	 	 	61.0	% 	 	 	62.1	% 	 	 	63.3	% 	  	 	64.4	% 
	 7.90%
	  	 	19.7	% 	 	 	25.0	% 	 	 	30.1	% 	 	 	34.9	% 	 	 	39.5	% 	 	 	41.7	% 	 	 	43.4	% 	 	 	45.1	% 	 	 	46.7	% 	 	 	48.3	% 	 	 	49.9	% 	 	 	51.5	% 	 	 	53.1	% 	 	 	54.7	% 	 	 	56.1	% 	 	 	57.6	% 	 	 	59.1	% 	 	 	60.7	% 	 	 	61.9	% 	 	 	63.1	% 	  	 	64.2	% 
	 8.00%
	  	 	18.5	% 	 	 	23.8	% 	 	 	28.9	% 	 	 	33.8	% 	 	 	38.6	% 	 	 	41.3	% 	 	 	43.0	% 	 	 	44.7	% 	 	 	46.3	% 	 	 	47.9	% 	 	 	49.5	% 	 	 	51.1	% 	 	 	52.7	% 	 	 	54.3	% 	 	 	55.8	% 	 	 	57.2	% 	 	 	58.7	% 	 	 	60.3	% 	 	 	61.6	% 	 	 	62.8	% 	  	 	63.9	% 
	 Weighted Average Fitch
Recovery Rate
	  

 Fitch Rating Reporting
Items 
  

					
	 Indenture Reporting Requirement

	  	
Indenture-
Defined Term
	  	 Fitch Data Feed Name

	Fitch Rating 	  	Y 	  	N/A – Derived
per definition 
	Fitch public long-term issuer default rating (LT IDR) or long-term issuer default credit opinion (LT IDCO)	  	N 	  	Long-Term Issuer Default Rating <or> Long-Term Issuer
Default Credit Opinion
	Fitch recovery rating (RR) or credit opinion RR 	  	N 	  	Issue Recovery Rating <or> Issue Recovery Credit Opinion

	Watch or outlook status 	  	N 	  	LT IDR Alert Code <or> LT IDCO Alert Code

	Fitch rating effective date 	  	N 	  	LT IDR Effective Date <or> LT IDCO Effective Date

	Fitch industry classification (as such industry classifications may be updated at the option of the Collateral Manager if Fitch publishes revised industry classifications) 	  	Y 	  	CLO Industry 

 Fitch Rating Sample Reporting Format

  

																													
	 Fitch Rating
Detail 
	 
	 Issuer Name/Facility Name

	  	Par Amount 	 	  	Fitch Industry 	 	  	Long-
Term
Issuer
Default
Rating
(IDR)
/
Long-
Term
Issuer
Default
Credit
Opinion	 	 	Recovery
Rating
(RR) 
/ Credit

Opinion
RR 	 	 	Watch/
Outlook
Status 	 	  	Rating
Effective
Date 	 	  	Fitch
Rating	 
	 ABC Company Term Loan B 
	  	 	5,000,000.00 	 	  	 
	Computer and
Electronics 	 
 	  	 	B-	 	 	 	RR2	 	 				  	 	1/12/2019	 	  	 	B-	 
	 DEF Company Term Loan B 
	  	 	2,300,000.00 	 	  	 
	Transportation and
Distribution 	 
 	  	 	b+	* 	 	 	rr3	* 	 				  	 	11/2/2019	 	  	 	B+ 	 
	 GHI Company Term Loan B 
	  	 	3,000,000.00 	 	  				  				 				 				  				  	 	B 	 
	 ——
	  				  				  				 				 				  				  			
	 ——
	  				  				  				 				 				  				  			
	 UVW Company Term Loan B 
	  	 	2,000,000.00 	 	  	 	Business Services 	 	  	 	B 	 	 	 	RR2	 	 	 	Negative	 	  	 	8/19/2019	 	  	 	B-	 
	 XYZ Company Term Loan B 
	  	 	1,000,000.00 	 	  				  				 				 				  				  	 	CCC	 
		  	  
	  
	 	  				  				 				 				  				  			
	 Totals 
	  	 	500,000,000.00	 	  				  				 				 				  				  			
		  	  
	  
	 	  				  				 				 				  				  			

  
 SCH. 6 

 SCHEDULE 7 

FITCH INDUSTRY CLASSIFICATIONS 
  

			
	Sector	  	Industry
		
	Telecoms Media and Technology	  	Computer and electronicsTechnology Hardware 
Technology Software 
Telecommunications 
Broadcasting and Media

Cable
		  	Telecommunications
		  	Broadcasting and Media
		  	Cable
		
	Industrials	  	 Aerospace and
dDefencse

Automobiles
 Building and Materials
 Chemicals

Industrial and Manufacturing
 Metals and Mining
 Packaging and Containers

Real Estate
 Transportation and Distribution

		  	Automobiles
		  	Building and materials
		  	Chemicals
		  	Industrial and manufacturing
		  	Metals and mining
		  	Packaging and containers
		  	Paper and forest products
		  	Real estate
		  	Transportation and distribution

  
 SCH. 7 

			
	Sector	  	Industry
		
	Retail Leisure and Consumer	  	 Consumer Products 
Environmental Services

Food, Beverage and Tobacco 
Retail, Food and Drug

Gaming, Leisure and Entertainment 
Retail 
Healthcare Devices
 Consumer productsHealthcare
Provider 
Lodging and Restaurants 
Pharmaceuticals

		  	Environmental services
		  	Farming and agricultural services
		  	Food, beverage and tobacco
		  	Retail food and drug
		  	Gaming and leisure and entertainment
		  	Retail
		  	Healthcare
		  	Lodging and restaurants
		  	Pharmaceuticals
		  	Textiles and furniture
		
	Energy	  	Energy (oil and gas) 
Utilities (power)
		  	Utilities power
		
	Banking and Finance	  	Banking and fFinance
		
	Business Services	  	 Business sServices
General
 Business Services Data and Analytics

  
 SCH. 7Exhibit
10.1

 

Certain
confidential information contained in this document, marked by brackets, was omitted because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. “[***]” indicates where the information has been omitted
from this document.

 

 

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

by
and among

 

VERANO
HOLDINGS CORP.,

as
Parent,

 

certain
Subsidiaries of Parent from time to time party hereto,

collectively
with Parent, jointly and severally, as Borrower,

 

the
other Subsidiaries of Parent from time to time party hereto as Guarantors,

 

the
Lenders from time to time party hereto; and

 

CHICAGO
ATLANTIC ADVISERS, LLC,

as
Administrative Agent and Collateral Agent

 

 

 

GREEN
IVY CAPITAL, LLC

as
Lead Arranger

 

Dated
as of May 10, 2021

 

 

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    I	DEFINITIONS	1

 

	 	SECTION
    1.01	Defined
    Terms	1
	 	SECTION
    1.02	Other
    Interpretive Provisions	33
	 	SECTION
    1.03	Accounting
    Terms and Principles	34
	 	SECTION
    1.04	Rounding	35
	 	SECTION
    1.05	References
    to Agreements, Laws, etc	35
	 	SECTION
    1.06	Times
    of Day	35
	 	SECTION
    1.07	Timing
    of Payment or Performance	35
	 	SECTION
    1.08	Corporate
    Terminology	35
	 	SECTION
    1.09	Currency
    Matters	35
	 	SECTION
    1.10	Quebec
    Interpretation	36
	 	 	 	 

	ARTICLE
    II	Amount
    and Terms of Loans	36
	 	 	 

	 	SECTION
    2.01	Loans	36
	 	SECTION
    2.02	Change
    of Lending Office	37
	 	SECTION
    2.03	Lender
    Branches	37
	 	SECTION
    2.04	[Intentionally
    deleted]	37
	 	SECTION
    2.05	Disbursement
    of Funds	37
	 	SECTION
    2.06	Payment
    of Loans; Evidence of Debt	38
	 	SECTION
    2.07	[Reserved]	38
	 	SECTION
    2.08	[Reserved]	38
	 	SECTION
    2.09	Interest	38
	 	SECTION
    2.10	Increased
    Costs, Illegality, etc	39
	 	SECTION
    2.11	Interest
    Act (Canada); Criminal Rate of Interest	40
	 	SECTION
    2.12	Defaulting
    Lender	41
	 	 	 	 

	ARTICLE
    III	Fees
    and Commitment Terminations	42
	 	 	 

	 	SECTION
    3.01	Fees	42
	 	SECTION
    3.02	Mandatory
    Reduction of Commitments	43
	 	 	 	 

	ARTICLE
    IV	Payments	43
	 	 	 

	 	SECTION
    4.01	Voluntary
    Prepayments	43
	 	SECTION
    4.02	Mandatory
    Prepayments	43
	 	SECTION
    4.03	Payment
    of Obligations; Method and Place of Payment	45
	 	SECTION
    4.04	Taxes	46

 

    	 

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	 	SECTION
    4.05	Reserved	49
	 	SECTION
    4.06	Computations
    of Interest and Fees	49
	 	 	 	 

	ARTICLE
    V	Conditions
    Precedent to Loans	50
	 	 	 

	 	SECTION
    5.01	Signing
    Date	50
	 	SECTION
    5.02	Restatement
    Date	 
	 	 	 	 

	ARTICLE
    VI	Guarantee	55
	 	 	 

	 	SECTION
    6.01	Guarantee	55
	 	SECTION
    6.02	Right
    of Contribution	56
	 	SECTION
    6.03	No
    Subrogation	57
	 	SECTION
    6.04	Modification
    of the Entity Guarantor Obligations	57
	 	SECTION
    6.05	Guarantee
    Absolute and Unconditional	58
	 	SECTION
    6.06	Reinstatement	58
	 	SECTION
    6.07	Payments	58
	 	SECTION
    6.08	Taxes	58
	 	SECTION
    6.09	Joint
    and Several (Canada)	58
	 	 	 	 

	ARTICLE
    VII	Representations,
    Warranties and Agreements	58
	 	 	 

	 	SECTION
    7.01	Status	59
	 	SECTION
    7.02	Power
    and Authority	59
	 	SECTION
    7.03	No
    Violation	59
	 	SECTION
    7.04	Litigation,
    Labor Controversies, etc	59
	 	SECTION
    7.05	Use
    of Proceeds; Regulations U and X	59
	 	SECTION
    7.06	Approvals,
    Consents, etc	60
	 	SECTION
    7.07	Investment
    Company Act	60
	 	SECTION
    7.08	Accuracy
    of Information	60
	 	SECTION
    7.09	Financial
    Condition; Financial Statements	61
	 	SECTION
    7.10	Tax
    Returns and Payments	61
	 	SECTION
    7.11	Compliance
    with ERISA; Canadian Pension Plans	62
	 	SECTION
    7.12	Subsidiaries;
    Opcos	63
	 	SECTION
    7.13	Intellectual
    Property; Licenses, etc	63
	 	SECTION
    7.14	Environmental
    Warranties	63
	 	SECTION
    7.15	Ownership
    of Properties	65
	 	SECTION
    7.16	No
    Default	65
	 	SECTION
    7.17	Solvency	65

 

    	ii

    	 

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	 	SECTION
    7.18	Locations
    of Offices, Records and Collateral	65
	 	SECTION
    7.19	Compliance
    with Laws and Permits; Authorizations	65
	 	SECTION
    7.20	No
    Material Adverse Effect	66
	 	SECTION
    7.21	Contractual
    or Other Restrictions	66
	 	SECTION
    7.22	Collective
    Bargaining Agreements	66
	 	SECTION
    7.23	Insurance	66
	 	SECTION
    7.24	Evidence
    of Other Indebtedness	66
	 	SECTION
    7.25	Deposit
    Accounts and Securities Accounts	67
	 	SECTION
    7.26	Absence
    of any Undisclosed Liabilities	67
	 	SECTION
    7.27	Material
    Contracts and Regulatory Matters	67
	 	SECTION
    7.28	Anti-Terrorism
    Laws	67
	 	SECTION
    7.29	Conduct
    of Business	68
	 	SECTION
    7.30	Transactions
    with Affiliates	68
	 	SECTION
    7.31	Pending
    Opco	68
	 	SECTION
    7.32	Credit
    Parties	68
	 	SECTION
    7.33	Holding
    Companies	68
	 	 	 	 

	ARTICLE
    VIII	Affirmative
    Covenants	68
	 	 	 

	 	SECTION
    8.01	Financial
    Information, Reports, Notices and Information	68
	 	SECTION
    8.02	Books,
    Records and Inspections	73
	 	SECTION
    8.03	Maintenance
    of Insurance	73
	 	SECTION
    8.04	Payment
    of Taxes	73
	 	SECTION
    8.05	Maintenance
    of Existence; Compliance with Laws, etc	74
	 	SECTION
    8.06	Environmental
    Compliance	74
	 	SECTION
    8.07	ERISA;
    Canadian Pension Plans	75
	 	SECTION
    8.08	Maintenance
    of Properties	76
	 	SECTION
    8.09	End
    of Fiscal Years; Fiscal Quarters	77
	 	SECTION
    8.10	Additional
    Guarantors and Grantors	77
	 	SECTION
    8.11	Reserved	78
	 	SECTION
    8.12	Use
    of Proceeds	78
	 	SECTION
    8.13	Further
    Assurances	78
	 	SECTION
    8.14	Collateral
    Access Agreements	79
	 	SECTION
    8.15	Bank
    Accounts	79

 

    	iii

    	 

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	 	SECTION
    8.16	Annual
    Lender Meeting	80
	 	SECTION
    8.17	Post-Closing
    Covenants	80
	 	SECTION
    8.18	Sanctions;
    Anti-Corruption Laws	80
	 	SECTION
    8.19	Board
    Observation Rights	80
	 	SECTION
    8.20	Regulatory
    Matters	80
	 	SECTION
    8.21	Opco
    Requirements	80
	 	SECTION
    8.22	Holding
    Companies	81
	 	SECTION
    8.23	Reserved	81
	 	SECTION
    8.24	Pending
    Opcos	81
	 	 	 	 

	ARTICLE
    IX	Negative
    Covenants	82
	 	 	 

	 	SECTION
    9.01	Limitation
    on Indebtedness	82
	 	SECTION
    9.02	Limitation
    on Liens	84
	 	SECTION
    9.03	Consolidation,
    Merger, etc	87
	 	SECTION
    9.04	Permitted
    Dispositions	87
	 	SECTION
    9.05	Investments	89
	 	SECTION
    9.06	Restricted
    Payments	90
	 	SECTION
    9.07	Prepayments
    and Modification of Certain Agreements	91
	 	SECTION
    9.08	Sale
    and Leaseback	91
	 	SECTION
    9.09	Transactions
    with Affiliates	92
	 	SECTION
    9.10	Restrictive
    Agreements, etc	92
	 	SECTION
    9.11	Hedging
    Agreements	93
	 	SECTION
    9.12	Changes
    in Business and Fiscal Year	93
	 	SECTION
    9.13	Financial
    Covenants	93
	 	SECTION
    9.14	Pending
    Opcos	93
	 	SECTION
    9.15	Canadian
    Defined Benefit Plans	94
	 	 	 	 

	ARTICLE
    X	Events
    of Default	94
	 	 	 

	 	SECTION
    10.01	Listing
    of Events of Default	94
	 	SECTION
    10.02	Remedies
    Upon Event of Default	97
	 	 	 	 

	ARTICLE
    XI	The
    Agents	98
	 	 	 

	 	SECTION
    11.01	Appointment	98
	 	SECTION
    11.02	Delegation
    of Duties	99
	 	SECTION
    11.03	Exculpatory
    Provisions	99

 

    	iv

    	 

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	 	Page
	 	 	 	 
	 	SECTION
    11.04	Reliance
    by Agents	99
	 	SECTION
    11.05	Notice
    of Default	100
	 	SECTION
    11.06	Non
    Reliance on Agents and Other Lenders	100
	 	SECTION
    11.07	Indemnification	100
	 	SECTION
    11.08	Agent
    in Its Individual Capacity	101
	 	SECTION
    11.09	Successor
    Agents	101
	 	SECTION
    11.10	Agents
    Generally	101
	 	SECTION
    11.11	Restrictions
    on Actions by Secured Parties; Sharing of Payments	101
	 	SECTION
    11.12	Agency
    for Perfection	102
	 	SECTION
    11.13	Certain
    ERISA Matters	103
	 	 	 	 

	ARTICLE
    XII	Miscellaneous	104
	 	 	 

	 	SECTION
    12.01	Amendments
    and Waivers	104
	 	SECTION
    12.02	Notices
    and Other Communications; Facsimile Copies	105
	 	SECTION
    12.03	No
    Waiver; Cumulative Remedies	105
	 	SECTION
    12.04	Survival
    of Representations and Warranties	105
	 	SECTION
    12.05	Payment
    of Expenses and Taxes; Indemnification	106
	 	SECTION
    12.06	Successors
    and Assigns; Participations and Assignments; Replacement of Lender	107
	 	SECTION
    12.07	Pledge
    of Loans	110
	 	SECTION
    12.08	Adjustments;
    Set-off	110
	 	SECTION
    12.09	Counterparts	110
	 	SECTION
    12.10	Severability	111
	 	SECTION
    12.11	Integration	111
	 	SECTION
    12.12	GOVERNING
    LAW	111
	 	SECTION
    12.13	Submission
    to Jurisdiction; Waivers	111
	 	SECTION
    12.14	Acknowledgments	112
	 	SECTION
    12.15	WAIVERS
    OF JURY TRIAL	112
	 	SECTION
    12.16	Confidentiality	112
	 	SECTION
    12.17	Press
    Releases, etc	114
	 	SECTION
    12.18	Releases
    of Guarantees and Liens	114
	 	SECTION
    12.19	USA
    Patriot Act	114
	 	SECTION
    12.20	No
    Fiduciary Duty	115
	 	SECTION
    12.21	Authorized
    Officers	115
	 	SECTION
    12.22	Judgment
    Currency	115
	 	SECTION
    12.23	Subordination
    of Intercompany Indebtedness	116
	 	SECTION
    12.24	Public
    Lenders	116
	 	SECTION
    12.25	Reserved	117
	 	SECTION
    12.26	Original
    Issue Discount	117
	 	SECTION
    12.27	Tax
    Treatment	117
	 	 	 	 

	ARTICLE
    XIII	ADDITIONAL
    COVENANTS AND AGREEMENTS	117
	 	 	 

	 	SECTION
    13.01	Cannabis
    Laws	117
	 	SECTION
    13.02	Amendment
    and Restatement	117

 

    	v

    	 

    

 

	SCHEDULES	 
	 	 
	Schedule
    1.01	Commitments
	Schedule
    7.04	Litigation
	Schedule
    7.12	Subsidiaries;
    Opcos
	Schedule
    7.13	Intellectual
    Property
	Schedule
    7.14	Environmental
    Matters
	Schedule
    7.15	Real
    Property
	Schedule
    7.18	Principal
    Place of Business/Chief Executive Office
	Schedule
    7.21	Contractual
    or Other Restrictions
	Schedule
    7.22	Collective
    Bargaining Agreements
	Schedule
    7.23	Insurance
	Schedule
    7.24	Existing
    Indebtedness
	Schedule
    7.25	Deposit
    Accounts and Securities Accounts
	Schedule
    7.27(a)	Material
    Contracts
	Schedule
    7.27(b)	Regulatory
    Licenses
	Schedule
    7.27(c)	Opco
    Agreements
	Schedule
    7.29	Sales
    Tracking Software and Accounting Software
	Schedule
    7.30	Transactions
    with Affiliates
	Schedule
    7.33	Holding
    Companies
	Schedule
    8.17	Post-Closing
    Covenants
	Schedule
    9.02	Liens
	Schedule
    9.04	Dispositions
	Schedule
    9.05	Investments
	Schedule
    9.10	Restrictive
    Agreements
	Schedule
    12.02	Addresses
    for Notices
	 	 
	EXHIBITS	 
	 	 
	Exhibit
    A	Form
    of Assignment and Acceptance
	Exhibit
    B	Form
    of Compliance Certificate
	Exhibit
    C	Form
    of Note

 

    	vi

    	 

    

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

THIS
AMENDED AND RESTATED CREDIT AGREEMENT, dated as of May 10, 2021, is among VERANO HOLDINGS CORP., a British Columbia corporation
(the “Parent”), certain Subsidiaries of Parent signatory hereto as a Borrower or hereafter designated as a
Borrower pursuant to Section 8.10 below (collectively with Parent, jointly and severally, the “Borrower”),
the other Persons signatory hereto as Guarantors or hereafter designated as Guarantors pursuant to Section 8.10 below, the lenders
from time to time party hereto (each a “Lender” and, collectively, the “Lenders”),
CHICAGO ATLANTIC ADVISERS, LLC, a Delaware limited liability company (“Chicago Atlantic”), as administrative
agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”)
and Chicago Atlantic, as collateral agent for the Secured Parties (in such capacity, together with its successors and assigns in such
capacity, the “Collateral Agent”, and together with the Administrative Agent, collectively, the “Agents”
and each, an “Agent”).

 

RECITALS

 

WHEREAS,
Verano Holdings, LLC, a Delaware limited liability company (“Verano US”), as borrower, the other Credit Parties
party thereto, the Lenders party thereto and the Agents are parties to that certain Credit Agreement dated as of July 2, 2020 (as amended,
restated or otherwise modified from time to time prior to the Restatement Date, the “Original Credit Agreement”);
and

 

WHEREAS,
on the Restatement Date, Verano US and the other Credit Parties desire, and Agent and Lenders have agreed, to amend and restate the Original
Credit Agreement in its entirety to make certain changes to the terms thereof, join Parent and certain additional Credit Parties as party
thereto and increase the principal amount of loans available thereunder.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree
that, as of the Restatement Date, the Original Credit Agreement shall be amended and restated in its entirety as follows:

 

ARTICLE
I

Definitions

 

SECTION
1.01Defined Terms. As used herein, the following terms shall have the meanings specified in this Section 1.01 unless
the context otherwise requires:

 

“2020
Loans” shall have the meaning set forth in Section 2.01(a)(i).

 

“2021
Loans” shall have the meaning set forth in Section 2.01(a)(ii).

 

“Administrative
Agent” shall have the meaning set forth in the preamble to this Agreement.

 

“Administrative
Questionnaire” shall mean a questionnaire completed by each Lender, in a form approved by the Administrative Agent, in
which such Lender, among other things, (a) designates one or more credit contacts to whom all syndicate-level information (which may
contain material non-public information about the Credit Parties and their Related Parties or their respective securities) will be made
available and who may receive such information in accordance with such Lender’s compliance procedures and Applicable Laws, including
federal and state securities laws and (b) designates an address, facsimile number, electronic mail address and/or telephone number for
notices and communications with such Lender.

 

    	 

     

    

 

“Affiliate”
shall mean, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is
Controlled by or is under common Control with the Person specified; provided that, for purposes of this definition, any Person
which owns directly or indirectly 10% or more of the equity interests having ordinary voting power for the election of directors or other
members of the governing body of a Person or 10% or more of the partnership or other ownership interests of a Person (other than as a
limited partner of such Person) shall be deemed an Affiliate of such Person. Notwithstanding anything to the contrary set forth herein,
neither Agent nor any Lender shall be deemed to be an Affiliate of any Credit Party solely by virtue of complying with the terms and
provisions of, or exercising its rights under, this Agreement and the other Credit Documents.

 

“Agents”
shall have the meaning set forth in the preamble to this Agreement.

 

“Agreement”
shall mean this Credit Agreement, as it may be amended, restated, amended and restated, supplemented or otherwise modified from time
to time.

 

“ALTA”
shall mean the American Land Title Association.

 

“Applicable
Laws” shall mean, as to any Person, any law (including common law), statute, regulation, ordinance, rule, order, policy,
decree, judgment, consent decree, writ, injunction, settlement agreement or governmental requirement enacted, promulgated or imposed
or entered into or agreed by any Governmental Authority or determination of an arbitrator, in each case applicable to or binding on such
Person or any of its property, products, business, assets or operations or to which such Person or any of its property, products, business,
assets or operations is subject.

 

“Applicable
Fiscal Period” means the period of two consecutive fiscal quarters ending at the end of each prescribed fiscal quarter.

 

“Applicable
Rate” shall mean (a) with respect to the 2020 Loans, fifteen and one-quarter percent (15.25%) per annum; and (b) with respect
to the 2021 Loans, nine and three-quarters percent (9.75%) per annum.

 

“Application
Event” shall have the meaning set forth in Section 4.02(d).

 

“Approved
Fund” shall mean any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in
commercial loans and similar extensions of credit in the ordinary course and that is administered, advised or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

 

“Arranger”
shall mean Green Ivy, in its capacity as lead arranger.

 

“Assignment
and Acceptance” shall mean an assignment and acceptance substantially in the form of Exhibit A.

 

“Attributable
Indebtedness” shall mean, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount thereof
that would appear as a liability on a balance sheet of such Person prepared as of such date in accordance with IFRS.

 

    	2

    	 

    

 

“Authorized
Officer” shall mean, with respect to any Credit Party, the president, vice president of finance, the chief executive officer,
the chief financial officer, the chief operating officer, the secretary, the treasurer or any other senior officer of such Credit Party
authorized under the borrowing resolutions of such Credit Party, but, in any event, with respect to financial matters, the vice president
of finance, chief financial officer or treasurer of such Credit Party or such other senior officer of such Credit Party designated as
such by the applicable Credit Party in writing.

 

“Benefited
Lender” shall have the meaning set forth in Section 12.08.

 

“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA,
(b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of
ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee
benefit plan” or “plan”.

 

“Board”
shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor).

 

“Board
of Directors” shall mean the board of directors, board of managers or other equivalent governing body of a Person.

 

“Borrower”
shall have the meaning set forth in the preamble to this Agreement.

 

“Borrower
Materials” shall have the meaning set forth in Section 12.24.

 

“BCSC”
means the British Columbia Securities Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Budget”
shall have the meaning set forth in Section 8.01(f).

 

“Business”
shall mean the business of cultivating, producing, processing, packaging and marketing cannabis products, accessories or services for
distribution and sale and all ancillary activities related to the foregoing.

 

“Business
Day” shall mean any day excluding Saturday, Sunday and any day that shall be in the City of Chicago, Illinois, the City
of Vancouver, British Columbia or the City of Calgary, Alberta a legal holiday or a day on which banking institutions are authorized
by law or other governmental actions to close.

 

“Canadian
Anti-Money Laundering & Anti-Terrorism Legislation” means the Criminal Code, R.S.C. 1985, c. C-46, the Proceeds
of Crime Act and the United Nations Act, R.S.C. 1985, c.U-2 or any similar Canadian legislation, together with all rules, regulations
and interpretations thereunder or related thereto including, without limitation, the Regulations Implementing the United Nations Resolutions
on the Suppression of Terrorism and the United Nations Al-Qaida and Taliban Regulations promulgated under the United Nations Act.

 

“Canadian
Blocked Person” means any Person that is a “designated person”, “politically exposed foreign person”
or “terrorist group” as described in any Canadian Economic Sanctions and Export Control Laws.

 

“Canadian
Cannabis Laws” means the Cannabis Act (Canada), the Cannabis Regulations (Canada), the Excise Act
(Canada) as well as any other Applicable Law enacted or enforced by a Canadian Governmental Authority that governs the production, processing,
sale, distribution, transfer or possession of any cannabis, cannabis accessory, or cannabis service.

 

    	3

    	 

    

 

“Canadian
Credit Party” means any Credit Party that is organized under the laws of Canada or any province or territory thereof.

 

“Canadian
Defined Benefit Plan” means any Canadian Pension Plan which contains a “defined benefit provision” as defined
in subsection 147.1(1) of the Tax Act.

 

“Canadian
Economic Sanctions and Export Control Laws” means any Canadian laws, regulations or orders governing transactions in controlled
goods or technologies or dealings with countries, entities, organizations, or individuals subject to economic sanctions and similar measures,
including the Special Economic Measures Act (Canada), the United Nations Act (Canada), the Freezing Assets of Corrupt
Foreign Officials Act (Canada), Part II.1 of the Criminal Code (Canada) and the Export and Import Permits Act (Canada),
and any related regulations.

 

“Canadian
Entity Guarantor” means any Entity Guarantor that is organized under the laws of Canada or any province or territory thereof.

 

“Canadian
Pension Plan” means each “registered pension plan” (as such term is defined in the Tax Act) and any pension
plan that is subject to federal or provincial pension standards legislation in Canada that is established, maintained or contributed
to by any Credit Party for its Canadian employees or former employees, but shall not include the Canada Pension Plan (CPP) as maintained
by the Government of Canada or the Quebec Pension Plan (QPP) as maintained by the Government of Quebec.

 

“Canadian
Pension Termination Event” means (a) the voluntary full or partial wind up of a Canadian Defined Benefit Plan by any Credit
Party or any Affiliate thereof or initiation of any action or filing to do so; (b) the institution of proceedings by any Governmental
Authority to terminate in whole or in part or have a trustee appointed to administer any Canadian Defined Benefit Plan; or (c) any other
event or condition which would reasonably be expected to result in the termination of, winding up or partial termination of, or the appointment
of trustee to administer, any Canadian Defined Benefit Plan.

 

“Canadian
Security Agreement” means, collectively, (i) the Canadian security agreement, in form and substance reasonably satisfactory
to the Collateral Agent, between Parent, as guarantor, and the Collateral Agent, (ii) any other Canadian security agreement entered into
from time to time, in form and substance reasonably satisfactory to Collateral Agent, among any Canadian Entity Guarantor and any other
Credit Party party thereto, as guarantors, and Collateral Agent and (iii) any deed of hypothec entered into from time to time, in form
and substance reasonably satisfactory to Collateral Agent, among any Canadian Entity Guarantor and any other Credit Party party thereto,
as grantors, and Agent, as the Hypothecary Representative, or any one of them as the context requires.

 

“Canadian
Statutory Lien” means a deemed trust or lien under applicable Canadian federal, provincial or territorial law securing
claims for any unpaid wages, vacation pay, worker’s compensation, unemployment insurance, pension plan contributions, pension solvency
deficiency, employee source or non-resident withholding tax deductions, unremitted goods and services, harmonized sales, sales or other
excise taxes or similar statutory obligations (secured by a deemed trust or lien), each of which are not overdue or are being contested
in good faith by a Credit Party.

 

“Capital
Expenditures” shall mean, for any specified period, the sum of, without duplication, all expenditures made, directly or
indirectly, by such Person during such period, determined on a consolidated basis in accordance with IFRS, that are or should be reflected
as additions to property, plant or equipment or similar items reflected in the consolidated statement of cash flows and balance sheet
of such Person, or have a useful life of more than one year.

 

    	4

    	 

    

 

“Capital
Stock” shall mean any and all shares, interests, participations, units or other equivalents (however designated) of capital
stock of a corporation, membership interests in a limited liability company, partnership interests of a limited partnership, any and
all equivalent ownership interests in a Person and any and all warrants, rights or options to purchase any of the foregoing.

 

“Capitalized
Lease Obligations” shall mean, as applied to any Person, all obligations under Capitalized Leases of such Person or any
of its Subsidiaries, in each case taken at the amount thereof accounted for as liabilities on the balance sheet (excluding the footnotes
thereto) of such Person in accordance with IFRS.

 

“Capitalized
Leases” shall mean, as applied to any Person, all leases of property that have been or should be, in accordance with IFRS,
recorded as capitalized leases on the balance sheet of such Person or any of its Subsidiaries, on a consolidated basis; provided
that, for all purposes hereunder, the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as
a liability on the balance sheet (excluding the footnotes thereto) of such Person in accordance with IFRS.

 

“Cash
Equivalents” shall mean:

 

(a)
any direct obligation of (or unconditional guarantee by) the United States or Canada (or any agency or political subdivision thereof,
to the extent such obligations are supported by the full faith and credit of the United States or Canada) maturing not more than one
year after the date of acquisition thereof;

 

(b)
commercial paper maturing not more than one year from the date of issue and issued by a corporation (other than an Affiliate of any Credit
Party) organized under the laws of any state of the United States or of the District of Columbia or of Canada or of any province or territory
thereof and, at the time of acquisition thereof, rated A-2 or higher by S&P or P-2 or higher by Moody’s, or carrying an equivalent
rating by an American or Canadian nationally recognized rating agency if at any time neither S&P or Moody’s shall be rating
such obligations;

 

(c)
any certificate of deposit, time deposit or bankers acceptance, maturing not more than one year after its date of issuance, which is
issued by a bank organized under the laws of the United States (or any state thereof) or of Canada (or of any province or territory thereof)
which has, at the time of acquisition thereof, (i) a credit rating of A-2 or higher from Moody’s or A or higher from S&P and
(ii) a combined capital and surplus greater than $500,000,000;

 

(d)
cash and demand deposits maintained with the domestic office of any commercial bank organized under the laws of the United States of
America or any State or Canada which has a combined capital and surplus and undivided profits of not less than $500,000,000;

 

(e)
any repurchase agreement having a term of thirty (30) days or less entered into with any Lender or any commercial banking institution
satisfying, at the time of acquisition thereof, the criteria set forth in clause (c)(i) which (i) is secured by a fully perfected security
interest in any obligation of the type described in clause (a), and (ii) has a market value at the time such repurchase agreement is
entered into of not less than 100% of the repurchase obligation of such commercial banking institution thereunder; and

 

    	5

    	 

    

 

(f)
mutual funds investing primarily in assets described in clauses (a) through (d) of this definition.

 

“Casualty
Event” shall mean the damage, destruction or condemnation, as the case may be, of property of any Person or any of its
Subsidiaries.

 

“CERCLA”
shall mean the Comprehensive Environmental Response, Compensation and Liability Act of 1980.

 

‎”Change
in Accounting Principles” shall mean the Borrower’s written notice to the ‎Administrative Agent that the accounting
policies and reporting practices of Parent and its Subsidiaries will be conducted in accordance with GAAP instead of IFRS and that such
change is permitted by Applicable Law.‎

 

“Change
in Cannabis Law” means any change after the Restatement Date in Applicable Law, including Canadian Cannabis Law, U.S. Federal
Cannabis Law and U.S. State Cannabis Law, that would (a) make it unlawful, or that any Governmental Authority formally asserts that it
is unlawful, for any Agent or Lender to (i) perform any of its obligations hereunder or under any other Credit Document, or (ii) to fund
or maintain the Loans, or (b) result in the activities conducted by any Credit Party being Restricted Cannabis Activities.

 

“Change
in Law” shall mean (a) the adoption of any law, rule, regulation or treaty after the date of this Agreement, (b) any change
in any law, rule, regulation or treaty or in the interpretation, implementation or application thereof by any Governmental Authority
after the date of this Agreement or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the
force of law) by any Governmental Authority after the date of this Agreement; provided that notwithstanding anything herein to
the contrary, (x) the Dodd Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives issued
thereunder or in connection therewith and (y) all requests, rules, 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
day enacted, adopted, issued or implemented.

 

“Change
of Control” shall mean (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person,
of Capital Stock representing more than 30% of the aggregate ordinary voting power represented by the issued and outstanding Capital
Stock of Parent on a fully-diluted basis; (b) except as otherwise permitted by Section 9.03, Section 9.04(c) or Section 9.04(r), Parent
shall cease to own directly or indirectly, beneficially and of record, 100% of the Capital Stock of each Credit Party (other than Parent)
that Parent owned as of the Restatement Date (or, with respect to any Credit Party that joins this Agreement after the Restatement Date,
as of the effective date of such joinder) free and clear of all Liens or other encumbrances (other than Liens created pursuant to or
permitted under any Credit Document); provided that a Change of Control pursuant to this clause (b) shall not be deemed to occur
if (i)(A) with respect to any Credit Party that becomes an Opco pursuant to a transaction otherwise permitted under this Agreement, Parent
Controls such Opco through an Opco Management Agreement and the requirements set forth in Section 8.21 with respect to such Opco have
been satisfied and the Collateral Agent maintains a valid, perfected Lien in all Collateral related to such Opco to the same extent such
Collateral had been perfected prior to giving effect to such transaction or (B) such Capital Stock was required to be transferred or
disposed of in order for Parent or its Subsidiaries, as applicable, to be in compliance with Applicable Law so long as the Net Disposition
Proceeds from such Disposition are applied as required by Section 4.02(a)(ii); or (ii) the Parent’s ownership of the Capital Stock
of DGV Group, LLC may be reduced in accordance with the terms of its Organization Documents in effect as of the Restatement Date; or
(c) the Person that serves as chief executive officer of Parent on the Restatement Date ceases to be a member of the Board of Directors
of Parent unless a successor to such position reasonably acceptable to Administrative Agent has been appointed within thirty (30) days
or such later date as the Administrative Agent agrees in writing in its sole discretion.

 

    	6

    	 

    

 

“Chicago
Atlantic” shall have the meaning set forth in the preamble to this Agreement.

 

“Claims”
shall have the meaning set forth in the definition of Environmental Claims.

 

“Closing
Date Joint Ventures” shall mean those certain joint venture interests owned by [***]

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time, and the Treasury Regulations promulgated and rulings issued
thereunder.

 

“Collateral”
shall mean any assets of any Credit Party or other assets upon which the Collateral Agent has been, or has purportedly been, granted
a Lien in connection with this Agreement.

 

“Collateral
Access Agreements” shall mean a collateral access agreement in form and substance reasonably satisfactory to the Collateral
Agent between Collateral Agent and any lessor, warehouseman, processor, bailee, consignee, or other Person in possession of, having a
Lien upon, or having rights or interests in, any Credit Party’s books and records or assets.

 

“Collateral
Agent” shall have the meaning set forth in the preamble to this Agreement.

 

“Collateral
Assignee” shall have the meaning set forth in Section 12.06(d) of this Agreement.

 

‎”Collateral
Assignment” shall mean any agreement executed by a Credit Party in ‎favor of Collateral Agent pursuant to which such
Credit Party collaterally assigns to Collateral ‎Agent all of its rights, title, and interests under any Opco Agreements to which
it is a ‎party, in each case in form and substance reasonably satisfactory to Collateral Agent and as such ‎agreement may be
amended, restated, supplemented, replaced or otherwise modified from time ‎to time.‎

 

“Collections”
shall mean all cash, checks, credit card slips or receipts, notes, instruments, and other items of payment (including insurance proceeds,
proceeds of cash sales, rental proceeds, and tax refunds) of the Credit Parties.

 

“Commitment”
shall mean the obligation of the Lenders to make the Loans hereunder, in each case in the Dollar amounts set forth beside such Lender’s
name under the applicable heading on Schedule 1.01 attached hereto or in the Assignment and Acceptance pursuant to which such
Lender became a Lender under this Agreement, as such amounts may be changed from time to time pursuant to the terms of this Agreement.

 

“Commitment
Percentage” shall mean, as to any Lender providing a portion of a Loan, the ratio, expressed as a percentage, (a) the numerator
of which is the outstanding principal amount of such Lender’s portion of such Loan, and (b) the denominator of which is the aggregate
outstanding principal amount of such Loan.

 

“Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
statute.

 

    	7

    	 

    

 

“Communications”
means, collectively, any notice, demand, communication, information, document or other material that any Credit Party provides to the
Administrative Agent pursuant to any Credit Document or the transactions contemplated therein which is distributed to the Administrative
Agent or any Lender by means of electronic communications pursuant to Section 12.24, including through the Platform.

 

“Competitor”
means the Persons that are operating company competitors of the Credit Parties or their holding company parents and the Affiliates of
such Persons (other than affiliates that are bona fide debt funds or fixed income investors).

 

“Compliance
Certificate” shall mean a certificate duly completed and executed by an Authorized Officer of Borrower substantially in
the form of Exhibit B, together with such changes thereto or departures therefrom as the Administrative Agent may from time to
time reasonably request or approve for the purpose of monitoring the Credit Parties’ compliance with the financial covenants contained
herein or certain other calculations, or as otherwise agreed to by the Administrative Agent.

 

“Confidential
Information” shall have the meaning set forth in Section 12.16.

 

“Connection
Income Taxes” shall mean Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes.

 

“Consolidated
Companies” shall mean Parent and its Subsidiaries on a consolidated basis in accordance with IFRS.

 

‎”Consolidated
EBITDA” shall mean, for a specified period, an amount determined for the Consolidated Companies, equal to:

 

(a)
Consolidated Net Income, plus;

 

(b)
to the extent reducing Consolidated Net Income, the sum of, without duplication, amounts for:

 

(i)
Consolidated Interest Expense,

 

(ii)
Taxes paid in cash by such Person (provided that, if there is a Tax refund received in such period, the amount thereof shall be
deducted from Consolidated Net Income for purposes of calculating Consolidated EBITDA),

 

(iii)
total depreciation expense,

 

(iv)
total amortization expense,

 

(v)
fees, charges and expenses incurred in connection with the consummation of the Transactions on or prior to the Restatement Date,

 

(vi)
non-cash charges reducing Consolidated Net Income (excluding any such non-cash item to the extent that it represents an accrual or reserve
for potential cash items in any future period or amortization of a prepaid cash item that was paid in a prior period) including non-cash
compensation expense in respect of stock option plans,

 

    	8

    	 

    

 

(vii)
any cash expenses or losses from disposal of abandoned, transferred, closed or discontinued operations to the extent such disposal is
permitted hereunder,

 

(viii)
fees and expenses incurred in connection with Permitted Acquisitions in an aggregate amount not exceeding five percent (5%) of Consolidated
EBITDA during any period of four fiscal quarters (calculated before giving effect to any addbacks in this clause (viii)),

 

(ix)
reserved,

 

(x)
any costs or expenses for such period related to issuance of equity interests, Investments, or Dispositions, in each case to the extent
permitted under this Agreement, and any costs or expenses for such period related to any Extraordinary Receipts or the incurrence, extension,
renewal, refinancing, repayment, prepayment or exchange of Indebtedness, in each case, permitted to be incurred hereunder; provided,
that the aggregate amount permitted to be added back pursuant to this clause (x) shall not exceed $1,000,000 during any period of four
fiscal quarters (calculated before giving effect to any addbacks in this clause (x), and

 

(xi)
any expenses, charges and losses (less any gains or positive adjustments) accrued during such period due to the effects of purchase accounting,
as set forth in the Financial Accounting Standards Board Accounting Standards Code Topic 805, Business Combinations,

 

(c)
minus, to the extent increasing Consolidated Net Income, the sum of, without duplication, amounts for:

 

(i)
other non-cash gains increasing Consolidated Net Income for such period (excluding any such non-cash item to the extent it represents
the reversal of an accrual or reserve for potential cash item in any prior period),

 

(ii)
any income or gains from disposal of disposed, abandoned, transferred, closed or discontinued operations, and

 

(iii)
to the extent not deducted in determining such Consolidated Net Income, all cash payments during such period on account of reserves and
other non-cash charges added to Consolidated Net Income after the Restatement Date pursuant to clause (b)(vi).

 

Notwithstanding
the foregoing, for all purposes of this Agreement, Consolidated EBITDA for each of the fiscal quarters set forth below shall be deemed
to equal the amount set forth below for such fiscal quarter:

 

	Fiscal
    Quarter Ending	 	Consolidated
    EBITDA	 
	March
    31, 2020	 	$	45,966,770	 
	June 30, 2020	 	$	53,442,730	 
	September 30, 2020	 	$	125,936,174	 
	December 31, 2020	 	$	129,570,809	 

 

“Consolidated
Fixed Charge Coverage Ratio” means, with respect to the Consolidated Companies as of each applicable date of determination:
(a) Consolidated EBITDA for the Applicable Fiscal Period, less the sum of (i) all Capital Expenditures made by the Consolidated
Companies in the Applicable Fiscal Period plus (ii) all cash Taxes paid by the Consolidated Companies in the Applicable Fiscal
Period (without benefit of any refund), divided by (b) the sum of (i) all cash distributions paid, and other distributions made,
by the Consolidated Companies (other than such distributions made by a Consolidated Company to another Consolidated Company) during the
Applicable Fiscal Period, plus (ii) the aggregate principal amount of the Indebtedness of the Consolidated Companies that was
paid or scheduled to be paid during the Applicable Fiscal Period plus (iii) the aggregate of amount of the interest expense of
the Consolidated Companies paid during the Applicable Fiscal Period, all determined in accordance with IFRS, consistently applied.

 

    	9

    	 

    

 

“Consolidated
Interest Expense” shall mean, for the Consolidated Companies, the sum of: (a) all interest in respect of Indebtedness (including,
without limitation, the interest component of any payments in respect of Capitalized Lease Obligations of the Consolidated Companies)
accrued or capitalized during such period (whether or not actually paid during such period), less interest income during such period,
plus (b) the net amount payable (or minus the net amount receivable) in respect of Hedging Obligations of the Consolidated Companies
relating to interest during such period (whether or not actually paid or received during such period).

 

“Consolidated
Net Income” shall mean, for any specified period, the consolidated net income (or deficit) of the Consolidated Companies,
in each case, after eliminating therefrom all extraordinary nonrecurring items of income or loss; provided that there shall be
excluded, in determining Consolidated Net Income (without duplication): (i) the consolidated net income (or deficit) of any Person in
which any Person has a joint interest, except to the extent of the amount of dividends or other distributions actually paid in cash to
any of the Consolidated Companies by such Person during such specified period, (ii) the income (or loss) of any Person accrued prior
to the date it becomes a consolidated Subsidiary of any of the Consolidated Companies or is merged into or consolidated with any of the
Consolidated Companies or such Person’s assets are acquired by any of the Consolidated Companies, (iii) the income of any consolidated
Subsidiary of any of the Consolidated Companies to the extent that the declaration or payment of dividends or other distributions by
that consolidated Subsidiary of that income is not at the time permitted by operation of the terms of any Contractual Obligation or Applicable
Law applicable to that consolidated Subsidiary, (iv) any gain attributable to the write-up of any asset and any loss attributable to
the write-down of any asset; (v) any net gain from the collection of the proceeds of life insurance policies; (vi) any net gain or loss
arising from the acquisition of any securities, or the extinguishment, under IFRS, of any Indebtedness of any of the Consolidated Companies,
(vii) in the case of a successor to any consolidated Subsidiary of any of the Consolidated Companies by consolidation or merger or as
a transferee of its assets, any earnings of such successor prior to such consolidation, merger or transfer of asset (unless such successor
was a consolidated Subsidiary of any of the Consolidated Companies prior to such consolidation, merger or transfer), (viii) any deferred
credit representing the excess of equity in any consolidated Subsidiary of any of the Consolidated Companies at the date of acquisition
of such consolidated Subsidiary over the cost to the Consolidated Companies of the investment in such Subsidiary, (ix) the cumulative
effect of any change in IFRS during such period, and (x) any non-cash income (or loss) related to hedging activities.

 

“Contingent
Liability” shall mean, for any Person, any agreement, undertaking or arrangement by which such Person guarantees, endorses
or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment,
to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the Indebtedness of any other
Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions
upon the Capital Stock of any other Person. The amount of any Person’s obligation under any Contingent Liability shall (subject
to any limitation set forth therein) be deemed to be the outstanding principal amount of the debt, obligation or other liability guaranteed
thereby.

 

“Contractual
Obligation” shall mean, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound other than the Obligations.

 

    	10

    	 

    

 

“Control”
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. The terms “Controlling” and
“Controlled” have meanings correlative thereto.

 

“Control
Agreement” shall mean a pledge, collateral assignment, control agreement or bank consent letter, in form and substance
reasonably satisfactory to the Collateral Agent, executed and delivered by the applicable Credit Party, the Collateral Agent, and the
applicable securities intermediary or bank, which agreement is sufficient to give the Collateral Agent “control” over each
of such Credit Party’s securities accounts, deposit accounts or investment property, as the case may be, as the same may be amended,
restated, supplemented or otherwise modified from time to time.

 

“Copyright
Security Agreements” shall mean any and all copyright security agreements entered into by the Credit Parties in favor of
Collateral Agent (as required by the Agreement or any other Credit Document), in each case, as the same may be amended, restated, supplemented
or otherwise modified from time to time.

 

“Credit
Documents” shall mean (a) this Agreement, the Security Documents, any Notes, the Individual Reaffirmation Agreement, any
fee letter, any subordination or intercreditor agreements in favor of any Agent with respect to this Agreement and (b) any other document
or agreement executed by any Credit Party, Individual Guarantor or Opco Mortgagor, or by Borrower on behalf of the Credit Parties, the
Individual Guarantors or the Opco Mortgagors, or any of them, and delivered to any Agent or Lender in connection with any of the foregoing
or the Obligations, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time. For the
avoidance of doubt, the Credit Documents shall not include any Hedging Agreements.

 

“Credit
Parties” shall mean, collectively, Borrower and the Entity Guarantors, and “Credit Party” shall
mean any of the Credit Parties, individually.

 

“Credit
Party Permitted Acquisition” means a Permitted Acquisition consummated by a Credit Party.

 

“Default”
shall mean any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Defaulting
Lender” shall mean any Lender that: (a) has failed, within two (2) Business Days of the date required to be funded or paid,
to (i) fund any portion of its Commitment, (ii) pay over to either Agent or any Lender any other amount required to be paid by it hereunder,
unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of
such Lender’s good faith determination that a condition precedent to funding (specifically identified and including a particular
Default or Event of Default, if any) has not been satisfied; (b) has notified Borrower or the Administrative Agent in writing, or has
made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement
(unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a
condition precedent (specifically identified and including a particular Default or Event of Default, if any) to funding a Loan under
this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit; (c) has failed, within
two (2) Business Days after request by the Administrative Agent, acting in good faith, to provide a certification in writing from an
authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund
prospective Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause
(c) upon the Administrative Agent’s receipt of such certification in form and substance satisfactory to the Administrative Agent
or (d) has become the subject of an Insolvency Event.

 

    	11

    	 

    

 

“Default
Rate” shall mean a rate per annum equal to the applicable rate described in Section 2.09(a) plus three percent (3.00%)
per annum (except with respect to any Material Event of Default, in which case such additional amount shall be ten percent (10.00%) per
annum).

 

“Designated
Jurisdiction” means any country or territory to the extent that such country or territory is the subject of any Sanction.

 

“Disposition”
shall mean, with respect to any Person, any sale, transfer, lease, contribution or other conveyance (including by way of merger) of,
or the granting of options, warrants or other rights to, any of such Person’s or their respective Subsidiaries’ assets (including
Capital Stock of Subsidiaries) to any other Person in a single transaction or series of transactions.

 

‎‎”Disqualified
Capital Stock” shall mean any Capital Stock that, by its terms (or by the terms of any security or other Capital Stock
into which it is convertible or for which it is exchangeable) or upon the happening of any event or condition, (a) matures or is mandatorily
redeemable (other than solely for Qualified Capital Stock after the Secured Parties are paid in full), pursuant to a sinking fund obligation
or otherwise, (b) is redeemable at the option of the holder thereof (other than solely for Qualified Capital Stock or in connection with
a transaction that would constitute an Event of Default under Section 10.01(k) hereof after the Secured Parties are paid in full),
in whole or in part, (c) provides for the scheduled payment of dividends in cash or (d) is or becomes convertible into or exchangeable
for Indebtedness or any other Capital Stock that would constitute Disqualified Capital Stock, in each case, prior to the date that is
one hundred and eighty (180) days after the latest Maturity Date; provided that, if such Capital Stock is issued pursuant to a
plan for the benefit of employees of Borrower or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not
constitute Disqualified Capital Stock solely because it may be required to be repurchased by Borrower or its Subsidiaries in order to
satisfy applicable statutory or regulatory obligations.

 

“Dollars”
and “$” shall mean dollars in lawful currency of the United States of America.

 

“EDGAR”
means the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis, and Retrieval system.

 

“Entity
Guarantors” shall mean (a) Parent and each direct or indirect Subsidiary of Parent ((i) including each Borrower of all
other Borrowers’ Obligations, and (ii) excluding any Immaterial Subsidiary), (b) Miscellaneous Other Credit Parties, and (c) any
other Person (other than an Individual Guarantor or Opco Mortgagor) that provides a guarantee for the payment and performance of the
Obligations pursuant to an agreement reasonably acceptable to the Administrative Agent after the Signing Date pursuant to Section
8.10.

 

“Environmental
Claims” shall mean any and all administrative, regulatory or judicial actions, suits, demands, demand letters, claims,
liens, notices of noncompliance or violation, investigations (other than internal reports prepared by the Credit Parties (a) in the ordinary
course of such Person’s business or (b) as required in connection with a financing transaction or an acquisition or disposition
of real estate) or proceedings relating to any Environmental Law or any permit issued, or any approval given, under any such Environmental
Law (“Claims”), including (i) any and all Claims by Governmental Authorities for enforcement, cleanup, removal,
response, remedial or other actions or damages pursuant to any applicable Environmental Law and (ii) any and all Claims by any third
party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from the Release or
threatened Release of Hazardous Materials or arising from alleged injury or threat of injury to health or safety (to the extent relating
to the exposure to Hazardous Materials) or the environment.

 

    	12

    	 

    

 

“Environmental
Law” shall mean any applicable federal, state, provincial, territorial, foreign or local statute, law, rule, regulation,
ordinance, code and rule of common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative
interpretation thereof, including any binding judicial or administrative order, consent decree or judgment, relating to the protection
of the environment or human health or safety (to the extent relating to exposure to Hazardous Materials).

 

“Equivalent
Amount” shall mean, on any date of determination, with respect to obligations or valuations denominated in one currency
(the “first currency”), the amount of another currency (the “second currency”) which would result from the conversion
of the relevant amount of the first currency into the second currency at the 12:00 noon rate quoted by Bloomberg on www.bloomberg.com/markets/currencies/fxc.html
(Page BOFC or such other Page as may replace such Page for the purpose of displaying such exchange rates) on such date or, if such date
is not a Business Day, on the Business Day immediately preceding such date of determination, or such other rate as may have been agreed
to in writing between Borrower and the Administrative Agent.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.
Section references to ERISA are to ERISA as in effect at the date of this Agreement and any subsequent provisions of ERISA amendatory
thereof, supplemental thereto or substituted therefor.

 

“ERISA
Affiliate” shall mean each Person (as defined in Section 3(9) of ERISA), as to which any Credit Party or any Subsidiary
of any Credit Party, is, or within the last six (6) years was, treated as a “single employer” (i) within the meaning of Section
414(b), (c) of the Code (and sections 414(m) and (o) of the Code for purposes of provisions relating to section 412 of the Code and section
302 of ERISA) or (ii) as a result of any Credit Party or any Subsidiary of any Credit Party being or having been a general partner of
such Person.

 

“Event
of Default” shall have the meaning set forth in Article X.

 

“Excluded
Accounts” means (i) deposit accounts used solely to fund payroll or employee benefits, (ii) escrow or trust accounts, (iii)
zero balance accounts and (iv) those deposit accounts noted as “Excluded Account (<25%)” on Schedule 7.25 as of
the Signing Date.

 

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

 

“Excluded
Issuances” shall mean (a) the issuance of Capital Stock (other than Disqualified Capital Stock) by Borrower to members
of the management, employees or directors of any Credit Party; (b) the issuance of Capital Stock of Borrower (other than Disqualified
Capital Stock) upon the exercise of any warrants issued by Borrower on or prior to the Restatement Date; (c) the issuance of Capital
Stock by Parent (other than Disqualified Capital Stock) so long as such issuance of Capital Stock by Parent does not result in a Change
of Control; and (d) the issuance of Capital Stock by a Subsidiary (other than Disqualified Capital Stock) to a Credit Party so long as
such issuance of Capital Stock by such Subsidiary does not result in a Change of Control.

 

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“Excluded
Property” shall the meaning provided for such term in the Security Agreement.

 

“Excluded
Taxes” shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or,
in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable
to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the
date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by Borrower
under Section 12.06) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section
4.04, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became
a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure
to comply with Section 4.04(f), (d) any U.S. and (in the case of any payment made by a Canadian Credit Party) Canadian federal
withholding Taxes imposed under FATCA; and (e) Canadian federal withholding Taxes imposed upon a Recipient as a result of such Recipient
(i) not dealing at “arm’s length” (within the meaning of the Tax Act), with the Borrower, or (ii) being a “specified
shareholder” (within the meaning of subsection 18(5) of the Tax Act) of the Borrower or not dealing at “arm’s length”
(within the meaning of the Tax Act) with a “specified shareholder” (within the meaning of subsection 18(5) of the Tax Act)
of the Borrower, except, in the case of (i) or (ii), where the non-arm’s length relationship arises, or where the Recipient is
(or is deemed to be) a specified non-resident shareholder of the Borrower or does not deal at arm’s length with a specified shareholder
of the Borrower, on account of the Recipient having executed, delivered, become a party to, performed its obligations under, received
payments under, received or perfected a security interest under, or enforced this Agreement or any other Credit Document.

 

“Extraordinary
Receipts” shall mean any cash received by or paid to or for the account of any Consolidated Company not in the ordinary
course of business, including, without limitation: (a) proceeds of judgments, proceeds of settlements or other consideration of any kind
in connection with any cause of action to the extent not used to pay any corresponding cause of action or to reimburse a Consolidated
Company for amounts previously expended, (b) indemnification payments received by any Consolidated Company to the extent not used or
anticipated to be used to pay any corresponding liability or reimburse such Consolidated Company for the payment of any such liability,
(c) tax refunds, and (d) pension plan reversions, net of Taxes paid or payable with respect to such amounts.

 

“FATCA”
shall mean 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 Treasury Regulations thereunder or official interpretations
thereof, any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described
above), and any intergovernmental agreements (together with any Applicable Laws implementing such agreements) implementing the foregoing.

 

“Fees”
shall mean all amounts payable pursuant to, or referred to in, Section 3.01.

 

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“Federal
Funds Rate” shall mean, for any period, a fluctuating per annum interest rate (rounded upwards, if necessary, to the nearest
1/100 of one percentage point) equal for each day during such period to the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System, as published for such day (or, if such day is not a Business Day, for the immediately
preceding Business Day) by the Federal Reserve Bank of New York, or if such rate is not so published for any day that is a Business Day,
the average of the quotations for such day on such transactions received by the Administrative Agent from three federal funds brokers
of recognized standing selected by the Administrative Agent.

 

“Financial
Performance Covenants” shall mean the covenants set forth in Section 9.13.

 

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

 

“Foreign
Plan” means any employee pension benefit plan, program, policy, ‎arrangement or agreement maintained or contributed
to by any Credit Party or any Subsidiary with ‎respect to employees not employed in the United States (other than any governmental
‎arrangement) or Canada.‎

 

“[***]”
shall mean the real property and improvements located at [***]

 

“Funded
Debt” shall mean, as of any date of determination, all then outstanding Indebtedness of the Credit Parties, of the type
described in clauses (a), (b), (d), (f), (g) and (h) of the defined term “Indebtedness”.

 

“GAAP”
shall mean generally accepted accounting principles in the United States of America set forth from time to time in the opinions and pronouncements
of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession),
including the FASB Accounting Standards CodificationTM, which are applicable to the circumstances as of the date of determination,
subject to Section 1.03.

 

“Governmental
Authority” shall mean the government of the United States, Canada any foreign country or any multinational or supranational
authority, or any state, province, territory, commonwealth, protectorate or political subdivision thereof, and any entity, body or authority
exercising executive, legislative, taxing, judicial, regulatory or administrative functions of or pertaining to government, including,
without limitation, the PBGC, Health Canada and other administrative bodies or quasi-governmental entities established to perform the
functions of any such agency or authority.

 

‎“[***]”
shall mean an acquisition by a Credit Party or Pending Opco of all ‎of the Capital Stock of [***], an Illinois limited liability
company, d/b/a ‎[***], pursuant to that certain Amended and Restated Membership Interest Purchase Agreement dated April 5,
2021, by and between [***], a Delaware limited liability company as buyer, [***], an Illinois limited liability company,
d/b/a [***] as company and selling party, the members of such company as selling parties and [***] as member representative,
so long as immediately before and after giving effect thereto, no Event of ‎Default or Material Default shall have occurred and be
continuing.‎

 

“Green
Ivy” shall mean Green Ivy Capital, LLC, a Delaware limited liability company.

 

    	15

    	 

    

 

“Guarantee
Obligations” shall mean, as to any Person, any Contingent Liability of such Person or other obligation of such Person guaranteeing
or intended to guarantee any Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly
or indirectly, including any obligation of such Person, whether or not contingent, (a) to purchase any such Indebtedness or any property
constituting direct or indirect security therefor, (b) to advance or supply funds (i) for the purchase or payment of any such Indebtedness
or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the
primary obligor, (c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such Indebtedness
of the ability of the primary obligor to make payment of such Indebtedness or (d) otherwise to assure or hold harmless the owner of such
Indebtedness against loss in respect thereof; provided that the term “Guarantee Obligations” shall not
include endorsements of instruments for deposit or collection in the ordinary course of business and consistent with past practice (unless
a departure from past practice coincides with an industry-wide departure from past practice or results from a new technological development
or custom) or customary and reasonable indemnity obligations in effect on the Restatement Date, entered into in connection with any acquisition
or disposition of assets permitted under this Agreement (other than with respect to Indebtedness). The amount of any Guarantee Obligation
shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such Guarantee Obligation
is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required
to perform thereunder) as determined by such Person in good faith and reasonable business judgment.

 

“Guarantor
Obligations” shall have the meaning set forth in Section 6.01(a).

 

“Guarantors”
shall mean, collectively, jointly and severally, the Entity Guarantors, the Individual Guarantors and the Opco Mortgagors.

 

“Hazardous
Materials” shall mean (a) any petroleum or petroleum products, radioactive materials, friable asbestos, urea formaldehyde
foam insulation, transformers or other equipment that contain dielectric fluid containing regulated levels of polychlorinated biphenyls,
and radon gas; (b) any chemicals, materials or substances defined as or included in the definition of “waste”, “recycled
materials”, “sludge”, “hazardous substances”, “hazardous waste”, “hazardous materials”,
“extremely hazardous waste”, “restricted hazardous waste”, “toxic substances”, “toxic pollutants”,
“contaminants”, or “pollutants”, or words of similar import, under any applicable Environmental Law; and (c)
any other chemical, waste, recycled material, material or substance, which is prohibited, limited or regulated by any Environmental Law.

 

“Hedging
Agreement” shall mean (a) any and all agreements or documents not entered into for speculative purposes that provide for
an interest rate, credit, commodity or equity swap, cap, floor, collar, forward foreign exchange transaction, currency swap, cross currency
rate swap, currency option, or any combination of, or option with respect to, these or similar transactions, for the purpose of hedging
exposure to fluctuations in interest or exchange rates, loan, credit exchange, security, or currency valuations or commodity prices,
and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed
by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange
Master Agreement or any other master agreement including any such obligations or liabilities under any such master agreement.

 

“Hedging
Obligations” shall mean, with respect to any Person, the obligations of such Person under Hedging Agreements.

 

“Holding
Company” shall mean each Subsidiary of Parent or any other Credit Party set forth on Schedule 7.33.

 

“Hypothecary
Representative” shall have the meaning set forth in Section 11.

 

“IFRS”
shall mean the International Financial Reporting Standards set forth in the opinions and pronouncements of the Canadian Accounting Standards
Board, consistently applied.

 

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“Immaterial
Subsidiary” means, at any time, any Subsidiary that (a) contributed 10% or less of Consolidated EBITDA for the most recently
ended period of four consecutive fiscal quarters for which recent financial statements were delivered (or required to be delivered) pursuant
to Section 8.01(b), or (b) had assets representing 10% or less of the total consolidated assets of the Consolidated Companies as of the
last day of the most recently fiscal quarter for which recent financial statements were delivered (or required to be delivered) pursuant
to Section 8.01(b); provided, however, if at any time and from time to time after the Restatement Date, Immaterial
Subsidiaries comprise in the aggregate more than 25% of Consolidated EBITDA for the most recently ended period of four consecutive fiscal
quarters for which recent financial statements were delivered (or required to be delivered) pursuant to Section 8.01(b), or more than
25% of the consolidated assets of the Consolidated Companies as of the last day of the most recently fiscal quarter for which recent
financial statements were delivered (or required to be delivered) pursuant to Section 8.01(b), then the Borrower shall, not later than
thirty (30) days after the date by which financial statements for such period are required to be delivered pursuant to Section 8.01(b),
(x) designate in writing to the Administrative Agent that one or more of such Subsidiaries is no longer an Immaterial Subsidiary for
purposes of this Agreement to the extent required such that the foregoing condition ceases to be true and (y) comply with the provisions
of Section 8.10 applicable to such Subsidiaries. The Borrower may from time to time designate any Subsidiary (including a newly-created
or newly-acquired Subsidiary from time to time, but excluding any Subsidiary that was a Credit Party as of the Signing Date or at any
time thereafter) as an Immaterial Subsidiary by delivering to the Administrative Agent a certificate of an Authorized Officer making
such designation and certifying that (x) such Subsidiary meets the requirements set forth in this definition and (y) immediately after
giving effect to such designation, no Default or Event of Default shall have occurred and be continuing.

 

‎‎‎”Indebtedness”
shall mean, as to any Person at a particular time, without duplication, whether or not included as indebtedness or liabilities in accordance
with IFRS:

 

(a)
all indebtedness of such Person for borrowed money and all indebtedness of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b)
the maximum amount (after giving effect to any prior drawings or reductions which may have been reimbursed) of all letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds, performance bonds and similar instruments
issued or created by or for the account of such Person;

 

(c)
net Hedging Obligations of such Person;

 

(d)
all obligations of such Person to pay the deferred purchase price of property or services, but excluding trade accounts payable in the
ordinary course of business which are not overdue for a period of more than ninety (90) days past the applicable due date thereof excluding
any such obligations that are subject to a bona fide dispute regarding amount or such Person’s liability to pay so long as (A)
such dispute is being properly contested in good faith by appropriate proceedings promptly ‎instituted and diligently pursued; and
(B) appropriate reserves have been established in accordance with ‎IFRS;

 

(e)
indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness
arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial development bond
and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

 

(f)
all Attributable Indebtedness;

 

    	17

    	 

    

 

(g)
all obligations of such Person with respect to the redemption, repayment or other repurchase or payment in respect of any Disqualified
Capital Stock; and

 

(h)
all Guarantee Obligations of such Person in respect of any of the foregoing;

 

provided,
that Indebtedness shall not include (i) prepaid or deferred revenue arising in the ordinary course of business on customary terms, (ii)
purchase price holdbacks arising in the ordinary course of business and on customary terms in respect of a portion of the purchase price
of an asset to satisfy warranties or other unperformed obligations of the seller of such asset, (iii) endorsements of checks or drafts
arising in the ordinary course of business and consistent with past practice (unless a departure from past practice coincides with an
industry-wide departure from past practice or results from a new technological development or custom), and (iv) preferred Capital Stock
to the extent not constituting Disqualified Capital Stock.

 

For
all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a
joint venture that is itself a corporation or another entity not disregarded for tax purposes) in which such Person is a general partner
or a joint venture (whether partner or member), except to the extent the terms of such Indebtedness provide that such Person is not liable
therefor. The amount of Indebtedness of any Person for purposes of clause (e) above shall be deemed to be equal to the lesser of (x)
the aggregate unpaid amount of such Indebtedness and (y) the fair market value of the property encumbered thereby as determined by such
Person in good faith and reasonable business judgment.

 

“Indemnified
Liabilities” shall have the meaning set forth in Section 12.05.

 

“Indemnified
Taxes” shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of any Credit Party under any Credit Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Individual
Guarantors” shall mean, jointly and severally, those Persons party to the Individual Pledge Agreement and any other natural
person that provides a guarantee for the payment and performance of the Obligations pursuant to an agreement reasonably acceptable to
the Administrative Agent after the Signing Date, together with their respective successors, assigns, heirs and personal representatives.

 

“Individual
Pledge Agreement” shall mean that certain Limited Recourse Guaranty and Pledge Agreement dated on or about the Original
Closing Date from certain Individual Guarantors in favor of the Collateral Agent, for the benefit of the Secured Parties, as reaffirmed
pursuant to the Individual Reaffirmation Agreement and as may be amended or modified from time to time.

 

“Individual
Reaffirmation Agreement” shall mean that certain Omnibus Reaffirmation Agreement dated as of the Restatement Date executed
by certain Individual Guarantors in favor of the Collateral Agent, for the benefit of the Secured Parties, as may be amended or modified
from time to time.

 

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“Insolvency
Event” shall mean, with respect to any Person, including without limitation any Lender, such Person or such Person’s
direct or indirect parent company (a) becomes the subject of a bankruptcy, insolvency, examinership or receivership proceeding (including
any proceeding under Title 11 of the United States Code, the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors
Arrangement Act (Canada) or the Canada Business Corporations Act or any similar law or proceeding seeking the compromise or
extinguishment of claims of creditors), or regulatory restrictions, (b) has had a receiver, interim receiver, monitor, sequestrator,
examiner, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization
or liquidation of its business appointed for it or has called a meeting of its creditors, (c) admits in writing its inability, or be
generally unable, to pay its debts as they become due or cease material operations of its present business, (d) with respect to a Lender,
such Lender is unable to perform hereunder due to the application of Applicable Law, or (e) in the good faith determination of the Administrative
Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or
appointment of a type described in clauses (a) or (b), provided that an Insolvency Event shall not result solely by virtue of
any ownership interest, or the acquisition of any ownership interest, in such Person or such Person’s direct or indirect parent
company by a Governmental Authority or instrumentality thereof if, and only if, such ownership interest does not result in or provide
such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment
on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any
contracts or agreements made by such Person.

 

“Investment”
shall mean, relative to any Person, (a) any loan, advance or extension of credit made by such Person to any other Person, including the
purchase by such first Person of any bonds, notes, debentures or other debt securities of any such other Person; (b) the incurrence of
Contingent Liabilities for the benefit of any other Person; and (c) acquisition of any Capital Stock or other investment held by such
Person in any other Person. The amount of any Investment at any time shall be the original principal or capital amount thereof less all
returns of principal or equity thereon made on or before such time and shall, if made by the transfer or exchange of property other than
cash, be deemed to have been made in an original principal or capital amount equal to the fair market value of such property at the time
of such Investment.

 

“IP
Rights” shall have the meaning set forth in Section 7.13.

 

“Lender”
shall have the meaning set forth in the preamble to this Agreement.

 

“Lien”
shall mean any mortgage, pledge, security interest, hypothecation, assignment for collateral purposes, lien (statutory or other) or similar
encumbrance, and any easement, right-of-way, license, restriction (including zoning restrictions), defect, exception or irregularity
in title or similar charge or encumbrance (including any agreement to give any of the foregoing, any conditional sale or other title
retention agreement or any lease in the nature thereof); provided that in no event shall an operating lease entered into in the
ordinary course of business and on customary terms or any precautionary UCC or PPSA filings made pursuant thereto by an applicable lessor
or lessee, be deemed to be a Lien.

 

“Liquidity”
shall mean the sum, for the Credit Parties, of unrestricted cash and Cash Equivalents, in each case, which is held in a deposit account
subject to a Control Agreement.

 

‎”Loans”
shall mean the loans made by the Lenders to the Borrower pursuant to this ‎Agreement.‎

 

“Make-Whole
Amount” shall mean, with respect to any Prepayment Event, an amount equal to the present value of all payments of interest
on the principal amount of such prepaid Loans that are scheduled to accrue through the Make-Whole Date, calculated using a discount rate
equal to the Treasury Rate.

 

“Make-Whole
Date” shall mean the last calendar day of the ninth (9th) month following the Restatement Date.

 

“MA
Property” shall mean the certain real property and improvements located at [***]

 

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“Material
Adverse Effect” shall mean a material adverse effect on (a) the business, assets, liabilities (actual or contingent), operations,
financial condition, results of operations or performance of Parent and its Subsidiaries taken as a whole, (b) the validity or enforceability
of this Agreement or any of the other Credit Documents (it being agreed that documents described in clause (b) of the definition of “Credit
Documents” shall be taken as a whole), (c) the ability of any Credit Parties, taken as a whole, to perform their obligations under
any Credit Document (it being agreed that documents described in clause (b) of the definition of “Credit Documents” shall
be taken as a whole) to which they are parties, (d) the rights or remedies of the Secured Parties or the Lenders hereunder or thereunder,
(e) the priority of any Liens granted to Collateral Agent in or to any Collateral (other than as a result of voluntary and intentional
discharge of the Lien by the Collateral Agent or Permitted Liens) (f) the Regulatory Licenses taken as a whole or (g) the cultivation
center permit of [***], an Illinois limited liability company.

 

“Material
Contracts” shall mean and include: (i) any agreement to which Parent or any Subsidiary is a party evidencing, securing
or pertaining to any Funded Debt owing to or from such Person, or any guaranty thereof, in a principal amount exceeding $1,000,000, (ii)
any real property lease of Parent or any Subsidiary where annual rent exceeds $1,000,000, (iii) any operating lease of Parent or any
Subsidiary where annual rentals exceed $1,000,000, (iv) any agreement (other than the agreements set forth in the foregoing clauses (i)
through (iii)) to which Parent or any Subsidiary is a party which involves aggregate annual consideration payable to or by such Person
of $1,000,000 or more, (v) any document, agreement or instrument evidencing or governing any Permitted Subordinated Indebtedness, (vi)
the Regulatory Licenses; (viii) each Opco Agreement; (ix) any documents evidencing deferred purchase price obligations pursuant to Section
9.01(s), and (x) any other agreement the termination of which (without contemporaneous replacement of substantially equivalent value)
could reasonably be expected to have a Material Adverse Effect.

 

“Material
Default” shall mean any event, act or condition that with notice or lapse of time, or both, would constitute an Event of
Default arising under Section 10.01(a), 10.01(b) (solely with respect to a default related to Section 9.13), 10.01(i)
or 10.01(n).

 

“Material
Event of Default” means any Event of Default arising under Section 10.01(a), 10.01(b) (solely with respect
to a default related to Section 8.01, 8.20 or 9.13), 10.01(f), 10.01(i), 10.01(j), 10.01(n)
or 10.01(o).

 

“Maturity
Date” shall mean May 30, 2023.

 

“Miscellaneous
Other Credit Parties” shall the Persons identified as “Miscellaneous Other Credit Parties” on Schedule 7.12(d).

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business.

 

“Mortgage”
shall mean each mortgage, deed of trust, deed of hypothec, or deed to secure debt, trust deed or other security document granted by any
applicable Credit Party to the Collateral Agent for the benefit of the Secured Parties in respect of any Real Property owned or leased
by such Credit Party, in such form as agreed between such Credit Party and the Collateral Agent.

 

“Mortgaged
Property” shall mean any parcel of real property described in Schedule 7.15(b).

 

“Multiemployer
Plan” shall mean any multiemployer plan, as defined in Section 4001(a)(3) of ERISA, which is contributed to by (or to which
there is or may be an obligation to contribute of) any Credit Party, any Subsidiary of any Credit Party or any ERISA Affiliate, and each
such plan for the five-year period immediately following the latest date on which any Credit Party, any Subsidiary of any Credit Party
or any ERISA Affiliate contributed to or had an obligation to contribute to such plan.

 

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“Net
Casualty Proceeds” shall mean, with respect to any Casualty Event, the amount of any insurance proceeds or condemnation
awards received by any Credit Party or any of its Subsidiaries in connection with such Casualty Event (net of (i) the amount of any reserves
to be maintained in connection with the Casualty Event, to the extent such reserve is maintained in accordance with IFRS, and (ii) all
reasonable and customary collection expenses thereof (including, without limitation, any legal or other professional fees) (except with
respect to any expenses paid to an Affiliate of such Person)), but excluding any proceeds or awards required to be paid to a creditor
(other than the Lenders) which holds a Lien permitted by Section 9.02(c) on the property which is the subject of such Casualty
Event, and less any Taxes payable on account of such insurance proceeds or condemnation award, actually paid, assessed or estimated (in
good faith) to be payable within the next 12 months in cash in connection with such Casualty Event, in each case to the extent, but only
to the extent, that the amounts are properly attributable to such transaction; provided that if, after the expiration of such
12-month period, the amount of such estimated or assessed Taxes, if any, exceeded the Taxes actually paid in cash in respect of proceeds
from such Casualty Event, the aggregate amount of such excess shall constitute Net Casualty Proceeds under Section 4.02(a)(iii)
and be immediately applied to the Obligations pursuant to Section 4.02(c).

 

“Net
Debt Proceeds” shall mean, with respect to the sale or issuance by any Credit Party or any of its Subsidiaries of any Indebtedness
(other than Indebtedness permitted by Section 9.01), the excess of: (a) the gross cash proceeds received by the issuer of such
Indebtedness from such sale or issuance, over (b) all reasonable and customary underwriting commissions and legal, investment
banking, underwriting, brokerage, accounting and other professional fees, sales commissions and disbursements and all other reasonable
fees, expenses and charges, in each case actually incurred and paid in connection with such sale or issuance, except any such amounts
that have not been paid, and are not payable, to any Affiliate of such Person.

 

“Net
Disposition Proceeds” shall mean, with respect to any Disposition by any Credit Party or any of its Subsidiaries, the excess
of: (a) the gross cash proceeds received by such Person from such Disposition, over (b) the sum of: (i) all reasonable and customary
legal, investment banking, underwriting, brokerage and accounting and other professional fees, sales commissions and disbursements and
all other reasonable fees, expenses and charges, in each case actually incurred and paid in connection with such Disposition, except
any such amounts that have not been paid, and are not payable, to any Affiliate of such Person, (ii) all Taxes payable on account of
proceeds from such Disposition, actually paid, assessed or estimated (in good faith) to be payable in cash within the next 12 months
in connection with such proceeds, in each case to the extent, but only to the extent, that the amounts so are properly attributable to
such transaction, and (iii) the amount of any reserves to be maintained in connection with such Disposition, to the extent such reserve
is maintained in accordance with IFRS; provided that if, after the expiration of the 12-month period referred to in clause (b)(ii)
above, the amount of estimated or assessed Taxes, if any, pursuant to clause (b)(ii) above exceeded the Taxes actually paid in cash in
respect of proceeds from such Disposition, the aggregate amount of such excess shall constitute Net Disposition Proceeds under Section
4.02(a)(ii) and be immediately applied to the Obligations pursuant to Section 4.02(c).

 

“Net
Equity Proceeds” shall mean, with respect to the sale, issuance or exercise after the Restatement Date by any Credit Party
or any of its Subsidiaries of any Capital Stock or any capital contribution by any Person to any such Credit Party or Subsidiary, the
excess of: (a) the gross cash proceeds received by such Credit Party or Subsidiary from such sale, issuance or exercise, over
(b) all reasonable and customary underwriting commissions and legal, investment banking, brokerage, accounting and other professional
fees, original issue discount, sales commissions and disbursements actually incurred and paid in connection with such sale or issuance,
in each case for this clause (b), solely to the extent such discounts, commissions, costs, fees, expenses and disbursements are paid
to non-Affiliates.

 

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“NJ
Property” shall mean the certain real property and improvements located at [***].

 

“Non-Defaulting
Lender” shall mean, at any time, any Lender holding a Commitment which is not a Defaulting Lender.

 

“Note”
shall mean a promissory note (or amended and restated promissory note) substantially in the form of Exhibit C.

 

“Notice
of Control” shall have the meaning set forth in Section 8.15(c).

 

“Obligations”
shall mean (a) with respect to Borrower, all obligations (monetary or otherwise, whether absolute or contingent, matured or unmatured)
of Borrower arising under or in connection with any Credit Document, including all original issue discount, fees, costs, expenses (including
fees, costs and expenses incurred during the pendency of any proceeding of the type described in Section 10.01(i), whether or
not allowed or allowable in such proceeding) and premiums payable under any Credit Document, the principal of and interest (including
interest accruing during the pendency of any proceeding of the type described in Section 10.01(i), whether or not allowed or allowable
in such proceeding) on the Loans, all indemnification obligations and all obligations to pay or reimburse any Secured Party for paying
any costs or expenses under any Credit Document, or (b) with respect to each Individual Guarantor, each Opco Mortgagor and each Credit
Party other than Borrower, all obligations (monetary or otherwise, whether absolute or contingent, matured or unmatured) of such Individual
Guarantor, Opco Mortgagor or Credit Party arising under or in connection with any Credit Document, all indemnification obligations and
all obligations to pay or reimburse any Secured Party for paying any costs or expenses under any Credit Document. For the avoidance of
doubt, the Obligations shall not include any Hedging Obligations.

 

“Opco”
shall mean any Person: (other than the Credit Parties and their Subsidiaries) (a) that is a party to an Opco Management Agreement; or
(b) for whom any Credit Party or Subsidiary provides services similar to those set forth in the Opco Management Agreements; or (c) who
holds a Permit for the direct or indirect economic benefit of the Credit Parties or their Subsidiaries.‎

 

“Opco
Agreements” shall mean, collectively, (a) Opco Management Agreements, (b) Opco Option Agreements, (c) Opco Security Agreements
and any other agreement granting or perfecting a lien on the assets of an Opco for the benefit of a Credit Party, (d) any promissory
note, deficit funding loan agreement or similar agreement between an Opco and a Credit Party, and (e) any other similar agreement entered
into between a Credit Party and an Opco or an owner of an Opco in relation to the provision of services to any such Opco.

 

“Opco
Management Agreement” shall mean each agreement between a Credit Party and an Opco, pursuant to which, among ‎other
things, such Credit Party agrees to provide management, administrative, consulting or business services to such Opco, substantially in
form and substance of the Opco Management Agreements existing as of the Restatement Date.

 

“Opco
Mortgagor” shall mean each Opco, and any other Person, that has granted, or is required to grant pursuant the Credit Documents,
an Opco Mortgagor Mortgage from time to time. As of the Restatement Date, the Opco Mortgagors are: (a) [***], a Michigan limited
liability company; (b) [***], a Nevada limited liability company; (c) [***], an Ohio limited liability company; (d) [***],
a Florida limited liability company; and (e) [***], a Nevada limited liability company.

 

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“Opco
Mortgagor Guaranty Agreement” shall mean any guaranty agreement executed and delivered by an Opco Mortgagor, in form and
substance reasonably acceptable to Administrative Agent, as amended, restated or otherwise modified from time to time.

 

“Opco
Mortgagor Mortgage” shall mean any mortgage granted by an Opco Mortgagor to the Collateral Agent for the benefit of the
Secured Parties in respect of Real Property owned by such Opco Mortgagor, in form and substance reasonably acceptable to the Collateral
Agent, as amended, restated or otherwise modified from time to time.

 

“Opco
Option Agreement” shall mean an agreement (which may be included as part of the terms of an Opco Management Agreement or
any other Opco Agreement) pursuant to which the owner(s) of Capital Stock issued by an Opco grant(s) to a Credit Party a right to purchase
or transfer, or cause the purchase or transfer, of Capital Stock of the Opco held by such owner(s) by or to a Person duly qualified to
hold such Capital Stock under applicable Laws and designated by such Credit Party that is party thereto.

 

‎”Opco
Requirements” means, with respect to each Opco, the ‎satisfaction of each of the requirements contained in Section
8.21, together with such other items ‎that may be reasonably required by Administrative Agent in connection with an Opco.‎

 

‎”Opco
Security Agreement” means a security agreement executed and delivered ‎by an Opco in favor of each Credit Party that
is a party to an Opco Management Agreement ‎with such Opco, granting to such Credit Party a first priority Lien in all property of
such Opco (subject to limitations under Applicable Law) to secure the repayment of all ‎Indebtedness owed from time to time by such
Opco to each such Credit Party, which security agreement shall be substantially in form and substance of the Opco Security Agreements
existing as of the Restatement Date; provided, that the terms otherwise required of an Opco Security Agreement may be included
‎in the relevant Opco Management Agreement or other Opco Agreement.‎

 

“Original
Closing Date” shall mean July 2, 2020.

 

“Original
Credit Agreement” shall have the meaning set forth in the preamble to this Agreement.

 

“Original
Loans” shall mean all “Loans” as defined in the Original Credit Agreement outstanding immediately prior to
the Restatement Date.

 

“Organization
Documents” shall mean, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws
(or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability
company or unlimited liability company, the certificate of incorporation, constitution or articles of formation or organization and operating
agreement (if relevant) or memorandum of association; and (c) with respect to any partnership, joint venture, trust or other form of
business entity, the partnership, joint venture or other applicable agreement of formation or organization and, if applicable, any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental
Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization
of such entity.

 

“OSC”
means the Ontario Securities Commission, or any Governmental Authority succeeding to any of its principal functions.

 

    	23

    	 

    

 

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

 

“Other
Taxes” shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection
of a security interest under, or otherwise with respect to, any Credit Document, except any such Taxes that are Other Connection Taxes
imposed with respect to an assignment (other than an assignment made pursuant to Section 2.02).

 

“Parent”
shall have the meaning set forth in the preamble to this Agreement.

 

“Parent
Pledge Agreement” shall mean that certain Pledge Agreement dated as of the Restatement Date between Parent and the Collateral
Agent, for the benefit of the Secured Parties, as may be amended or modified from time to time.

 

“Participant”
shall have the meaning set forth in Section 12.06(c)(i).

 

“Participant
Register” shall have the meaning set forth in Section 12.06(c)(iii).

 

“Patent
Security Agreements” shall mean the (a) Patent Security Agreement dated as of the Restatement Date made in favor of Collateral
Agent by each applicable Credit Party; and (b) any patent security agreements entered into by a Credit Party in favor of Collateral Agent
(as required by the Agreement or any other Credit Document), in each case, as the same may be amended, restated, supplemented or otherwise
modified from time to time.

 

“Patriot
Act” shall have the meaning set forth in Section 12.19.

 

“Payment
Conditions” means, with respect to the making of any Permitted Subordinated Debt Payment, or the incurrence of any Permitted
Subordinated Indebtedness, each of the following conditions:

 

(a)
no Event of Default or Material Default shall have occurred and be continuing prior to or after giving effect to the making of such Permitted
Subordinated Debt Payment, or the incurrence of such Permitted Subordinated Indebtedness, as applicable;

 

(b)
the Borrower has delivered to the Administrative Agent (i) the financial information for the immediately preceding fiscal quarter required
by Section 8.01, and (ii) calculations evidencing that after the making of such Permitted Subordinated Debt Payment, or the incurrence
of such Permitted Subordinated Indebtedness, as applicable, the Credit Parties will be in compliance on a Pro Forma Basis with the Financial
Performance Covenants as of the last day of such immediately preceding fiscal quarter; and

 

(c)
at least five (5) Business Days prior to making such Permitted Subordinated Debt Payment, or incurring such Permitted Subordinated Indebtedness,
as applicable, Borrower has delivered a duly executed certificate to the Administrative Agent, in form and substance acceptable to the
Administrative Agent, pursuant to which the Borrower shall certify that the conditions set forth in clauses (a) and (b) above have been
satisfied and will continue to be satisfied as of the making of such Permitted Subordinated Debt Payment, or the incurrence of such Permitted
Subordinated Indebtedness, as applicable.

 

“Payment
Date” shall mean the last Business Day of each calendar month.

 

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“PBGC”
shall mean the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any successor thereto.

 

“Pending
Opco” shall mean a Person owned and Controlled by an Authorized Officer of a Credit Party that is formed to consummate
an acquisition pursuant to which a Credit Party will be granted an option to acquire the target of such acquisition from such Person.

 

“Pending
Opco Permitted Acquisition” means a Permitted Acquisition consummated by a Pending Opco.

 

“Pension
Plan” shall mean any Multiemployer Plan or any “employee benefit plan,” as defined in Section 3 of ERISA subject
to Title IV of ERISA, Section 412 of the Code or Sections 302 or 303 of ERISA, sponsored, maintained or contributed to by any Credit
Party, Subsidiary of a Credit Party or any ERISA Affiliate (or to which any Credit Party, Subsidiary of a Credit Party or any ERISA Affiliate
has or may have an obligation to contribute or to make payments), and each such plan for the five-year period immediately following the
latest date on which any Credit Party, Subsidiary of a Credit Party or any ERISA Affiliate maintained, contributed to or had an obligation
to contribute to (or is deemed under Sections 4069 or 4212(c) of ERISA to have maintained or contributed to or to have had an obligation
to contribute to, or otherwise to have liability with respect to) such plan.

 

“Permits”
shall mean, with respect to any Person, any permit, approval, authorization, license, registration, certificate, concession, grant, franchise,
variance or permission from, and any other Contractual Obligations with, any Governmental Authority, in each case whether or not having
the force of law and applicable to or binding upon such Person or any of its property or operations or to which such Person or any of
its property or operations is subject.

 

“Permitted
Acquisition” shall mean an acquisition by any Credit Party or Pending Opco, as applicable, of the Capital Stock of any
Person or all or substantially all of the assets of any Person (or a division thereof) that satisfies each of the following conditions:

 

(i)
immediately before and after giving effect thereto, no Event of Default or Material Default shall have occurred and be continuing;

 

(ii)
such acquisition and all transactions related thereto shall be consummated in accordance with all Applicable Laws in all material respects
(excluding U.S. Federal Cannabis Laws);

 

(iii)
if such acquisition involves the purchase of Capital Stock, such acquisition shall be structured such that the acquired Person shall
become a wholly-owned Subsidiary of such Credit Party or Pending Opco, as applicable;

 

(iv)
[reserved];

 

(v)
such acquisition is of a business or entity which is engaged in the Business or business activities incidental or reasonably related
thereto or to the operations of an existing Credit Party or its Subsidiaries;

 

(vi)
all or substantially all of the assets acquired in connection with any acquisition shall be located within the United States and shall
be held by such Credit Party or Pending Opco, as applicable, after giving effect to such acquisition;

 

    	25

    	 

    

 

(vii)
in the case of any such acquisition involving consideration of $50,000,000 or more, Borrower shall have (A) notified the Administrative
Agent of such proposed Permitted Acquisition at least ten (10) days prior to the consummation thereof, (B) furnished to the Administrative
Agent at least ten (10) days prior to the consummation thereof (1) an executed term sheet and/or letter of intent (setting forth in reasonable
detail the terms and conditions of such acquisition) and at the request of the Administrative Agent, furnish the Administrative Agent
with such other information and documents that the Administrative Agent may reasonably request, including, without limitation, drafts
of the respective agreements, documents or instruments pursuant to which such acquisition is to be consummated (including, without limitation,
any related management, non-compete, employment, option or other material agreements), any schedules to such agreements, documents or
instruments and all other material ancillary agreements, instruments and documents to be executed or delivered in connection therewith
(with executed counterparts of such documents to be furnished promptly when available) and (2) financial statements of Parent and its
Subsidiaries prepared on a Pro Forma Basis (after giving effect to the consummation of such acquisition) as of the last day of the most
recent fiscal quarter for which financial statements have been delivered (or are required to have been delivered) pursuant to Section
8.01(b), (C) furnished to the Administrative Agent at least five (5) Business Days prior to the consummation thereof (or such shorter
period as may be agreed to by the Administrative Agent), drafts of the purchase documents and related schedules and exhibits and (D)
furnished to the Administrative Agent prior to the consummation thereof, executed copies of such purchase documents and related schedules
and exhibits thereto;

 

(viii)
in the case of any such acquisition involving consideration of less than $50,000,000, Borrower shall have (A) notified the Administrative
Agent of such proposed Permitted Acquisition at least one (1) Business Day prior to the consummation thereof and (B) upon the reasonable
request of Administrative Agent, promptly deliver those items described in the preceding clause (vii) with respect to such acquisition;

 

(ix)
Borrower shall have furnished to the Administrative Agent a certificate of the chief financial officer of Borrower (A) demonstrating
that, after giving effect to the acquisition, the Credit Parties will be in compliance with the Financial Performance Covenants on a
Pro Forma Basis as of the last day of the most recent fiscal quarter for which financial statements have been delivered (or were required
to have been delivered) pursuant to Section 8.01(b); and (B) certifying that all conditions contained in the definition of Permitted
Acquisition have been satisfied or will be satisfied as of the consummation of the applicable Permitted Acquisition.

 

“Permitted
Currency Hedging Agreements” mean Hedging Agreements entered into by the Credit Parties or their Subsidiaries for the primary
purpose of eliminating or reducing foreign exchange risk and not for speculative purposes.

 

“Permitted
Liens” shall have the meaning set forth in Section 9.02.

 

“Permitted
Future Mortgage Debt” shall mean that certain Indebtedness owed by the fee owner of the applicable Permitted Future Mortgaged
Property, in each case, (a) in an aggregate principal amount representing no greater than a 100% loan-to-value ratio for such Permitted
Future Mortgage Property as determined by an appraisal in form and substance reasonably acceptable to Administrative Agent and (b) as
evidenced by the Permitted Future Mortgage Documents.

 

‎”Permitted
Future Mortgage Documents” shall mean any loan agreement, ‎promissory note, mortgage or other related agreement entered
into by the applicable fee ‎owner of a Permitted Future Mortgaged Property evidencing or relating to the applicable Permitted Future
Mortgage Debt, in each case, in form and substance reasonably acceptable to the Administrative Agent; provided, that such Permitted
Future Mortgage Documents need not be in form and substance reasonably acceptable to the Administrative Agent so long as the Permitted
Future Mortgage Debt evidenced or secured thereunder is equal to or less than $5,000,000.‎

 

    	26

    	 

    

 

“Permitted
Future Mortgaged Property” shall mean any real property and improvements acquired by Parent or its Subsidiaries after the
Restatement Date (other than any Permitted Third-Party Mortgaged Property).

 

“Permitted
Subordinated Debt Payments” means regularly scheduled payments of principal and interest on any Permitted Subordinated
Indebtedness in accordance with the terms thereof.

 

“Permitted
Subordinated Indebtedness” shall mean Indebtedness of any Credit Party which has been expressly subordinated in right of
payment to the Obligations and, if secured, any Lien securing such Indebtedness is subordinated to the Liens of the Collateral Agent,
in each case, pursuant to a subordination agreement or other writing in form and substance reasonably satisfactory to Administrative
Agent (including provisions contained in the documentation evidencing such Indebtedness reasonably acceptable to the Administrative Agent).

 

“Permitted
Third-Party Mortgage Debt” shall mean that certain Indebtedness owed by the fee owner of the applicable Permitted Third-Party
Mortgaged Property, in each case, (a) in an aggregate principal amount representing no greater than a 100% loan-to-value ratio for such
Permitted Third-Party Mortgaged Property as determined by an appraisal in form and substance reasonably acceptable to Administrative
Agent and (b) as evidenced by the Permitted Third-Party Mortgage Documents.

 

‎
“Permitted Third-Party Mortgage Documents” shall mean any loan agreement, ‎promissory note, mortgage or
other related agreement entered into by the applicable fee ‎owner of a Permitted Third-Party Mortgaged Property evidencing or relating
to the applicable Permitted Third-Party Mortgage Debt. ‎

 

“Permitted
Third-Party Mortgaged Property” shall mean any parcel of real property described in Schedule 7.15(c).

 

“Person”
shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, unlimited liability company, association,
trust or other enterprise or any Governmental Authority.

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA, sponsored, maintained or contributed to by any Credit Party
or any Subsidiary, or any such plan to which any Credit Party or any Subsidiary has any liability.

 

“Platform”
shall have the meaning set forth in Section 12.24.

 

“PPSA”
means the Personal Property Security Act (Ontario), including the regulations thereto; provided, that, if perfection or
the effect of perfection or non-perfection or the priority of any Lien created hereunder or under any other Credit Document on the Collateral
is governed by the personal property security legislation or other applicable legislation with respect to personal property security
in effect in a jurisdiction in Canada other than the Province of Ontario, “PPSA” shall mean the Personal Property Security
Act or such other applicable legislation (including the Civil Code (Quebec)) in effect from time to time in such other jurisdiction
in Canada for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority

 

“Prepayment
Event” shall mean any (a) voluntary prepayment of the Loans that is made prior to the Maturity Date (‎including, without
limitation, any payment upon acceleration in accordance with Section 10.02 ‎‎(including, for the avoidance of doubt, in
connection with Sections 10.01(a), (i) and (k)) and, for the ‎avoidance of doubt, any refinancing of the Loans‎)
or (b) mandatory prepayment of the Loans pursuant to Sections 4.02(a)(i), 4.02(a)(ii) or 4.02(a)(iv), in each case
for this clause (b), that is made prior to the Maturity Date.

 

    	27

    	 

    

 

“Prepayment
Premium” shall mean, with respect to any Prepayment Event, an amount equal to (a) with respect to any such Prepayment Event
that occurs prior to the Make-Whole Date, the greater of (x) the Make-Whole Amount and (y) one percent (1.00%) of the principal amount
prepaid; and (b) with respect to any such Prepayment Event that occurs on or after the Make-Whole Date, (x) zero percent (0.00%) of the
principal amount prepaid with respect to any prepayments of the 2020 Loans; and (y) one percent (1.00%) of the principal amount prepaid
with respect to any prepayments of Loans other than the 2020 Loans.

 

“Pro
Forma Basis” shall mean, with respect to any period during which (a) any Permitted Acquisition or any Investment, (b) any
Disposition, or (c) any incurrence, repayment or cancellation of Indebtedness shall have been consummated (in each case, to the extent
permitted hereunder), a calculation as if such event or events described by the preceding clauses (a) through (c) had been consummated
and incurred at the beginning of the applicable period for any applicable financial covenant test, in each case, subject only to those
pro forma adjustments which are directly attributable to any event or events described by the preceding clauses (a) through (c)
that are factually supportable, are reasonably expected to have a continuing impact on the Credit Parties and are determined on a basis
consistent with Article 11 of Regulation S-X of the Securities Act of 1933, as amended, as interpreted by the Securities and Exchange
Commission.

 

“Proceeds
of Crime Act” means the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), as amended from
time to time, and including all regulations thereunder.

 

“Public
Lender” shall have the meaning set forth in Section 12.24.

 

“Qualified
Capital Stock” shall mean any Capital Stock that is not Disqualified Capital Stock.

 

“Real
Property” shall mean, with respect to any Person, all right, title and interest of such Person (including, without limitation,
any leasehold estate) in and to a parcel of real property owned, leased or operated by such Person together with, in each case, all improvements
and appurtenant fixtures, equipment, personal property, easements and other property and rights incidental to the ownership, lease or
operation thereof.

 

“Recipient”
shall mean (a) the Administrative Agent and (b) any Lender.

 

“Refinancing
Indebtedness” shall mean refinancings, renewals, or extensions of Indebtedness so long as:

 

(a)
such refinancings, renewals, or extensions do not result in an increase in the principal amount of the Indebtedness so refinanced, renewed,
or extended, other than by the amount of premiums and compounded interest paid thereon and the reasonable and customary fees and expenses
incurred in connection therewith and by the amount of unfunded commitments with respect thereto,

 

(b)
such refinancings, renewals, or extensions do not result in a shortening of the average weighted maturity (measured as of the refinancing,
renewal, or extension) of the Indebtedness so refinanced, renewed, or extended,

 

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(c)
if the Indebtedness that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms
and conditions of the refinancing, renewal, or extension must include subordination terms and conditions that are at least as favorable
to the Lenders as those that were applicable to the refinanced, renewed, or extended Indebtedness, and

 

(d)
the Indebtedness that is refinanced, renewed, or extended is not recourse to any Person that is liable on account of the Obligations
other than those Persons which were obligated with respect to the Indebtedness that was refinanced, renewed, or extended.

 

“Register”
shall have the meaning set forth in Section 12.06(b)(iv).

 

“Regulation
D” shall mean Regulation D of the Board as from time to time in effect and any successor to all or a portion thereof establishing
reserve requirements.

 

“Regulation
U” shall mean Regulation U of the Board as from time to time in effect and any successor to all or a portion thereof establishing
margin requirements.

 

“Regulation
X” shall mean Regulation X of the Board as from time to time in effect and any successor to all or a portion thereof establishing
margin requirements.

 

“Regulatory
Licenses” shall mean each Permit required to be held any Credit Party or any Subsidiary thereof to conduct its Business
in compliance with Applicable Laws.

 

“Related
Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the directors, officers,
employees, agents, trustees, advisors of such Person and any Person that possesses, directly or indirectly, the power to direct or cause
the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.

 

“Release”
shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
depositing, disposing, emanating or migrating of Hazardous Materials in the environment.

 

“Reportable
Event” shall mean an event described in Section 4043(c) of ERISA with respect to a Plan that is subject to Title IV of
ERISA other than those events as to which the 30 day notice period is waived under subsection .22, .23, .25, .27 or .28 of PBGC Regulation
Section 4043.

 

“Required
Lenders” shall mean, at any time when there is more than one Lender which is not a Defaulting Lender, at least two Lenders
which are not Defaulting Lenders having Loans and unused Commitments representing greater than 50% of the sum of the aggregate Loans
and unused Commitments at such time, or at any time when there is only one Lender which is not a Defaulting Lender, such Lender.

 

“Rescindable
Amount” shall have the meaning set forth in Section 4.03(d).

 

“Restatement
Date” shall mean the date on which all of the conditions to closing and funding set forth in Section 5.02 have been
satisfied, or waived in accordance with Section 12.01, which date shall be no later than May 19, 2021 (or such later date as the
Administrative Agent may approve in writing in its sole discretion).

 

“Restatement
Date Opco” shall mean each Opco identified as a “Restatement Date Opco” on Schedule 7.12 as of the Signing
Date.

 

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“Restricted
Cannabis Activities” means, in connection with the cultivation, processing, distribution, sale, ‎possession, disposal
and destruction of cannabis and related products, accessories, or services: (a) any activity that is not permitted under applicable ‎U.S.
State Cannabis Laws or Canadian Cannabis Laws; (b) any activity that is not permitted under applicable U.S. Federal Cannabis Laws and
for which a United States Attorney after the Restatement Date prosecutes a Credit Party or Subsidiary of a Credit Party notwithstanding
its compliance with applicable U.S. State Cannabis Laws; ‎‎(c) knowingly or recklessly distributing or selling cannabis and related
products to minors, except those minors who are duly registered medical patients under the applicable U.S. State Cannabis Laws; (d) knowingly
making payments to criminal ‎enterprises, gangs, cartels and persons subject to Sanctions; (e) non-compliance with anti-terrorism
‎laws and other Applicable Law relating to money-laundering; (f) diversion of cannabis and related ‎products from states where
it is legal under U.S. State Cannabis Law to other states or to Canada, or importing cannabis and related products from Canada; (g) use
of ‎activities permitted under U.S. State Cannabis Law or Canadian Cannabis Laws as a cover or pretext for the trafficking of other
‎controlled substances or illegal drugs or other illegal activity; (h) the commission, or making ‎threats, of violence and the
use of firearms; (i) growing cannabis and ‎related products on public lands unless otherwise permitted to do so under Canadian Cannabis
Laws; and (j) directly or indirectly, aiding, abetting or otherwise ‎participating in a common enterprise with any Person or Persons
in such activities.‎

 

“Restricted
Payment” shall mean, with respect to any Person, (a) the declaration or payment of any dividend on, or the making of any
payment or distribution on account of, or setting apart assets for a sinking or other analogous fund for the purchase, redemption, defeasance,
retirement or other acquisition of, any class of Capital Stock of such Person or any warrants or options to purchase any such Capital
Stock, whether now or hereafter outstanding, or the making of any other distribution in respect thereof, either directly or indirectly,
whether in cash or property, (b) any payment of a management fee (or other fee of a similar nature) or any reimbursable costs and expenses
related thereto by such Person to any holder of its Capital Stock or any Affiliate thereof, (c) the payment or prepayment of principal
of, or premium or interest on, any Indebtedness subordinate to the Obligations or (d) any payment or prepayment of principal, interest
or any other amount made by (i) Parent in connection with Guarantee Obligations incurred under Section 9.01(p) or (ii) any other
Credit Party or Subsidiary in connection with obligations under Section 9.01(s).

 

“S&P”
shall mean Standard & Poor’s Ratings Services or any successor by merger or consolidation to its business.

 

“Sales
Tracking Software” means any “seed-to-sale” tracking, point-of-sale, or other inventory or sales reporting
software used by the Credit Parties.

 

“Sanction(s)”
means any sanction administered or enforced by the United States Government (including, without limitation, OFAC), the Government of
Canada, the United Nations Security Council or other relevant sanctions authority.

 

“SEC”
means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

“Secured
Parties” shall mean, collectively, (a) the Lenders, (b) the Agents, (c) the beneficiaries of each indemnification obligation
undertaken by any Credit Party under the Credit Documents, (d) any successors, endorsees, transferees and assigns of each of the foregoing
to the extent any such transfer or assign is permitted by the terms of this Agreement and (e) any other holder of any Obligation and/or
Secured Obligation (as defined in any applicable Security Document).

 

    	30

    	 

    

 

“Security
Agreement” shall mean that certain Amended and Restated Security Agreement dated as of the Signing Date, by and among the
Credit Parties and the Collateral Agent for the benefit of the Secured Parties, as amended, restated, supplemented or otherwise modified
from time to time.

 

“Security
Documents” shall mean, collectively, as applicable, the Security Agreement, the Canadian Security Agreement, the Collateral
Access Agreements, the Collateral Assignments, the Control Agreements, the Individual Pledge Agreement, the Parent Pledge Agreement,
the Patent Security Agreements, the Trademark Security Agreements, the Copyright Security Agreements, each Mortgage, and each other instrument
or document executed and delivered pursuant to Sections 8.10, 8.13 or 8.17 or pursuant to any of the Security Documents
to guarantee or secure any of the Obligations.

 

“SEDAR”
means the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval.

 

“Signing
Date” means May 10, 2021.

 

“Solvency
Certificate” shall mean a solvency certificate, duly executed and delivered by the chief financial officer of Parent to
Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent.

 

“Solvent”
shall mean, with respect to any Person, at any date, that (a) the sum of such Person’s debt (including Contingent Liabilities)
does not exceed the present fair saleable value of such Person’s present assets as a going concern (which, for this purpose, shall
include, without limitation, rights of contribution in respect of obligations for which such Person has provided a guarantee), (b) such
Person’s capital is not unreasonably small in relation to its business as contemplated on such date, (c) such Person has not incurred
and does not intend to incur debts including current obligations beyond its ability to generally pay such debts as they become due (whether
at maturity or otherwise), (d) such Person is not an ‘insolvent person’ as such term is defined in the Bankruptcy and
Insolvency Act (Canada), and (e) such Person is “solvent” or is not “insolvent”, as applicable, within the
meaning given that term and similar terms under Applicable Laws relating to fraudulent and other avoidable transfers and conveyances.
For purposes of this definition, the amount of any Contingent Liability at any time shall be computed as the amount that, in light of
all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or
matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting
Standard No. 5).

 

“Subsidiary”
of any Person shall mean and include (a) any corporation more than 50% of whose Voting Stock having by the terms thereof power to elect
a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation
shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person directly or
indirectly through Subsidiaries and (b) any partnership, limited liability company, unlimited liability company, association, joint venture
or other entity in which such Person directly or indirectly through one or more Subsidiaries has more than (i) a 50% equity interest
measured by either vote or value at the time or (ii) a 50% general partnership interest at the time. Unless otherwise expressly provided,
all references herein to a “Subsidiary” shall mean a Subsidiary of Parent.

 

“Swap
Obligation” means with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction
that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“Tax
Act” means the Income Tax Act (Canada), as amended.

 

    	31

    	 

    

 

“Taxes”
shall mean 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.

 

“Termination
Date” shall mean the date on which the Loans and the other Obligations (other than Unasserted Contingent Obligations) shall
have been paid in full in cash in accordance with the terms of this Agreement.

 

“Total
Assets” shall mean, at any time, the total assets of such Person, determined in accordance with IFRS (or, if in reference
to more than one Person, determined on a consolidated basis in accordance with IFRS), as shown on the then most recent balance sheet
of such Person delivered pursuant to Section 8.01.

 

“Total
Credit Exposure” shall mean, as of any date of determination (a) with respect to each Lender, (i) prior to the termination
of the Commitments, the sum of such Lender’s Commitment plus the outstanding principal amount of such Lender’s Loans or (ii)
upon the termination of the Commitments, the outstanding principal amount of such Lender’s Loans and (b) with respect to all Lenders,
(i) prior to the termination of the Commitments, the sum of all of the Lenders’ Commitments plus the aggregate outstanding principal
amount of all Loans and (ii) upon the termination of the Commitments, the aggregate outstanding principal amount of all Loans.

 

“Trademark
Security Agreements” shall mean the (a) Amended and Restated Trademark Security Agreement dated as of the Restatement Date
made in favor of Collateral Agent by each applicable Credit Party; and (b) any trademark security agreement entered into after the Restatement
Date (as required by the Agreement or any other Credit Document), in each case, as the same may be amended, restated, supplemented or
otherwise modified from time to time.

 

“Transactions”
shall mean the funding of the Loans pursuant hereto and the use of the proceeds thereof and all other transactions contemplated by or
described in the Credit Documents.

 

“Treasury
Rate” means, as of any applicable date on which a Prepayment Event occurs, the weekly average rounded to the nearest 1/100th
of a percentage point (for the most recently completed week for which such information is available as of the date that is two Business
Days prior to the applicable date on which such Prepayment Event occurs) of the yield to maturity of United States Treasury securities
with a constant maturity (as compiled and published in the Federal Reserve Statistical Release H.15 with respect to each applicable day
during such week or, if such Statistical Release is no longer published or available, any publicly available source of similar market
data selected by the Administrative Agent) most nearly equal to the period from the applicable date on which a Prepayment Event occurs
through the Make-Whole Date; provided, however, that if the period from the applicable date on which a Prepayment Event
occurs is not equal to the constant maturity of a United States Treasury security for which such a yield is given, the Treasury Rate
shall be obtained by linear interpolation (calculated to the nearest one twelfth of a year) from the weekly average yields of United
States Treasury securities for which such yields are given, except that if the period from the applicable date on which a Prepayment
Event occurs to the Make-Whole Date is less than one year, the weekly average yield on actually traded United States Treasury securities
adjusted to a constant maturity of one year will be used. The Treasury Rate shall be obtained by the Administrative Agent.

 

“Treasury
Regulations” means the United States Treasury regulations promulgated under the Code.

 

“U.S.”
and “United States” shall mean the United States of America.

 

    	32

    	 

    

 

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

 

“U.S.
Federal Cannabis Law” means any federal laws of the United States treating cannabis and related products as illegal or
as controlled substances.

 

“U.S.
State Cannabis Law” means any law enacted by any state of the United States which implements regulatory and/or enforcement
systems to control the cultivation, distribution, sale and/or possession of cannabis and related products.

 

“U.S.
Tax Compliance Certificate” has the meaning specified in Section 4.04(f).

 

“UCC”
shall mean the Uniform Commercial Code as from time to time in effect in the State of Illinois and any other applicable jurisdiction.

 

“Unasserted
Contingent Obligations” shall mean, at any time, Obligations for taxes, costs, indemnifications, reimbursements, damages
and other liabilities in respect of which no assertion of liability (whether oral or written) and no claim or demand for payment or indemnification
(whether oral or written) has been made or threatened.

 

“Unfunded
Current Liability” shall mean, with respect to any Plan the amount, if any, by which the value of the accumulated plan
benefits under the Plan, determined on a plan termination basis in accordance with actuarial assumptions at such time consistent with
those prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds the fair market value of all plan assets allocable to such
liabilities under Title IV of ERISA (excluding any accrued but unpaid contributions).

 

“Verano
US” shall have the meaning set forth in the preamble to this Agreement.

 

“Voting
Stock” shall mean, with respect to any Person, shares of such Person’s Capital Stock having the right to vote for
the election of directors (or Persons acting in a comparable capacity) of such Person under ordinary circumstances.

 

“Withholding
Agent” shall mean any Credit Party and Administrative Agent.

 

SECTION
1.02 Other Interpretive Provisions. With reference to this Agreement and each other Credit Document, unless otherwise specified
herein or in such other Credit Document:

 

(a)
The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b)
The words “herein”, “hereto”, “hereof” and “hereunder” and words of similar import when
used in any Credit Document shall refer to such Credit Document as a whole and not to any particular provision thereof.

 

(c)
Article, Section, Exhibit and Schedule references are to the Credit Document in which such reference appears.

 

(d)
The term “including” is by way of example and not limitation.

 

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(e)
The term “documents” includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements
and other writings, however evidenced, whether in physical or electronic form.

 

(f)
In the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding”; and the word “through”
means “to and including”.

 

(g)
Section headings herein and in the other Credit Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Credit Document.

 

(h)
All references in any Credit Document to the consent of or approval by any Agent or Lender shall be deemed to mean the consent of or
approval by such Agent or Lender in its sole discretion, except as otherwise expressly provided in the applicable Credit Document.

 

(i)
Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term,
shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability
company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, assignment,
sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability
company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, Credit
Party, joint venture or any other like term shall also constitute such a Person or entity).

 

SECTION
1.03 Accounting Terms and Principles. All accounting terms not specifically or completely defined herein shall be construed in
conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant
to this Agreement shall be prepared in conformity with, IFRS, applied in a consistent manner. No change in the accounting principles
used in the preparation of any financial statement hereafter adopted by Borrower or any of its Subsidiaries, including pursuant to a
Change in Accounting Principles, shall be given effect for purposes of measuring compliance with any provision of Article IX,
including Section 9.13, or otherwise in this Agreement unless Borrower and the Administrative Agent agree in writing to modify
such provisions to reflect such changes, and, unless such provisions are modified, all financial statements, Compliance Certificates
and similar documents provided hereunder shall be provided together with a reconciliation between the calculations and amounts set forth
therein before and after giving effect to such change. Notwithstanding any other provision contained herein, all terms of an accounting
or financial nature used herein shall be construed, and all computations of amounts and ratios referred to in Article IX shall
be made, without giving effect to any election ‎under Accounting Standards Codification 825-10 (or any other Financial Accounting
Standard having a similar result or effect) to value any Indebtedness or other liabilities of any Credit Party or ‎any Subsidiary
of any Credit Party at “fair value”. A breach of a financial covenant contained in Article IX shall be deemed to have
occurred as of any date of determination by the Administrative Agent or as of the last day of any specified measurement period, regardless
of when the financial statements reflecting such breach are delivered to any Agent. Anything in this Agreement to the contrary notwithstanding,
any obligation of a Person under a lease (whether existing as of the Restatement Date or entered into after the Restatement Date) that
is not (or would not be) required to be classified and accounted for as a capital lease on the balance sheet of such Person under GAAP,
as in effect on the Restatement Date shall not be treated as a Capitalized Lease Obligation solely as a result of (x) the adoption of
any changes in, or (y) changes in the application of GAAP, after the Restatement Date. From and after the occurrence of a Change in Accounting
Principles, all references to “IFRS” in this Agreement shall be construed as references to “GAAP” as the context
may require. From and after the occurrence of a Change in Accounting Principles, with respect to any change in accounting for leases
pursuant to GAAP resulting from the adoption of Financial Accounting Standards Board Accounting Standards Update No. 2016-02, Leases
(Topic 842), to the extent such adoption would require treating any lease (or similar arrangement conveying the right to use) as a capital
lease where such lease (or similar arrangement) would not have been required to be so treated under GAAP as in effect on December 31,
2015, such lease shall not be considered a capital lease, and all calculations and deliverables under this Agreement or any other Credit
Document shall be made or delivered, as applicable, in accordance therewith.

 

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SECTION
1.04 Rounding. Any financial ratios required to be maintained or complied with by the Credit Parties pursuant to this Agreement
(or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is
expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

SECTION
1.05 References to Agreements, Laws, etc. Unless otherwise expressly provided herein, (a) references to Organization Documents,
agreements (including this Agreement and each of the other Credit Documents) and other Contractual Obligations shall be deemed to include
all subsequent amendments, restatements, amendment and restatements, extensions, supplements and other modifications thereto, but only
to the extent that such amendments, restatements, amendment and restatements, extensions, supplements and other modifications are not
prohibited by any Credit Document nor materially adverse to the interests of the Secured Parties; and (b) references to any Applicable
Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Applicable
Law.

 

SECTION
1.06 Times of Day. Unless otherwise specified, all references herein to times of day shall be references to the time in Chicago,
Illinois.

 

SECTION
1.07 Timing of Payment of Performance. When the payment of any obligation or the performance of any covenant, duty or obligation
is stated to be due or performance required on a day which is not a Business Day, the date of such payment or performance shall extend
to the immediately succeeding Business Day. All payments required hereunder shall be paid in immediately available funds unless otherwise
expressly provided herein.

 

SECTION
1.08 Corporate Terminology. Any reference to officers, shareholders, stock, shares, directors, boards of directors, corporate
authority, articles of incorporation, bylaws or any other such references to matters relating to a corporation made herein or in any
other Credit Document with respect to a Person that is not a corporation shall mean and be references to the comparable terms used with
respect to such Person.

 

SECTION
1.09 Currency Matters. Principal, interest, fees and all other amounts payable under this Agreement and the other Credit Documents
to the Agents and the Lenders shall be payable in Dollars. Unless stated otherwise, all calculations, comparisons, measurements or determinations
under this Agreement shall be made in Dollars. For the purpose of such calculations, comparisons, measurements or determinations, amounts
or proceeds denominated in other currencies shall be converted to the Equivalent Amount in Dollars on the date of calculation, comparison,
measurement or determination. In particular, without limitation, for purposes of valuations or computations under Article II, Article
III, Article IV, Article VII, Article VIII, Article IX and Article X, unless expressly provided otherwise, where a reference is made
to a dollar amount, the amount is to be considered as the amount in Dollars and, therefore, each other currency shall be converted into
the Equivalent Amount thereof in Dollars.

 

    	35

    	 

    

 

SECTION
1.10 Quebec Interpretation. For purposes of any Collateral located in the Province of Quebec or charged by any deed of hypothec
(or any other Credit Document) and for all other purposes pursuant to which the interpretation or construction of a Credit Document may
be subject to the laws of the Province of Quebec or a court or tribunal exercising jurisdiction in the Province of Quebec, (i) “personal
property” shall be deemed to include “movable property”, (ii) “real property” shall be deemed to include
“immovable property”, (iii) “tangible property” shall be deemed to include “corporeal property”,
(iv) “intangible property” shall be deemed to include “incorporeal property”, (v) “security interest”,
“mortgage” and “lien” shall be deemed to include a “hypothec”, “prior claim” and a “resolutory
clause,” (vi) all references to filing, registering or recording under the UCC or the PPSA shall be deemed to include publication
under the Civil Code of Quebec, (vii) all references to “perfection” of or “perfected” Liens shall be deemed
to include a reference to an “opposable” or “set up” Liens as against third parties, (viii) any “right
of offset”, “right of setoff” or similar expression shall be deemed to include a “right of compensation”,
(ix) “goods” shall be deemed to include “corporeal movable property” other than chattel paper, documents of title,
instruments, money and securities, (x) an “agent” shall be deemed to include a “mandatary,” (xi) “construction
liens” shall be deemed to include “legal hypothecs”, (xii) “joint and several” shall be deemed to include
“solidary” and “jointly and severally” shall be deemed to include “solidarily” (xiii) “gross
negligence or willful misconduct” shall be deemed to be “intentional or gross fault”, (xiv) “beneficial ownership”
shall be deemed to include “ownership on behalf of another as mandatary”, (xv) “easement” shall be deemed to
include “servitude”, (xvi) “priority” shall be deemed to include “prior claim”, (xvii) “survey”
shall be deemed to include “certificate of location and plan”, (xviii) “fee simple title” shall be deemed to
include “absolute ownership”, and (xix) “foreclosure” shall be deemed to include “the exercise of a hypothecary
recourse”. The parties hereto confirm that it is their wish that this Agreement and any other document executed in connection with
the transactions contemplated herein be drawn up in the English language only (except if another language is required under any applicable
law) and that all other documents contemplated thereunder or relating thereto, including notices, may also be drawn up in the English
language only. Les parties aux présentes confirment que c’est leur volonté que cette convention et les autres
documents de crédit soient rédigés en langue anglaise seulement et que tous les documents, y compris tous avis,
envisagés par cette convention et les autres documents peuvent être rédigés en langue anglaise seulement (sauf
si une autre langue est requise en vertu d’une loi applicable).

 

ARTICLE
II

Amount and Terms of Loans

 

SECTION
2.01 Loans.

 

(a)
2020 Loans and 2021 Loans; Payments on Loans.

 

(i)
Subject to the terms and conditions set forth herein, on the Restatement Date, all Original Loans will be automatically deemed to constitute
Loans outstanding under this Agreement (such Loans, collectively, the “2020 Loans”). Each Lender that held
an interest in the Original Loans shall be automatically deemed, on the Restatement Date, to hold an interest in the 2020 Loans in a
principal amount equal to the principal amount of such Lender’s Original Loans as set forth under the heading “2020 Loans”
on Schedule 1.01 hereto.

 

(ii)
Subject to and upon the terms and conditions herein set forth, each Lender ‎having a Commitment shall, on the Restatement Date, severally
(and not jointly), make a Loan to Borrower (such Loans, collectively, the “2021 Loans”), ‎which 2021 Loan
(i) when aggregated with each other 2021 Loan made hereunder, shall be in an amount not to ‎exceed the aggregate Commitments for
2021 Loans of all Lenders as set forth under the heading “2021 Loans” on Schedule 1.01 hereto and (ii) for each Lender
shall be in an amount of ‎such Lender’s Commitment for 2021 Loans as set forth under the heading “2021 Loans” on
Schedule 1.01 hereto.

 

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(iii)
Each Loan may be repaid or prepaid in accordance with the provisions ‎hereof, but once repaid or prepaid may not be reborrowed.‎

 

(b)
[Reserved].

 

SECTION
2.02 Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section
2.10(a), or if such Lender requires Borrower to pay any Indemnified Taxes or additional amounts to such Lender or any Governmental
Authority for the account of any Lender pursuant to Section 4.04, such Lender will, if requested by Borrower, use reasonable efforts
(subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event; provided,
that such designation is made on such terms that such Lender and its lending office suffer no economic, legal or regulatory disadvantage,
with the object of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this Section
2.02 shall affect or postpone any of the obligations of Borrower or the right of any Lender provided in Sections 2.10 or 4.04.
Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

SECTION
2.03 Lender Branches. Each Lender may at its option, make any Loan by causing any domestic or foreign branch or Affiliate of such
Lender to make any Loan; provided that any exercise of such option shall not affect the obligation of Borrower to repay such Loan,
and provided, further, that the exercise of such option shall not cause Borrower to pay any Indemnified Taxes or additional
amounts to such Lender or any Governmental Authority for the account of any Lender pursuant to Section 4.04 if such Lender has
an alternative domestic or foreign branch or Affiliate for which such Indemnified Taxes or additional amounts would not be required to
be paid.

 

SECTION
2.04 [Reserved].

 

SECTION
2.05 Disbursement of Funds.

 

(a)
The borrowing of Loans to be made on the Restatement Date shall be requested in writing by Borrower to the Administrative Agent at least
three (3) Business Days prior to the Restatement Date, which such written request shall be irrevocable and shall be in form and substance
acceptable to the Administrative Agent. Subject to the terms and conditions set forth herein, on the Restatement Date each Lender will
make available its pro rata portion of the Loans to be made on the Restatement Date in the manner provided below no later than
10:00 a.m. on the Restatement Date.

 

(b)
Each Lender shall make available all amounts it is to fund to Borrower in immediately available funds to the Administrative Agent, and,
following receipt thereof in an account designated by the Administrative Agent, the Administrative Agent will remit such amounts, in
immediately available funds and in Dollars to Borrower, by remitting the same to such Persons and such accounts as may be designated
by Borrower to the Administrative Agent in writing. The failure of any Lender to make available the amounts it is to fund to Borrower
hereunder or to make a payment required to be made by it under any Credit Document shall not relieve any other Lender of its obligations
under any Credit Document, but no Lender shall be responsible for the failure of any other Lender to make any payment required to be
made by such other Lender under any Credit Document.

 

(c)
Nothing in this Section 2.05 shall be deemed to relieve any Lender from its obligation to fulfill its commitments and obligations
hereunder or to prejudice any rights that Borrower may have against any Lender as a result of any default by such Lender hereunder (it
being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments and obligations
hereunder).

 

    	37

    	 

    

 

SECTION
2.06 Payment of Loans; Evidence of Debt.

 

(a)
Borrower agrees to pay to the Administrative Agent, for the benefit of the Lenders, the outstanding principal and interest due on the
Loans on the Maturity Date or upon such earlier date on which the Obligations are accelerated pursuant to the terms of this Agreement.

 

(b)
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of Borrower to the
appropriate lending office of such Lender resulting from each Loan made by such lending office of such Lender from time to time, including
the amounts of principal and interest payable and paid to such lending office of such Lender from time to time under this Agreement.

 

(c)
Borrower agrees that from time to time on and after the Restatement Date, upon the reasonable request to the Administrative Agent by
any Lender, at Borrower’s own expense, Borrower will execute and deliver to such Lender a Note, evidencing the Loans, and payable
to such Lender or registered assigns in a maximum principal amount equal to such Lender’s applicable Commitment. Borrower hereby
irrevocably authorizes each Lender to make (or cause to be made) appropriate notations on the grid attached to such Lender’s Note
(or on any continuation of such grid), which notations, if made, shall conclusively indicate, absent manifest error, inter alia,
the date of, the outstanding principal amount of, and the interest rate applicable to, the Loans evidenced thereby. Such notations shall,
to the extent not inconsistent with notations made by the Administrative Agent in the Register, be conclusive and binding on each Credit
Party, Opco Mortgagor and Individual Guarantor absent manifest error; provided that the failure of any Lender to make any such
notations shall not limit or otherwise affect any Obligations of any Credit Party, Opco Mortgagor or Individual Guarantor. The Administrative
Agent shall maintain the Register pursuant to Section 12.06(b)(iv), and a subaccount for each Lender, in which Register and subaccounts
(taken together) shall be recorded (i) the amount of each Loan made hereunder, (ii) the amount of any principal or interest due and payable
or to become due and payable from Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent
from Borrower and each Lender’s share thereof.

 

(d)
The entries made in the Register and accounts and subaccounts maintained pursuant to paragraphs (b) and (c) of this Section 2.06
shall, to the extent permitted by Applicable Law, be conclusive evidence (absent manifest error) of the existence and amounts of the
obligations of Borrower therein recorded; provided that the failure of any Lender or the Administrative Agent to maintain such
account, such Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of Borrower
to repay (with applicable interest) the Loans made to Borrower by such Lender in accordance with the terms of this Agreement.

 

SECTION
2.07 [Reserved].

 

SECTION
2.08 [Reserved].

 

SECTION
2.09 Interest.

 

(a)
The unpaid principal amount of the Loans shall bear interest from the Restatement Date at a rate per annum that shall at all times be
the Applicable Rate. Interest on the Loans shall accrue from and including the Restatement Date to the date of any repayment in full
thereof.

 

(b)
On each Payment Date, interest on the Loans shall be due and payable monthly in cash in arrears.

 

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(c)
From and after the occurrence and during the continuance of any Event of Default, at the election of the Administrative Agent and the
Required Lenders and upon notice by the Administrative Agent or the Collateral Agent to Borrower, Borrower shall pay interest on the
principal amount of all Loans and all other unpaid Obligations, to the extent permitted by Applicable Law, at the Default Rate, which
Default Rate shall accrue from the date of such Event of Default (regardless of the date of notice of the imposition of the Default Rate)
until waived in writing and shall be payable on demand and in cash.

 

(d)
All computations of interest hereunder shall be made in accordance with Section 4.06.

 

SECTION
2.10 Increased Costs, Illegality, etc.

 

(a)
In the event that any Lender shall have reasonably determined (which determination shall, absent manifest error, be final and conclusive
and binding upon all parties hereto) at any time, after the later of the Restatement Date and the date such entity became a Lender hereunder,
that such Lender shall incur increased costs or reductions in the amounts received or receivable hereunder with respect to the Loans,
including as a result of any Tax (other than any (x) Indemnified Taxes, (y) Taxes described in clauses (b) through (e) of the definition
of “Excluded Taxes” or (z) Connection Income Taxes) because of any change since the Restatement Date in any Applicable Law
(or in the interpretation or administration thereof and including the introduction of any new Applicable Law), such as, for example,
without limitation, a change in official reserve requirements (but excluding changes in the rate of tax on the overall net income of
such Lender), then, and in any such event, such Lender shall promptly give notice (if by telephone, confirmed in writing) to Borrower
and the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit to each of the other
Lenders). Thereafter, Borrower shall pay to such Lender, within ten (10) Business Days after receipt of written demand therefor such
additional amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Lender in
its reasonable discretion shall determine) as shall be required to compensate such Lender for such increased costs or reductions in amounts
receivable hereunder (it being agreed that a written notice as to the additional amounts owed to such Lender submitted to Borrower by
such Lender shall, absent manifest error, be final and conclusive and binding upon all parties hereto).

 

(b)
If, after the later of the Restatement Date and the date such entity becomes a Lender hereunder, the adoption of any Applicable Law regarding
capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority,
central bank or comparable agency charged with the interpretation or administration thereof, or compliance by a Lender or its parent
with any request or directive made or adopted after such date regarding capital adequacy (whether or not having the force of law) of
any such authority, association, central bank or comparable agency, has the effect of reducing the rate of return on such Lender’s
or its parent’s capital or assets as a consequence of such Lender’s commitments or obligations hereunder to a level below
that which such Lender or its parent could have achieved but for such adoption, effectiveness, change or compliance (taking into consideration
such Lender’s or its parent’s policies with respect to capital adequacy), then within ten (10) days after receipt of written
demand by such Lender (with a copy to the Administrative Agent), Borrower shall pay to such Lender such additional amount or amounts
as will compensate such Lender or its parent for such reduction, it being understood and agreed, however, that a Lender shall not be
entitled to such compensation as a result of such Lender’s compliance with, or pursuant to any request or directive to comply with,
any such Applicable Law as in effect on the Restatement Date. Each Lender (on its own behalf), upon determining in good faith that any
additional amounts will be payable pursuant to this Section 2.10(b), will, as promptly as practicable upon ascertaining knowledge
thereof, give written notice thereof to Borrower, which notice shall set forth in reasonable detail the basis of the calculation of such
additional amounts. Without limiting Section 2.10(d) below, the failure to give any such notice with respect to a particular event
shall not release or diminish any of Borrower’s obligations to pay additional amounts pursuant to this Section 2.10(b) for
amounts accrued or incurred after the date of such notice with respect to such event. Notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all rules, regulations, orders, requests, guidelines or directives
in connection therewith and (y) all requests, rules, 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, in each case, are deemed to have been adopted and to have taken effect after the Restatement Date.

 

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(c)
This Section 2.10 shall not apply to any demand (i) made after the 180th day following the requesting Lender’s
knowledge that it would be entitled to any such amounts or (ii) not demanded of other borrowers having similar provisions to this Section
2.10.

 

(d)
(i) If any Lender shall give notice to Borrower that such Lender is entitled to receive and is requesting payments under this Section
2.10 or requires Borrower to pay additional amounts pursuant to Section 4.04 (any such Lender, an “Increased Cost
Lender”), then Borrower may, after (solely in the case of an Increased Cost Lender) giving such Increased Cost Lender an
opportunity to mitigate pursuant to Section 2.02, if applicable, at its sole expense and effort, permanently replace such Increased
Cost Lender with one or more substitute Lenders reasonably acceptable to the Administrative Agent (each, a “Replacement Lender”),
and such Increased Cost Lender shall have no right to refuse to be replaced hereunder. Such notice to replace the Increased Cost Lender
shall specify an effective date for such replacement, which date shall not be sooner than five (5) Business Days and not be later than
ten (10) Business Days after the date such notice is given, provided that (i) such Increased Cost Lender shall have received payment
of an amount equal to the outstanding Obligations payable to it from the assignee (to the extent of outstanding principal and accrued
interests and fees) or Borrower (in the case of all other amounts) and (ii) such assignment does not conflict with Applicable Law. Notwithstanding
anything to the contrary herein, a Lender shall not be required to make any such assignment pursuant to this Section 2.10(d) if,
prior to the effective date for such replacement, as a result of a waiver by such Lender or otherwise, the circumstances entitling Borrower
to require such assignment pursuant to this Section 2.10(d) cease to apply.

 

(ii)
Prior to the effective date of such replacement, the Increased Cost Lender and each Replacement Lender shall execute and deliver an Assignment
and Acceptance, subject only to the Increased Cost Lender being repaid all Obligations owed to it through the effective date of the replacement.
If the Increased Cost Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior to the effective date
of such replacement, the Increased Cost Lender shall be deemed to have executed and delivered such Assignment and Acceptance. The replacement
of any Increased Cost Lender shall be made in accordance with the terms of Section 12.06.

 

SECTION
2.11 Interest Act (Canada); Criminal Rate of Interest.

 

(a)
Notwithstanding Section 4.06 and anything to the contrary contained in this Agreement or in any other Credit Document, solely to the
extent that (i) a court of competent jurisdiction finally determines that the calculation or determination of interest payable by a Canadian
Credit Party in respect of the Obligations pursuant to this Agreement and the other Credit Documents shall be governed by the laws of
any province of Canada or the federal laws of Canada, or (ii) the Interest Act (Canada) otherwise applies: whenever interest payable
by a Canadian Credit Party is calculated on the basis of a period which is less than the actual number of days in a calendar year, each
rate of interest determined pursuant to such calculation is, for the purposes of the Interest Act (Canada), equivalent to such
rate multiplied by the actual number of days in the calendar year in which such rate is to be ascertained and divided by the number of
days used as the basis of such calculation. The Borrower confirms that it understands and is able to calculate the rate of interest applicable
to the Obligations based on the methodology for calculating per annum rates provided in this Agreement.

 

    	40

    	 

    

 

(b)
In no event shall the aggregate “interest” (as defined in Section 347 of the Criminal Code, R.S.C. 1985, c. C-46,
as the same shall be amended, replaced or re-enacted from time to time (the “Criminal Code Section”)) payable (whether by
way of payment, collection or demand) by any Credit Party or received by any Lender under this Agreement or any other Credit Document
exceed the effective annual rate of interest on the “credit advanced” (as defined in that section) under this Agreement or
such other Credit Document lawfully permitted under that section and, if any payment, collection or demand pursuant to this Agreement
or any other Credit Document in respect of “interest” (as defined in that section) is determined to be contrary to the provisions
of that section, then the amount of such payment or collection shall be refunded by the Administrative Agent and Lenders to Credit Parties
with such “interest” deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the
case may be, as would not be so prohibited by the Criminal Code Section to result in a receipt by the Administrative Agent or such Lender
of interest at a rate not in contravention of the Criminal Code Section, such adjustment to be effected, to the extent necessary, as
follows: firstly, by reducing the amounts or rates of interest required to be paid to the Administrative Agent or that Lender; and then,
by reducing any fees, charges, expenses and other amounts required to be paid to the Administrative Agent or Lender which would constitute
“interest”. Notwithstanding the foregoing, and after giving effect to all such adjustments, if the Administrative Agent or
any Lender shall have received an amount in excess of the maximum permitted by the Criminal Code Section, then the Credit Parties shall
be entitled, by notice in writing to the Administrative Agent or affected Lender, to obtain reimbursement from the Administrative Agent
or that Lender in an amount equal to such excess. For the purposes of this Agreement and each other Credit Document to which any Canadian
Credit Party is a party, the effective annual rate of interest payable by it shall be determined in accordance with generally accepted
actuarial practices and principles over the term of the loans on the basis of annual compounding for the lawfully permitted rate of interest
and, in the event of dispute, a certificate of a Fellow of the Institute of Actuaries appointed by the Administrative Agent for the account
of the Credit Parties will be conclusive for the purpose of such determination in the absence of evidence to the contrary.

 

SECTION
2.12 Defaulting Lender.

 

(a)
Notwithstanding anything to the contrary contained herein, in the event any Lender is a Defaulting Lender, all rights and obligations
hereunder of such Defaulting Lender and of the other parties hereto shall be modified to the extent of the express provisions of this
Section 2.12 so long as such Lender is a Defaulting Lender.

 

(b)
(i) Except as otherwise expressly provided for in this Section 2.12, Loans shall be made pro rata from Lenders holding Commitments
which are not Defaulting Lenders based on their respective Commitment Percentages, and no Commitment Percentage of any Lender or any
pro rata share of any Loans required to be advanced by any Lender shall be increased as a result of any Lender being a Defaulting Lender.
Amounts received in respect of principal of any type of Loans shall be applied to reduce such type of Loans of each Lender (other than
any Defaulting Lender) holding a Commitment in accordance with their Commitment Percentages; provided, that the Administrative
Agent shall not be obligated to transfer to a Defaulting Lender any payments received by the Administrative Agent for Defaulting Lender’s
benefit, nor shall a Defaulting Lender be entitled to the sharing of any payments hereunder (including any principal, interest or fees).
Amounts payable to a Defaulting Lender shall instead be paid to or retained by the Administrative Agent. The Administrative Agent may
hold and, in its discretion, re-lend to a Borrower the amount of such payments received or retained by it for the account of such Defaulting
Lender.

 

(ii)
Fees pursuant to Section 3.01(a) hereof shall cease to accrue in favor of such Defaulting Lender.

 

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(c)
A Defaulting Lender shall not be entitled to give instructions to the Administrative Agent or to approve, disapprove, consent to or vote
on any matters relating to this Agreement or the other Credit Documents, and all amendments, waivers and other modifications of this
Agreement or the other Credit Documents may be made without regard to a Defaulting Lender and, for purposes of the definition of “Required
Lenders”, a Defaulting Lender shall not be deemed to be a Lender, to have any outstanding Loans or a Commitment Percentage; provided,
that this clause (c) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification described
in clauses (i) or (iii) of Section 12.01.

 

(d)
Other than as expressly set forth in this Section 2.12, the rights and obligations of a Defaulting Lender (including the obligation
to indemnify Agents) and the other parties hereto shall remain unchanged. Nothing in this Section 2.12 shall be deemed to release
any Defaulting Lender from its obligations under this Agreement or the other Credit Documents, shall alter such obligations, shall operate
as a waiver of any default by such Defaulting Lender hereunder, or shall prejudice any rights which any Borrower, any Agent or any Lender
may have against any Defaulting Lender as a result of any default by such Defaulting Lender hereunder.

 

(e)
In the event that the Administrative Agent and Borrower agree in writing that a Defaulting Lender has adequately remedied all matters
that caused such Lender to be a Defaulting Lender, then the Administrative Agent will so notify the parties hereto.

 

(f)
If any Lender is a Defaulting Lender, Borrower may, within ninety (90) days of receipt of notice of such Lender becoming a Defaulting
Lender, by notice in writing to the Administrative Agent and such Defaulting Lender (i) request the Defaulting Lender to cooperate with
Borrower in obtaining a Replacement Lender; (ii) request the Non- Defaulting Lenders to acquire and assume all of the Defaulting Lender’s
Loans and its Commitment Percentage as provided herein, but none of such Lenders shall be under any obligation to do so; or (iii) propose
a Replacement Lender subject to approval by the Administrative Agent in its good faith business judgment. If any satisfactory Replacement
Lender shall be obtained, and/or if any one or more of the Non- Defaulting Lenders shall agree to acquire and assume all of the Defaulting
Lender’s Loans and its Commitment Percentage, then such Defaulting Lender shall assign, in accordance with Section 12.01,
all of its Loans and its Commitment Percentage and other rights and obligations under this Agreement and the other Credit Documents to
such Replacement Lender or Non- Defaulting Lenders, as the case may be, in exchange for payment of the principal amount so assigned and
all interest and fees accrued on the amount so assigned, plus all other Obligations then due and payable to the Defaulting Lender.

 

ARTICLE
III

Fees and Commitment Terminations

 

SECTION
3.01 Fees.

 

(a)
Borrower shall pay to the Agents and Arranger such fees as shall have been separately agreed upon in writing in the amounts and at the
times so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever (except as expressly
agreed between the Borrower and the Agents and Arranger, as applicable).

 

(b)
Upon the occurrence of any Prepayment Event, the Borrower shall pay to the Administrative Agent, for the account of each Lender holding
a Loan on the date of such Prepayment Event on a pro rata basis, the applicable Prepayment Premium. The Credit Parties expressly agree
that (A) the Prepayment Premium is the product of an arm’s length transaction between sophisticated business people, ably represented
by counsel, (B) their agreement to pay the Prepayment Premium is a material inducement to the Lenders to make the Loans, and (C) the
Prepayment Premium represents a good faith, reasonable estimate and calculation of the lost profits or damages of the Lenders and that
it would be impractical and extremely difficult to ascertain the actual amount of damages to the Lenders or profits lost by the Lenders
as a result of such Prepayment Event. The fees described in this Section 3.01(b) are in addition to any fees owed pursuant to Section
3.01(a).

 

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SECTION
3.02 Mandatory Reduction of Commitments. The Commitment shall be permanently reduced by the amount of each Loan made on the Restatement
Date.

 

ARTICLE
IV

Payments

 

SECTION
4.01 Voluntary Prepayments. Borrower shall have the right to prepay the remaining balance of all Loans outstanding under this
Agreement in whole or in part on the following terms and conditions: (i) Borrower shall give the Administrative Agent written notice
(or telephonic notice promptly confirmed in writing) of (A) its intent to make such prepayment and (B) the amount of such prepayment,
no later than 5:00 p.m. thirty (30) calendar days prior thereto, which shall promptly be transmitted by the Administrative Agent to each
of the relevant Lenders, as the case may be; (ii) each such prepayment shall be in an amount equal to $20,000,000 or, if less, the entire
principal amount of Loans then outstanding; and (iii) such prepayment may only be made on the last Business Day of a calendar month.

 

SECTION
4.02 Mandatory Prepayments.

 

(a)
Types of Mandatory Prepayments.

 

(i)
Within five (5) Business Days of the receipt by any Credit Party or any of its Subsidiaries of any proceeds from the incurrence of any
Indebtedness by any Credit Party or any of its Subsidiaries (other than Indebtedness permitted under Section 9.01), Borrower shall
prepay the Loans in an amount equal to one hundred percent (100%) of such Net Debt Proceeds, to be applied as set forth in Section
4.02(c). Nothing in this Section 4.02(a)(i) shall be construed to permit or waive any Default or Event of Default arising
from any incurrence of Indebtedness not permitted under the terms of this Agreement.

 

(ii)
Within five (5) Business Days of the receipt by any Credit Party or any of its Subsidiaries of any Net Disposition Proceeds in excess
of $1,000,000 from any Disposition (other than any Disposition permitted under clauses (a), (d), (f), (g), (h), (i), (j), (k), (l), (m),
(p), (q) (to the extent of the interest of a third-party first-lien mortgagee), (r), (s), (t), or (v) of Section 9.04), Borrower
shall prepay the Loans in an amount equal to one hundred percent (100%) of the Net Disposition Proceeds from such Disposition in excess
of $1,000,000, to be applied as set forth in Section 4.02(c); provided, that the amount of Net Disposition Proceeds not
applied as a prepayment of Loans under this clause (ii) as result of the dollar threshold set forth above shall not exceed $1,000,000
in the aggregate during the immediately preceding twelve-month period. Nothing in this Section 4.02(a)(ii) shall be construed
to permit or waive any Default or Event of Default arising from any Disposition not permitted under the terms of this Agreement. So long
as no Event of Default shall have occurred and be continuing, the recipient of any Net Disposition Proceeds arising under Section
9.04(e) may reinvest the amount of any such Net Disposition Proceeds in replacement equipment or fixed assets as described in such
Section, so long as such reinvestment is made within one hundred eighty (180) days of the receipt thereof; provided that, if the
recipient does not intend to fully reinvest such Net Disposition Proceeds, or if the applicable time period set forth in this sentence
expires without such recipient having reinvested such Net Disposition Proceeds, such Credit Party shall prepay the Loans in an amount
equal to such Net Disposition Proceeds (to the extent not reinvested within such applicable time period).

 

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(iii)
Within five (5) Business Days of the receipt by any Credit Party or any of its Subsidiaries of any Net Casualty Proceeds from any Casualty
Event in excess of $1,000,000, Borrower shall prepay the Loans in an amount equal to one hundred percent (100%) of such Net Casualty
Proceeds in excess of $1,000,000, to be applied as set forth in Section 4.02(c); provided that Borrower may, at its option
by notice in writing to the Administrative Agent no later than thirty (30) days following the occurrence of the Casualty Event resulting
in such Net Casualty Proceeds, apply such Net Casualty Proceeds to the rebuilding or replacement of such damaged, destroyed or condemned
assets or property so long as such Net Casualty Proceeds are in fact used to commence the rebuilding or replacement of the damaged, destroyed
or condemned assets or property within twelve months following the receipt of such Net Casualty Proceeds, with the amount of Net Casualty
Proceeds unused after such period to be applied as set forth in Section 4.02(c); provided, that the amount of Net Casualty
Proceeds not applied as a prepayment of Loans under this clause (iii) as result of the dollar threshold set forth above shall not exceed
$1,000,000 in the aggregate during the immediately preceding twelve-month period. Nothing in this Section 4.02(a)(iii) shall be
construed to permit or waive any Default or Event of Default arising from, directly or indirectly, any Casualty Event.

 

(iv)
Within five (5) Business Days of the receipt by any Credit Party or any of its Subsidiaries of any Net Equity Proceeds from the issuance
of any Capital Stock (other than Excluded Issuances) in excess of $1,000,000, Borrower shall prepay the Loans in an amount equal to one
hundred percent (100%) of such Net Equity Proceeds in excess of $1,000,000, to be applied as set forth in Section 4.02(c). Nothing
in this Section 4.02(a)(iv) shall be construed to permit or waive any Default or Event of Default arising, directly or indirectly,
from any such issuance of Capital Stock.

 

(v)
Within five (5) Business Days of the receipt by any Credit Party or any of its Subsidiaries of any proceeds from any Extraordinary Receipts
in excess of $1,000,000, Borrower shall prepay the Loans in an amount equal to one hundred percent (100%) of such Extraordinary Receipts
in excess of $1,000,000, to be applied as set forth in Section 4.02(c); provided, that the amount of Extraordinary Receipts
not applied as a prepayment of Loans under this clause (v) as result of the dollar threshold set forth above shall not exceed $500,000
in the aggregate during the immediately preceding twelve-month period. Nothing in this Section 4.02(a)(v) shall be construed to permit
or waive any Default or Event of Default arising, directly or indirectly, from any event or circumstance giving rise to any Extraordinary
Receipts.

 

(vi)
Reserved.

 

(vii)
Immediately upon any acceleration of the Maturity Date of any Loans pursuant to Section 10.02, Borrower shall repay all the Loans,
unless only a portion of all the Loans is so accelerated (in which case the portion so accelerated shall be repaid).

 

(b)
Option to Decline Prepayment. Notwithstanding anything to the contrary herein, any mandatory prepayment pursuant to Section
4.02(a) may be declined in whole or in part by any Lender without prejudice to such Lender’s rights hereunder to accept or
decline any future payments in respect of any mandatory prepayment. If a Lender chooses not to accept payment in respect of a mandatory
prepayment, in whole or in part, the other Lenders that accept such mandatory prepayment shall have the option to share such proceeds
on a pro rata basis (and if declined by all Lenders, such declined proceeds shall be retained by Borrower). Each Lender shall have until
the Business Day immediately preceding the Business Day on which such prepayment is due in order to decline such prepayment (and any
election by a Lender delivered prior to such Business Day can be rescinded by such Lender at its discretion until such Business Day).

 

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(c)
Application of Payments. With respect to each prepayment of the Loans required by Section 4.02(a), the amounts prepaid
shall be applied, so long as no Application Event shall have occurred and be continuing, first to pay any fees and expenses of the Agents
and the Lenders under the Credit Documents until paid in full, second to any accrued and unpaid interest on the Loans on a ratable basis
until paid in full and thereafter to the outstanding principal on the Loans on a ratable basis until the Loans are paid in full.

 

(d)
Application of Collateral Proceeds. Notwithstanding anything to the contrary in Section 4.01 or this Section 4.02,
all proceeds of Collateral received by the Collateral Agent or any other Person pursuant to the exercise of remedies against the Collateral,
and all payments received upon and after the acceleration of any of the Obligations (an “Application Event”)
shall be applied as follows (subject to adjustments pursuant to any agreements entered into among the Lenders):

 

(i)
first, to pay any costs and expenses of the Agents (in their respective capacity as Agent) and fees then due to the Agents (in
their respective capacity as Agent) under the Credit Documents, including any indemnities then due to any Agents (in their respective
capacity as Agent) under the Credit Documents, until paid in full,

 

(ii)
second, to pay any fees and premiums then due to the Agents (in their respective capacity as Agent) under the Credit Documents
until paid in full,

 

(iii)
third, ratably to pay any costs, expense reimbursements, fees or premiums of Lenders and indemnities then due to any of the Lenders
under the Credit Documents until paid in full,

 

(iv)
fourth, ratably to pay interest due in respect of the outstanding Loans until paid in full,

 

(v)
fifth, ratably to pay the outstanding principal balance of the Loans in the inverse order of maturity until the Loans are paid
in full,

 

(vi)
sixth, to pay any other Obligations, and

 

(vii)
seventh, to Borrower or such other Person entitled thereto under Applicable Law.

 

SECTION
4.03 Payment of Obligations; Method and Place of Payment.

 

(a)
The obligations of each Credit Party, Opco Mortgagor and Individual Guarantor hereunder and under each other Credit Document are not
subject to counterclaim, set-off, rights of rescission, or any other defense. Subject to Section 4.03(b), and except as otherwise
specifically provided herein, all payments under any Credit Document shall be made by Borrower, without set-off, rights of rescission,
counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Secured Parties entitled thereto, not
later than 5:00 p.m. on the date when due and shall be made in immediately available funds in Dollars to the Administrative Agent. The
Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received by the Administrative
Agent prior to 5:00 p.m., on such day) like funds relating to the payment of principal or interest or Fees ratably to the Secured Parties
entitled thereto.

 

(b)
For purposes of computing interest or fees, any payments under this Agreement that are made later than 5:00 p.m., shall be deemed to
have been made on the next succeeding Business Day. Whenever any payment to be made hereunder shall be stated to be due on a day that
is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal,
interest shall continue to accrue during such extension at the applicable rate in effect immediately prior to such extension.

 

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(c)
Borrower shall make each payment under any Credit Document by wire transfer to such deposit account as the Administrative Agent shall
notify Borrower in writing from time to time within a reasonable time prior to such payment.

 

(d)
Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders hereunder that Borrower will not make such payment, the Administrative Agent may assume that Borrower
has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lenders,
as the case may be, the amount due. With respect to any payment that the Administrative Agent makes for the account of the Lenders hereunder
as to which the Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of the following
applies (such payment referred to as the “Rescindable Amount”): (i) Borrower has not in fact made such payment;
(iii) the Administrative Agent has made a payment in excess of the amount so paid by the Borrower (whether or not then owed); or (ii)
the Administrative Agent has for any reason otherwise erroneously made such payment, then each applicable Lender severally agrees to
repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, in immediately available funds with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation.

 

SECTION
4.04 Taxes.

 

(a)
Any and all payments by or on account of any obligation of any Credit Party, Opco Mortgagor and/or Individual Guarantor under any Credit
Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as
determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any
such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and
shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if
such Tax is an Indemnified Tax, then the sum payable by the applicable Credit Party, Opco Mortgagor and/or Individual Guarantor shall
be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable
to additional sums payable under this Section 4.04) the applicable Recipient receives an amount equal to the sum it would have
received had no such deduction or withholding been made.

 

(b)
The Credit Parties, Opco Mortgagors and Individual Guarantors shall timely pay, and shall authorize the Administrative Agent to pay in
their name, to the relevant Governmental Authority in accordance with Applicable Law, or at the option of the Administrative Agent timely
reimburse it for the payment of, any Other Taxes. As soon as practicable after the date of any payment of Taxes or Other Taxes by any
Credit Party, Opco Mortgagor and/or Individual Guarantor, the Credit Parties, Opco Mortgagors and/or Individual Guarantors shall furnish
to Administrative Agent, at its address referred to in Section 12.02, the original or a certified copy of a receipt evidencing
payment thereof or other evidence of payment reasonably satisfactory to the Administrative Agent.

 

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(c)
The Credit Parties, Opco Mortgagors and Individual Guarantors shall jointly and severally indemnify each Recipient, within 10 days after
demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section 4.04) payable or paid by such Recipient or required to be withheld or deducted from a payment
to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a
Lender, shall be conclusive absent manifest error.

 

(d)
Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable
to such Lender (but only to the extent that any Credit Party, Opco Mortgagor or Individual Guarantor has not already indemnified the
Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Credit Parties, Opco Mortgagors and Individual
Guarantors to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.06(c)
relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that
are payable or paid by the Administrative Agent in connection with any Credit Document, and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent
manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to
such Lender under any Credit Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
amount due to the Administrative Agent under this Section 4.04(d).

 

(e)
As soon as practicable after any payment of Taxes by any Credit Party, Opco Mortgagor and/or Individual Guarantor to a Governmental Authority
pursuant to this Section 4.04, such Credit Party, Opco Mortgagor and/or Individual Guarantor shall deliver to the Administrative
Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

(f)
Status of Lenders.

 

(i)
Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Credit Document
shall deliver to Borrower and the Administrative Agent, at the time or times reasonably requested by Borrower or the Administrative Agent,
such properly completed and executed documentation reasonably requested by Borrower or the Administrative Agent as will permit such payments
to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by Borrower or the
Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by Borrower or the
Administrative Agent as will enable Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup
withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Section 4.04(f)(ii)(A), (ii)(B)
and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission
would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position
of such Lender.

 

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(ii)
Without limiting the generality of the foregoing,

 

(A)
any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender
becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever
of the following is applicable:

 

(1)
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Credit Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and
(y) with respect to any other applicable payments under any Credit Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing
an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty;

 

(2)
executed copies of IRS Form W-8ECI;

 

(3)
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a
certificate to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code,
a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled
foreign corporation” described in Section 881(c)(3)(C) of the Code in customary form consistent with the Model Credit Agreement
Provisions of the Loan Syndications and Trading Association (a “U.S. Tax Compliance Certificate”) and (y) executed copies
of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or

 

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

 

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

 

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(D)
if a payment made to a Lender under any Credit Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law
and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower
or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA
after the date of this Agreement.

 

Each
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify Borrower and the Administrative Agent in writing of its legal inability to
do so.

 

(g)
If any party determines, in its sole discretion exercised in good faith, that it has received a refund or credit of any Taxes as to which
it has been indemnified pursuant to this Section 4.04 (including by the payment of additional amounts pursuant to this Section
4.04), it shall pay to the indemnifying party an amount equal to such refund or credit (but only to the extent of indemnity payments
made under this Section 4.04 with respect to the Taxes giving rise to such refund or credit), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund or credit). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified
party the amount paid over pursuant to this Section 4.04(g) (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) in the event that such indemnified party is required to repay such refund or credit to such Governmental Authority.
Notwithstanding anything to the contrary in this Section 4.04(g), in no event will the indemnified party be required to pay any
amount to an indemnifying party pursuant to this Section 4.04(g) the payment of which would place the indemnified party in a less
favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise
to such refund or credit had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts
with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available
its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

(h)
Reserved.

 

(i)
Each party’s obligations under this Section 4.04 shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge of all obligations under
any Credit Document.

 

SECTION
4.05 Reserved.

 

SECTION
4.06 Computations of Interest and Fees. All interest and fees shall be computed on the basis of the actual number of days occurring
during the period for which such interest or fee is payable over a year comprised of 360 days. Payments due on a day that is not a Business
Day shall (except as otherwise required by) be made on the next succeeding Business Day and such extension of time shall be included
in computing interest and fees in connection with that payment. Each determination by the Administrative Agent of an interest rate and
Fees hereunder shall be presumptive evidence of the correctness of such rates and Fees, absent manifest error.

 

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ARTICLE
V

Conditions Precedent to Signing, Restatement of the Original Credit Agreement and Funding of the Loans

 

SECTION
5.01 Signing Date. This Agreement shall be deemed executed by the parties hereto on the Signing Date upon the fulfillment, to
the satisfaction of the Agents and each Lender, of each of the following conditions precedent on or before the Signing Date:

 

(a)
Credit Documents. The Administrative Agent shall have received each of the following Credit Documents, duly executed by an Authorized
Officer of each Credit Party party thereto and each other Person party thereto:

 

(i)
this Agreement;

 

(ii)
the Security Agreement; and

 

(iii)
the Canadian Security Agreement.

 

(b)
Resolutions. The Administrative Agent shall have received resolutions of each Credit Party’s board of managers/directors
(or other managing body, in the case of a Person that is not a corporation) then in full force and effect expressly and specifically
authorizing, to the extent relevant, all aspects of the Credit Documents applicable to such Person and the execution, delivery and performance
of each Credit Document, in each case, to be executed by such Person.

 

SECTION
5.02 Restatement Date. The effectiveness of this Agreement, and the obligation of each Lender to make the Loans on the Restatement
Date as provided for hereunder is subject to the fulfillment, to the satisfaction of the Agents and each Lender, of each of the following
conditions precedent on or before the Restatement Date, unless any such condition is waived in accordance with Section 12.01:

 

(a)
Signing Date Credit Documents. Each Credit Party shall have affirmed its execution of each of Credit Documents it executed on
the Signing Date in writing.

 

(b)
Credit Documents. The Administrative Agent shall have received the following documents, duly executed by an Authorized Officer
of each applicable Credit Party and each other relevant party:

 

(i)
the Notes;

 

(ii)
except as otherwise provided in Section 8.17, the Security Documents (other than the Security Agreement and the Canadian Security
Agreement); and

 

(iii)
except as otherwise provided in Section 8.17, each other Credit Document.

 

(c)
Collateral.

 

(i)
All Capital Stock, other than Excluded Property, of each Credit Party and Subsidiary (other than Parent) shall have been pledged pursuant
to the Security Documents and the Collateral Agent shall have received all certificates, if any, representing such securities pledged
under the Security Documents, accompanied by customary instruments of transfer and undated stock powers endorsed in blank.

 

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(ii)
All Capital Stock of the Opcos and the Miscellaneous Other Credit Parties owned by an Individual Guarantor and not pledged as of the
Restatement Date shall have been pledged pursuant to an amendment of the Individual Pledge Agreement, in form an substance reasonably
satisfactory to the Administrative Agent.

 

(iii)
Except as otherwise provided in Section 8.17, the Collateral Agent shall have received the results of a search of the UCC and
PPSA filings (or equivalent filings), in addition to tax Lien, judgment Lien, bankruptcy and litigation searches made with respect to
each Credit Party, together with copies of the financing statements and other filings (or similar documents) disclosed by such searches,
and accompanied by evidence reasonably satisfactory to the Collateral Agent that the Liens indicated in any such financing statement
and other filings (or similar document) are Permitted Liens or have been released or will be released substantially simultaneously with
the making of the Loans hereunder.

 

(iv)
The Collateral Agent shall have received evidence, in form and substance reasonably satisfactory to the Collateral Agent, that appropriate
UCC and PPSA (or equivalent) financing statements (including fixture filings) have been duly filed in such office or offices as may be
necessary or, in the reasonable opinion of Collateral Agent, desirable, to perfect the Collateral Agent’s Liens in and to the Collateral
and certified searches reflecting the filing of all such financing statements.

 

(d)
Legal Opinions. The Administrative Agent shall have received an executed legal opinion of Dorsey & Whitney LLP, counsel to
the Credit Parties, Brotschul Potts LLC, local Illinois counsel to the Credit Parties, and Fasken Martineau DuMoulin LLP, Canadian counsel
to the Credit Parties, which opinions shall be addressed to the Agents and the Secured Parties and shall be in form and substance reasonably
satisfactory to the Administrative Agent.

 

(e)
Secretary’s Certificates. The Administrative Agent shall have received a certificate for each Credit Party, dated the Restatement
Date, duly executed and delivered by such Credit Party’s secretary or assistant secretary, managing director, managing member or
general partner, as applicable, as to:

 

(i)
resolutions of each such Person’s board of managers/directors (or other managing body, in the case of a Person that is not a corporation)
then in full force and effect expressly and specifically authorizing, to the extent relevant, all aspects of the Credit Documents applicable
to such Person and the execution, delivery and performance of each Credit Document, in each case, to be executed by such Person;

 

(ii)
the incumbency and signatures of its Authorized Officers and any other of its officers, managing member or general partner, as applicable,
authorized to act with respect to each Credit Document to be executed by such Person and a list of all officers and directors of the
Credit Parties; and

 

(iii)
each such Person’s Organization Documents, as amended, modified or supplemented as of Restatement Date, certified by the appropriate
officer or official body of the jurisdiction of organization of such Person,

 

which
certificates shall provide that each Secured Party may conclusively rely thereon until it shall have received a further certificate of
the secretary, assistant secretary, managing director managing member or general partner, as applicable, of any such Person canceling
or amending the prior certificate of such Person as provided in Section 8.01(h).

 

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(f)
Other Documents and Certificates. The Administrative Agent shall have received the following documents and certificates, each
of which shall be dated the Restatement Date and duly executed by an Authorized Officer of each applicable Credit Party, in form and
substance reasonably satisfactory to the Administrative Agent:

 

(i)
a certificate of an Authorized Officer of Parent, certifying as to such items as reasonably requested by the Collateral Agent, including
without limitation:

 

(A)
the receipt of all required approvals and consents of all Governmental Authorities and other third parties, if applicable, with respect
to the consummation of the Transactions and the operation of the Credit Parties’ business, each of which shall be attached thereto
and certified as being true, complete and correct copies thereof;

 

(B)
both before and after giving effect to the Transactions, including the borrowing of the Loans on the Restatement Date, (1) no Default
or Event of Default shall have occurred, (2) no default, event of default or material breach under any Material Contract shall have occurred
and (3) each Material Contract remains in full force and effect and no Credit Party or Subsidiary has received any notice of termination
or non-renewal from the other party thereto; and

 

(C)
the representations and warranties set forth in Article VII are true and correct in all material respects (except that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the
text thereof);

 

(ii)
[reserved];

 

(iii)
(A) certificates of good standing or letter or certificate of status (or the local equivalent thereof, if applicable) with respect to
each Credit Party, each dated within a recent date on or prior to the Restatement Date, such certificates to be issued by the appropriate
officer or official body of the jurisdiction of organization of such Credit Party, which certificate shall indicate that such Credit
Party is in good standing (or the local equivalent thereof, if applicable) in such jurisdiction, and (B) certificates of good standing
or status (or the local equivalent thereof, if applicable) with respect to each Credit Party, each dated within a recent date prior to
the Restatement Date, such certificates to be issued by the appropriate officer of the jurisdictions where such Credit Party is qualified
to do business as a foreign entity, which certificate shall indicate that such Credit Party is in good standing (or the local equivalent
thereof, if applicable) in such jurisdictions; and

 

(iv)
a certificate detailing the planned distribution of proceeds from the Loans and a funds flow memorandum (to be prepared by Administrative
Agent) detailing the sources and uses of the Transactions.

 

(g)
Solvency. The Administrative Agent shall be reasonably satisfied, based on financial statements (actual and pro forma), projections
and other evidence provided by Credit Parties, or requested by the Administrative Agent, that Parent and its Subsidiaries (on a consolidated
basis), after incurring the Loans, will be Solvent and the Administrative Agent shall have received and shall be reasonably satisfied
with a Solvency Certificate of an Authorized Officer of Parent, on behalf of the Credit Parties, confirming the solvency of the Consolidated
Companies (on a consolidated basis) after giving effect to the Transactions.

 

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(h)
Financial Information.

 

(i)
The Administrative Agent shall have received a certificate in form and substance reasonably satisfactory to it, dated the Restatement
Date and properly executed by an Authorized Officer of Parent, attaching the financial projections of the Consolidated Companies for
each fiscal year of the Consolidated Companies during the period from the Restatement Date through December 31, 2022 (the “Projections”)
along with a balance sheet of the Consolidated Companies prepared on a Pro Forma Basis giving effect to the Transactions (including actual
results for the twelve months ending February 28, 2021) (the “Pro Forma Balance Sheet”), each in form and substance
reasonably satisfactory to the Administrative Agent. Such certificate shall contain a certification, with respect to the Projections
and the Pro Forma Balance Sheet, consistent with the representations and warranties set forth in Section 7.08.

 

(ii)
The Administrative Agent shall have received copies of the consolidated and consolidating balance sheets of the Consolidated Companies,
and the related consolidated and consolidating statements of income and cash flows of the Consolidated Companies for the fiscal year
ending December 31, 2020, such consolidated statements audited and certified without qualification, or exception as to the scope of such
audit, by an independent public accounting firm reasonably acceptable to the Administrative Agent, together with a management discussion
and analysis (with reasonable detail and specificity) of the results of operations for the fiscal periods reported.

 

(i)
Insurance. Except as otherwise provided in Section 8.17, the Collateral Agent shall have received a certificate of insurance,
together with the endorsements thereto, naming the Collateral Agent as an additional insured on behalf of the Lenders and lender loss
payee as to casualty insurance, in each case, as to the insurance required by Section 8.03, in form and substance reasonably satisfactory
to Administrative Agent.

 

(j)
Payment of Outstanding Indebtedness. (a) On the Restatement Date, the Credit Parties and each of their respective Subsidiaries
shall have no outstanding Indebtedness other than the Loans hereunder and the Indebtedness (if any) listed on Schedule 7.24 or
otherwise permitted by Section 9.01, and the Administrative Agent shall have received copies of all documentation and instruments
evidencing the discharge of all Indebtedness paid off in connection with the Transactions and the transactions contemplated by this Agreement,
and (b) all Liens (other than Permitted Liens) securing payment of any such Indebtedness shall have been released and the Administrative
Agent shall have received pay-off letters, all form UCC-3 and PPSA3C termination statements, all releases or terminations of intellectual
property security agreements and other instruments as may be reasonably requested by Administrative Agent in connection therewith.

 

(k)
Material Adverse Effect. The Administrative Agent shall have determined that, both immediately before and immediately after giving
effect to the Transactions, no Material Adverse Effect has occurred since December 31, 2020 that is continuing.

 

(l)
Fees, Expenses and Interest. Each of the Agents and Lenders shall have received, for its own respective account, (i) all documented
fees and reasonable and documented expenses due and payable to such Person hereunder, and (ii) the reasonable and documented fees, costs
and expenses due and payable to such Person pursuant Sections 3.01 and 12.05 (including the reasonable fees, disbursements
and other charges of counsel).

 

(m)
Patriot Act; Proceeds of Crime Act Compliance and Reference Checks. The Administrative Agent shall have received completed reference
checks with respect to each Credit Party’s senior management, and any required Patriot Act and Proceeds of Crime Act compliance,
the results of which are reasonably satisfactory to Administrative Agent in its sole discretion.

 

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(n)
Due Diligence. The Administrative Agent shall have completed and be reasonably satisfied its business, legal, and collateral due
diligence on Parent and its Subsidiaries, including: (i) corporate, capital and legal structure of Parent and its Subsidiaries; (ii)
securities, labor, insurance, tax, litigation and environmental matters; (iii) review of all third party reports; and (iv) an independent
quality of earnings report, a third-party accounting review and the results of Borrower’s pipeline and backlog.

 

(o)
Material Contracts. The Administrative Agent shall have received copies of each Material Contract (if written), and the results
of the Administrative Agent’s review thereof shall be reasonably satisfactory to Administrative Agent.

 

(p)
No Default, Representations and Warranties and No Injunctions.

 

(i)
No Default or Event of Default shall have occurred and be continuing;

 

(ii)
all representations and warranties made by each Credit Party and Individual Guarantor contained herein or in the other Credit Documents
shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof), in each case, with the same effect as though
such representations and warranties had been made on and as of the Restatement Date (except where such representations and warranties
expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material
respects as of such earlier date (except that such materiality qualifier shall not be applicable to any representations and warranties
that already are qualified or modified by materiality in the text thereof));

 

(iii)
no injunction, writ, restraining order, or other order of any nature restricting or prohibiting, directly or indirectly, the Transactions
shall have been issued and remain in force by any Governmental Authority against any Credit Party, any Individual Guarantor, any Agent
or any Lender; and

 

(iv)
there shall be no order or injunction or pending litigation in which there is a reasonable possibility of a decision that could reasonably
be expected to have a Material Adverse Effect on Parent and its Subsidiaries, taken as a whole, or on any Opco Mortgagor or Individual
Guarantor, and no pending litigation seeking to prohibit, enjoin or prevent any of the Transactions.

 

(q)
Loan Amount. The aggregate principal amount of the 2021 Loans funded on the Restatement Date shall not exceed $100,000,000.

 

(r)
New Mortgages. The Administrative Agent shall have received, with respect to each Mortgaged Property (other than any Mortgaged
Property that was subject to a Mortgage in favor of Collateral Agent prior to the Restatement Date), each of the following (except as
otherwise set forth on Schedule 8.17), in form and substance reasonably satisfactory to the Administrative Agent:

 

(i)
an executed Mortgage;

 

(ii)
evidence that a counterpart of such Mortgage has been recorded, or that arrangements for recording reasonably satisfactory to Administrative
Agent have been made, in the place necessary, in the Administrative Agent’s reasonable judgment, to create a valid and enforceable
first priority Lien in favor of the Administrative Agent for the benefit of itself, the Lenders and the other Secured Parties; and

 

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(iii)
an ALTA or other mortgagee’s title insurance policy with respect to such Mortgage.

 

(s)
Mortgage Amendments. The Administrative Agent shall have received, with respect to each Mortgaged Property that was subject to
a Mortgage in favor of Collateral Agent prior to the Restatement Date, each of the following in form and substance reasonably satisfactory
to the Administrative Agent:

 

(i)
an executed amendment to the Mortgage with respect to such Mortgaged Property;

 

(ii)
evidence that a counterpart of such amendment to such Mortgage has been recorded, or that arrangements for recording reasonably satisfactory
to Administrative Agent have been made, in the place necessary, in the Administrative Agent’s reasonable judgment, to continue
to create a valid and enforceable first priority Lien in favor of the Administrative Agent for the benefit of itself, the Lenders and
the other Secured Parties; and

 

(iii)
an ALTA or other mortgagee’s title insurance policy with respect to such Mortgage (or a date-down endorsement with respect to the
existing mortgagee’s title insurance policy that was issued with respect to such Mortgage).

 

(t)
Signing Date Updates. The Administrative Agent shall have received such updates and corrections to the Schedules to this Agreement
and the Security Agreement, the resolutions provided on the Signing Date and the signature pages executed on the Signing Date, and such
corrective amendments to this Agreement and the Security Agreement, as it shall reasonably request.

 

(u)
Borrowing Request. The Borrower shall have delivered the borrowing request required pursuant to Section 2.05(a); provided,
that such written request shall not be delivered by Borrower until such time that Administrative Agent has notified Borrower that the
Administrative Agent is holding in escrow signed copies of the documents required to be delivered pursuant to this Section 5.01 (other
than the delivery of such borrowing request) and that the other conditions precedent set forth in this Section 5.01 have been satisfied
to the satisfaction of the Administrative Agent.

 

ARTICLE
VI

Guarantee

 

SECTION
6.01 Guarantee.

 

(a)
To induce the Lenders to make the Loans and each other Secured Party to make credit available to or for the benefit of one or more Credit
Parties, each Entity Guarantor hereby, jointly and severally, absolutely, unconditionally and irrevocably, guarantees, as primary obligor
and not merely as surety, the full and punctual payment when due, whether at stated maturity or earlier, by reason of acceleration, mandatory
prepayment or otherwise in accordance with any Credit Document, of all the Obligations of Borrower and of the other Guarantors whether
existing on the Original Closing Date or hereinafter incurred or created (the “Guarantor Obligations”, which
in no event shall include any Excluded Hedging Obligations). The Guarantor Obligations shall include, without limitation, interest accruing
at the then applicable rate provided herein after the maturity thereof and interest accruing at the then applicable rate provided herein
after the commencement of any Insolvency Event relating to Borrower or any other Credit Party, whether or not a claim for post-filing
or post-petition interest is allowed or allowable in such proceeding, whether direct or indirect, absolute or contingent, due or to become
due, or now existing or hereafter incurred, which may arise under, out of, or in connection with this Agreement or any other Credit Document,
in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including
all fees and disbursements of counsel and other advisors retained by, or for the benefit of, the Agents or to the other Secured Parties
that are required to be paid by Borrower pursuant to the terms of any of the foregoing agreements) and all obligations and liabilities
of such Entity Guarantor that arise or may arise under or in connection with this Agreement or any other Credit Document to which such
Entity Guarantor is a party, in each case whether on account of guarantee obligations, reimbursement obligations, fees, indemnities,
costs, expenses or otherwise (including all fees and disbursements of counsel and other advisors retained by, or for the benefit of,
the Agents or the other Secured Parties that are required to be paid by such Entity Guarantor pursuant to the terms of any such Credit
Document) whether or not claims for any such amounts are allowed or allowable in any Insolvency Event. Each Entity Guarantor’s
guarantee hereunder constitutes a guarantee of payment and not of collection. Each Entity Guarantor acknowledges that it will derive
a material benefit, directly or indirectly, from the making of the Loans to Borrower hereunder.

 

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(b)
Any term or provision of this Agreement or any other Credit Document to the contrary notwithstanding, the maximum aggregate amount for
which any Entity Guarantor shall be liable under this guarantee shall not exceed the maximum amount for which such Entity Guarantor can
be liable without rendering the obligations of such Entity Guarantor under this Agreement or any other Credit Document, as it relates
to such Entity Guarantor, subject to avoidance under Applicable Laws relating to fraudulent conveyance or fraudulent transfer (including
the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act and Section 548 of title 11 of the United States Code or any
applicable provisions of comparable Applicable Laws) (collectively, the “Fraudulent Transfer Laws”). Any analysis
of the provisions of this Article VI for purposes of the Fraudulent Transfer Laws shall take into account the right of contribution established
in Section 6.02 and, for purposes of such analysis, give effect to any discharge of intercompany debt as a result of any payment made
under this Article VI.

 

(c)
Each Entity Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of such Entity
Guarantor hereunder without impairing this guarantee or affecting the rights and remedies of any Secured Party hereunder.

 

(d)
This guarantee shall remain in full force and effect until the Termination Date occurs, notwithstanding that from time to time during
the term of this Agreement no Guarantor Obligations may be outstanding.

 

(e)
No payment made by Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected by any Secured Party
from Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or
appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to modify,
reduce, release or otherwise affect the liability of any Entity Guarantor hereunder, and each Entity Guarantor shall, notwithstanding
any such payment (other than any payment made by such Entity Guarantor in respect of the Obligations or any payment received or collected
from such Entity Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of such Entity
Guarantor hereunder until the Termination Date occurs.

 

SECTION
6.02 Right of Contribution. Each Entity Guarantor hereby agrees that to the extent that an Entity Guarantor shall have paid more
than its proportionate share of any payment made hereunder, such Entity Guarantor shall be entitled to seek and receive contribution
from and against any other Entity Guarantor hereunder which has not paid its proportionate share of such payment. Each Entity Guarantor’s
right of contribution shall be subject to the terms and conditions of Section 6.03. The provisions of this Section 6.02
shall in no respect limit the obligations and liabilities of any Entity Guarantor to the Secured Parties, and each Entity Guarantor shall
remain liable to the Secured Parties for the full amount guaranteed by such Entity Guarantor hereunder.

 

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SECTION
6.03 No Subrogation. Notwithstanding any payment made by any Entity Guarantor hereunder or any set-off or application of funds
of any Entity Guarantor by any Secured Party, no Entity Guarantor shall be entitled to be subrogated to any of the rights of any Secured
Party against Borrower or any other Guarantor or any collateral security or guarantee or right of offset held by any Secured Party for
the payment of the Obligations, nor shall any Entity Guarantor seek or be entitled to seek any contribution or reimbursement from Borrower
or any other Guarantor in respect of payments made by such Entity Guarantor under this guarantee, in each case, until after the Termination
Date occurs. If any amount shall be paid to any Entity Guarantor on account of such subrogation rights at any time on or prior to the
Termination Date, such amount shall be held by such Entity Guarantor for the benefit of Secured Parties, segregated from other funds
of such Entity Guarantor, and shall, forthwith upon receipt by such Entity Guarantor, be turned over to the Collateral Agent in the exact
form received by such Entity Guarantor (duly indorsed by such Entity Guarantor to the Collateral Agent, if required), to be applied against
the Obligations, whether matured or unmatured, as the Collateral Agent may determine in accordance with Section 4.02(d) of this
Agreement.

 

SECTION
6.04 Modification of the Entity Guarantor Obligations. Each Entity Guarantor shall remain obligated hereunder notwithstanding
that, without any reservation of rights against any Entity Guarantor and without notice to or further assent by any Entity Guarantor,
any demand for payment of any of the Guarantor Obligations made by any Secured Party may be rescinded by such Secured Party and any of
the Guarantor Obligations continued, and the Guarantor Obligations, or the liability of any other Person upon or for any part thereof,
or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part,
be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered, subordinated or released by any Secured Party,
and this Agreement and the other Credit Documents, and any other documents executed and delivered in connection therewith may be amended,
amended and restated, supplemented or otherwise modified or terminated, in whole or in part, as the Agents (or the Required Lenders or
all Lenders, as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of offset at any
time held by any Secured Party for the payment of the Guarantor Obligations may be sold, exchanged, waived, surrendered, subordinated
or released. No Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security
for the Guarantor Obligations or for this Agreement or any other Credit Document or any property subject thereto.

 

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SECTION
6.05 Guarantee Absolute and Unconditional. Each Entity Guarantor waives to the fullest extent permitted by Applicable Law any
and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by any Secured
Party upon this Agreement or acceptance of the guarantee contained in this Article VI. The Obligations, and any of them, shall conclusively
be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon this Article VI and
all dealings between Borrower and any of the Entity Guarantors, on the one hand, and the Secured Parties, on the other hand, likewise
shall be conclusively presumed to have been had or consummated in reliance upon this Article VI. Each Entity Guarantor, to the fullest
extent permitted by Applicable Law, waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to
or upon Borrower or any of the Guarantors with respect to the Obligations. Each Entity Guarantor waives, to the fullest extent permitted
by law, any right such Entity Guarantor may now have or hereafter acquire to revoke, rescind, terminate or limit (except as expressly
provided herein) the guarantee set forth in this Article VI or any of its obligations hereunder. Each Entity Guarantor understands and
agrees, to the fullest extent permitted by Applicable Law, that the guarantee set forth in this Article VI shall be construed as a continuing,
absolute and unconditional guarantee of payment without regard to (a) the validity, enforceability or avoidability of this Agreement
or any other Credit Document, any of the Guarantor Obligations or any other collateral security therefor or guarantee or right of offset
with respect thereto at any time or from time to time held by any Secured Party, (b) any defense, set-off or counterclaim (other than
a defense of payment or performance) which may at any time be available to or be asserted by Borrower or any other Person against any
Secured Party, or (c) any other circumstance whatsoever (with or without notice to or knowledge of Borrower or any Guarantor) which constitutes,
or might be construed to constitute, an equitable or legal discharge of Borrower with respect to any Obligations, or of such Entity Guarantor
under this guarantee, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies
hereunder against any Entity Guarantor, any Secured Party may, but shall be under no obligation to, make a similar demand on or otherwise
pursue such rights and remedies as it may have against Borrower, any other Guarantor or any other Person or against any collateral security
or guarantee for the Guarantor Obligations or any right of offset with respect thereto, and any failure by any Secured Party to make
any such demand, to pursue such other rights or remedies or to collect any payments from Borrower, any other Guarantor or any other Person
or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of Borrower, any
other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Entity Guarantor
of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available
as a matter of law, of any Secured Party against any Entity Guarantor. For the purposes hereof, “demand” shall include the
commencement and continuance of any legal proceedings.

 

SECTION
6.06 Reinstatement. The guarantee set forth in this Article VI shall continue to be effective, or be reinstated, as the case may
be, if at any time payment, or any part thereof, of any of the Guarantor Obligations is rescinded or must otherwise be restored or returned
by any Secured Party, including, without limitation, upon the insolvency, bankruptcy, examinership, dissolution, liquidation or reorganization
of Borrower or any Entity Guarantor, or upon or as a result of the appointment of a receiver, examiner, intervenor or conservator of,
or trustee or similar officer for, Borrower or any Entity Guarantor or any substantial part of its property, or otherwise, all as though
such payments had not been made.

 

SECTION
6.07 Payments. Each Entity Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent, for the
benefit of the Lenders, without set-off or counterclaim in Dollars in accordance with Section 4.03(c).

 

SECTION
6.08 Taxes. Each payment of the Guarantor Obligations will be made by each Entity Guarantor subject to the same provisions as
are set forth in Section 4.04 hereof.

 

SECTION
6.09 Joint and Several (Canada). Notwithstanding the foregoing or any other provision contained herein or in any other Credit
Document, if a “secured creditor” (as that term is defined under the Bankruptcy and Insolvency Act (Canada)) is determined
by a court of competent jurisdiction not to include a Person to whom obligations are owed on a joint and several basis, then such Person’s
Obligations (and the Obligations of each other Canadian Credit Party), to the extent such Obligations are secured, shall be several obligations
and not joint and several obligations.

 

ARTICLE
VII

Representations, Warranties and Agreements

 

In
order to induce the Lenders to enter into this Agreement and continue the Loans as provided for herein, the Credit Parties make the following
representations and warranties to, and agreements with, the Lenders, all of which shall survive the execution and delivery of this Agreement
and the making of the Loans:

 

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SECTION
7.01 Status. Each Credit Party (a) is a duly organized or formed and validly existing limited liability company, unlimited liability
company or other registered entity in good standing (or local law equivalent, if applicable) under the laws of the jurisdiction of its
organization and has the corporate or other organizational power and authority to own its property and assets and to transact the business
in which it is engaged and (b) has duly qualified and is authorized to do business and is in good standing (or local law equivalent,
if applicable) in all jurisdictions where it does business or owns assets, except, in the case of this clause (b), where the failure
to be so qualified could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION
7.02 Power and Authority. Each Credit Party has the corporate or other organizational power and authority to execute, deliver
and carry out the terms and provisions of the Credit Documents to which it is a party and has taken all necessary corporate or other
organizational action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Each Credit
Party has duly executed and delivered the Credit Documents to which it is a party and such Credit Documents constitute the legal, valid
and binding obligation of such Credit Party enforceable against each Credit Party that is a party thereto in accordance with its terms,
subject to the effects of bankruptcy, insolvency, fraudulent conveyance, moratorium, examinership, reorganization and other similar laws
relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity
or law).

 

SECTION
7.03 No Violation. None of (a) the execution, delivery and performance by any Credit Party of the Credit Documents to which it
is a party and compliance with the terms and provisions thereof, (b) the consummation of the Transactions, or (c) the consummation of
the other transactions contemplated hereby or thereby on the relevant dates therefor will (i) contravene any applicable provision of
any material Applicable Law of any Governmental Authority, other than U.S. Federal Cannabis Laws, (ii) result in any breach of any of
the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the
obligation to create or impose) any Lien upon any of the property or assets of any Credit Party or Subsidiary (other than Liens created
under the Credit Documents) pursuant to, (A) the terms of any material indenture, loan agreement, lease agreement, mortgage or deed of
trust, or (B) any other Material Contract, in the case of any of clauses (A) and (B) to which any Credit Party or Subsidiary is a party
or by which it or any of its property or assets is bound or (iii) violate any provision of the Organization Documents or Permit of any
Credit Party or Subsidiary, except with respect to any conflict, breach or contravention or default (but not creation of Liens) referred
to in clause (ii), to the extent that such conflict, breach, contravention or default could not reasonably be expected to have a Material
Adverse Effect.

 

SECTION
7.04 Litigation, Labor Controversies, etc. There is no pending or, to the knowledge of any Credit Party, threatened, litigation,
action, proceeding or labor controversy (including without limitation, strikes, lockouts or slowdowns against the Credit Parties or any
of their respective Subsidiaries pending or, to the knowledge of any Credit Party, threatened) (a) which could reasonably be expected
to have a Material Adverse Effect (except as described in Section (a) of Schedule 7.04), (b) which purports to affect the legality,
validity or enforceability of any Credit Document or the Transactions or (c) relating to any Indebtedness or purported Indebtedness of
any Credit Party in excess of $1,000,000 for any such Indebtedness (except as described in Section (c) of Schedule 7.04). There
is no outstanding judgment rendered by any court or tribunal against any Credit Party or Subsidiary which could reasonably be expected
to have a Material Adverse Effect.

 

SECTION
7.05 Use of Proceeds; Regulations U and X. The proceeds of the Loans are intended to be and shall be used solely for the purposes
set forth in and permitted by Section 8.12. No Credit Party is engaged in the business of extending credit for the purpose of
purchasing or carrying margin stock, and no proceeds of the Loans will be used to purchase or carry margin stock or otherwise for a purpose
which violates, or would be inconsistent with Regulation U or Regulation X.

 

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SECTION
7.06 Approvals, Consents, etc. No authorization or approval or other action by, and no notice to or filing with, any Governmental
Authority or other Person, and no consent or approval under any contract or instrument (other than (a) those that have been duly obtained
or made and which are in full force and effect, or if not obtained or made, individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect, (b) the filing of UCC financing statements and other equivalent filings for foreign jurisdictions,
and (c) the filings or other actions necessary to perfect Liens under the Credit Documents) is required for the consummation of the Transactions
or the due execution, delivery or performance by any Credit Party of any Credit Document to which it is a party, or for the due execution,
delivery or performance of the Credit Documents, in each case by any of the Credit Parties party thereto. There does not exist any judgment,
order, injunction or other restraint issued or filed with respect to the transactions contemplated by the Credit Documents, the consummation
of the Transactions, the making of the Loans or the performance by the Credit Parties of their Obligations under the Credit Documents.

 

SECTION
7.07 Investment Company Act. No Credit Party or Subsidiary is, or will be after giving effect to the Transactions and the transactions
contemplated under the Credit Documents, an “investment company” or a company “controlled” by a Person required
to be registered as an “investment company”, within the meaning of the Investment Company Act of 1940.

 

SECTION
7.08 Accuracy of Information.

 

(a)
None of the factual information and data (taken as a whole) at any time furnished by any Credit Party, any of their respective Subsidiaries
or any of their respective authorized representatives in writing to any Agent or any Lender (including all information contained in the
Credit Documents) for purposes of or in connection with this Agreement or any of the Transactions contains any untrue statement of a
material fact or omits to state any material fact necessary to make such information and data (taken as a whole) not materially misleading,
in each case, at the time such information was provided in light of the circumstances under which such information or data was furnished;
provided that, to the extent any such information was based upon or constitutes a forecast or projection, the Credit Parties represent
only that such projections and forecasts reflect the best available estimates of future financial performance and the Credit Parties
acted in good faith and utilized assumptions believed to be reasonable at the time made and due care in the preparation of such information,
it being understood that (i) such projections and forecasts are as to future events and are not to be viewed as facts, and that actual
results during the period or periods covered by any such projections and forecasts may differ significantly from the projected and forecasted
results and such differences may be material and (ii) forecasts and projections are subject to uncertainties and contingencies and no
assurance can be given that any forecast or projection will be realized.

 

(b)
The budget and pro forma financial information provided to the Administrative Agent were prepared in good faith based upon assumptions
believed by the Credit Parties to be reasonable at the time made, it being recognized by the Administrative Agent and the Lenders that
(i) such projections are as to future events and are not to be viewed as facts, and that actual results during the period or periods
covered by any such projections may differ significantly from the projected results and such differences may be material and (ii) forecasts
and projections are subject to uncertainties and contingencies and no assurance can be given that any forecast or projection will be
realized.

 

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SECTION
7.09 Financial Condition; Financial Statements. The tax returns and financial statements delivered to the Administrative Agent
present fairly in all material respects the financial position and results of operations of Parent and its Subsidiaries at the respective
dates of such information and for the respective periods covered thereby, subject in the case of unaudited financial information, to
changes resulting from normal year-end audit adjustments and to the absence of footnotes. The tax returns, financial statements and all
of the balance sheets, all statements of income and of cash flow and all other financial information furnished pursuant to Section
8.01 have been and will for all periods following the Restatement Date be prepared in accordance with IFRS, consistently applied.
All of the financial information to be furnished pursuant to Section 8.01 will present fairly in all material respects the financial
position and results of operations of Parent and its Subsidiaries at the respective dates of such information and for the respective
periods covered thereby, subject in the case of unaudited financial information, to changes resulting from normal year-end audit adjustments
and to the absence of footnotes. None of the Credit Parties or any of their respective Subsidiaries has any Indebtedness or other material
obligations or liabilities, direct or contingent that, either individually or in the aggregate, has had or could reasonably be expected
to have, a Material Adverse Effect.

 

SECTION
7.10 Tax Returns and Payments. Each Credit Party and its Subsidiaries has timely filed or caused to be timely filed all material
Tax returns and reports required to have been filed (and all such Tax returns are true complete and correct in all material respects)
and has paid or caused to be paid all material Taxes required to have been paid by it that are due and payable, except Taxes (or any
requirement to file Tax returns with respect thereto) that are being contested in good faith by appropriate proceedings and for which
the Credit Party or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with IFRS. There are no
proposed or pending tax assessments, deficiencies, audits or other proceedings with respect to any material amount of Taxes except such
assessments, deficiencies, audits or other proceedings that relate to Taxes that are being contested in good faith by appropriate proceedings
and for which the Credit Party or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with IFRS.
None of the Credit Parties nor any of their Subsidiaries has ever “participated” in a “reportable transaction”
within the meaning of Section 1.6011-4 of the Treasury Regulations. None of the Credit Parties nor any of their Subsidiaries is a party
to any tax sharing or similar agreement. Except as permitted by Section 9.02(i), no Tax Lien has been filed and no material claim is
being asserted, with respect to any such Tax, fee, or other charge.

 

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SECTION
7.11 Compliance with ERISA: Canadian Pension Plans.

 

(a)
Each Plan (and each related trust, insurance contract or fund) is in compliance with its terms and with ERISA, the Code and all Applicable
Laws; no Reportable Event has occurred (or is reasonably expected to occur) with respect to any Pension Plan; each Plan (and each related
trust, if any) that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from the Internal
Revenue Service, and nothing has occurred subsequent to the issuance of such determination letter which would prevent, or cause the loss
of, such qualification; no Plan is insolvent or in reorganization or in endangered or critical status within the meaning of Section 432
of the Code or Section 4241 or 4245 of Title IV of ERISA (or is reasonably expected to be insolvent or in reorganization), and no written
notice of any such insolvency or reorganization has been given to any of the Credit Parties, any of their respective Subsidiaries or
any ERISA Affiliate; no Pension Plan is, or is reasonably expected to be, in “at risk” status (as defined in Section 430
of the Code or Section 303 of ERISA); no Pension Plan (other than a Multiemployer Plan) has failed to satisfy the minimum funding standard
of Section 412 of the Code or Section 302 of ERISA (whether or not waived in accordance with Section 412(c) of the Code or Section 302(c)
of ERISA), or is reasonably expected to do so, and no Pension Plan has applied for or received a waiver of the minimum funding standard
or an extension of any amortization period within the meaning of Section 412 of the Code or Section 302, 303 or 304 of ERISA; no failure
to make any required installment under Section 430(j) of the Code with respect to any Pension Plan or to make any required contribution
to a Multiemployer Plan when due has occurred; none of the Credit Parties, any of their respective Subsidiaries or any ERISA Affiliate
has incurred (or is reasonably expected to incur) any liability to or on account of a Plan pursuant to Section 409, 502(i), 502(l), 515,
4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or Section 436(f), 4971, 4975 or 4980 of the Code or has been notified in writing
that it will incur any liability under any of the foregoing Sections with respect to any Plan; no proceedings have been instituted (or
are reasonably expected to be instituted) to terminate or to reorganize any Pension Plan or to appoint a trustee to administer any Pension
Plan, and no written notice of any such proceedings has been given to any of the Credit Parties, any of their respective Subsidiaries
or any ERISA Affiliate; no Lien imposed under the Code or ERISA on the assets of any of the Credit Parties, any of their respective Subsidiaries
or any ERISA Affiliate exists (or is reasonably expected to exist) nor have the Credit Parties, any of their respective Subsidiaries
or any ERISA Affiliate been notified in writing that such a Lien will be imposed on the assets of any of the Credit Parties, any of their
respective Subsidiaries or any ERISA Affiliate on account of any Pension Plan; no action, suit, proceeding, hearing, audit or investigation
with respect to the administration, operation or the investment of assets of any Plan (other than routine claims for benefits) is pending,
expected or threatened; there has been no violation of the applicable requirements of Section 404 or 405 of ERISA or the exclusive benefit
rule under Section 401(a) of the Code by any fiduciary or disqualified person with respect to any Plan for which any of the Credit Parties,
any of their respective Subsidiaries or any ERISA Affiliate may be directly or indirectly liable; and none of the Credit Parties, any
of their respective Subsidiaries nor any ERISA Affiliate has filed, or is considering filing, an application under the United States
Internal Revenue Service Employee Plans Compliance Resolution System or the Department of Labor’s Voluntary Fiduciary Correction
Program with respect to any Plan, except to the extent that a breach of any of the representations, warranties or agreements in this
Section 7.11 could not result, individually or in the aggregate, in an amount of liability that would be reasonably expected to
have a Material Adverse Effect. No Pension Plan (other than a Multiemployer Plan) has an Unfunded Current Liability that would, individually
or when taken together with any other liabilities referenced in this Section 7.11, be reasonably expected to have a Material Adverse
Effect. No employee welfare benefit plan within the meaning of §3(1) or §3(2)(B) of ERISA of any Credit Party or any of their
respective Subsidiaries, provides benefit coverage subsequent to termination of employment except as required by Title I, Part 6 of ERISA
or applicable state insurance laws. No liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA has been, or is reasonably expected to be, incurred, except
as could not reasonably be expected to have a Material Adverse Effect. With respect to any Plan that is a Multiemployer Plan, the representations
and warranties in this Section 7.11, other than any made with respect to (a) liability under Section 4201 or 4204 of ERISA or
(b) liability for termination or reorganization of such Pension Plans under ERISA, are made to the best knowledge of the Credit Parties.
To the extent applicable, each Foreign Plan has been maintained in compliance with ‎its terms and with the requirements of any and
all applicable requirements of Applicable Law and has been ‎maintained, where required, in good standing with applicable regulatory
authorities, except to the ‎extent that the failure so to comply could not reasonably be expected, either individually or in the
‎aggregate, to have a Material Adverse Effect. Neither any Credit Party nor any Subsidiary has incurred ‎any material obligation
in connection with the termination of or withdrawal from any Foreign Plan in an amount of liability that would be reasonably expected
to have a Material Adverse Effect. ‎The present value of the accrued benefit liabilities (whether or not vested) under each Foreign
Plan ‎that is funded, determined as of the end of the most recently ended fiscal year of the Credit Party or ‎Subsidiary, as
applicable, on the basis of actuarial assumptions, each of which is reasonable, did ‎not exceed the current value of the property
of such Foreign Plan by aa amount that would be reasonably expected to have a Material Adverse Effect.

 

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(b)
Except to the extent that a breach of any of the representations, warranties or agreements in this Section 7.11(b) would not result,
individually or in the aggregate, in an amount of liability that would be reasonably expected to have a Material Adverse Effect, (i)
the Canadian Pension Plans of the Credit Parties are duly registered under the Tax Act (Canada) (if such registration is required) and
under all other applicable laws which require registration and no event has occurred which would reasonably be expected to cause the
loss of such registered status, (ii) all obligations of each of the Credit Parties (including fiduciary, funding, investment and administration
obligations) required to be performed in connection with its Canadian Pension Plans and the funding agreements therefor have been performed
on a timely basis and in compliance with the terms of such plans and agreements, any applicable collective bargaining agreement and all
laws, (iii) all employer and employee payments, contributions or premiums to be remitted, paid to or in respect of each Canadian Pension
Plan have been paid or remitted in a timely fashion in accordance with the terms thereof, any funding agreement and all applicable laws,
(iv) no Canadian Pension Termination Event has occurred or is reasonably expected to occur and (v) no action has been taken (including
the enactment of any corporate resolution) by any Credit Party to terminate or wind up (in whole or in part) any Canadian Defined Benefit
Plan nor has any such Canadian Defined Benefit Plan been terminated or wound-up prior to the date hereof. No Credit Party maintains,
contributes or sponsors or has any liability with respect to any Canadian Defined Benefit Plan.

 

SECTION
7.12 Subsidiaries; Opcos. As of the Signing Date and the Restatement Date, none of the Credit Parties has any Subsidiaries other
than the Subsidiaries listed on Schedule 7.12. Schedule 7.12 identifies, as of the Signing Date and the Restatement Date:
(a) the direct and indirect ownership interest of each of the Credit Parties in each Subsidiary; (b) each Immaterial Subsidiary; (c)
each Opco and Pending Opco, and (d) the Miscellaneous Other Credit Parties.

 

SECTION
7.13 Intellectual Property; Licenses, etc. Each Credit Party and each of its Subsidiaries owns, or possesses the right to use,
all of the trademarks, service marks, trade names, Internet domain names, copyrights and copyrightable works, patents, inventions, trade
secrets, know-how, proprietary computer software, franchises, intellectual property licenses and other intellectual property rights,
including all registrations and applications to register any of the foregoing and all rights to sue or recover at law or in equity for
any past, present or future infringement, misappropriation, dilution, violation or other impairment thereof (collectively, the “IP
Rights”) that are reasonably necessary for the operation of their respective businesses. The conduct and operations of the businesses
of each Credit Party and each of its Subsidiaries, to its knowledge, do not infringe, misappropriate, dilute, or otherwise violate in
any material respect any intellectual property owned by any other Person, no other Person has challenged in writing or questioned any
right, title or interest of any Credit Party or any of its Subsidiaries in any IP Rights of such Credit Party or Subsidiary, and no Credit
Party or Subsidiary has received a written challenge from any other Person contesting the use of any IP Rights owned by such Credit Party
or Subsidiary or the validity or enforceability of such IP Rights. No claim or litigation regarding any of the foregoing is pending or,
to the knowledge of such Credit Party threatened. Schedule 7.13 is a complete and accurate list, as of the Signing Date and the
Restatement Date, of (i) all IP Rights registered or pending registration with the United States Copyright Office or the United States
Patent and Trademark Office or the Canadian Intellectual Property Office and owned by each Credit Party and each of its Subsidiaries
as of the Signing Date and the Restatement Date and (ii) all material license agreements or similar arrangements granting IP Rights of
another Person to any Credit Party or any of its Subsidiaries, other than software license agreement for “off-the-shelf”
or “click-through” agreements. As of the Signing Date and the Restatement Date, none of the IP Rights owned by any Credit
Party or any of its Subsidiaries is subject to any licensing agreement, other than (i) non-exclusive licenses granted to customers in
the ordinary business, or (ii) except as set forth on Schedule 7.13.

 

SECTION
7.14 Environmental Warranties.

 

(a)
Except as set forth in Schedule 7.14:

 

(i)
The Credit Parties, their Subsidiaries and their respective businesses, operations ‎‎and Real Property are and have at all times
during the Credit Parties’ or their Subsidiaries’ ownership, ‎‎lease or operation thereof been in material compliance
with, and the Credit Parties and their ‎‎Subsidiaries have no material liability under, any applicable Environmental Law.‎

 

(ii)
The Credit Parties and their Subsidiaries have obtained all material permits, ‎‎licenses, certificates or authorizations required
under Environmental Law (“Environmental Permits”) ‎‎and necessary for the conduct of their businesses
and operations, and the ownership, operation and use ‎‎of their Real Property. The Credit Parties and their Subsidiaries are
in material compliance with the ‎‎terms and conditions of such Environmental Permits, and all such Environmental Permits are
valid and ‎‎in good standing.‎

 

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(iii)
There has been no Release or threatened Release or any handling, management, ‎‎generation, treatment, storage or disposal of
Hazardous Materials in, on, at, under, to, or from any Real ‎‎Property presently or, to the knowledge of any Credit Party, formerly
owned, leased or operated by any ‎‎of the Credit Parties, their Subsidiaries or their respective predecessors in interest that
has resulted in, or ‎‎is reasonably expected to result in, material liability or obligations by any of the Credit Parties under
‎‎Environmental Law or result in a material Environmental Claim.‎

 

(iv)
There is no material Environmental Claim pending or, to the knowledge of the ‎‎Credit Parties, threatened against any of the
Credit Parties or their Subsidiaries, or relating to the Real ‎‎Property currently or formerly owned, leased or operated by any
of the Credit Parties or their ‎‎Subsidiaries or relating to the operations of the Credit Parties or their Subsidiaries, and,
to the ‎‎knowledge of the Credit Parties, there are no actions, activities, circumstances, conditions, events or ‎‎incidents
that are reasonably likely to form the basis of a material Environmental Claim.‎

 

(v)
No person with an indemnity, contribution or other obligation to any of the ‎‎Credit Parties or their Subsidiaries relating to
compliance with or liability under Environmental Law is ‎‎in default with respect to any such indemnity, contribution or other
obligation.‎

 

(vi)
No Real Property owned, leased or operated by the Credit Parties or their ‎‎Subsidiaries and, to the knowledge of the Credit
Parties, no Real Property or facility formerly owned, ‎‎leased or operated by any of the Credit Parties or any of their predecessors
in interest is (i) listed or ‎‎proposed for listing on the National Priorities List as defined in and promulgated pursuant to
CERCLA ‎‎or (ii) listed on the Comprehensive Environmental Response, Compensation and Liability Information ‎‎System
promulgated pursuant to CERCLA or (iii) included on any similar list maintained by any ‎‎governmental or regulatory authority
that indicates that any Credit Party or Subsidiary has or may have ‎‎an obligation to undertake investigatory or remediation
obligations under applicable Environmental ‎‎Laws.‎

 

(vii)
No Lien has been recorded or, to the knowledge of any Credit Party, threatened under any ‎‎Environmental Law with respect to
any Real Property of the Credit Parties or their Subsidiaries.‎

 

(b)
None of the matters, individually or in the aggregate, disclosed in Schedule 7.14 could reasonably be expected to have a Material
Adverse Effect.

 

(c)
The Credit Parties and their Subsidiaries have made available to the Administrative Agent all material reports, assessments, audits,
studies and investigations in the possession, custody or control of the Credit Parties and their Subsidiaries concerning Environmental
Claims or compliance with or liability or obligation under Environmental Law, including those concerning the condition of the Real Property
or the existence of Hazardous Materials at Real Property or facilities formerly owned, operated, leased or used by any of the Credit
Parties, their Subsidiaries or their predecessors-in-interest.

 

Any
reference to “Subsidiaries” in this Section 7.14 shall, with respect to any Subsidiary that is not a Credit Party,
be true and correct in all material respects with respect to such Subsidiary except to the extent the failure of such representation
to be true and correct in all material respects with respect to such Subsidiary could not reasonably be expected to result in a Material
Adverse Effect.

 

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SECTION
7.15 Ownership of Properties. Set forth on Schedule 7.15, as updated from time to time pursuant to Section 8.01(d),
is a list of all of the Real Property owned or leased by any of the Credit Parties or their respective Subsidiaries, indicating in each
case whether the respective property is owned or leased, the identity of the owner or lessor and the location of the respective property.
Each Credit Party and Subsidiary owns (a) in the case of owned Real Property, good and valid fee simple title to such Real Property,
(b) in the case of owned personal property, good and valid title to such personal property, and (c) in the case of leased Real Property
or material personal property, valid and enforceable (except as may be limited by bankruptcy, insolvency, examinership, moratorium, fraudulent
conveyance or other laws applicable to creditors’ rights generally and by generally applicable equitable principles, whether considered
in an action at law or in equity) leasehold interests (as the case may be) in such leased property, in each case, free and clear in each
case of all Liens or claims, except for Permitted Liens.

 

SECTION
7.16 No Default. None of the Credit Parties or any of their respective Subsidiaries is in default or material breach under or
with respect to, or a party to, any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. On the Signing Date and the Restatement Date, after giving effect to the Transactions, none of the
Credit Parties is in default under or with respect to any Contractual Obligation in respect of Indebtedness or purported Indebtedness.

 

SECTION
7.17 Solvency. On the Signing Date and the Restatement Date, after giving effect to the Transactions and the other transactions
related thereto, Parent and its Subsidiaries, on a consolidated basis, are Solvent.

 

SECTION
7.18 Locations of Offices, Records and Collateral. The address of the principal place of business and chief executive office of
each Credit Party is, and the books and records of each Credit Party and all of its Chattel Paper (as defined in the UCC) and records
of Accounts (as defined in the UCC) are maintained exclusively in the possession of such Credit Party at, the address of such Credit
Party specified in Schedule 7.18 (or, after the Restatement Date, at such other address permitted by Section 5.3(a)(i)
of the Security Agreement). Schedule 7.15 specifies all Real Property of each Credit Party and Subsidiary as of the Signing Date
and the Restatement Date and as updated from time to time pursuant to Section 8.01(d), and indicates whether each location specified
therein is leased or owned by such Credit Party.

 

SECTION
7.19 Compliance with Laws and Permits; Authorizations.

 

(a)
Each Credit Party and each of its Subsidiaries (a) is in material compliance with all Applicable Laws and Permits, including all applicable
Canadian Cannabis Laws and U.S. State Cannabis Laws but excluding all U.S. Federal Cannabis Laws, and (b) has all requisite governmental
licenses, Permits (including the Regulatory Licenses), authorizations, consents and approvals to operate its business as currently conducted,
except in such instances in which (x) such requirement of Applicable Laws, Permits, government licenses, authorizations or approvals
are being contested in good faith by appropriate proceedings diligently conducted or (y) the failure to have or comply therewith, either
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. No Credit Party has received any
written notice that is outstanding or unresolved to the effect that its operations are not in material compliance with any Environmental
Law or Permit or are the subject of any investigation by any Governmental Authority evaluating whether any cleanup or other action is
needed to respond to a Release or impose further controls on any existing discharge of Hazardous Materials to the environment.

 

(b)
No Credit Party, nor any Subsidiary, nor, to the knowledge of the Credit Parties and their Subsidiaries, any director, officer, employee,
agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any individual or entity
that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially Designated Nationals or
any similar list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction.
No Credit Party is engaged in any Restricted Cannabis Activities.

 

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(c)
The Credit Parties and their Subsidiaries have conducted their business in compliance, to the extent applicable, with the United States
Foreign Corrupt Practices Act of 1977, Canadian Economic Sanctions and Export Control Laws and the anti-bribery and anti-corruption laws
of any jurisdictions applicable to the Credit Parties and their Subsidiaries, and have instituted and maintained policies and procedures
designed to promote and achieve compliance with such laws.

 

SECTION
7.20 No Material Adverse Effect. Since December 31, 2020, both immediately before and immediately after giving effect to the Transactions,
(a) there has been no Material Adverse Effect, and (b) there has been no circumstance, event or occurrence, and no fact is known to the
Credit Parties that could reasonably be expected to result in a Material Adverse Effect.

 

SECTION
7.21 Contractual or Other Restrictions. As of the Signing Date and the Restatement Date, no Credit Party or any of its Subsidiaries
is a party to any agreement or arrangement or subject to any Applicable Law that limits its ability to (a) pay dividends to, or otherwise
make Investments in or other payments to any Credit Party (except for such limitations set forth in the Credit Documents), (b) grant
Liens in favor of the Collateral Agent or (c) perform the terms of the Credit Documents.

 

SECTION
7.22 Collective Bargaining Agreements. Set forth on Schedule 7.22 is a list of all collective bargaining or similar agreements
between or applicable to any Credit Party or any of its Subsidiaries and any union, labor organization or other bargaining agent in respect
of the employees of any Credit Party or any of its Subsidiaries.

 

SECTION
7.23 Insurance. The properties of each Credit Party and Subsidiary are insured with financially sound and reputable insurance
companies not Affiliates of any Credit Party against loss and damage in such amounts, with such deductibles and covering such risks as
are customarily carried by Persons of comparable size and of established reputation engaged in the same or similar businesses and owning
similar properties in the general locations where such Credit Party or Subsidiary operates. As of the Signing Date and the Restatement
Date, Schedule 7.23 sets forth all insurance policies maintained by or on behalf of the Credit Parties other than the Holding
Companies and as otherwise set forth on Schedule 7.23. As of the Signing Date and the Restatement Date, all premiums with respect
thereto that are due and payable have been duly paid and no Credit Party or Subsidiary has received or has knowledge of any notice of
violation or cancellation thereof and each Credit Party and Subsidiary has complied in all material respects with the requirements of
such policy.

 

SECTION
7.24 Evidence of Other Indebtedness. Schedule 7.24 is a complete and correct list of each credit agreement, loan agreement,
indenture, purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness
or any extension of credit (or commitment for any extension of credit) to, any Credit Party or Subsidiary outstanding on the Signing
Date and the Restatement Date which will remain outstanding after the Restatement Date (other than this Agreement and the other Credit
Documents), in each case, in excess of $100,000 and the aggregate principal or face amount outstanding or that may become outstanding
under each such arrangement as of the Signing Date and the Restatement Date is correctly described in Schedule 7.24. As of the
Signing Date and the Restatement Date, the aggregate principal amount of all Indebtedness of (and all commitments for extensions of credit
to) the Credit Parties and their Subsidiaries which is not disclosed on Schedule 7.24 by reason of the disclosure threshold set
forth in the immediately preceding sentence does not exceed $500,000.

 

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SECTION
7.25 Deposit Accounts and Securities Accounts. Set forth in Schedule 7.25, as updated from time to time pursuant to Section
8.01(d), is a list of all of the deposit accounts and securities accounts of each Credit Party, including, with respect to each bank
or securities intermediary at which such accounts are maintained by such Credit Party (a) the name and location of such Person and (b)
the account numbers of the deposit accounts or securities accounts maintained with such Person.

 

SECTION
7.26 Absence of any Undisclosed Liabilities. There are no material liabilities of any Credit Party of any kind whatsoever, whether
accrued, contingent, absolute, determined, determinable or otherwise, and there is no existing condition, situation or set of circumstances
which could reasonably be expected to result in any such liabilities, other than those liabilities provided for or disclosed in the most
recent financial statements delivered pursuant to Section 8.01.

 

SECTION
7.27 Material Contracts and Regulatory Matters.

 

(a)
Schedule 7.27(a), as updated from time to time pursuant to Section 8.01(d), sets forth all Material Contracts (other than
Regulatory Licenses and Opco Agreements) of the Credit Parties and their Subsidiaries. As of the Restatement Date, all Material Contracts
are in full force and effect and no defaults currently exist thereunder.

 

(b)
The Credit Parties and their Subsidiaries hold the applicable Regulatory Licenses material for such Credit Party or such Subsidiary to
conduct its Business. Each Regulatory License material to the conduct of such Credit Party’s or such Subsidiary’s Business
is in full force and effect in all material respects and has not been revoked, suspended, cancelled, rescinded, terminated, modified
and has not expired. There are no pending actions or actions threatened in writing by or before any Governmental Authority to revoke,
suspend, cancel, rescind, terminate and/or materially adversely modify any Regulatory License. Schedule 7.27(b), as updated from
time to time pursuant to Section 8.01(d), sets forth all Regulatory Licenses held by the Credit Parties and their Subsidiaries.

 

(c)
Schedule 7.27(c), as updated from time to time pursuant to Section 8.01(d), sets forth all Opco Agreements. As of the Restatement
Date, all Opco Requirements have been satisfied except as otherwise set forth on Schedule 7.27(c).

 

SECTION
7.28 Anti-Terrorism Laws. No Credit Party or any Subsidiary is in violation of any Applicable Law relating to terrorism or money
laundering including the Canadian Anti-Money Laundering & Anti-Terrorism Legislation (“Anti-Terrorism Laws”),
including the Patriot Act and Executive Order No. 13224 on Terrorism Financing, effective September 24, 2001 (the “Executive
Order”). No Credit Party, Subsidiary or agent acting or benefiting in any capacity in connection with the Loans is (a)
a Person that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order, (b) a Person owned or controlled
by, or acting for or on behalf of, any Person that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive
Order, (c) a Person with whom any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law,
(d) a Person who commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order, (e)
a Person that is named as a “specially designated national and blocked person” on the most current list published by the
United States Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement
official publication of such list or (f) a Canadian Blocked Person. No Credit Party or Subsidiary or, to the Credit Parties’ knowledge,
other agents acting or benefiting in any capacity in connection with the Loans (i) conducts any business or engages in making or receiving
any contribution of funds, goods or services to or for the benefit of any Person described in the preceding sentence, (ii) deals in,
or otherwise engages in any transaction relating to, any property or interests in any property blocked pursuant to the Executive Order,
or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts
to violate, any of the prohibitions set forth in the Anti-Terrorism Laws. Notwithstanding the foregoing, the representations given in
this Section 7.28 shall not be made by nor apply to any Person that qualifies as a corporation that is registered or incorporated under
the laws of Canada or any province thereof and that carries on business in whole or in part in Canada within the meaning of Section 2
of the Foreign Extraterritorial Measures (United States) Order, 1992 passed under the Foreign Extraterritorial Measures Act (Canada)
insofar as such representations would result in a violation of or conflict with the Foreign Extraterritorial Measures Act (Canada)
or any similar law.

 

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SECTION
7.29 Conduct of Business. As of the Signing Date and the Restatement Date, Schedule 7.29 sets forth all Sales Tracking
Software of the Credit Parties and any bookkeeping or accounting software of the Credit Parties.

 

SECTION
7.30 Transactions with Affiliates. Except as set forth on Schedule 7.30, there are no existing or proposed agreements,
arrangements, understandings or transactions between any Credit Party and any of the officers, members, managers, directors, stockholders,
parents, holders of other Capital Stock, employees or Affiliates (other than Subsidiaries) of any Credit Party or any members of their
respective immediate families, and none of the foregoing Persons are directly or indirectly indebted to or have any direct or indirect
ownership, partnership, or voting interest in any Affiliate of any Credit Party or any Person with which any Credit Party has a business
relationship or which competes with any Credit Party.

 

SECTION
7.31 Pending Opco. An Authorized Officer of a Credit Party Controls all Pending Opcos.

 

SECTION
7.32 Credit Parties. Each Subsidiary of Parent (other than any Immaterial Subsidiary) is a Credit Party. Each Credit Party has
complied with Section 8.10.

 

SECTION
7.33 Holding Companies. Except as set forth on Schedule 7.33, no Holding Company engages in any business activities or
holds any assets other than its ownership of Capital Stock in its Subsidiaries and administrative activities incidental thereto.

 

ARTICLE
VIII

Affirmative Covenants

 

The
Credit Parties hereby covenant and agree that on the Restatement Date and thereafter, until the Loans, together with interest, Fees and
all other Obligations incurred hereunder (other than Unasserted Contingent Obligations) are paid in full in accordance with the terms
of this Agreement:

 

SECTION
8.01 Financial Information, Reports, Notices and Information. The Credit Parties will furnish the Administrative Agent copies
of the following financial statements, reports, notices and information:

 

(a)
Monthly Financial Statements. As soon as available and in any event within twenty (20) days after the end of each month, unaudited
(i) consolidated and consolidating balance sheets of Parent and its Subsidiaries as of the end of such month, and (ii) consolidated and
consolidating statements of income and cash flow of Parent and its Subsidiaries as of the end of such month, in each case, including
in comparative form (both in Dollar and percentage terms) the figures for the corresponding month in the preceding fiscal year of Parent
and in the then-current Budget for such fiscal year, if applicable, and year-to-date portion of, the immediately preceding fiscal year
of Parent.

 

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(b)
Quarterly Financial Statements. As soon as available and in any event within forty-five (45) days after the end of each fiscal
quarter of Parent, (i) unaudited (A) consolidated and consolidating balance sheets of Parent and its Subsidiaries as of the end of such
fiscal quarter, and (B) consolidated and consolidating statements of income and cash flow of Parent and its Subsidiaries for such fiscal
quarter, in each case, and for the period commencing at the end of the previous fiscal year of Parent and ending with the end of such
fiscal quarter, including (in each of clause (A) and (B) (if applicable)), in comparative form (both in Dollar and percentage terms)
the figures for the corresponding fiscal quarter in, and year-to-date portion of, the immediately preceding fiscal year of Borrower and
in the then-current Budget for such fiscal year, certified as complete and correct in all material respects by an Authorized Officer
of Borrower, subject to normal year-end adjustments and the absence of footnotes pursuant to the audit required under Section 8.01(c)
(provided that such year-end adjustments and footnotes shall not be materially adverse, individually or in the aggregate,
to any Agent or any Lender), and (ii) a management discussion and analysis (with reasonable detail and specificity) of the results of
operations for the fiscal periods reported, including, in comparative form the figures for the corresponding fiscal quarter in, and year-to-date
portion of, the immediately preceding fiscal year of Borrower, and period commencing at the end of the previous fiscal year of Borrower
and ending with the end of such fiscal quarter.

 

(c)
Annual Financial Statements. As soon as available and in any event within ninety (90) days after the end of each fiscal year of
Parent, copies of the consolidated and consolidating balance sheets of Parent and its Subsidiaries, and the related consolidated and
consolidating statements of income and cash flows of Parent and its Subsidiaries for such fiscal year, setting forth in comparative form
(both in Dollar and percentage terms) the figures for the immediately preceding fiscal year and in the then-current Budget for such fiscal
year, such consolidated statements audited and certified without qualification, or exception as to the scope of such audit, by an independent
public accounting firm reasonably acceptable to the Administrative Agent, together with a management discussion and analysis (with reasonable
detail and specificity) of the results of operations for the fiscal periods reported.

 

(d)
Compliance Certificates. Concurrently with the delivery of the financial information pursuant to clauses (a), (b) and (c) above,
a Compliance Certificate, executed by an Authorized Officer of Borrower, (i) certifying that such financial information presents fairly
in all material respects the financial condition, results of operations and cash flows of Parent and its Subsidiaries in accordance with
IFRS at the respective dates of such information and for the respective periods covered thereby, subject in the case of unaudited financial
information, to changes resulting from normal year-end audit adjustments and to the absence of footnotes, (ii) showing compliance with
the Financial Performance Covenants (provided, that, with respect to the Compliance Certificate delivered concurrently with the
financial information pursuant to clause (a) above, only compliance with the Financial Performance Covenant set forth in Section 9.13(a)
shall be required to be shown on such Compliance Certificate), and stating that no Default or Event of Default has occurred and is continuing
(or, if a Default or an Event of Default has occurred, specifying the details of such Default or Event of Default and the actions taken
or to be taken with respect thereto) and containing the applicable certifications set forth in Section 7.09 with respect thereto,
(iii) in the case of each Compliance Certificate delivered concurrently with the financial information pursuant to clause (c) above,
specifying any change in the identity of the Subsidiaries as at the end of such fiscal year from the Subsidiaries provided to the Lenders
on the Restatement Date or the most recent fiscal year, as the case may be, and (iv) in the case of each Compliance Certificate delivered
concurrently with the financial information pursuant to clause (c) above, including (A) updated Schedules 7.15, 7.25, 7.27(a),
7.27(b) and 7.27(c) of this Agreement (if applicable); (B) a written supplement substantially in the form of Schedules
1-5, as applicable, to the Security Agreement with respect to any relevant additional assets and property acquired by any Credit Party
after the Restatement Date, all in reasonable detail; and (C) a list of Subsidiaries that identifies each Immaterial Subsidiary as of
the date of delivery of such Compliance Certificate or a confirmation that there is no change in such information since the later of
the Restatement Date or the date of the last update such list.

 

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(e)
Additional Information. Promptly upon request, such other information concerning any Credit Party or Subsidiary as the Administrative
Agent may from time to time may reasonably request.

 

(f)
Budget. No later than thirty (30) days after the commencement of each fiscal year of Parent, the forecasted consolidated and consolidating
financial projections for Parent and its Subsidiaries for the then current fiscal year (on a month-by-month basis) (including a projected
consolidated and consolidating income statements and balance sheets of Parent and its Subsidiaries on a month-by-month basis as of the
end of the then current fiscal year, the related consolidated statements of projected cash flow and projected changes in financial position
and a description of the underlying assumptions applicable thereto), in each case, prepared by management of the Credit Parties in good
faith based upon assumptions believed by the Credit Parties to be reasonable at the time made, consistent in scope with the financial
statements provided pursuant to Section 8.01(c), setting forth the principal assumptions on which such projections are based (such
projections, together with the projections delivered as of the Restatement Date pursuant to Section 5.01(g)(i), collectively,
the “Budget”).

 

(g)
Reserved.

 

(h)
Notices. The Credit Parties shall provide the Administrative Agent with a written notice promptly of the following (and in no
event later than ten (10) Business Days after an Authorized Officer of any Credit Party becoming aware of any of the following, or such
earlier date as set forth below):

 

(i)
prompt notice (and in any event within three (3) Business Days) of any pending or threatened (in writing) litigation, action, proceeding
or other controversy which purports to affect the legality, validity or enforceability of any Credit Document, or any other document
or instrument referred to in Section 9.07, which notice shall be signed by an Authorized Officer of Parent and shall specify the
nature thereof, and what actions the applicable Credit Parties propose to take with respect thereto, together with copies of all relevant
documentation;

 

(ii)
the commencement of, or any material development in, any litigation, investigation (formal or informal), document request or proceeding
affecting any Credit Party or any Subsidiary thereof, in which (A) the amount of damages claimed is $500,000 (or its equivalent in another
currency or currencies) or more, (B) injunctive or similar relief is or may be sought and which, if adversely determined, could reasonably
be expected to have a Material Adverse Effect, (C) the relief sought is or may be an injunction or other stay of the performance of this
Agreement or any other Credit Document or (D) the SEC or any other Governmental Authority is involved;

 

(iii)
prompt notice (or delivery, as applicable) of each of the following, in each case, (x) to the extent the occurrence of such event, lack
of notice thereof by the Administrative Agent, could reasonably be expected to result in a Material Adverse Effect or (y) if otherwise
requested by Administrative Agent:

 

(A)
notice of any pending or threatened labor dispute, strike, walkout, or union organizing activity with respect to any employees of a Credit
Party or Subsidiary;

 

(B)
notice of (i) any default under any Material Contract or any breach by a Credit Party or Subsidiary of its obligations thereunder; or
(ii) any termination or non-renewal of any Material Contract or the receipt by any Credit Party or Subsidiary of any notice from the
other party to any Material Contract of such party’s intent to terminate or not renew such Material Contract;

 

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(C)
copies of all amendments, consent letters, waivers or modifications to a Credit Party’s Organization Documents (to the extent permitted
hereunder), or by such Credit Party to any such Person;

 

(D)
all significant written final reports submitted to the Credit Parties by its accountants in connection with each annual, interim or special
audit or review of any type of the financial statements or related internal control systems, including any final comment letters delivered
to management and all responses thereto;

 

(E)
notice of any Credit Party or Subsidiary entering into any Material Contract or any Opco, Credit Party or Subsidiary obtaining any Regulatory
License following the Restatement Date;

 

(F)
copies of all material correspondence received by the Credit Parties, their respective Subsidiaries, the Opco Mortgagors or Individual
Guarantors related to the Regulatory Licenses;

 

(G)
the results of any inspection or facility audit by any Governmental Authority to the extent such results are material and negative;

 

(H)
prompt notice (and in any event within three (3) Business Days) upon receipt of any rejection or non-renewal of a Regulatory License;

 

(I)
prompt notice after ‎receipt or delivery thereof, copies of any material notices that any Credit Party receives or delivers ‎in
connection with any leased real property;

 

(J)
promptly upon, and in any event within three (3) Business Days after, receipt thereof, copies of all final “management letters”
submitted to any Credit Party by the independent public accountants referred to in Section 8.01(c) in connection with each audit
made by such accountants; and

 

(K)
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed
by any Credit Party or any Subsidiary with the SEC, the BCSC or the OSC, or with any national securities exchange, or distributed by
Parent to its shareholders generally, as the case may be.

 

(iv)
prompt notice (and in any event within three (3) Business Days) of the discharge or withdrawal or resignation by Credit Parties’
independent accountants;

 

(v)
prompt notice (and in any event within three (3) Business Days) of any warning document, letter, notice or request for information from
any Governmental Authority that would have a material and negative impact on any Regulatory License or the ability of the Credit Parties
to conduct all or any material portion of their business, or which reveals that the Credit Parties are engaged in a Restricted Cannabis
Activity;

 

(vi)
promptly after submission to any Governmental Authority, all documents and information furnished to such Governmental Authority in connection
with any investigation of any Credit Party other than (A) routine inquiries by such Governmental Authority, (B) to the extent prohibited
by Applicable Law or written request of any Governmental Authority having authority over such Credit Party, or (C) to the extent such
documents and information is subject to attorney-client or similar privilege that is not capable of being waived;

 

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(vii)
prompt notice (and in any event within three (3) Business Days) of any default under an agreement evidencing Indebtedness in a principal
amount in excess of $1,000,000 owed to or from a Credit Party, an Opco Mortgagor, an Individual Guarantor or any of their respective
Affiliates;

 

(viii)
prompt notice (and in any event within thirty (30) calendar days unless required sooner pursuant to another provision of this Agreement)
of (x) any Pending Opco or Opco (A) making any Investment; (B) incurring any Indebtedness; (C) making any Disposition; or (D) forming
any Subsidiary; and (y) the formation of any Pending Opco or Opco;

 

(ix)
(A) prompt notice (and in any event within thirty (30) calendar days unless required sooner pursuant to another provision of this Agreement)
of any Credit Party or Subsidiary forming or acquiring another Subsidiary and (B) prompt notice of any Subsidiary that had been designated
as an “Immaterial Subsidiary” ceasing to constitute an Immaterial Subsidiary as described in the definition thereof;

 

(x)
as soon as possible and in any event within three (3) Business Days after an Authorized Officer of any Credit Party or any of their respective
Subsidiaries obtains knowledge thereof, notice from an Authorized Officer of Borrower of (i) the occurrence of any event that constitutes
a Default or an Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the
applicable Credit Parties propose to take with respect thereto, and (ii) (A) the occurrence of any material adverse development with
respect to any litigation, action, proceeding or labor controversy described in Schedule 7.04 or (B) the commencement of any litigation,
action, proceeding or labor controversy of the type and the materiality described in Section 7.04, and to the extent the Administrative
Agent requests, copies of all documentation related thereto; and

 

(xi)
prompt notice (and in any event within three (3) Business Days) of any event of the nature described in the preceding clauses (i) through
(x), whether involving any Credit Party, Subsidiary, Opco or Pending Opco, in each case, to the extent such event has had, or could reasonably
be expected to result in, a Material Adverse Effect.

 

(i)
Bankruptcy, etc. Immediately upon becoming aware thereof, notice (whether involuntary or voluntary) of the bankruptcy, insolvency,
examinership, receivership, reorganization of any Credit Party or Subsidiary, or the appointment of any trustee, assignee, receiver,
interim receiver, monitor or similar estate fiduciary in connection with or anticipation of any such occurrence, or the taking of any
step by any Person in furtherance of any such action or occurrence.

 

(j)
Corporate Information. Promptly upon, and in any event within three (3) Business Days after, becoming aware of any additional
corporate or limited liability company or unlimited liability company information of the type delivered pursuant to Section 5.01(d),
or of any change to such information delivered on or prior to the Signing Date or pursuant to this Section 8.01 or otherwise under
the Credit Documents, a certificate, certified to the extent of any change from a prior certification, from the secretary, assistant
secretary, managing director, managing member or general partner of such Credit Party notifying the Administrative Agent of such information
or change and attaching thereto any relevant documentation in connection therewith.

 

(k)
Other Information. With reasonable promptness, such other information (financial or otherwise) as any Agent on its own behalf
or at the request of any Lender may reasonably request in writing from time to time.

 

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(l)
Financial Statements. The Borrower may deliver any financial statements required to be delivered pursuant to clauses (b) or (c)
of this Section 8.01 by publicly filing such financial statements with EDGAR or SEDAR.

 

SECTION
8.02 Books, Records and Inspections. The Credit Parties will, and will cause each of their respective Subsidiaries to, maintain
proper books of record and account, in which entries that are full, true and correct in all material respects and are in conformity with
IFRS (subject to normal year-end adjustments pursuant to the audit required under Section 8.01(c) (provided that such year-end
adjustments shall not be materially adverse, individually or in the aggregate, to any Agent or any Lender)), consistently applied shall
be made of all material financial transactions and matters involving the assets and business of the Credit Parties or such Subsidiary,
as the case may be. The Credit Parties will, and will cause each of their respective Subsidiaries to, permit the Administrative Agent,
one additional Lender on behalf of all Lenders, and their respective representatives and independent contractors, to visit and inspect
any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and
to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of
the Credit Parties; provided that such visits or inspections shall be at reasonable times during normal business hours, upon reasonable
advance notice to the Credit Parties, but not more often than two (2) times per year (except that none of the limitations in this proviso
shall apply if an Event of Default then exists). Any information obtained by the Administrative Agent pursuant to this Section 8.02
may be shared with the Collateral Agent or any Lender upon the request of such Secured Party. The Administrative Agent shall give
the Credit Parties the opportunity to participate in any discussions with the Credit Parties’ independent public accountants.

 

SECTION
8.03 Maintenance of Insurance. The Credit Parties, other than the Holding Companies and as otherwise set forth on Schedule
7.23, will, and will cause each of their respective Subsidiaries to, at all times maintain in full force and effect, with insurance
companies that such Credit Parties believe (in their reasonable business judgment) are financially sound and reputable at the time the
relevant coverage is placed or renewed, insurance in at least such amounts and against at least such risks (and with such risk retentions)
as are usually insured against in the same general area by companies engaged in businesses similar to those engaged in by such Credit
Parties; and will furnish to the Collateral Agent for further delivery to the Lenders, upon written request from the Collateral Agent,
information presented in reasonable detail as to the insurance so carried, including (i) endorsements to (A) all “All Risk”
policies naming the Collateral Agent, on behalf of the Secured Parties, as lender loss payee and (B) all general liability and other
liability policies naming the Collateral Agent, on behalf of the Secured Parties, as additional insured and (ii) legends providing that
no cancellation, material reduction in amount or material change in insurance coverage thereof shall be effective until at least thirty
(30) days (ten (10) days with respect to failure to pay premium) after receipt by the Collateral Agent of written notice thereof.

 

SECTION
8.04 Payment of Taxes. The Credit Parties will timely pay and discharge, and will cause each of their respective Subsidiaries
to timely pay and discharge, all Taxes, assessments and governmental charges or levies imposed upon them or upon their income or profits,
or upon any properties belonging to it, prior to the date on which such Tax, assessment or governmental charge is due, and all lawful
claims that, if unpaid, could reasonably be expected to become a Lien having priority over the Collateral Agent’s Liens (other
than Permitted Liens) or an otherwise material Lien upon any properties of the Credit Parties or any of their respective Subsidiaries;
provided that none of the Credit Parties or any of their respective Subsidiaries shall be required to pay any such Tax, assessment,
charge, levy or claim that is being contested in good faith and by proper proceedings that stays execution and as to which such Credit
Party has maintained adequate reserves with respect thereto in accordance with IFRS.

 

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SECTION
8.05 Maintenance of Existence; Compliance with Laws, etc. Each Credit Party will, and will cause its Subsidiaries to (a) preserve
and maintain in full force and effect its organizational existence (except in a transaction permitted by Section 9.03); provided
that a Credit Party may, upon ten (10) days prior written notice to the Administrative Agent, make a change in its legal form if
such Credit Party determines in good faith that such action is in the best interests of the Credit Party and is not materially disadvantageous
to the Secured Parties, and Administrative Agent has not objected to such change during such ten (10) day period (such objection not
to be made on an unreasonable basis); provided, further, that any requirements under any Credit Document with respect to
such change shall be promptly satisfied, and (b) preserve and maintain its good standing under the laws of its state or jurisdiction
of incorporation, organization or formation, and each state or other jurisdiction where such Person is qualified, or is required to be
so qualified, to do business as a foreign entity, except to the extent that failure to do so could not reasonably be expected to have
a Material Adverse Effect. Each Credit Party will, and will cause its Subsidiaries to, comply in all material respects with all Applicable
Laws, rules, regulations and orders, including without limitation compliance with safety regulations applicable to such Credit Party
or such Subsidiary, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

SECTION
8.06 Environmental Compliance.

 

(a)
Each Credit Party will, and will cause its Subsidiaries to, comply in all material respects ‎with all Environmental Laws and Environmental
Permits applicable to their business, operations and ‎Real Property; obtain and maintain in full force and effect all material Environmental
Permits ‎applicable to its business, operations and Real Property; and conduct all response, investigation, ‎remediation, cleanup
or monitoring activity required by any governmental or regulatory authority or ‎any applicable Environmental Laws, and in accordance
with, the requirements of any governmental or ‎regulatory authority and applicable Environmental Laws.‎

 

(b)
Each Credit Party will, and will cause its Subsidiaries to, do or cause to be done all ‎things required by Environmental Laws to
prevent any Release of Hazardous Materials in, on, at, under, ‎to or from any Real Property owned, leased or operated by any of the
Credit Parties or their Subsidiaries ‎except in full compliance with applicable Environmental Laws or an Environmental Permit, and
ensure ‎that there shall be no Hazardous Materials in, on, at, under or from any Real Property owned, leased or ‎operated by
any of the Credit Parties or their Subsidiaries except those that are present, used, stored, ‎handled and managed in material compliance
with applicable Environmental Laws.‎

 

(c)
Each Credit Party will, and will cause its Subsidiaries to, undertake all actions, ‎including response, investigation, remediation,
cleanup or monitoring actions, necessary, at the sole ‎cost and expense of the Credit Parties, (i) to address any Release of Hazardous
Materials in, on, at, ‎under, to or from any Real Property owned, leased or operated by any of the Credit Parties or their ‎Subsidiaries
as required pursuant to Environmental Law or the requirements of any governmental or ‎regulatory authority; (ii) to address as may
be required by Environmental Law any environmental ‎conditions relating to any Credit Party, Subsidiary, or their respective business
or operations or to any ‎Real Property owned, leased or operated by any of the Credit Parties or their Subsidiaries pursuant to ‎any
reasonable written request of the Administrative Agent and, except for information and documents ‎to the extent covered by attorney
client privilege or attorney work product doctrine, share with the ‎Administrative Agent all data, information and reports generated
or prepared in connection therewith; ‎‎(iii) to keep any Real Property owned, leased or operated by any of the Credit Parties
or their ‎Subsidiaries free and clear of all Liens and other encumbrances pursuant to any Environmental Law, ‎whether due to
any act or omission of any Credit Party, Subsidiary or any other person; and (iv) to ‎promptly notify the Administrative Agent in
writing of: (1) any material Release or threatened Release ‎of Hazardous Materials in, on, at, under, to, or from any Real Property
owned, leased or operated by any ‎of the Credit Parties or their Subsidiaries, except those that are pursuant to and in compliance
with the ‎terms and conditions of an Environmental Permit, (2) any material non-compliance with, or violation ‎of, any Environmental
Law applicable to any Credit Party or Subsidiary, any Credit Party’s or ‎Subsidiary’s business and any Real Property
owned, leased or operated by any of the Credit Parties or ‎their Subsidiaries, (3) any Lien pursuant to Environmental Law imposed
on any Real Property owned, ‎leased or operated by any of the Credit Parties or their Subsidiaries, (4) any response, investigation,
‎remediation, cleanup or monitoring activity at any Real Property owned, leased or operated by any of ‎the Credit Parties or
their Subsidiaries required to be undertaken pursuant to Environmental Law, and ‎‎(5) any notice or other communication received
by any Credit Party from any person or governmental ‎or regulatory authority relating to any material Environmental Claim or material
liability or potential ‎liability of any Credit Party or Subsidiary pursuant to any Environmental Law.‎

 

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(d)
If a Default caused by reason of a breach of Section 7.14 or this Section 8.06 shall have occurred and is ‎not reasonably curable
within ten (10) days or shall be continuing for more than thirty (30) days ‎without the Credit Parties commencing activities reasonably
likely to cure such Default, the Credit ‎Parties shall, at the written request of the Administrative Agent, (i) provide to the Administrative
‎Agent within forty-five (45) days after such request, at the expense of the Credit Parties, an ‎environmental assessment report
regarding the matters which are the subject of such Default, ‎including, where appropriate, any soil and/or groundwater sampling,
prepared by a nationally recognized ‎environmental consulting firm reasonably acceptable to the Administrative Agent and in the form
and ‎substance reasonably acceptable to the Administrative Agent and evaluating the presence or absence of ‎Hazardous Materials
and the estimated cost of any compliance or response action to address such ‎Default and findings; (ii) promptly undertake all actions
required by applicable Environmental Law to ‎address any non-compliance with or violation of Environmental Law; (iii) promptly undertake
all ‎response actions required by Environmental Laws to address any recognized environmental conditions ‎identified in the environmental
assessment report to the reasonable satisfaction of the Administrative ‎Agent; and (iv) permit the Administrative Agent and its representatives
to have access to all Real ‎Property and all facilities owned, leased or operated by any of the Credit Parties and their Subsidiaries
‎which are the subject of such Default for the purpose of conducting such environmental audits and ‎testing as is reasonably
necessary, including subsurface sampling of soil and groundwater, the cost for ‎which shall be payable by the Credit Parties.‎

 

SECTION
8.07 ERISA; Canadian Pension Plans.

 

(a)
As soon as possible and, in any event, within ten (10) days after any Credit Party, any of its Subsidiaries or any ERISA Affiliate knows
or has reason to know of the occurrence of any of the following events, Borrower will deliver to the Agents and each Lender a certificate
of an Authorized Officer of Borrower setting forth the full details as to such occurrence and the action, if any, that such Credit Party,
such Subsidiary or such ERISA Affiliate is required or proposes to take, together with any notices (required, proposed or otherwise)
given to or filed with or by such Credit Party, such Subsidiary, such ERISA Affiliate, the PBGC, a Plan participant (other than notices
relating to an individual participant’s benefits) or the Plan administrator with respect thereto: (i) the institution of any steps
by any Person to terminate any Pension Plan; (ii) the failure to make a required contribution to any Pension Plan if such failure is
sufficient to give rise to a Lien under Sections 303(k) or 4068 of ERISA or under Section 430(k) of the Code; (iii) the taking of any
action with respect to a Pension Plan which could result in the requirement that any Credit Party furnish a bond or other security to
the PBGC or such Pension Plan; (iv) the occurrence of any event with respect to any Plan which could result in the incurrence by any
Credit Party of any material liability, fine or penalty, notice thereof and copies of all documentation relating thereto; (v) that a
Reportable Event has occurred (except to the extent that Borrower has previously delivered to the Agents and Lenders a certificate and
notices (if any) concerning such event pursuant to the next clause hereof); (vi) that a contributing sponsor (as defined in Section 4001(a)(13)
of ERISA) of a Pension Plan subject to Title IV of ERISA is subject to the advance reporting requirement of PBGC Regulation Section 4043.61
(without regard to subparagraph (b)(1) thereof), and an event described in subsection .62, .63, .64, .65, .66, .67 or .68 of PBGC Regulation
Section 4043 is reasonably expected to occur with respect to such Plan within the following 30 days; (vii) that a failure to satisfy
the minimum funding standard within the meaning of Section 430 of the Code or Section 303 of ERISA (whether or not waived in accordance
with Section 412(c) of the Code or Section 302(c) of ERISA) has occurred (or is reasonably likely to occur) or an application may be
or has been made to the Secretary of the Treasury for a waiver or modification of the minimum funding standard (including any required
installment payments) or an extension of any amortization period under Section 412, 430 or 431 of the Code or Section 302, 303 or 304
of ERISA with respect to a Pension Plan; (viii) that a Pension Plan having any material Unfunded Current Liability has been or is to
be terminated, reorganized, partitioned or declared insolvent under Title IV of ERISA (including the giving of written notice thereof);
(ix) that a Pension Plan has an Unfunded Current Liability that has or will result in a Lien under ERISA or the Code; (x) that proceedings
may be or have been instituted to terminate a Pension Plan having an Unfunded Current Liability (including the giving of written notice
thereof); (xi) that a proceeding may be or has been instituted against a Credit Party, a Subsidiary thereof or an ERISA Affiliate pursuant
to Section 515 of ERISA to collect a delinquent contribution to a Pension Plan; (xii) that the PBGC has notified any Credit Party, any
Subsidiary thereof or any ERISA Affiliate of its intention to appoint a trustee to administer any Pension Plan; (xiii) that any Credit
Party, any Subsidiary thereof or any ERISA Affiliate has failed to make a required installment or other payment pursuant to Section 412
of the Code with respect to a Pension Plan; (xiv) that any Credit Party, any Subsidiary thereof or any ERISA Affiliate has incurred or
will incur (or has been notified in writing that it will incur) any material liability (including any indirect, contingent or secondary
liability) to or on account of a Plan pursuant to Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA
or Section 436(f), 4971, 4975 or 4980 of the Code; or (xv) that any Credit Party, any Subsidiary thereof or any ERISA Affiliate may be
directly or indirectly liable for a violation of the applicable requirements of Section 404 or 405 of ERISA or the exclusive benefit
rule under Section 401(a) of the Code by any fiduciary or disqualified person with respect to any Plan.

 

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(b)
Promptly following any request therefor, copies of any documents described in Section 101(k) of ERISA that any Credit Party, any of its
Subsidiaries or any ERISA Affiliate may request with respect to any Plan, any notices described in Section 101(l) of ERISA that any Credit
Party, any of its Subsidiaries or any ERISA Affiliate may request with respect to any Plan and any information that any Credit Party,
any of its Subsidiaries or any ERISA Affiliate may request with respect to any Multiemployer Plan in connection with Section 4221(e)
of ERISA; provided, that if any Credit Party, any of its Subsidiaries or any ERISA Affiliate has not requested such documents
or notices from the administrator or sponsor of the applicable Plan, the applicable Credit Party, the applicable Subsidiary(ies) or the
ERISA Affiliate(s) shall promptly make a request for such documents or notices from such administrator or sponsor and shall provide copies
of such documents and notices promptly after receipt thereof.

 

(c)
The Canadian Credit Parties shall cause each of its Canadian Pension Plans to be duly qualified and administered in all material respects
in compliance with, as applicable, the pensions benefit laws of the particular province and all other Applicable Laws (including regulations,
orders and directives), and the terms of the Canadian Pension Plan and any agreements relating thereto. The Canadian Credit Parties shall
ensure that: (i) all contribution amounts and any special catch up payments owing under any Canadian Pension Plan are current and not
in arears; (ii) no Canadian Pension Plan has a material solvency deficiency, (iii) each of them does not engage in a prohibited transaction
or violation of the fiduciary responsibility rules with respect to any Canadian Pension Plan that could reasonably be expected to result
in a material liability, and (iv) each of them, without the consent of the Agent, shall not, nor shall they permit, the wind up and/or
termination of any Canadian Pension Plan that would result in a material liability of it to any Canadian Pension Plan.

 

SECTION
8.08 Maintenance of Properties. Each Credit Party will, and will cause its Subsidiaries to, maintain, preserve, protect and keep
its properties and assets in good repair, working order and condition (ordinary wear and tear excepted and subject to casualty, condemnation
and dispositions permitted pursuant to Section 9.04), and make necessary repairs, renewals and replacements thereto and will maintain
and renew as necessary all licenses, Permits (including the Regulatory Licenses) and other clearances necessary to use and occupy such
properties and assets, in each case so that the business carried on by such Person may be properly conducted at all times, except where
the failure to do so could not reasonably be expected to have a Material Adverse Effect. Each Credit Party will, and will cause its Subsidiaries
to, (a) perform and observe all the material terms and provisions of each Material Contract to be performed or observed by it, (b) maintain
each such Material Contract in full force and effect (except to the extent such Person shall have entered into a replacement of any such
Material Contract substantially concurrently with the expiration or termination thereof, on terms that are not materially adverse (taken
as a whole) to the rights of any Credit Party or their Subsidiaries, or any Secured Party), and (c) enforce each such Material Contract
in accordance with its terms.

 

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SECTION
8.09 End of Fiscal Years; Fiscal Quarters. The Credit Parties will, for financial reporting purposes, cause (a) each of their,
and each of their Subsidiaries’ fiscal years to end on December 31 of each year and (b) each of their, and each of their Subsidiaries’,
fiscal quarters to end on dates consistent with such fiscal year-end and Borrower’s past practice.

 

SECTION
8.10 Additional Guarantors and Grantors. Within thirty (30) calendar days after (a) the acquisition or creation of any Subsidiary
(other than an Immaterial Subsidiary) or (b) any Subsidiary ceasing to be an Immaterial Subsidiary, in each case, cause to be delivered
to Administrative Agent each of the following, as applicable, in each case reasonably acceptable to Administrative Agent and, as applicable,
duly executed by the parties thereto: (i) a joinder agreement with respect to this Agreement, together with other Credit Documents reasonably
requested by Administrative Agent, including all Security Documents and other documents reasonably requested by Administrative Agent
to establish and preserve the Lien of Collateral Agent in all Collateral of such Subsidiary, subject to any limitations on Collateral
set forth in the Security Agreement; (ii) UCC and PPSA, as applicable, financing statements, Documents (as defined in the UCC), ‘documents
of title’ (as defined in the PPSA) and original collateral (including pledged Capital Stock, other securities and Instruments (as
defined in the UCC and PPSA, as applicable)) and such other documents and agreements as may be reasonably requested by Administrative
Agent, all as necessary or desirable to establish and maintain a valid, perfected Lien in all Collateral in which such Subsidiary has
an interest consistent with the terms of the Credit Documents executed on the Signing Date or the Restatement Date (and subject to any
limitations on Collateral set forth therein); (iii) if reasonably requested by the Administrative Agent, an opinion of counsel to such
Subsidiary addressed to Administrative Agent and the Lenders, in form and substance reasonably consistent with the opinion letters delivered
by counsel for the Borrowers and Entity Guarantors on the Restatement Date; provided, that, to the extent U.S. Federal Cannabis
Laws change following the Restatement Date in a manner allowing for the issuance of a legal opinion in customary form for a non-cannabis
company, such opinion letter shall be in such customary form and otherwise acceptable to the Administrative Agent; (iv) current copies
of the Organization Documents of such Subsidiary, resolutions of the Board of Directors, partners, or appropriate committees thereof
(and, if required by such Organization Documents or applicable law, of the shareholders, members or partners) of such Person authorizing
the actions and the execution and delivery of documents described in this Section 8.10, all certified by an appropriate officer
as Administrative Agent may elect. For the avoidance of doubt: (x) no Immaterial Subsidiary shall be required to guarantee or pledge
its assets for any obligations of a Credit Party for so long as such Subsidiary constitutes an Immaterial Subsidiary; provided,
that no Immaterial Subsidiary shall be permitted to (i) borrow, guaranty or otherwise provide security for, or have a payment obligation
under, any Indebtedness; (ii) hold Capital Stock in a Subsidiary unless such Subsidiary is also an Immaterial Subsidiary; nor (ii) own
a fee interest in any real property; and (y) no Subsidiary that is, or has at any time been, a Credit Party may be an Immaterial Subsidiary.
The Credit Parties will promptly pledge to Collateral Agent, for the benefit of the Secured Parties, (i) all the Capital Stock of each
Subsidiary (other than Excluded Property) formed or otherwise purchased or acquired after the Restatement Date and directly held by a
Credit Party; and (ii) any promissory notes executed after the Restatement Date evidencing Indebtedness owing to any Credit Party in
an amount of $250,000 or more for any one promissory note or $500,000 in the aggregate for all such promissory notes. The Credit Parties
shall use commercially-reasonable efforts to cause the Individual Guarantors to promptly pledge, or cause to be pledged, to Collateral
Agent for the benefit of the Secured Parties, all Capital Stock of each Opco owned by such Individual Guarantor.

 

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SECTION
8.11 Reserved.

 

SECTION
8.12 Use of Proceeds. The proceeds of the Loans shall be used (i) for general working capital purposes; and (ii) to pay the transaction
fees, costs and expenses incurred directly in connection with the Transactions.

 

SECTION
8.13 Further Assurances.

 

(a)
The Credit Parties will execute any and all further documents, financing statements, agreements and instruments, and take all such further
actions (including the filing and recording of financing statements, fixture filings, Mortgages and other documents), which may be required
under any Applicable Law, or which the Collateral Agent may reasonably request, in order to grant, preserve, protect and perfect the
validity, enforceability, priority and non-avoidability of the security interests created or intended to be created by any Credit Document,
subject to the existence of Permitted Liens, all at the sole cost and expense of Borrower.

 

(b)
Subject to any applicable limitations set forth in any applicable Security Document, if any Credit Party or Subsidiary acquires any fee
simple interest in Real Property with a fair market value in excess of $200,000 (including, for the avoidance of doubt, any Permitted
Third-Party Mortgaged Property and any Permitted Future Mortgaged Property), Borrower will notify the Collateral Agent and the Lenders
thereof promptly (and in any event within five (5) Business Days) and, except as otherwise permitted pursuant to Section 9.02(q) with
respect to any Permitted Third-Party Mortgaged Property, will cause such assets to be subjected to a Lien securing the applicable Obligations
and will take, and cause the other Credit Parties to take, such actions as shall be necessary or reasonably requested by the Collateral
Agent to grant and/or perfect such Liens consistent with the applicable requirements of the Security Documents, including actions described
in Section 8.13(a), all at the sole cost and expense of Borrower; provided that in the case of leasehold interests, no
Mortgage shall be required except to the extent requested by the Administrative Agent in its reasonable discretion. Any Mortgage delivered
to the Collateral Agent in accordance with the preceding sentence shall be furnished to the Collateral Agent within forty-five (45) days
of the acquisition of such Real Property accompanied by (A) a policy or policies (or unconditional binding commitment thereof) of title
insurance issued by a nationally recognized title insurance company insuring the Lien of the Mortgage as a valid Lien (with the priority
described therein) on the Real Property described therein, free of any other Liens except as expressly permitted by Section 9.02,
together with such endorsements and reinsurance as the Collateral Agent may reasonably request, (B) a current ALTA survey of such Real
Property, satisfactory in form and substance to Collateral Agent and the title insurance company issuing the title policies (or unconditional
binding commitments thereof) referenced in (A) above, which is prepared by a licensed surveyor satisfactory to Collateral Agent, (C)
a flood zone determination issued by a national certification agency to Collateral Agent indicating the flood zone for each Real Property,
together with evidence that the mortgagee under the Mortgage carries flood insurance reasonably satisfactory to Collateral Agent if such
Real Property is located in a special flood hazard area, and (D) if requested by the Collateral Agent, an opinion of local counsel to
the applicable Credit Party(ies) in form and substance reasonably satisfactory to the Collateral Agent.

 

(c)
Notwithstanding anything herein to the contrary, if the Collateral Agent determines that the cost of creating or perfecting any Lien
on any property is excessive in relation to the practical benefits afforded to the Lenders thereby, then such property may be excluded
from the Collateral for all purposes of the Credit Documents.

 

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SECTION
8.14 Collateral Access Agreements. The Credit Parties shall deliver the Collateral Access Agreements to the Collateral Agent as
required pursuant to Schedule 8.17 within the time frames set forth therein. The Credit Parties shall obtain a Collateral Access
Agreement for any other leased location to the extent required by the Security Agreement or the Canadian Security Agreement.

 

SECTION
8.15 Access to Sales, Accounts Receivable and Securities and Bank Accounts.

 

(a)
[Reserved].

 

(b)
Promptly upon request by the Administrative Agent, the Credit Parties shall establish and deliver to Collateral Agent a Control Agreement
with respect to each of their respective securities accounts and deposit accounts except for Excluded Accounts; provided, that,
if any Credit Party is unable to obtain a Control Agreement with respect to any such account, such Credit Party shall move such account
to a depositary bank that is able to provide a Control Agreement and, until such Control Agreement is delivered to the Collateral Agent,
all cash maintained in such account, or to be maintained in such replacement account, shall be held in an existing deposit account that
is already subject to a Control Agreement. The Credit Parties shall not allow any Collections to be deposited to any accounts other than
those listed on Schedule 7.25 which are subject to a Control Agreement; provided that so long as no Event of Default has
occurred and is continuing, the Credit Parties may establish new deposit accounts, commodities accounts or securities accounts so long
as, prior to or concurrently with the time such account is established: (i) the Credit Parties have delivered to the Agents an amended
Schedule 7.25 including such account and (ii) the Credit Parties have delivered to Collateral Agent a Control Agreement with respect
to such account to the extent such account is not an Excluded Account. No more than twenty-five percent (25%) of the cash of the Credit
Parties and their Subsidiaries shall be maintained at any time in Excluded Accounts described in clause (iv) of the defined term “Excluded
Accounts”. No more than ten percent (10%) of the cash of the Credit Parties and their Subsidiaries shall be maintained at any time
in Excluded Accounts described in clauses (i) through (iii) of the defined term “Excluded Accounts”.

 

(c)
Each Control Agreement shall provide, among other things, that (i) upon notice (a “Notice of Control”) from
the Collateral Agent, the bank, securities intermediary or other financial institution party thereto will comply with instructions of
the Collateral Agent directing the disposition of funds or other financial assets in the account without further consent by the applicable
Credit Party; provided that the Collateral Agent agrees not to issue a Notice of Control unless an Event of Default has occurred
and is then continuing, and (ii) the bank, securities intermediary or other financial institution party thereto has no rights of setoff
or recoupment or any other claim against the account subject thereto, other than for payment of its service fees and other charges directly
related to the administration of such account and for returned checks or other items of payment. In the event Collateral Agent issues
a Notice of Control under any Control Agreement, all Collections or other amounts subject to such Control Agreement shall be transferred
as directed by the Collateral Agent and used to pay the Obligations in the manner set forth in Section 4.02(d).

 

(d)
If, notwithstanding the provisions of this Section 8.15, after the occurrence and during the continuance of an Event of Default,
the Credit Parties receive or otherwise have dominion over or control of any Collections or other amounts, the Credit Parties shall hold
such Collections and amounts in trust for the Collateral Agent and shall not commingle such Collections with any other funds of any Credit
Party or other Person or deposit such Collections in any account other than those accounts set forth on Schedule 7.25 as amended
as of such date.

 

(e)
Within three (3) Business Days after written request by Administrative Agent, the Credit Parties shall provide the Collateral Agent with
copies of all monthly (or other, periodic) bank (or other financial intermediary) statements of account with respect to all securities
accounts, deposit accounts and investment property of the Credit Parties not previously provided to Collateral Agent.

 

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(f)
Within thirty (30) days of receipt of a written request from the Collateral Agent, the Credit Parties shall have granted to Collateral
Agent view access with respect to its Sales Tracking Software and any bookkeeping or accounting software.

 

SECTION
8.16 Annual Lender Meeting. The Borrower will, upon the request by the Required Lenders, participate in a meeting of the Lenders,
so long as no Event of Default or Default under Section 10.01(i) shall have occurred and be continuing, once each year, and otherwise
as frequently as may be required by the Administrative Agent or Required Lenders, during each fiscal year, to be held via teleconference
or in person at least once per year, at a time selected by the Administrative Agent and reasonably acceptable to the Lenders and Borrower.
The purpose of this meeting shall be to present the Credit Parties’ previous fiscal years’ financial results and to present
the Credit Parties’ Budget for the current fiscal year.

 

SECTION
8.17 Post-Closing Covenants. The Credit Parties shall comply with the requirements set forth on Schedule 8.17 in accordance
with the terms thereof.

 

SECTION
8.18 Sanctions; Anti-Corruption Laws.

 

(a)
No Credit Party shall (or shall permit any Subsidiary to) directly or indirectly, use any Loan or the proceeds of any Loan, or lend,
contribute or otherwise make available such Loan or the proceeds of any Loan to any Person, to fund any activities of or business with
any Person, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner
that will result in a violation by any Person (including any Person participating in the transaction, whether as Lender, Agent, Arranger
or otherwise) of Sanctions.

 

(b)
No Credit Party shall (or shall permit any Subsidiary to) directly or indirectly, use any Loan or the proceeds of any Loan for any purpose
which would breach the United States Foreign Corrupt Practices Act of 1977, the Canadian Economic Sanctions and Export Control Laws or
and the anti-bribery and anti-corruption laws of any jurisdictions applicable to the Credit Parties and their Subsidiaries.

 

(c)
Notwithstanding the foregoing, the covenants in this Section 8.18 shall not be made by nor apply to any Person that qualifies as a corporation
that is registered or incorporated under the laws of Canada or any province thereof and that carries on business in whole or in part
in Canada within the meaning of Section 2 of the Foreign Extraterritorial Measures (United States) Order, 1992 passed under the Foreign
Extraterritorial Measures Act (Canada) insofar as such covenants would result in a violation of or conflict with the Foreign Extraterritorial
Measures Act (Canada) or any similar law.

 

SECTION
8.19 Reserved.

 

SECTION
8.20 Regulatory Matters. The Credit Parties shall, and shall cause their Subsidiaries to, maintain in good standing and keep effective
all Regulatory Licenses except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

SECTION
8.21 ‎Opco Requirements. Each Credit Party shall, and shall cause each of its Subsidiaries to, promptly, and in any event
(a) with respect to each Restatement Date Opco, on or prior to the Restatement Date, and (b) (i) with respect to any Opco Management
Agreement or other agreement with an Opco entered into after the Restatement Date, within ten (10) days of entering into such agreement
and (ii) with respect to any Pending Opco that becomes an Opco after the Restatement Date, within ten (10) days of the consummation of
the applicable acquisition:

 

(a)
cause each Opco to be a party to an Opco Management Agreement; provided, that each ‎such Opco Management Agreement shall be
freely assignable by the Credit Party that is party thereto ‎without any further consent of any other Person (including the Opco
party thereto) and shall be in form ‎and substance reasonably acceptable to Administrative Agent;‎

 

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(b)
cause each owner of the Capital Stock of each Opco to enter into an Opco Option ‎Agreement (unless Applicable Law prohibits the execution
and delivery of such an agreement); ‎provided, that each such Opco Option Agreement shall (i) be freely assignable by the
Credit Party that ‎is party thereto without any further consent of any other Person (including the owner of the Capital ‎Stock
of the Opco party thereto), (ii) provide the Credit Party that is party thereto the irrevocable right ‎to purchase or transfer, or
cause the purchase or transfer of, the ownership of the Capital Stock issued ‎by the applicable Opco to any other Person duly qualified
to hold such Capital Stock under Applicable ‎Law for nominal or no consideration (which right may be further set forth in the applicable
Opco ‎Management Agreement) and (iii) be in form and substance reasonably acceptable to Administrative ‎Agent;‎

 

(c)
‎(x) cause each Opco to grant a Lien on all or substantially all of its assets (except to the ‎extent granting such a Lien is
prohibited by Applicable Law) in favor of the Borrower or such other ‎Credit Party that is party to the applicable Opco Management
Agreement with such Opco pursuant to ‎an Opco Security Agreement (which Lien shall be freely assignable by the Borrower or other
applicable ‎Credit Party without any further consent of any other Person (including the Opco party thereto)) and ‎‎(y) cause
the Person holding such Lien to file appropriate UCC or PPSA financing statements to cause the Liens ‎granted in favor of such Person
described in the immediately preceding clause (x) to be first priority ‎perfected Liens in favor of such Person;‎

 

(d)
‎(i) cause each Opco Agreement to which any Credit Party is a party to be collaterally ‎assigned to Collateral Agent, for the
benefit of the Secured Parties, pursuant to a Collateral Assignment ‎and (ii) cause the relevant Credit Party to assign any UCC or
PPSA financing statements filed in favor of such ‎Credit Party to be assigned to Collateral Agent, for the benefit of the Secured
Parties; and

 

(e)
cause each Opco Agreement to be in form and substance reasonably expected to comply with all ‎Applicable Law.

 

SECTION
8.22 Holding Companies. Except as set forth on Schedule 7.33, no Credit Party shall permit any Holding Company to engage
in any business activities or hold any assets other than the ownership by such Holding Company of Capital Stock in its Subsidiaries and
administrative activities incidental thereto.

 

SECTION
8.23 Reserved.

 

SECTION
8.24 Pending Opcos. Parent shall cause all Pending Opcos to be Controlled by an officer of a Credit Party.

 

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ARTICLE
IX

Negative Covenants

 

The
Credit Parties hereby covenant and agree that until the Loans, together with interest, Fees and all other Obligations incurred hereunder
(other than Unasserted Contingent Obligations) are paid in full in accordance with the terms of this Agreement:

 

SECTION
9.01 Limitation on Indebtedness. Each Credit Party will not, and will not permit any of its Subsidiaries to, directly or indirectly,
create, incur, issue, assume, guarantee, suffer to exist or otherwise become directly or indirectly liable, contingently or otherwise
with respect to any Indebtedness, except for:

 

(a)
Indebtedness in respect of the Obligations;

 

(b)
Indebtedness existing as of the Restatement Date which is identified on Schedule 7.24 and which is not otherwise permitted by
this Section 9.01, and any Refinancing Indebtedness in respect of such Indebtedness;

 

(c)
unsecured Indebtedness (i) incurred in the ordinary course of business of such Credit Party or Subsidiary in respect of open accounts
extended by suppliers on normal trade terms in connection with purchases of goods and services which are not overdue for a period of
more than ninety (90) days or, if overdue for more than ninety (90) days, as to which a dispute exists and adequate reserves in conformity
with IFRS have been established on the books of such Credit Party or Subsidiary and (ii) in respect of performance, surety or appeal
bonds provided in the ordinary course of business and consistent with past practice, but excluding (in each case) Indebtedness incurred
through the borrowing of money or Contingent Liabilities in respect thereof;

 

(d)
Indebtedness (i) evidencing the deferred purchase price of newly acquired property or incurred to finance the acquisition of equipment
of such Credit Party or Subsidiary (pursuant to purchase money mortgages or otherwise, whether owed to the seller or a third party) used
in the ordinary course of business of such Credit Party or Subsidiary (provided that such Indebtedness is incurred within sixty
(60) days of the acquisition of such property), and (ii) constituting Capitalized Lease Obligations; provided that the principal
amount of such Indebtedness under clauses (i) and (ii) shall not exceed $1,000,000 in the aggregate at any one time outstanding;

 

(e)
Guarantee Obligations incurred by any Credit Party or Subsidiary in respect of Indebtedness incurred by any Credit Party after the Restatement
Date (except for Indebtedness incurred under clauses (g), (n), (o), (p), (v) and (w) of this Section 9.01) to the extent such Indebtedness
so guaranteed is permitted hereunder; provided that with respect to any Indebtedness that is required to be subordinated to the
Obligations, Guarantee Obligations of such subordinated Indebtedness shall also be subordinated to the Obligations on substantially the
same terms as such subordinated Indebtedness and;

 

(f)
Hedging Obligations permitted pursuant to Section 9.11;

 

(g)
unsecured Indebtedness of (i) any Credit Party owing to any other Credit Party, (ii) any Subsidiary that is not a Credit Party owing
to another Subsidiary that is not a Credit Party, (iii) any Credit Party owing to any Subsidiary that is not a Credit Party so long as
such Indebtedness is subject to a subordination agreement (or evidenced by a note which includes subordination terms) in form and substance
satisfactory to Collateral Agent, and (iv) any Subsidiary that is not a Credit Party owing to any Credit Party; provided, that
(A) the aggregate principal amount of all such Indebtedness incurred under clause (iv) shall not to exceed, when combined with the aggregate
amount of Investments made pursuant to Section 9.05(d), $5,000,000; (B) such Indebtedness is not incurred during the continuance
of any Event of Default, and (C) such Indebtedness shall not be evidenced by promissory notes unless such notes are delivered to the
Administrative Agent and pledged to Collateral Agent pursuant to the Security Agreement or the Canadian Security Agreement;

 

(h)
the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business;

 

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(i)
Indebtedness in respect of netting services, overdraft protection and otherwise in connection with deposit accounts or similar accounts
incurred in the ordinary course of business;

 

(j)
Indebtedness owed to any Person providing worker’s compensation, health, disability or other employee benefits or property, casualty
or liability insurance to any Credit Party or Subsidiary incurred in connection with such Person providing such benefits or insurance
pursuant to customary reimbursement or indemnification obligations to such Person;

 

(k)
Indebtedness in respect of surety bonds, performance bonds and similar instruments issued in an aggregate amount not to exceed (i) $500,000
in respect of each such surety bond, performance bond and similar instrument or (ii) $2,000,000 in respect of all such surety bonds,
performance bonds and similar instruments in the aggregate, in each case for the preceding clauses (i) and (ii), incurred in the ordinary
course of business;

 

(l)
Indebtedness relating to judgments, including appeal bonds, or awards not constituting an Event of Default under Section 10.01(g);

 

(m)
Indebtedness for reimbursement obligations with respect to letters of credit for the account of any Credit Party or Subsidiary intended
to provide security for payment obligations in the ordinary course of business in an aggregate amount not exceeding $3,000,000;

 

(n)
reserved;

 

(o)
any Permitted Third-Party Mortgage Debt; provided, that the principal amount of the Permitted Third-Party Mortgage Debt for the
(i) MA Property shall not exceed $10,000,000; (ii) NJ Property shall not exceed $8,850,000; and (iii) [***] shall not exceed $6,000,000;

 

(p)
unsecured Guarantee Obligations incurred by Parent with respect to Indebtedness incurred by any Pending Opco (or upon designation of
such Pending Opco as an Opco, such Opco) in connection with a Pending Opco Permitted Acquisition, including deferred purchase price obligations
in the form of contractual obligations and earnouts and other similar contingent obligations incurred by any Pending Opco (or upon designation
of such Pending Opco as an Opco, such Opco) in connection with a Pending Opco Permitted Acquisition;

 

(q)
customer deposits and advance payments received in the ordinary course of business from customers for goods and services purchased in
the ordinary course of business;

 

(r)
customary obligations or undertakings constituting the incurrence of Indebtedness attributable to (but not incurred to finance) the exercise
of appraisal rights or the settlement of any claims or actions with respect to any acquisitions or dispositions consummated in accordance
with the terms hereof;

 

(s)
deferred purchase price obligations in the form of contractual obligations and earnouts and other similar contingent obligations, in
each case, incurred by a Credit Party in connection with a Credit Party Permitted Acquisition;

 

(t)
Indebtedness representing deferred compensation or other employment benefits owed to directors, officers, members of management or employees
(in their capacities as such) of a Credit Party or Subsidiary incurred in connection with such Credit Party’s or Subsidiary’s
employment programs, in each case, incurred in the ordinary course of business;

 

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(u)
Indebtedness of any Credit Party or Subsidiary consisting of the financing of insurance premiums in the ordinary course of business;

 

(v)
the Permitted Future Mortgage Debt;

 

(w)
Permitted Subordinated Indebtedness of any Credit Party so long as the Payment Conditions are satisfied prior to the incurrence of any
such Permitted Subordinated Indebtedness;

 

(x)
Indebtedness that may be deemed to exist pursuant to customary agreements providing for indemnification or purchase price adjustments
in connection with Dispositions permitted under Section 9.04; and

 

(y)
other Indebtedness of any Credit Party or Subsidiary; provided that the aggregate principal amount of such Indebtedness permitted
by this clause (x) shall not exceed, at any time outstanding, the greater of (x) 5% of the Total Assets of the Credit Parties and (y)
$5,000,000.

 

SECTION
9.02 Limitation on Liens. Each Credit Party will not, and will not permit any of its Subsidiaries to, directly or indirectly,
create, incur, assume or suffer to exist any Lien upon any property or assets of any kind (real or personal, tangible or intangible)
of any such Person (including its Capital Stock), whether now owned or hereafter acquired, except for the following (collectively, the
“Permitted Liens”):

 

(a)
Liens securing payment of the Obligations;

 

(b)
Liens existing as of the Restatement Date and disclosed in Schedule 9.02 securing Indebtedness permitted under Section 9.01(b),
and Refinancing Indebtedness in respect of such Indebtedness; provided that no such Lien shall encumber any additional property
and the amount of Indebtedness secured by such Lien shall not be increased or its term extended from that existing on the Restatement
Date (as such Indebtedness may be permanently reduced subsequent to the Restatement Date) except to the extent permitted by Section
9.01(b);

 

(c)
Liens securing Indebtedness of the type permitted under Section 9.01(d); provided that (i) such Lien is granted within
ninety (90) days after such Indebtedness is incurred, (ii) the Indebtedness secured thereby does not exceed the lesser of the cost and
the fair market value of the applicable property, improvements or equipment at the time of such acquisition (or construction) and (iii)
such Lien secures only the assets that are the subject of the Indebtedness referred to in such clause and the proceeds thereof;

 

(d)
Liens arising by operation of law in favor of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary course
of business for amounts not yet overdue or being diligently contested in good faith by appropriate proceedings that stay execution of
such Lien and for which adequate reserves in accordance with IFRS shall have been established on its books;

 

(e)
Liens incurred or deposits made in the ordinary course of business in connection with worker’s compensation, unemployment insurance
or other forms of governmental insurance or benefits, or to secure performance of tenders, statutory obligations, bids, leases or other
similar obligations (other than for borrowed money) entered into in the ordinary course of business or to secure obligations on surety,
appeal or performance bonds;

 

(f)
judgment Liens in existence for less than ninety (90) days after the entry thereof, or with respect to which execution has been bonded,
stayed or the payment of which is covered in full by insurance, and which judgment Liens do not otherwise result in an Event of Default
under Section 10.01(g);

 

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(g)
easements, rights-of-way, zoning restrictions, minor defects or irregularities in title and other similar encumbrances not interfering
in any material respect with the value or use of the property to which such Lien is attached;

 

(h)
servicing agreements, development agreements, site plan agreements, and other similar agreements (in each case, other than obligations
representing Indebtedness for borrowed money) with Governmental Authorities pertaining to the use or development of assets, provided
each is complied with in all material respects and does not materially interfere with the use of such assets in the operation of
the business;

 

(i)
Liens for Taxes, assessments or other governmental charges or levies not yet due and payable, or that are being diligently contested
in good faith by appropriate proceedings that stays execution and for which adequate reserves in accordance with IFRS shall have been
established on its books;

 

(j)
Liens arising in the ordinary course of business by virtue of any contractual, statutory or common law provision relating to banker’s
Liens, rights of set-off or similar rights and remedies covering deposit or securities accounts (including funds or other assets credited
thereto) or other funds maintained with a depository institution or securities intermediary, so long as the applicable provisions of
Section 8.15 have been complied with, in respect of such deposit accounts;

 

(k)
any interest or title of a lessor, licensor or sublessor under any lease, license or sublease (and precautionary UCC filings with respect
thereto) entered into by any such Credit Party or Subsidiary in the ordinary course of its business and covering only the assets so leased,
licensed or subleased;

 

(l)
Liens solely on any cash earnest money deposits made by such Person in connection with any letter of intent or purchase agreement relating
to an Investment or other transaction permitted hereunder;

 

(m)
Liens of sellers of goods to such Person arising under Article II of the Uniform Commercial Code or similar provisions of Applicable
Law (including the rights of suppliers under Section 8.1 of the Bankruptcy and Insolvency Act (Canada)) in the ordinary course of business,
covering only the goods sold or securing only the unpaid purchase price of such goods and related expenses to the extent such Indebtedness
is permitted hereunder;

 

(n)
Liens on insurance policies and the proceeds thereof securing the financing of premiums with respect thereto to the extent such financing
is permitted under Section 9.01(u);

 

(o)
Any encumbrance with respect to the Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar
agreement to the extent permitted under Section 9.05;

 

(p)
deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds,
letters of credit and other obligations of a like nature, in each case in the ordinary course of business;

 

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(q)
Liens securing the Permitted Third-Party Mortgage Debt so long as such Liens encumber only the applicable Permitted Third-Party Mortgaged
Property; provided, that, for each such Permitted Third-Party Mortgaged Property, such Lien shall be permitted only if (A) such
Permitted Third-Party Mortgaged Property shall be subject to a second-priority mortgage in favor of the Collateral Agent (subject only
to the Lien securing such Permitted Third-Party Mortgage Debt, as applicable) to the extent permitted by the Permitted Third-Party Mortgage
Documents; provided, that, (1) with respect to the MA Property, NJ Property and [***], the Permitted Third-Party Mortgage
Documents shall be required to permit such second-priority mortgage in favor of the Collateral Agent (it being understood that, with
respect to the MA Property, to the extent required by the applicable Permitted Third-Party Mortgage Documents in order to effectuate
the second-priority nature of Collateral Agent’s Mortgage, Collateral Agent shall release its Mortgage on such MA Property a moment
in time before such first-priority mortgage is recorded and re-record its Mortgage on such MA Property a moment in time after such first-priority
mortgage is recorded); and (2) with respect to any Permitted Third-Party Mortgaged Property other than the MA Property, NJ Property and
[***], the Credit Parties shall use commercially reasonable efforts to cause the Permitted Third-Party Mortgage Documents to permit
such second-priority mortgage in favor of the Collateral Agent; and (B) the Collateral Agent shall have been granted a first-priority
perfected security interest in 100% of the Capital Stock of the fee owner of such Permitted Third-Party Mortgaged Property;

 

(r)
[reserved];

 

(s)
Liens securing the Permitted Future Mortgage Debt so long as such Liens encumber only the applicable Permitted Future Mortgaged Property;
provided, that, in each case such Lien shall be permitted only if the Collateral Agent shall have been granted a first-priority
perfected security interest in 100% of the Capital Stock of the fee owner of such Permitted Future Mortgaged Property; provided,
further, that with respect to any such Lien securing such Permitted Future Mortgage Debt, such Lien shall only be permitted to
be a first-priority mortgage if, after giving effect to the incurrence of such Permitted Future Mortgage Debt and the granting of any
Liens required in connection therewith, the aggregate appraised value of all real property subject to a Mortgage in favor of the Collateral
Agent shall equal no less than the product of (x) 110% multiplied by (y) the aggregate principal amount of Loans outstanding at
such time; provided, however, for purposes of the calculation described in the immediately preceding proviso, if the Collateral
Agent has a second-priority Mortgage on any real property then the appraised value of such real property shall be determined by reducing
the value set forth on such appraisal by the aggregate outstanding balance of the first-priority mortgage encumbering such real property;

 

(t)
Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the
importation of goods in the ordinary course of business;

 

(u)
any interest or title of a lessor under any operating lease or operating sublease entered into by a Credit Party or Subsidiary in the
ordinary course of its business;

 

(v)
Liens securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other assets relating
to such letters of credit and products and proceeds thereof to the extent the obligations so secured are permitted by Section 9.01(m);

 

(w)
Liens securing Permitted Subordinated Indebtedness;

 

(x)
Canadian Statutory Liens; and

 

(y)
Liens on assets (not constituting Collateral) not otherwise permitted above and securing Indebtedness and other obligations in an amount
not exceeding the greater of (x) 5% of the Total Assets of the Parent and its Subsidiaries and (y) $1,000,000 at any time outstanding.

 

Notwithstanding
anything to the contrary set forth in this Section 9.02, in no event shall any Credit Party create, incur, assume or suffer to
exist any Lien (other than Canadian Statutory Liens, Liens in favor of the Collateral Agent pursuant to the Credit Documents and Liens
described in Section 9.02(w)) upon the rights of any Credit Party under any Material Contract or any accounts receivable, Collections
or proceeds arising thereunder or with respect thereto.

 

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SECTION
9.03 Consolidation, Merger, etc. Each Credit Party will not, and will not permit any of its Subsidiaries, to liquidate or dissolve,
consolidate or amalgamate with, or merge into or with, any other Person or purchase or otherwise acquire all or substantially all of
the assets of any Person (or any division thereof); provided that (a) any Credit Party may liquidate or dissolve voluntarily into,
and may merge or amalgamate with and into, another Credit Party (so long as in such a transaction involving Parent, Parent is the surviving
entity), (b) any Immaterial Subsidiary may liquidate or dissolve voluntarily into, and may merge or amalgamate with and into, another
Immaterial Subsidiary or a Credit Party; (c) all or substantially all of the assets or Capital Stock of any Credit Party may be purchased
or otherwise acquired by another Credit Party (so long as in such a transaction involving Parent, Parent is the surviving entity), (d)
all or substantially all of the assets or Capital Stock of any Immaterial Subsidiary may be purchased or otherwise acquired by another
Immaterial Subsidiary or a Credit Party, and (e) any Credit Party or Subsidiary may merge into or amalgamate with any other Person as
long as the surviving Person is or becomes a Credit Party (so long as in such a transaction involving Parent, Parent is the surviving
entity).

 

SECTION
9.04 Permitted Dispositions. Each Credit Party will not, and will not permit any of its Subsidiaries, to make a Disposition, or
enter into any agreement to make a Disposition, of such Credit Party’s or such other Person’s assets (including accounts
receivable and Capital Stock of Subsidiaries) to any Person in one transaction or a series of related transactions unless such Disposition:

 

(a)
is in the ordinary course of its business and is of obsolete, surplus or worn out property or property no longer used in its business;

 

(b)
is made as a consequence of any loss, damage, distribution or other casualty or any condemnation or taking of such assets by eminent
domain proceedings, provided that the proceeds thereof are applied in accordance with this Agreement;

 

(c)
is for fair market value and the following conditions are met:

 

(i)
the aggregate amount of Dispositions during any fiscal year shall not exceed 5.00% of the Total Assets of the Credit Parties.

 

(ii)
immediately prior to and immediately after giving effect to such Disposition, no Event of Default or Material Default shall have occurred
and be continuing or would result therefrom;

 

(iii)
Borrower applies any Net Disposition Proceeds arising therefrom pursuant to Section 4.02(a)(ii); and

 

(iv)
no less than eighty percent (80%) of the consideration received for such sale, transfer, lease, contribution or conveyance is received
in cash;

 

(d)
is a sale of Inventory (as defined in the UCC and PPSA, as applicable) in the ordinary course of business;

 

(e)
is a sale or disposition of equipment or fixed assets to the extent that such equipment or fixed asset is exchanged for credit against
the purchase price of similar replacement equipment or fixed asset, or the proceeds of such Dispositions are reasonably promptly applied
to the purchase price of similar replacement equipment or fixed asset, all in the ordinary course of business and in accordance with
Section 4.02(a)(ii);

 

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(f)
is an abandonment, failure to renew, or other Disposition in the ordinary course of business of any intellectual property that is not
material to the conduct of the business of any Credit Party;

 

(g)
is otherwise permitted by Section 9.03;

 

(h)
is by (i) any Credit Party to any other Credit Party or (ii) any Credit Party to an Immaterial Subsidiary; provided, that the
aggregate amount of Dispositions made pursuant to the preceding sub-clause (ii) shall not exceed $2,000,000 in any fiscal year;

 

(i)
consists of the granting of Permitted Liens;

 

(j)
consists of cash or Cash Equivalents;

 

(k)
is a sale or discount of accounts receivable (or a promissory note evidencing accounts receivable or the settlement thereof) arising
in the ordinary course of business in connection with the collection thereof;

 

(l)
consists of the leasing (pursuant to leases entered into in the ordinary course of business) or licensing of real or personal property
in the ordinary course of business;

 

(m)
consists of a surrender or waiver of contract rights or a settlement, release or surrender of contract, tort or other claims, in each
case, in the ordinary course of business;

 

(n)
consists of a Disposition of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements
between the joint venture parties set forth in joint venture arrangements and similar binding agreements and the transfer of assets as
part of the consideration for Investment in a joint venture permitted under Section 9.05;

 

(o)
consists of Dispositions made in connection with the unwinding of Hedging Obligations permitted under Section 9.11 or a sale and
leaseback transaction permitted under Section 9.08;

 

(p)
consists of charitable donations made in cash and in the ordinary course of business, to the extent such assets are not material to the
ability of the Credit Parties to conduct the Business;

 

(q)
is a Disposition of Real Property to a Governmental Authority that results from a condemnation, provided that (other than with
respect to Real Property with a first-lien mortgage in favor of a third party) the proceeds thereof are applied in accordance with this
Agreement;

 

(r)
is a Disposition set forth on Schedule 9.04;

 

(s)
licenses, sublicenses, leases or subleases granted to third parties in the ordinary course of business (but limited, in the case of licenses
of intellectual property, to non-exclusive licenses) so long as such licenses, sublicenses, leases or subleases (i) do not interfere
with the business of the Credit Parties and (ii) are not materially adverse to the interests of the Secured Parties;

 

(t)
is a Disposition of Real Property that is subject to a first-lien mortgage in favor of a third party;

 

(u)
are Dispositions of Opco Agreements to third parties on an arms’ length basis; and

 

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(v)
are Dispositions constituting Restricted Payments permitted under Section 9.06.

 

Notwithstanding
anything to the contrary set forth in this Section 9.04, in no event shall any Credit Party sell, transfer, assign or otherwise
dispose of (other than in connection with the grant of a Lien in favor of the Collateral Agent pursuant to the Credit Documents and Liens
described in Section 9.02(w)) any of its rights under or in respect of any Material Contract (except as set forth in the preceding clauses
(r) and (u)) or any accounts receivable, Collections or proceeds arising thereunder or with respect thereto; provided, that this
sentence shall not prohibit Dispositions required to be made pursuant to Applicable Law so long as the Net Disposition Proceeds from
such Disposition are applied as required by Section 4.02(a)(ii).

 

SECTION
9.05 Investments. Each Credit Party will not, and will not permit any of its Subsidiaries to, purchase, make, incur, assume or
permit to exist any Investment in any other Person, except:

 

(a)
Investments existing or contemplated on the Restatement Date and identified in Schedule 9.05;

 

(b)
(i) Investments in cash and Cash Equivalents and (ii) Hedging Obligations permitted by Section 9.11;

 

(c)
Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with,
customers and suppliers, in each case in the ordinary course of business;

 

(d)
Investments by way of contributions to capital or purchases of Capital Stock by (i) any Credit Party in any of its respective Subsidiaries
that are Credit Parties or by any Subsidiary that is not a Credit Party in any Credit Party or any other Subsidiary that is not a Credit
Party; provided that such Credit Party or such Subsidiary shall be required to comply with Section 9.01(g)(iii) in the
event such Investment constitutes Indebtedness of the party making such Investment, and (ii) any Credit Party in any Subsidiary that
is not a Credit Party in an aggregate amount at any time not to exceed, when combined with the aggregate principal amount of Indebtedness
incurred pursuant to Section 9.01(g)(iv), $5,000,000;

 

(e)
Investments constituting (i) accounts receivable arising, (ii) trade debt granted, or (iii) deposits or prepayments made in connection
with the purchase price of goods or services, in each case in the ordinary course of business;

 

(f)
Investments consisting of the right of a Credit Party to receive the deferred portion of the sales price owed to such Credit Party in
connection with any Disposition permitted under Section 9.04;

 

(g)
Investments in joint ventures and acquisitions of Capital Stock that would constitute Credit Party Permitted Acquisitions but for the
fact that Persons in which such Capital Stock are acquired do not become wholly-owned Subsidiaries of a Credit Party; provided
that the sum of the aggregate amount of such Investments, plus the aggregate consideration paid in all such acquisitions, made under
this clause (g) after the Restatement Date shall not exceed $5,000,000;

 

(h)
intercompany Indebtedness permitted pursuant to Section 9.01(g) so long as the requirements set forth in such Section have been
complied with;

 

(i)
the maintenance of deposit accounts in the ordinary course of business so long as the applicable provisions of Section 8.15 have
been complied with in respect of such deposit accounts;

 

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(j)
Guarantee Obligations to the extent permitted by Section 9.01(e) or 9.01(p);

 

(k)
loans and advances to officers, directors and employees of any Credit Party for reasonable and customary business related travel expenses,
entertainment expenses, moving expenses and similar expenses, in each case incurred in the ordinary course of business, in an aggregate
principal amount at any time not to exceed $100,000;

 

(l)
Investments consisting of loans made in lieu of Restricted Payments which are otherwise permitted under Section 9.06;

 

(m)
Deposits, prepayments and other credits to suppliers and deposits in connection with lease obligations, taxes, insurance and similar
items, in each case made in the ordinary course of business and securing contractual obligations of a Credit Party, in each case to the
extent constituting a Permitted Lien;

 

(n)
Investments made with the proceeds of the issuance of Capital Stock by Parent (other than Disqualified Capital Stock) after the Restatement
Date so long as (i) such issuance of Capital Stock does not result in a Change of Control and (ii) such Investment is made contemporaneously
with the issuance of such Capital Stock; and

 

(o)
Credit Party Permitted Acquisitions;

 

(p)
the [***]; and

 

(q)
other Investments in an aggregate amount equal to the sum of (i) $10,000,000, minus (ii) the aggregate amount of Investments,
determined at the time of making such Investment, made in reliance on this clause (q) from and after the Restatement Date, plus
(iii) the aggregate amount of cash received by any Credit Party in respect of any Investment made in reliance on this clause
(q) (including in the form of dividends, distributions, repayments and similar amounts) from and after the Restatement Date; provided,
that in no event shall the amount added pursuant to the forgoing subclause (iii) for any Investment exceed the amount that had been subtracted
pursuant to the forgoing subclause (ii) for such Investment;

 

provided
that no Investment otherwise permitted under clauses (d)(ii), (f), (g), (l), (n), (o), (p) or (q) shall be permitted to be made if,
at the time of making any such Investment, any Event of Default or Material Default has occurred and is continuing or would result therefrom;
and

 

provided,
further, that no Investment otherwise permitted under this Section 9.05 shall be made by any Credit Party or any Subsidiary
to the extent that such Investment (x) constitutes an acquisition of all of the Capital Stock of any Person or all or substantially all
of the assets of any Person (or a division thereof) except pursuant to clause (o) or (p); or (y) is an Investment in a joint venture
or other acquisition of Capital Stock except pursuant to clause (g); and

 

provided,
further, that no Investment otherwise permitted under this Section 9.05 shall be permitted unless such Investment is made entirely
with cash (except for Investments under clauses (c), (e), (g), (i), (j) and (n)) or Capital Stock of Parent (other than Disqualified
Capital Stock).

 

SECTION
9.06 Restricted Payments. Each Credit Party will not, and will not permit any of its Subsidiaries, to make any Restricted Payment,
or make any deposit for any Restricted Payment, other than:

 

(a)
Restricted Payments by any Subsidiary of a Credit Party to its direct or indirect parent, so long as such direct or indirect parent is
a Credit Party;

 

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(b)
Restricted Payments by any Credit Party or any of its Subsidiaries to pay dividends with respect to its Capital Stock payable solely
in additional shares of such Capital Stock (other than Disqualified Capital Stock);

 

(c)
Restricted Payments by any Immaterial Subsidiary to another Immaterial Subsidiary;

 

(d)
Restricted Payments pursuant to and in accordance with stock option plans or other benefit plans, in each case to the extent permitted
hereunder, for management or employees of any Credit Party or any of its Subsidiaries; provided, that the aggregate amount of
Restricted Payments made under this clause (d) does not exceed $2,500,000 in any calendar year;

 

(e)
Permitted Subordinated Debt Payments so long as the Payment Conditions are satisfied; and

 

(f)
Restricted Payments of cash actually paid in an aggregate amount not to exceed 50% of Consolidated EBITDA as of the last day of the most
recently ended period of four fiscal quarters;

 

provided,
that, no Restricted Payment otherwise permitted under this Section 9.06 shall be permitted unless such Restricted Payment is made entirely
with cash (except for Restricted Payments under clause (b)); and

 

provided,
further, that no Restricted Payment otherwise permitted under clause (d) or (f) shall be permitted to be made if, at the time
of making any such Restricted Payment, any Event of Default or Material Default has occurred and is continuing or would result therefrom;
provided, however, Parent may pay any dividend permitted under clause (f) within 30 days after the date of declaration thereof,
if at the date of declaration such payment would have complied with the provisions of this Agreement (including the other provisions
of this Section 9.06) so long as the aggregate amount of such dividend does not exceed 12.50% of Consolidated EBITDA as of the last day
of the most recently ended period of four fiscal quarters.

 

SECTION
9.07 Prepayments and Modification of Certain Agreements. Each Credit Party will not, and will not permit any of its Subsidiaries
to:

 

(a)
Except as expressly permitted by Section 9.06, make any payment on account of Indebtedness that has been contractually subordinated
in right of payment to the Obligations if such payment is not permitted at such time under the subordination terms and conditions applicable
thereto.

 

(b)
Consent to any amendment, supplement, waiver or other modification of, or enter into any forbearance from exercising any rights with
respect to the terms or provisions contained in (i) any Organization Documents, in each case, other than any amendment, supplement, waiver,
termination, modification or forbearance that is not materially adverse to the Secured Parties, (ii) any document, agreement or instrument
evidencing or governing any Permitted Subordinated Indebtedness unless such amendment, supplement, waiver or other modification is permitted
under the terms of the subordination agreement applicable thereto, or (iii) any other Material Contract, in each case, other than any
amendment, supplement, waiver or modification that is not materially adverse to the Secured Parties.

 

SECTION
9.08 Sale and Leaseback. Each Credit Party will not, and will not permit any of its Subsidiaries, directly or indirectly, to enter
into any agreement or arrangement providing for the sale or transfer by it of any property (now owned or hereafter acquired) to a Person
and the subsequent lease or rental of such property or other similar property from such Person.

 

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SECTION
9.09 Transactions with Affiliates. Each Credit Party will not, and will not permit any of its Subsidiaries, to enter into or cause
or permit to exist any arrangement, transaction or contract (including for the purchase, lease or exchange of property or the rendering
of services) with any Affiliate (other than arrangements, transactions or contracts solely among the Credit Parties) except (a) on fair
and reasonable terms no less favorable to such Credit Party or such Subsidiary than it could obtain in an arm’s-length transaction
with a Person that is not an Affiliate, (b) any transaction expressly permitted under Section 9.01(g), Section 9.01(p),
Section 9.03, Section 9.04(h), Section 9.04(r), Section 9.04(v) Section 9.05(d), Section 9.05(h),
Section 9.05(j), Section 9.05(k), Section 9.05(l) or Section 9.06, (c) any transactions solely among Credit
Parties to the extent otherwise permitted by this Agreement; (d) [reserved], (e) so long as it has been approved by Parent’s or
its applicable Subsidiary’s Board of Directors in accordance with Applicable Law, (i) customary fees to, and indemnifications of,
non-officer directors of the Credit Parties and their respective Subsidiaries and (ii) the payment of reasonable and customary compensation
and indemnification arrangements and benefit plans for officers and employees of the Credit Parties and their respective Subsidiaries
in the ordinary course of business; and (f) transactions with joint ventures for the purchase or sale of goods, equipment and services
entered into in the ordinary course of business and to the extent such transactions are not materially adverse to the Secured Parties.
No Credit Party nor any Subsidiary shall hire or engage any officer or executive during the term of this Agreement without such officer
or executive having entered into a non-competition and confidentiality agreement with such Credit Party or Subsidiary.

 

SECTION
9.10 Restrictive Agreements, etc. Except as set forth on Schedule 9.10, each Credit Party will not, and will not permit
any of its Subsidiaries, to enter into any agreement (other than a Credit Document) prohibiting:

 

(a)
the creation or assumption of any Lien upon its properties, revenues or assets, whether now owned or hereafter acquired;

 

(b)
the ability of such Person to amend or otherwise modify any Credit Document or waive, consent to or otherwise deviate from any provision
under any Credit Document; or

 

(c)
the ability of such Person to make any payments, directly or indirectly, to Borrower, including by way of dividends, advances, repayments
of loans, reimbursements of management and other intercompany charges, expenses and accruals or other returns on investments.

 

The
foregoing prohibitions shall not apply to restrictions of the type described in clause (a) above (which do not prohibit the Credit Parties
from complying with or performing the terms of this Agreement and the other Credit Documents) which are contained in any agreement (i)
governing any Indebtedness permitted by Section 9.01(d) as to the transfer of assets financed with the proceeds of such Indebtedness,
(ii) for the creation or assumption of any Lien on the sublet or assignment of any leasehold interest of any Credit Party or any of its
Subsidiaries entered into in the ordinary course of business, (iii) for the assignment of any contract or licensed intellectual property
entered into by any Credit Party or any of its Subsidiaries in the ordinary course of business, (iv) for the transfer of any asset pending
the close of the sale of such asset pursuant to a Disposition permitted under this Agreement, (v) [reserved], (vi) arising under customary
provisions set forth in licenses, governmental permits, leases and related contracts restricting the assignment thereof; or (vii) governing
the Closing Date Joint Ventures to the extent in existence on the Restatement Date. The foregoing prohibitions shall not apply to customary
restrictions of the type described in clause (c) above which are contained in any (A) agreement governing any Indebtedness permitted
by Section 9.01(d) with respect to customary restrictions and conditions, including net worth, leverage and other financial covenants
and customary covenants regarding business operations or encumbrances), (B) joint venture agreements entered into in the ordinary course
of business to the extent permitted under Section 9.05 and consisting of customary prohibitions or restrictions on the activities of
such joint ventures, (C) employment, compensation or separation agreement or similar arrangement entered into by a Credit Party or a
Subsidiary in the ordinary course of business, or (D) agreements with surety companies that waive or prohibit subrogation of claims and/or
prohibit parties to such agreements from collecting intercompany obligations until obligations to the applicable surety company have
been paid or satisfied, in each case after a claim is made upon such surety company.

 

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SECTION
9.11 Hedging Agreements. Each Credit Party will not, and will not permit any of its Subsidiaries to, enter into any Hedging Agreement
other than Permitted Currency Hedging Agreements.

 

SECTION
9.12 Changes in Business and Fiscal Year.

 

(a)
Each Credit Party will not, and will not permit any of its Subsidiaries to (i) engage in any business activity other than the Business;
or (ii) modify or change its fiscal year or its method of accounting other than (x) a change in the method of accounting in connection
with a Change in Accounting Principles; (y) as may be required to conform to IFRS or (z) to the extent consented to by the Administrative
Agent (such consent not to be unreasonably withheld, conditioned or delayed).

 

(b)
No Credit Party, Affiliate of a Credit Party, Individual Guarantor or any officer or stockholder of a Credit Party or an Affiliate of
a Credit Party shall engage in the Business except through the Credit Parties, their Subsidiaries and, to the extent substantially consistent
with their operations as of the Restatement Date, the Opcos.

 

SECTION
9.13 Financial Covenants. The Credit Parties will not permit:

 

(a)
Liquidity. Liquidity, at any time, to be less than twenty percent (20%) of the aggregate principal amount of Loans outstanding
at such time.

 

(b)
Consolidated EBITDA. Consolidated EBITDA for any fiscal quarter, as of the last day of each fiscal quarter, to be less than $20,000,000.

 

(c)
Consolidated Fixed Charge Coverage Ratio. The Consolidated Fixed Charge Coverage Ratio for any Applicable Fiscal Period, as of
the last day of each fiscal quarter, to be less than 1.50:1.00.

 

SECTION
9.14 Pending Opcos.

 

(a)
Parent will not permit any Pending Opco to make, directly or indirectly, any acquisition of the Capital Stock of any Person or all or
substantially all of the assets of any Person (or a division thereof) unless such acquisition is a Pending Opco Permitted Acquisition.

 

(b)
Parent will not permit any Pending Opco to enter into any agreement prohibiting: (i) the creation or assumption of any Lien upon the
properties, revenues or assets of Parent or any of its Subsidiaries, ‎whether now owned or hereafter acquired; (ii) the ability of
Parent or any of its Subsidiaries to amend or otherwise modify any Credit Document or waive, consent to or otherwise deviate from any
provision under any Credit Document; or (iii) the ability of any Subsidiary to make any payments, directly or indirectly, to Parent,
including by way of dividends, advances, repayments of loans, reimbursements of management and other intercompany charges, expenses and
accruals or other returns on investments; provided, that the foregoing clause (iii) shall not apply to any agreement governing
Indebtedness of a Pending Opco that provides for customary restrictions and conditions to making such payments, including reserve requirements,
restrictions arising from options, net worth, leverage and other financial covenants.

 

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(c)
Parent will not permit any Pending Opco to enter into, or cause or permit to exist any arrangement, transaction or contract (including
for the purchase, lease or exchange of property or the rendering of services) with any Affiliate except (i) on fair and reasonable terms
no less favorable to such Pending Opco than it could obtain in an arm’s-length transaction with a Person that is not an Affiliate,
and (b) any transaction expressly permitted under Section 9.01(p) (and Section 9.05(j) with respect to such Section
9.01(p)). No Pending Opco shall hire or engage any officer or executive during the term of this Agreement without such officer or
executive having entered into a non-competition and confidentiality agreement with such Pending Opco, as applicable. No Pending Opco
shall make any distribution to any officer of a Credit Party, or make any payment of a management fee (or other fee of a similar nature)
to any officer of a Credit Party, in each case, whether directly or indirectly, so long as the Indebtedness described in Section 9.01(p)
related to such Pending Opco remains outstanding.

 

(d)
Notwithstanding anything herein to the contrary, upon the consummation of any acquisition or investment by a Pending Opco, such Pending
Opco shall be automatically deemed to constitute an “Opco” hereunder and Borrower shall comply with the requirements set
forth in Section 8.21 with respect to such Opco within the timeframe set forth therein (and, for the avoidance of doubt, such
Opco shall no longer be deemed to constitute a Pending Opco hereunder).

 

SECTION
9.15 Canadian Defined Benefit Plans. None of the Credit Parties shall, without the consent of the Agent, maintain, administer,
contribute or have any liability in respect of any Canadian Defined Benefit Plan or acquire an interest in any Person if such Person
sponsors, maintains, administers or contributes to, or has any liability in respect of any Canadian Defined Benefit Plan

 

ARTICLE
X

Events of Default

 

SECTION
10.01 Listing of Events of Default. Each of the following events or occurrences described in this Section 10.01 shall constitute
an “Event of Default”:

 

(a)
Non-Payment of Obligations. Borrower shall default in the payment of:

 

(i)
any principal of any Loan when such amount is due; or

 

(ii)
any interest on any Loan for more than five (5) calendar days from the date when due; provided, that no more than two (2) such
delinquent interest payments shall occur during the term of this Agreement; or

 

(iii)
any fee described in Article III or any other monetary Obligation.

 

(b)
Breach of Representations or Warranties. Any representation or warranty by any Credit Party made or deemed to be made in any Credit
Document (including any certificates delivered pursuant to Article V), is or shall be incorrect in any material respect when made
or deemed to have been made.

 

(c)
Non-Performance of Certain Covenants and Obligations. Any Credit Party shall default in the due performance or observance of any
of its obligations under Section 8.01, Section 8.02, Section 8.03, Section 8.04, Section 8.05 (solely
with respect to such Credit Party’s existence in its jurisdiction of organization), Section 8.10, Section 8.12, Section
8.13, Section 8.15, Section 8.17, Section 8.18 or Section 8.20, Section 8.24, Article IX
(other than Sections 9.07(b)(i) or 9.07(b)(iii)) or Article XIII, or any Credit Party shall default in the due performance
or observance of its obligations under any covenant applicable to it under any Security Document.

 

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(d)
Non-Performance of Other Covenants and Obligations. Any Credit Party shall default in the due performance or observance of any
of its obligations under Section 8.05 (solely with respect to such Credit Party’s maintenance of good standing in its jurisdiction
of organization), Section 8.06, Section 8.07, Section 8.16, Section 8.21 or Sections 9.07(b)(i) or
9.07(b)(iii), and in each case such default shall continue unremedied for a period of more than ten (10) days after the occurrence
thereof.

 

(e)
Non-Performance of Other Covenants and Obligations. Any Credit Party shall default in the due performance and observance of any
obligation contained in any Credit Document executed by it (other than as specified in Sections 10.01(a), 10.01(b), 10.01(c),
or 10.01(d)), and in each case such default shall continue unremedied for a period of more than fifteen (15) days after the Administrative
Agent delivers to such Credit Party notice thereof.

 

(f)
Default on Other Indebtedness. (i) a default shall occur in the payment of any amount when due (subject to any applicable grace
or cure period), whether by acceleration or otherwise, of any principal or stated amount of, or interest or fees on, any Indebtedness
(other than the Obligations) of any Credit Party or Subsidiary having a principal or stated amount, individually or in the aggregate,
in excess of $1,000,000, or a default shall occur in the performance or observance of any obligation or condition with respect to any
such Indebtedness if the effect of such default is to accelerate the maturity of such Indebtedness, or (ii) any Indebtedness of any Credit
Party or Subsidiary having a principal or stated amount, individually or in the aggregate, in excess of $1,000,000 shall otherwise be
required to be prepaid, redeemed, purchased or defeased, or require an offer to purchase or defease such Indebtedness to be made, prior
to its expressed maturity; provided, further, that, an Event of Default under this clause (f) caused by the occurrence
of a breach or default with respect to Indebtedness in excess of the $1,000,000 shall be cured for purposes of this Agreement upon the
Person asserting such breach or default waiving such breach or default in writing or such Person delivering written notice to the applicable
Credit Party or Subsidiary that such breach or default has been cured in accordance with the terms of such Indebtedness if, at the time
of such waiver or such cure neither the Administrative Agent nor the Lenders has exercised any remedies with respect to such Event of
Default.

 

(g)
Judgments; Fines. Any judgment, order for the payment of money, fines, settlements or enforcement penalties, in an amount individually
or in the aggregate in excess of $1,000,000 (exclusive of any amounts covered by insurance (less any applicable deductible) so long as
a written request for coverage has been submitted to the insurer and such insurer has not denied coverage) shall be rendered against
any Credit Party or any of its Subsidiaries and such judgment, order, fine, settlement or penalty shall not have been vacated or discharged
or stayed or bonded pending appeal within thirty (30) days after the entry thereof or enforcement proceedings shall have been commenced
by any creditor upon such judgment or order.

 

(h)
Plans. Any of the following events shall occur with respect to any Plan or Canadian Pension Plan, as applicable:

 

(i)
the institution of any steps by any Credit Party, any Subsidiary of a Credit Party, any ERISA Affiliate or any other Person to terminate
or partially terminate a Plan of any Credit Party or any Subsidiary of any Credit Party if, as a result of such termination or partial
termination, any Credit Party or Subsidiary of any Credit Party could be required to make a contribution to such Plan, or could reasonably
be expected to incur a liability or obligation to such Plan, in excess of $100,000 in the aggregate;

 

(ii)
there is or arises any potential withdrawal liability under Section 4201 of ERISA, if any Credit Party, any Subsidiary of a Credit Party
or any ERISA Affiliate were to completely or partially withdraw from one or more Multiemployer Plans, in excess of $100,000, in the aggregate;

 

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(iii)
a contribution failure occurs with respect to any Plan sufficient to give rise to a Lien under Sections 303(k) or 4068 of ERISA or Section
430(k) of the Code; or

 

(iv)
a Canadian Pension Termination Event occurs or exists or a Lien arises in respect of a Canadian Pension Plan (save for contribution amounts
not yet due) which results in a liability or obligation of a Canadian Credit Party to such Canadian Pension Plan in excess of $100,000
in the aggregate.

 

(i)
Bankruptcy, Insolvency, etc. Any Credit Party or any of its Subsidiaries shall:

 

(i)
become insolvent or generally fail to pay, or admit in writing its inability or unwillingness generally to pay, its debts as they become
due;

 

(ii)
apply for, consent to, or acquiesce in the appointment of a trustee, receiver, interim receiver, sequestrator, examiner, monitor or other
custodian for any substantial part of the assets or other property of any such Person, or make a general assignment for the benefit of
creditors;

 

(iii)
in the absence of such application, consent or acquiesce to or permit or suffer to exist, the appointment of a trustee, receiver, interim
receiver, sequestrator, examiner, monitor or other custodian for a substantial part of the property of any thereof, and such trustee,
receiver, interim receiver,, sequestrator, examiner, monitor or other custodian shall not be discharged within sixty (60) days; provided
that each Credit Party hereby expressly authorizes each Secured Party to appear in any court conducting any relevant proceeding during
such 60-day period to preserve, protect and defend their rights under the Credit Documents;

 

(iv)
permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under any
bankruptcy or insolvency law or any dissolution, examinership, winding up or liquidation proceeding, in respect thereof, and, if any
such case or proceeding is not commenced by such Person, such case or proceeding shall be consented to or acquiesced in by such Person,
or shall result in the entry of an order for relief or shall remain for sixty (60) days undismissed; provided that each Credit
Party hereby expressly authorizes each Secured Party to appear in any court conducting any such case or proceeding during such 60-day
period to preserve, protect and defend their rights under the Credit Documents; or

 

(v)
take any action authorizing, or in furtherance of, any of the foregoing.

 

(j)
Impairment of Security, etc. Any Credit Document or any Lien granted thereunder shall (except in accordance with its terms), in
whole or in part, terminates, ceases to be effective or ceases to be the legally valid, binding and enforceable obligation of any Credit
Party party thereto with respect to Collateral in an aggregate amount in excess of $500,000, or any Credit Party or any other Person
shall, directly or indirectly, contest or limit in any manner such effectiveness, validity, binding nature or enforceability; or, except
as permitted under any Credit Document, any Lien (subject only to Permitted Liens) securing any Obligation shall, in whole or in part,
cease to be a perfected Lien with respect to Collateral in an aggregate amount in excess of $500,000 (other than as a result of voluntary
and intentional discharge of the Lien by the Collateral Agent).

 

(k)
Change of Control. Any Change of Control shall occur.

 

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(l)
Hedging Agreement. Any Credit Party or any of its Subsidiaries shall (i) default in making any payment or delivery due on the
last payment, delivery or exchange date of, or any payment due on early termination of, any Hedging Agreement, in each case beyond the
period of grace, if any, provided in such Hedging Agreement, or (ii) defaults in the observance or performance of any other agreement
or condition relating to any such Hedging Agreement, or any other event shall occur or condition exist, the effect of which default or
other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of
such holder or beneficiary) to cause, after the giving of notice if required or the elapse of any grace period, a liquidation, acceleration
or early termination of such Hedging Agreement.

 

(m)
Restraint of Operations; Loss of Assets. If any Credit Party or any Subsidiary of a Credit Party is enjoined, restrained, or in
any way prevented by court order or other Governmental Authority from continuing to conduct all or any material part of its business
affairs or if any material portion of any Credit Party’s or any of its Subsidiary’s assets is attached, seized, subjected
to a writ or distress warrant, or is levied upon, or comes into the possession of any third Person and the same is not discharged before
the earlier of sixty (60) days after the date it first arises or 5 days prior to the date on which such property or asset is subject
to forfeiture by such Credit Party or such Subsidiary of a Credit Party.

 

(n)
Material Adverse Effect. Any Material Adverse Effect shall occur.

 

(o)
Regulatory Licenses. If any Regulatory License ceases to be valid, subsisting and in good standing or if any Permit material to
the business of Credit Parties is withdrawn, cancelled, suspended or adversely amended in a manner which, in each case, could reasonably
be expected to result in a Material Adverse Effect.

 

(p)
Change in Cannabis Law; Restricted Cannabis Activity. If a Change in Cannabis Law shall occur, or if Parent or any of its Subsidiaries
shall engage in any Restricted Cannabis Activity.

 

(q)
Pending Opcos. If a Credit Party shall fail to exercise the option granted to such Credit Party by a Pending Opco (or upon designation
of such Pending Opco as an Opco, such Opco) to acquire the target of a Pending Opco Permitted Acquisition consummated by such Pending
Opco (or upon designation of such Pending Opco as an Opco, such Opco); provided, that no Event of Default shall exist if (A) Parent
has not guaranteed any Indebtedness of such Pending Opco (or upon designation of such Pending Opco as an Opco, such Opco); (B) the exercise
of such option by Parent is prohibited by Applicable Law; or (C) the exercise of such option by Parent is administratively burdensome
as determined in good faith by Parent in consultation with the Administrative Agent.

 

(r)
Opco Mortgagors. If an event of default shall occur under any Opco Mortgagor Guaranty Agreement or Opco Mortgagor Mortgage.

 

SECTION
10.02 Remedies Upon Event of Default. If any Event of Default under Section 10.01(i) shall occur for any reason, whether
voluntary or involuntary, all of the outstanding principal amount of the Loans and other Obligations shall automatically be due and payable
and any commitments shall be terminated, in each case, without further notice, demand or presentment. If any Event of Default (other
than any Event of Default under Section 10.01(i)) shall occur for any reason, whether voluntary or involuntary, and be continuing,
the Administrative Agent may, and upon the direction of the Required Lenders, the Administrative Agent shall, by notice to Borrower declare
all or any portion of the outstanding principal amount of the Loans and other Obligations to be due and payable and any commitment shall
be terminated, whereupon the full unpaid amount of such Loans and other Obligations that shall be so declared due and payable shall be
and become immediately due and payable, in each case, without further notice, demand or presentment. The Lenders and the Collateral Agent
shall have all other rights and remedies available at law or in equity or pursuant to any Credit Documents.

 

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ARTICLE
XI

The Agents

 

SECTION
11.01 Appointment. Each Lender (and, if applicable, each other Secured Party) hereby appoints Chicago Atlantic as its Collateral
Agent under and for purposes of each Credit Document, and hereby authorizes the Collateral Agent to act on behalf of such Lender (or
if applicable, each other Secured Party) under each Credit Document, and, in the absence of other written instructions from the Lenders
pursuant to the terms of the Credit Documents received from time to time by the Collateral Agent, to exercise such powers hereunder and
thereunder as are specifically delegated to or required of the Collateral Agent by the terms hereof and thereof, together with such powers
as may be incidental thereto. Each Lender (and, if applicable, each other Secured Party) hereby appoints Chicago Atlantic as its Administrative
Agent under and for purposes of each Credit Document and hereby authorizes the Administrative Agent to act on behalf of such Lender (or,
if applicable, each other Secured Party) under each Credit Document and, in the absence of other written instructions from the Lenders
pursuant to the terms of the Credit Documents received from time to time by the Administrative Agent, to exercise such powers hereunder
and thereunder as are specifically delegated to or required of the Administrative Agent by the terms hereof and thereof, together with
such powers as may be incidental thereto. Each Lender (and, if applicable, each other Secured Party) hereby designates and appoints each
Agent as the agent of such Lender. Notwithstanding any provision to the contrary elsewhere in this Agreement, no Agent shall have any
duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender or other Secured Party,
and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other
Credit Document or otherwise exist against any Agent. Anything contained in any of the Credit Documents to the contrary notwithstanding,
Borrower, the Administrative Agent, the Collateral Agent and each Secured Party hereby agree that (i) no Secured Party shall have any
right individually to realize upon any of the Collateral or to enforce the Security Agreement or any other Security Documents, it being
understood and agreed that all powers, rights and remedies hereunder may be exercised solely by the Agents, on behalf of the Secured
Parties in accordance with the terms hereof and all powers, rights and remedies under the Security Documents may be exercised solely
by the Agents, and (ii) in the event of a foreclosure by any of the Agents on any of the Collateral pursuant to a public or private sale
or other disposition, any Agent or any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other
disposition and each Agent, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective
individual capacities unless the Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and
making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and
apply any of the Obligations (including Obligations owed to any other Secured Party) as a credit on account of the purchase price for
any Collateral payable by such Agent at such sale or other disposition.

 

For
the purposes of holding any hypothec granted pursuant to the laws of the Province of Quebec to secure the prompt payment and performance
of any and all Obligations by any Credit Party, each of the Lenders (and, if applicable, each other Secured Party) hereby irrevocably
appoints and authorizes Collateral Agent and, to the extent necessary, ratifies the appointment and authorization of Collateral Agent,
to act as the hypothecary representative of the present and future creditors as contemplated under Article 2692 of the Civil Code of
Quebec (in such capacity, the “Hypothecary Representative”), and to enter into, to take and to hold on their behalf,
and for their benefit, any hypothec, and to exercise such powers and duties that are conferred upon the Hypothecary Representative under
any related deed of hypothec. The Hypothecary Representative shall: (i) have the sole and exclusive right and authority to exercise,
except as may be otherwise specifically restricted by the terms hereof, all rights and remedies given to the Hypothecary Representative
pursuant to any such deed of hypothec and applicable law, and (ii) benefit from and be subject to all provisions hereof with respect
to Agents mutatis mutandis, including, without limitation, all such provisions with respect to the liability or responsibility
to and indemnification by the Lenders and the Credit Parties. Any Person who becomes a Lender (and, if applicable, each other Secured
Party) shall, by its execution of an Assignment and Acceptance, be deemed to have consented to and confirmed the Hypothecary Representative
as the Person acting as hypothecary representative holding the aforesaid hypothecs as aforesaid and to have ratified, as of the date
it becomes a Lender (and, if applicable, each other Secured Party), all actions taken by the Hypothecary Representative in such capacity.
The substitution of Agent pursuant to the provisions of this Section 11 also constitutes the substitution of the Hypothecary Representative.
Agent, acting as the Hypothecary Representative, shall have the same rights, powers, immunities, indemnities and exclusions from liability
as are prescribed in favor of Agent in this Agreement, which shall apply mutatis mutandis to Agents acting as Hypothecary Representative.

 

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SECTION
11.02 Delegation of Duties. Each Agent may execute any of its duties under this Agreement and the other Credit Documents by or
through agents or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent
shall be responsible for the negligence or misconduct of any agents or attorneys in fact selected by it with reasonable care.

 

SECTION
11.03 Exculpatory Provisions. Neither any Agent nor any of their respective officers, directors, employees, agents, attorneys
in fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection
with this Agreement or any other Credit Document (except to the extent that any of the foregoing are found by a final and nonappealable
decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence, bad faith or willful
misconduct) or (b) responsible in any manner to any of the Lenders or any other Secured Party for any recitals, statements, representations
or warranties made by any Credit Party or any officer thereof contained in this Agreement or any other Credit Document or in any certificate,
report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement
or any other Credit Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement
or any other Credit Document or for any failure of any Credit Party or other Person to perform its obligations hereunder or thereunder.
The Agents shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the
agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records
of any Credit Party.

 

SECTION
11.04 Reliance by Agents. Each Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument,
writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other
document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons
and upon advice and statements of legal counsel (including counsel to the Credit Parties), independent accountants and other experts
selected by such Agent. The Agents may deem and treat the payee of any note as the owner thereof for all purposes unless a written notice
of assignment, negotiation or transfer thereof shall have been filed with the Agents. Each Agent shall be fully justified in failing
or refusing to take any action under this Agreement or any other Credit Document unless it shall first receive such advice or concurrence
of the Required Lenders (or, if so specified by this Agreement, all or other requisite Lenders) as it deems appropriate or it shall first
be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking
or continuing to take any such action. The Agents shall in all cases be fully protected in acting, or in refraining from acting, under
this Agreement and the other Credit Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement,
all Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all
future holders of the Loans and all other Secured Parties.

 

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SECTION
11.05 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default
or Event of Default hereunder, except with respect to any Default or Event of Default in the payment of principal, interest and fees
required to be paid to the Administrative Agent for the account of the Lenders unless the Administrative Agent has received notice from
a Lender or Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice
of default”. The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of
Default hereunder unless the Collateral Agent has received notice from a Lender or Borrower referring to this Agreement, describing such
Default or Event of Default and stating that such notice is a “notice of default”. In the event that an Agent receives such
a notice, such Agent shall give notice thereof to the other Agent and the Lenders. Each Agent shall take such action with respect to
such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all
Lenders or any other instructing group of Lenders specified by this Agreement); provided that unless and until each Agent shall
have received such directions, the Agents may (but shall not be obligated to) take such action, or refrain from taking such action, with
respect to such Default or Event of Default as such Agent shall deem advisable in the best interests of the Secured Parties.

 

SECTION
11.06 Non-Reliance on Agents and Other Lenders. Each Lender (and, if applicable, each other Secured Party) expressly acknowledges
that neither the Agents, the Arranger, nor any of their respective officers, directors, employees, agents, attorneys in fact or Affiliates
have made any representations or warranties to it and that no act by any Agent or Arranger hereafter taken, including any review of the
affairs of a Credit Party or any Affiliate of a Credit Party, shall be deemed to constitute any representation or warranty by any Agent
or Arranger to any Lender or any other Secured Party. Each Lender (and, if applicable, each other Secured Party) represents to the Agents
and the Arranger that it has, independently and without reliance upon any Agent, Arranger or any other Lender or any other Secured Party,
and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
operations, property, financial and other condition and creditworthiness of the Credit Parties and their Affiliates and made its own
decision to make its Loans hereunder. Each Lender (and, if applicable, each other Secured Party) also represents that it will, independently
and without reliance upon any Agent, Arranger or any other Lender or any other Secured Party, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking
action under this Agreement and the other Credit Documents, and to make such investigation as it deems necessary to inform itself as
to the business, operations, property, financial and other condition and creditworthiness of the Credit Parties and their Affiliates.
Except for notices, reports and other documents expressly required to be furnished to the Lenders by any Agent or Arranger hereunder,
the Agents and Arranger shall not have any duty or responsibility to provide any Lender or any other Secured Party with any credit or
other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of
any Credit Party or any Affiliate of a Credit Party that may come into the possession of such Agent or any of its officers, directors,
employees, agents, attorneys in fact or Affiliates.

 

SECTION
11.07 Indemnification. The Lenders agree to indemnify each Agent in its capacity as such (to the extent not reimbursed by the
Credit Parties and without limiting the obligation of the Credit Parties to do so), ratably according to their respective Total Credit
Exposure in effect on the date on which indemnification is sought under this Section 11.07 (or, if indemnification is sought after
the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such
Total Credit Exposure immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the
payment of the Loans) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of, the Commitments,
this Agreement, any of the other Credit Documents, or any documents contemplated by or referred to herein or therein or the transactions
contemplated hereby or thereby or any action taken or omitted by such Agent under or in connection with any of the foregoing; provided
that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction
to have resulted from such Agent’s gross negligence, bad faith or willful misconduct. The agreements in this Section 11.07
shall survive the payment of the Loans and all other amounts payable hereunder.

 

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SECTION
11.08 Agent in Its Individual Capacity. Each Agent and its Affiliates may make loans to, accept deposits from and generally engage
in any kind of business with any Credit Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it,
each Agent shall have the same rights and powers under this Agreement and the other Credit Documents as any Lender and may exercise the
same as though it were not an Agent, and the terms “Lender”, “Lenders”, “Secured Party” and “Secured
Parties” shall include each Agent in its individual capacity.

 

SECTION
11.09 Successor Agents. Either Agent may resign as Agent upon twenty (20) days’ notice to the Lenders, such other Agent
and Borrower. If either Agent shall resign as such Agent in its applicable capacity under this Agreement and the other Credit Documents,
then the Required Lenders shall appoint a successor agent, which successor agent shall (unless an Event of Default shall have occurred
and be continuing) be subject to approval by Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such
successor agent shall succeed to the rights, powers and duties of such Agent in its applicable capacity, and the term “Administrative
Agent” or “Collateral Agent”, as the case may be, shall mean such successor agent effective upon such appointment and
approval, and the former Agent’s rights, powers and duties as Agent in its applicable capacity shall be terminated, without any
other or further act or deed on the part of such former Agent or any of the parties to this Agreement or any holders of the Loans. If
no applicable successor agent has accepted appointment as such Agent in its applicable capacity by the date that is twenty (20) days
following such retiring Agent’s notice of resignation, such retiring Agent’s resignation shall nevertheless thereupon become
effective and the Lenders shall assume and perform all of the duties of such Agent hereunder until such time, if any, as the Required
Lenders appoint a successor agent as provided for above. After any retiring Agent’s resignation as the Administrative Agent or
the Collateral Agent, as applicable, the provisions of this Article XI shall inure to its benefit as to any actions taken or omitted
to be taken by it while it was an Agent under this Agreement and the other Credit Documents.

 

SECTION
11.10 Agents Generally. Except as expressly set forth herein, no Agent shall have any duties or responsibilities hereunder in
its capacity as such. No Arranger shall have any obligations or duties whatsoever in such capacity under this Agreement or any other
Credit Document and shall incur no liability hereunder or thereunder in such capacity, but all such persons shall have the benefit of
the indemnities provided for hereunder.

 

SECTION
11.11 Restrictions on Actions by Secured Parties; Sharing of Payments.

 

(a)
Each of the Lenders agrees that it shall not, without the express written consent of the Collateral Agent, and that it shall, to the
extent it is lawfully entitled to do so, upon the written request of Collateral Agent, set off against the Obligations, any amounts owing
by such Lender to any Credit Party or any of their respective Subsidiaries or any deposit accounts of any Credit Party or any of their
respective Subsidiaries now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically
requested to do so in writing by Collateral Agent, take or cause to be taken any action, including, the commencement of any legal or
equitable proceedings to enforce any Credit Document against any Credit Party or to foreclose any Lien on, or otherwise enforce any security
interest in, any of the Collateral.

 

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(b)
Subject to Section 12.08(a), if, at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, or otherwise,
any proceeds of Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received by such
Lender from the Agents pursuant to the terms of this Agreement, or (ii) payments from the Agents in excess of such Lender’s pro
rata share of all such distributions by Agents, such Lender promptly shall (A) turn the same over to the Collateral Agent, in kind, and
with such endorsements as may be required to negotiate the same to the Collateral Agent, or in immediately available funds, as applicable,
for the account of all of the Lenders and for application to the Obligations in accordance with the applicable provisions of this Agreement,
or (B) purchase, without recourse or warranty, an undivided interest and participation in the Obligations owed to the other Lenders so
that such excess payment received shall be applied ratably as among the Lenders in accordance with their pro rata shares; provided
that to the extent that such excess payment received by the purchasing party is thereafter recovered from it, those purchases of
participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor
shall be returned to such purchasing party, but without interest except to the extent that such purchasing party is required to pay interest
in connection with the recovery of the excess payment.

 

(c)
The benefit of the provisions of the Credit Documents directly relating to the Collateral or any Lien granted thereunder shall extend
to and be available to any Secured Party that is not an Agent or a Lender as long as, by accepting such benefits, such Secured Party
agrees, as among the Agents and all other Secured Parties, that such Secured Party is bound by (and, if requested by any Agent, shall
confirm such agreement in a writing in form and substance acceptable to the such Agent) this Article XI, including Sections
11.11(a) and (b), and the decisions and actions of the Agents and the Required Lenders (or, where expressly required by the
terms of this Agreement, a greater proportion of the Lenders) to the same extent a Lender is bound; provided that, notwithstanding
the foregoing, (i) except as set forth specifically herein, each Agent and each Lender shall be entitled to act in its sole discretion,
without regard to the interest of such Secured Party, regardless of whether any Obligation to such Secured Party thereafter remains outstanding,
is deprived of the benefit of the Collateral, becomes unsecured or is otherwise affected or put in jeopardy thereby, and without any
duty or liability to such Secured Party or any such Obligation and (ii) except as specifically set forth herein, such Secured Party shall
not have any right to be notified of, consent to, direct, require or be heard with respect to, any action taken or omitted in respect
of the Collateral or under any Credit Document.

 

(d)
Without limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error
to any Lender, whether or not in respect of an Obligation due and owing by the Borrower at such time, where such payment is a Rescindable
Amount, then in any such event, such Lender receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith
on demand the Rescindable Amount received by such Lender in immediately available funds in the currency so received, with interest thereon,
for each day from and including the date such Rescindable Amount is received by it to but excluding the date of payment to the Administrative
Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation. Each Lender irrevocably waives any and all defenses, including any “discharge for value”
(under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another)
or similar defense to its obligation to return any Rescindable Amount. The Administrative Agent shall inform each Lender promptly upon
determining that any payment made to such Lender comprised, in whole or in part, a Rescindable Amount.

 

SECTION
11.12 Agency for Perfection. Collateral Agent hereby appoints each other Secured Party as its agent and as sub-agent for the other
Secured Parties (and each Secured Party hereby accepts such appointment) for the purpose of perfecting all Liens with respect to the
Collateral, including with respect to assets which, in accordance with Article VIII or Article IX, as applicable, of the
Uniform Commercial Code of any applicable state can be perfected only by possession or control. Should any Secured Party obtain possession
or control of any such Collateral, such Secured Party shall notify Collateral Agent thereof, and, promptly upon Collateral Agent’s
request therefor shall deliver possession or control of such Collateral to Collateral Agent and take such other actions as agent or sub-agent
in accordance with the Collateral Agent’s instructions to the extent, and only to the extent, so authorized or directed by the
Collateral Agent.

 

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SECTION
11.13 Certain ERISA Matters.

 

(a)
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of any Credit Party or Subsidiary, that at least one of the following
is and will be true:

 

(i)
such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments
or this Agreement;

 

(ii)
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company
general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38
(a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions
determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement;

 

(iii)
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI
of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of
and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I
of PTE 84- 14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with
respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this
Agreement, or

 

(iv)
such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

(b)
In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender
has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a),
such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from
the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the
Administrative Agent and not, for the avoidance of doubt, to or for the benefit of any Credit Party or Subsidiary, that the Administrative
Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any
rights by the Administrative Agent under this Agreement, any Credit Document or any documents related hereto or thereto).

 

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ARTICLE
XII

Miscellaneous

 

SECTION
12.01 Amendments and Waivers. Neither this Agreement nor any other Credit Document, nor any terms hereof or thereof, may be amended,
supplemented, modified or waived except in accordance with the provisions of this Section 12.01. The Required Lenders may, or,
with the prior written consent of the Required Lenders, the Administrative Agent may, from time to time, enter into with the relevant
Credit Party or Credit Parties written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose
of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or the Credit
Parties hereunder or thereunder, waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case
may be, may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default or Event
of Default and its consequences or consent to any acts or omissions of the Credit Parties hereunder or under any other Credit Document
that, but for such consent, would constitute a Default or Event of Default hereunder or thereunder; provided that no such waiver,
amendment, supplement, modification, consent or waiver shall directly or indirectly:

 

(i)
(A) reduce or forgive any portion of any Loan or extend the final scheduled maturity date of any Loan or reduce the stated interest rate
(provided that only the consent of the Required Lenders shall be necessary to waive any obligation of Borrower to pay interest
at the “default rate” or amend Section 2.09(c)); or (B) reduce or forgive any portion or extend the date for the payment,
of any interest or fee payable hereunder (other than as a result of waiving the applicability of any post-default increase in interest
rates and other than as a result of a waiver or amendment of any mandatory prepayment of Loans (which shall not constitute an extension,
forgiveness or postponement of any date for payment of principal, interest or fees));

 

(ii)
amend or modify any provisions of Section 4.02(d) or any other provision that provides for the pro rata nature of disbursements
by or payments to Lenders, in each case without the written consent of each Lender;

 

(iii)
amend, modify or waive any provision of this Section 12.01 or reduce the percentages specified in the definitions of the term
“Required Lenders” or consent to the assignment or transfer by any Credit Party of its rights and obligations under any Credit
Document to which it is a party (except as permitted pursuant to Section 9.03), in each case without the written consent of each
Lender directly and adversely affected thereby;

 

(iv)
increase the aggregate amount of any Commitment of any Lender without the consent of such Lender;

 

(v)
amend, modify or waive any provision of Article XI without the written consent of the then-current Collateral Agent and Administrative
Agent; or

 

(vi)
release all or substantially all of the Guarantors under Article VI hereof (except as expressly permitted by such Article VI), or release
any Liens in favor of the Agents or Lenders on all or substantially all of the Collateral under the Security Documents (except as expressly
permitted thereby and in Section 12.18), in each case without the prior written consent of each Lender.

 

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SECTION
12.02 Notices and Other Communications; Facsimile Copies.

 

(a)
General. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any
other Credit Document shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered
to the applicable address, facsimile number or electronic mail address, and all notices and other communications expressly permitted
hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 

(i)
if to the Credit Parties or the Agents, to the address, facsimile number, electronic mail address or telephone number specified for such
Person on Schedule 12.02 or to such other address, facsimile number, electronic mail address or telephone number as shall be designated
by such party in a notice to the other parties; and

 

(ii)
if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative
Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such
party in a notice to Borrower and the Agents.

 

All
such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant
party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered
by mail, three (3) Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has
been confirmed by telephone; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of Section
12.02(c)), when delivered; provided that notices and other communications to the Agents pursuant to Article II shall
not be effective until actually received by such Person.

 

(b)
Effectiveness of Facsimile Documents and Signatures. Credit Documents may be transmitted and/or signed by facsimile or other electronic
communication. The effectiveness of any such documents and signatures shall have the same force and effect as manually signed originals
and shall be binding on all Credit Parties, the Agents and the Lenders.

 

(c)
Reliance by Agents and Lenders. The Agents and the Lenders shall be entitled to rely and act upon any notices purportedly
given by or on behalf of any Credit Party even if (i) such notices were not made in a manner specified herein, were incomplete or were
not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied
from any confirmation thereof. All telephonic notices to either Agent may be recorded by such Agent, and each of the parties hereto hereby
consents to such recording.

 

SECTION
12.03 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Agent or any Lender,
any right, remedy, power or privilege hereunder or under the other Credit Documents shall operate as a waiver thereof, nor shall any
single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.

 

SECTION
12.04 Survival of Representations and Warranties. All representations and warranties made hereunder and in the other Credit Documents
shall survive the execution and delivery of this Agreement and the making of the Loans hereunder.

 

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SECTION
12.05 Payment of Expenses and Taxes; Indemnification. Borrower agrees, (a) to pay or reimburse the Agents and Arranger for all
their reasonable out-of-pocket costs and expenses incurred in connection with due diligence in respect of the transactions contemplated
by this Agreement, the development, preparation and execution of, and any amendment, supplement, or modification to, this Agreement and
the other Credit Documents, including in connection with an initial syndication, and any other documents prepared in connection herewith
or therewith, and the consummation, monitoring, oversight and administration of the transactions contemplated hereby and thereby, including
the reasonable fees, disbursements and other charges of counsel retained by, or for the benefit of, the Agents, (b) to pay or reimburse
each Lender and the Agents for all their reasonable out-of-pocket costs and expenses incurred in connection with the enforcement or preservation
of any rights under this Agreement, the other Credit Documents and any such other documents, or in connection with the Loans made hereunder,
including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans, and including
the reasonable fees, disbursements and other charges of counsel to each Lender and of counsel retained by or for the benefit of the Agents,
(c) to pay, indemnify, and hold harmless each Lender and the Agents from any and all Other Taxes, if any, that may be payable or determined
to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated
by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Credit
Documents and any such other documents, (d) to pay or reimburse Collateral Agent for all reasonable fees, costs and expenses incurred
in exercising its rights under Section 8.16 and (e) to pay, indemnify and hold harmless each Lender, Arranger and the Agents and
their respective Related Parties from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, and reasonable out-of-pocket costs, expenses or disbursements of any kind or nature whatsoever, including reasonable fees, disbursements
and other charges of counsel, with respect to the execution, delivery, enforcement, performance and administration of this Agreement,
the other Credit Documents and any such other documents, including any of the foregoing relating to the violation of, noncompliance with
or liability under, any Environmental Law or any actual or alleged presence of Hazardous Materials applicable to the operations of each
Credit Party, any of their respective Subsidiaries or any of their Real Property (all the foregoing in this clause (e), collectively,
the “Indemnified Liabilities”); provided that the Credit Parties shall not have any obligation hereunder
to the Agents, Arranger or any Lender nor any of their Related Parties with respect to Indemnified Liabilities (i) to the extent that
any such claimed Indemnified Liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted
from (x) any of the Agent’s, Arranger’s, any Lender’s, or any of their Related Parties’ bad faith, gross negligence
or willful misconduct or (y) a material breach of such he Agent’s, Arranger’s, any Lender’s, or any of their Related
Parties’ obligations hereunder or under any other Credit Document or (ii) with respect to any dispute solely among or between the
Agents, Arranger, any Lender, or any of their Related Parties that does not arise out of any act or omission of any Credit Party or any
its Subsidiaries. The agreements in this Section 12.05 shall survive repayment of the Loans and all other amounts payable hereunder
and termination of this Agreement. The indemnification provisions of this Section 12.05 shall not apply with respect to Taxes
other than Taxes that represent losses, claims and damages arising from a non-Tax loss, claim or damage and Other Taxes. To the fullest
extent permitted by Applicable Law, neither any Agent, Lender or Credit Party shall assert, and each Agent, Lender and Credit Party hereby
waives, any claim against any such other party and their respective Related Parties, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Credit Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby,
the Loans or the use of the proceeds thereof. No Lender, Arranger, Agent nor any of their respective Related Parties shall be liable
for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions
contemplated hereby or thereby.

 

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SECTION
12.06 Successors and Assigns; Participations and Assignments; Replacement of Lender.

 

(a)
The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that (i) except as set forth in Section 9.03, no Credit Party may assign or otherwise transfer
any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer
by any Credit Party without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations
hereunder except in accordance with this Section 12.06. Nothing in this Agreement, expressed or implied, shall be construed to
confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the
extent provided in paragraph (c) of this Section 12.06) and, to the extent expressly contemplated hereby, the Related Parties
of each of the Agents and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. Notwithstanding
anything to the contrary herein, (x) any Lender shall be permitted to pledge or grant a security interest in all or any portion of such
Lender’s rights hereunder including, but not limited to, any Loans (without the consent of, or notice to or any other action by,
any other party hereto) to secure the obligations of such Lender or any of its Affiliates to any Person providing any loan, letter of
credit or other extension of credit to or for the account of such Lender or any of its Affiliates and any agent, trustee or representative
of such Person and (y) the Agents shall be permitted to pledge or grant a security interest in all or any portion of their respective
rights hereunder or under the other Credit Documents, including, but not limited to, rights to payment (without the consent of, or notice
to or any other action by, any other party hereto), to secure the obligations of such Agent or any of its Affiliates to any Person providing
any loan, letter of credit or other extension of credit to or for the account of such Agent or any of its Affiliates and any agent, trustee
or representative of such Person.

 

(b)
(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of
its rights and obligations under this Agreement (including all or a portion of its Commitments or the Loans at the time owing to it)
to a Person that is not a Competitor (or, during the continuance of any Event of Default, to any Person) with the prior written consent
(which consent, in each case, shall not be unreasonably withheld, conditioned or delayed) of the Administrative Agent and the Borrower;
provided that (x) no consent of the Administrative Agent or the Borrower shall be required for an assignment to a Lender, an Affiliate
of a Lender or an Approved Fund and the withholding of consent by the Administrative Agent to an assignment to any Affiliate of Borrower
shall be deemed to be not unreasonable; provided, further, that no consent of the Borrower shall be needed for any assignment
occurring during the continuance of an Event of Default; and (y) the Borrower shall be deemed to have consented to any assignment unless
it shall object thereto by written notice to the Administrative Agent within ten days after having received notice thereof.

 

(ii)
Assignments shall be subject to the following additional conditions:

 

(A)
except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining
amount of the assigning Lender’s Commitments or Loans, the amount of the Loans of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall
not be less than $1,000,000, unless the Administrative Agent otherwise consents, which consent, in each case, shall not be unreasonably
withheld or delayed; provided, however, that contemporaneous assignments to a single assignee made by Affiliates or related
Approved Funds and contemporaneous assignments by a single assignor to Affiliates or related Approved Funds shall be aggregated for purposes
of meeting the minimum assignment amount requirement stated above;

 

(B)
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement as to the Loans so assigned; provided that this paragraph shall not be construed to prohibit the assignment
of a proportionate part of all the assigning Lender’s rights and obligations in respect its Loans;

 

(C)
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing
and recordation fee of $3,500; provided that only one such fee shall be payable in connection with simultaneous assignments to
two or more Approved Funds;

 

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(D)
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and

 

(E)
unless consented to by the Required Lenders, no assignment may be made to a Credit Party or an Affiliate of a Credit Party.

 

(iii)
Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section 12.06, from and after the effective date
specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned
by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement
(and, in the case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.10, 4.04 and
12.05). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section
12.06 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with paragraph (c) of this Section 12.06.

 

(iv)
The Administrative Agent, acting for this purpose on behalf of Borrower (but not as an agent, fiduciary or for any other purposes), shall
maintain a copy of each Assignment and Acceptance delivered to it and a register in the United States for the recordation of the names
and addresses of the Lenders, and the Commitments of, and principal amount (and stated interest) of the Loans owing to, each Lender pursuant
to the terms hereof from time to time (the “Register”). Further, the Register shall contain the name and address
of the Administrative Agent and the lending office through which each such Person acts under this Agreement. The entries in the Register
shall be conclusive absent manifest error, and the Credit Parties, the Agents and the Lenders shall treat each Person whose name is recorded
in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register, as in effect at the close of business on the preceding Business Day, shall be available for inspection by Borrower
and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(v)
Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder) and any written consent to such assignment
required by paragraph (b)(i) of this Section 12.06, the Administrative Agent shall accept such Assignment and Acceptance and record
the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless and until it
has been recorded in the Register as provided in this paragraph.

 

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(c)
(i) Any Lender may, without the consent of Borrower or the Agents, sell participations to one or more banks or other entities (each,
a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including
all or a portion of its Commitments and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement
shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations,
(C) Borrower, the Agents and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement and (D) no such Participant may be a Credit Party or an Affiliate of a Credit Party. Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right
to enforce this Agreement and, as between such Lender, the Credit Parties, the Agents and the other Lenders, to approve any amendment,
modification, consent or waiver of any provision of this Agreement or any other Credit Document; provided that, notwithstanding
the foregoing, such agreement or instrument may provide that (x) if such Participant is an Affiliate of such Lender, the Participant
may, as between itself and such Lender (but not as between such Lender, the Agents, the Credit Parties and the other Lenders), approve
any amendment, modification, consent or waiver of any provision of this Agreement or any other Credit Document and (y) such Lender will
not, without the consent of the Participant agree to any amendment, modification, consent or waiver described in clause (i) of the first
proviso to Section 12.01. Subject to paragraph (c)(ii) of this Section 12.06, Borrower agrees that each Participant shall
be entitled to the benefits of Sections 2.09, 2.10 and 4.04 to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to paragraph (b) of this Section 12.06. To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 12.08(a) as though it were a Lender; provided that such Participant agrees
to be subject to Section 12.08(a) as though it were a Lender.

 

(ii)
A Participant shall not be entitled to receive any greater payment under Sections 2.09, 2.10 or 4.04 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant, (A) unless the sale of the participation
to such Participant is made with Borrower’s prior written consent, and (B) except to the extent such entitlement to receive a greater
payment results from a Change in Law that occurs after the Participant acquired the applicable participation. A Participant that would
be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 4.04(b) that are greater than the applicable
Lender unless Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of Borrower,
to comply with Section 4.04(a) and Section 4.04(c) as though it were a Lender.

 

(iii)
Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain at one of
its offices in the United States a register on which it enters the name and address of each Participant and the principal amounts (and
stated interest) of each Participant’s interest in the Loans or other obligations under the Credit Documents (the “Participant
Register”). The entries in the Participant Register shall be conclusive absent manifest error, and the Lender shall treat
each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement.
No Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant
or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under
any Credit Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter
of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. For the avoidance
of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register.

 

(d)
Nothing herein is intended to prevent, impair, limit or otherwise restrict the ability of a Lender to collaterally assign or pledge all
or any portion of its interests in the Loans and the other rights and benefits under the Credit Documents to an unaffiliated third party
lender of such Lender (each such Person, a “Collateral Assignee”); provided that unless and until Borrower
receives notification from a Collateral Assignee of such assignment directing payments to be made to such Collateral Assignee, any payment
made by Borrower for the benefit of such Lender in accordance with the terms of the Credit Documents shall satisfy Borrower’s obligations
thereunder to the extent of such payment. Any such Collateral Assignee, upon foreclosure of its security interests in the Loans pursuant
to the terms of such assignment and in accordance with Applicable Law, shall succeed to all the interests of or shall be deemed to be
a Lender, with all the rights and benefits afforded thereby, and such transfer shall not be deemed to be a transfer for purposes of and
otherwise subject to the provisions of this Section 12.06. Notwithstanding the foregoing, Lender shall remain responsible for
all obligations and liabilities arising hereunder or under any other Credit Document, and, except as otherwise expressly set forth in
any applicable pledge or assignment, nothing herein is intended or shall be construed to impose any obligations upon or constitute an
assumption by a Collateral Assignee thereof.

 

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SECTION
12.07 Pledge of Loans. The Credit Parties hereby acknowledge that the Lenders and their Affiliates may pledge the Loans as collateral
security for loans to the Lenders or their Affiliates. The Credit Parties shall, to the extent commercially reasonable, cooperate with
the Lenders and their Affiliates to effect such pledges at the sole cost and expense of such Lender. Notwithstanding the foregoing, no
pledge shall release the Lender party thereto from any of its obligations hereunder.

 

SECTION
12.08 Adjustments; Set-off.

 

(a)
If any Lender (a “Benefited Lender”) shall at any time receive any payment of all or part of its Loans, or
interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events
or proceedings of the nature referred to in Section 10.01(i), or otherwise), in a greater proportion than any such payment to
or collateral received by any other Lender, if any, in respect of such other Lender’s Loans or interest thereon, such Benefited
Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender’s Loans,
or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause
such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided
that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall
be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. The foregoing provisions
of this Section 12.08 shall not apply to payments made and applied in accordance with the terms of this Agreement and the other
Credit Documents.

 

(b)
After the occurrence and during the continuance of an Event of Default, to the extent consented to by Administrative Agent, in addition
to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to Borrower or any
other Credit Party, any such notice being expressly waived by the Credit Parties to the extent permitted by Applicable Law, upon any
amount becoming due and payable by Borrower hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate
and apply against such amount any and all deposits (general or special, time or demand, provisional or final, but excluding deposit accounts
used solely to fund payroll or employee benefits, or deposit accounts that consist of cash collateral subject to Permitted Liens), in
any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent,
matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of
Borrower, as the case may be. Each Lender agrees promptly to notify Borrower and the Agents after any such set-off and application made
by such Lender; provided that the failure to give such notice shall not affect the validity of such set-off and application.

 

SECTION
12.09 Counterparts. This Agreement and the other Credit Documents may be executed by one or more of the parties thereto on any
number of separate counterparts (including by facsimile or other electronic transmission), and all of said counterparts taken together
shall be deemed to constitute one and the same instrument. Any signature page delivered by telecopy machine or transmitted electronically
in Portable Document Format (“.pdf”) shall be valid and binding to the same extent as an original signature page. Any party
who delivers such a signature page agrees to later deliver an original counterpart to any party who requests it. A set of the copies
of this Agreement signed by all the parties shall be lodged with Borrower, the Collateral Agent and the Administrative Agent.

 

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SECTION
12.10 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

SECTION
12.11 Integration. This Agreement and the other Credit Documents represent the agreement of the Credit Parties, the Agents and
the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by any
party hereto or thereto relative to the subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents.

 

SECTION
12.12 GOVERNING LAW. THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS (UNLESS EXPRESSLY PROVIDED OTHERWISE THEREIN) AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF ILLINOIS, WITHOUT REFERENCE TO CONFLICTS OF LAW PROVISIONS WHICH WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER
JURISDICTION.

 

SECTION
12.13 Submission to Jurisdiction; Waivers. Each party hereto hereby irrevocably and unconditionally:

 

(a)
submits, for itself and its property, to the exclusive jurisdiction of any state court of the State of Illinois sitting in Cook County
and of the United States District Court of the Northern District of Illinois, and any appellate court from any thereof, in any action
or proceeding arising out of or relating to any Credit Document, or for recognition or enforcement of any judgment, and each of the parties
hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such Illinois State court or, to the extent permitted by Applicable Laws, in such federal court. Each of the parties hereto agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by Applicable Laws. Nothing in this Agreement or any other Credit Document or otherwise shall
affect any right that the Administrative Agent, the Collateral Agent or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or any other Credit Document against any Credit Party or its properties in the courts of any jurisdiction
in connection with the exercise of any rights under any Security Document or the enforcement of any judgment;

 

(b)
consents that any such action or proceeding shall be brought in such courts, and agrees not to plead or claim and waives, to the fullest
extent permitted by Applicable Laws, any objection that it may now or hereafter have to the venue of any such action or proceeding arising
out of or relating to this Agreement or any other Credit Document in any court referred to in Section 12.13(a). Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance
of such action or proceeding in any such court;

 

(c)
agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to the applicable party at its respective address set forth in Schedule
12.02 or on Schedule 1.01 or at such other address of which the Agents shall have been notified pursuant thereto. Nothing
in this Agreement or any other Credit Document will affect the right of any party to this Agreement to serve process in any other manner
permitted by Applicable Law;

 

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(d)
waives, to the maximum extent not prohibited by law, all rights of rescission, setoff, counterclaims, and other defenses in connection
with the repayment of the Obligations; and

 

(e)
waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred
to in this Section 12.13 any special, exemplary, punitive or consequential damages.

 

SECTION
12.14 Acknowledgments. Each Credit Party hereby acknowledges that:

 

(a)
it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Credit Documents;

 

(b)
neither the Agents, Arranger, nor any Lender has any fiduciary relationship with or duty to the Credit Parties arising out of or in connection
with this Agreement or any of the other Credit Documents, and the relationship between any Agent, Arranger and Lenders, on one hand,
and the Credit Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c)
no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Lenders or among the Credit Parties and the Lenders.

 

SECTION
12.15 WAIVERS OF JURY TRIAL. THE CREDIT PARTIES, THE AGENTS AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL
BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

SECTION
12.16 Confidentiality. Each Agent and Lender shall hold all non-public information relating to any Credit Party or any Subsidiary
of any Credit Party obtained pursuant to the requirements of this Agreement or in connection with such Lender’s evaluation of whether
to become a Lender hereunder (“Confidential Information”) confidential in accordance with its customary procedure
for handling confidential information of this nature and (in the case of a Lender that is a bank) in accordance with safe and sound banking
practices; provided that Confidential Information may be disclosed by any Agent or Lender:

 

(a)
as required or requested by any governmental or regulatory agency or representative thereof;

 

(b)
pursuant to legal or regulatory process;

 

(c)
in connection with the enforcement of any rights or exercise of any remedies by such Agent or Lender under this Agreement or any other
Credit Document or any action or proceeding relating to this Agreement or any other Credit Document;

 

(d)
to such Agent’s or Lender’s attorneys, professional advisors, accountants, independent auditors, clients, service providers
or Affiliates who will be informed of the confidential nature of such information,

 

(e)
in connection with:

 

(i)
the establishment of any special purpose funding vehicle with respect to the Loans,

 

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(ii)
any pledge permitted under Section 12.08;

 

(iii)
any prospective assignment of, or participation in, its rights and obligations pursuant to Section 12.06, to prospective assignees
or Participants, as the case may be (it being understood that each such Persons will be informed of the confidential nature of such information
and shall have been instructed to keep such information confidential on the same terms as this Section 12.16); and

 

(iv)
any actual or proposed credit facility for loans, letters of credit or other extensions of credit to or for the account of such Agent
or Lender or any of its Affiliates, to any Person providing or proposing to provide such loan, letter of credit or other extension of
credit or any agent, trustee or representative of such Person (it being understood that each such Persons will be informed of the confidential
nature of such information and shall have been instructed to keep such information confidential on the same terms as this Section
12.16); or

 

(f)
to any rating agency;

 

(g)
with the consent of Borrower;

 

(h)
to the extent required, or to the extent counsel to the Agents or to any Lender reasonably determines is required to be disclosed in
connection with any public filing by Agents or such Lender;

 

(i)
in connection with the Promotional Rights (as defined below);

 

provided
that in the case of clause (e) hereof, the Person to whom Confidential Information is so disclosed is advised of and has been directed
to comply with the provisions of this Section 12.16.

 

Notwithstanding
the foregoing, Agents and each Lender shall have the right to publicize, for general marketing and related promotional purposes, with
the prior written consent of Borrower, which consent cannot be unreasonably conditioned, withheld, or delayed, their relationship to
Borrower and the fact that they have extended the Loan to Borrower (the “Promotional Rights”) and, in connection
therewith, Borrower hereby grants to each Agent and each Lender a royalty free, non-exclusive limited license to use Borrower’s
name, trade name, trademarks, logos, trade dress and other identifying intellectual property, now existing or hereafter acquired, in
any literature, advertisements, websites, promotional or other marketing materials now or hereafter used by such Agent or Lender.

 

Notwithstanding
the foregoing, no Agent or Lender shall have any obligation to keep information confidential if such information: (i) is or becomes public
from a source other than an Agent or a Lender, or one of an Agent’s or a Lender’s Affiliates, consultants or legal or financial
advisors in breach of this Agreement, (ii) is, was or becomes known on a non-confidential basis (to the best of such Agent’s or
Lender’s knowledge after reasonable inquiry) to or discovered by an Agent or Lender, Lenders or any of their Affiliates, consultants
or legal or financial advisors independently from communications by or on behalf of any Credit Party, or (iii) is independently developed
by an Agent without use of such confidential information, provided that, the source of such information was not known to be bound
by a confidentiality agreement with (or subject to any other contractual, legal or fiduciary obligation of confidentiality to) the relevant
Credit Party.

 

EACH
LENDER ACKNOWLEDGES THAT CONFIDENTIAL INFORMATION (AS DEFINED IN THIS SECTION 12.16) FURNISHED TO IT PURSUANT TO THIS AGREEMENT
MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING BORROWER AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS
THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL
NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

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ALL
INFORMATION, INCLUDING WAIVERS AND AMENDMENTS, FURNISHED BY THE CREDIT PARTIES OR ANY AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING,
THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE CREDIT PARTIES AND THEIR
RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE CREDIT PARTIES AND THE AGENTS THAT IT HAS
IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION
IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 

SECTION
12.17 Press Releases, etc. Each Credit Party will not, and will not permit any of its respective Subsidiaries, directly or indirectly,
to publish any press release or other similar public disclosure or announcements (including any marketing materials) regarding this Agreement,
the other Credit Documents, or any of the Transactions, without the consent of the Administrative Agent, which consent shall not be unreasonably
withheld.

 

SECTION
12.18 Releases of Guarantees and Liens. (a) Notwithstanding anything to the contrary contained herein or in any other Credit Document,
the Collateral Agent is hereby irrevocably authorized by each Secured Party (without requirement of notice to or consent of any Secured
Party) to take any action requested by Borrower having the effect of releasing any Liens on Collateral or guarantee obligations (i) to
the extent necessary to permit consummation of any transaction not prohibited by any Credit Document or that has been consented to in
accordance with Section 12.01 or (ii) under the circumstances described in paragraph (b) below.

 

(b)
At such time as (i) the Loans and the other Obligations (other than Unasserted Contingent Obligations) shall have been paid in full and
(ii) the Commitments have been terminated, the Collateral shall be released from the Liens created by the Security Documents, and the
Security Documents and all obligations (other than those expressly stated to survive such termination) of the Collateral Agent and each
Credit Party under the Security Documents shall terminate, all without delivery of any instrument or performance of any act by any Person.

 

(c)
Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent’s authority
to release its interest in particular types or items of property, or to release any guarantee obligations pursuant to this Section
12.18. In each case as specified in this Section 12.18, the Collateral Agent will (and each Lender irrevocably authorizes
the Collateral Agent to), at Borrower’s expense, execute and deliver to the applicable Credit Party such documents as such Credit
Party may reasonably request to evidence the release of such item of Collateral or guarantee obligation from the assignment and security
interest granted under the Security Documents, in each case in accordance with the terms of the Credit Documents and this Section
12.18.

 

SECTION
12.19 USA Patriot Act. Each Lender hereby notifies each Credit Party that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain,
verify and record information that identifies the Credit Parties, which information includes the name and address of each Credit Party
and other information that will allow such Lender to identify each Credit Party in accordance with the Patriot Act. Each Credit Party
agrees to provide all such information to the Lenders upon request by any Agent at any time, whether with respect to any Person who is
a Credit Party on the Restatement Date or who becomes a Credit Party thereafter.

 

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Without
limiting the foregoing, the Credit Parties further acknowledge that, pursuant to the Canadian Anti-Money Laundering & Anti-Terrorism
Legislation and other applicable anti-money laundering, anti-terrorist financing, government sanction and “know your client”
laws (collectively, including any guidelines or orders thereunder, “AML Legislation”), the Lenders may be required to obtain,
verify and record information regarding the Credit Parties and their respective directors, authorized signing officers, direct or indirect
shareholders or other Persons in control of the Credit Parties, and the transactions contemplated hereby. The Borrower shall (and shall
cause each Credit Party to) promptly provide all such information, including supporting documentation and other evidence, as may be reasonably
requested by any Lender or any prospective assignee or Participant of any Lender, in order to comply with any applicable AML Legislation,
whether now or hereafter in existence. If Agent has ascertained the identity of any Credit Party or any authorized signatories of any
Credit Party for the purposes of applicable AML Legislation, then Agent, (i) shall be deemed to have done so as an agent for each Lender,
and this Agreement shall constitute a “written agreement” in such regard between each Lender and Agent within the meaning
of the applicable AML Legislation; and (ii) shall provide to each Lender copies of all information obtained in such regard without any
representation or warranty as to its accuracy or completeness.

 

SECTION
12.20 No Fiduciary Duty. Each Credit Party, on behalf of itself and its Subsidiaries, agrees that in connection with all aspects
of the transactions contemplated hereby and any communications in connection therewith, the Credit Parties, their respective Subsidiaries
and Affiliates, on the one hand, and the Agents, the Arranger, the Lenders and their respective Affiliates, on the other hand, will have
a business relationship that does not create, by implication or otherwise, any fiduciary duty on the part of the Agents, the Arranger,
the Lenders or their respective Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or
communications.

 

SECTION
12.21 Authorized Officers. The execution of any certificate requirement hereunder by an Authorized Officer shall be considered
to have been done solely in such Authorized Officer’s capacity as an officer of the applicable Credit Party (and not individually).
Notwithstanding anything to the contrary set forth herein, the Secured Parties shall be entitled to rely and act on any certificate,
notice or other document delivered by or on behalf of any Person purporting to be an Authorized Officer of a Credit Party and shall have
no duty to inquire as to the actual incumbency or authority of such Person.

 

SECTION
12.22 Judgment Currency. (a) The obligations of the Credit Parties hereunder and under the other Credit Documents to make payments
in a specified currency (the “Obligation Currency”) shall not be discharged or satisfied by any tender or recovery
pursuant to any judgment expressed in or converted into any currency other than the Obligation Currency, except to the extent that such
tender or recovery results in the effective receipt by a Secured Party of the full amount of the Obligation Currency expressed to be
payable to it under this Agreement or another Credit Document. If, for the purpose of obtaining or enforcing judgment against any Credit
Party in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the Obligation Currency
(such other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Obligation
Currency, the conversion shall be made, at the rate of exchange (as quoted by the Administrative Agent or if the Administrative Agent
does not quote a rate of exchange on such currency, by a known dealer in such currency designated by the Administrative Agent) determined,
in each case, as of the Business Day immediately preceding the date on which the judgment is given (such Business Day being hereinafter
referred to as the “Judgment Currency Conversion Date”).

 

    	115

    	 

    

 

(b)
If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment
of the amount due, Borrower covenants and agrees to pay, or cause to be paid, or remit, or cause to be remitted, such additional amounts,
if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when converted
at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment
Currency Conversion Date.

 

(c)
For purposes of determining any rate of exchange or currency equivalent for this Section 12.23, such amounts shall include any
premium and costs payable in connection with the purchase of the Obligation Currency.

 

SECTION
12.23 Subordination of Intercompany Indebtedness. The Credit Parties hereby agree that all present and future Indebtedness of
any Credit Party to any other Credit Party (“Intercompany Indebtedness”) shall be subordinate and junior in
right of payment and priority to the Obligations, and each Credit Party agrees not to make, demand, accept or receive any payment in
respect of any present or future Intercompany Indebtedness, including any payment received through the exercise of any right of setoff,
counterclaim or cross claim, or any collateral therefor, unless and until such time as the Obligations shall have been indefeasibly paid
in full; provided that, so long as no Event of Default or Material Default shall have occurred and be continuing and no Event
of Default or Material Default shall be caused thereby and such Indebtedness is expressly permitted hereunder, the Credit Parties may
make and receive such payments in respect of Intercompany Indebtedness as shall be customary in the ordinary course of the Credit Parties’
business. Without in any way limiting the foregoing, in any Insolvency Event, or any receivership, liquidation, reorganization, dissolution
or other similar proceedings relative to any Credit Party or to its businesses, properties or assets, the Lenders shall be entitled to
receive payment in full of all of the Obligations before any Credit Party shall be entitled to receive any payment in respect of any
present or future Intercompany Indebtedness.

 

SECTION
12.24 Public Lenders. Each Credit Party agrees that the Administrative Agent may, but shall not be obligated to, make the Communications
available to the Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission
system (the “Platform”). The Platform is provided “as is” and “as available.” Borrower
hereby acknowledges that (a) the Administrative Agent may, but shall not be obligated to, make available to the Lenders materials and/or
information provided by or on behalf of Borrower hereunder (collectively, the “Borrower Materials”) by posting
Borrower Materials on the Platform and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not
wish to receive material non-public information with respect to Borrower or its securities) (each, a “Public Lender”).
Borrower hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders by the Administrative Agent through
the Platform shall be clearly and conspicuously marked “PUBLIC” by the Borrower which, at a minimum, shall mean that the
word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,”
Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to treat such Borrower Materials as not containing
any material non-public information with respect to Borrower or its securities for purposes of United States federal and state securities
laws and Canadian securities laws (provided, however, that to the extent such Borrower Materials constitute Confidential
Information, they shall be treated as set forth in Section 12.16); (y) all Borrower Materials marked “PUBLIC” are
permitted to be made available through a portion of the Platform designated as “Public Investor;” and (z) the Administrative
Agent shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on
a portion of the Platform not marked as “Public Investor.” Notwithstanding the foregoing, the following Borrower Materials
shall be deemed to have been marked “PUBLIC”, unless Borrower notifies the Administrative Agent promptly that any such document
contains material non-public information: (1) the Credit Documents and (2) any financial statements delivered by Borrower pursuant to
Section 8.01(a), (b) or (c) hereof.

 

    	116

    	 

    

 

SECTION
12.25 Reserved.

 

SECTION
12.26 Original Issue Discount. The Credit Parties, Administrative Agent and Lenders, as applicable, agree (i) that the Notes are
debt for federal income Tax purposes, (ii) that the Notes issued to the Lenders constitute a single debt instrument for purposes of Sections
1271 through 1275 of the Code and the Treasury Regulations thereunder (pursuant to Treasury Regulations Section 1.1275-2(c)), that such
debt instrument is issued with original issue discount (“OID”), and that such debt instrument is described in Treasury
Regulations Section 1.1272-1(c)(2) and therefore is governed by the rules set out in Treasury Regulations Section 1.1272-1(c), including
Section 1.1272-1(c)(5), and is not governed by the rules set out in Treasury Regulations Section 1.1275-4, (iii) that the Lenders shall
have thirty (30) days to review and approve any calculation by the Credit Parties regarding the amount of OID for any accrual period
on the Notes, such approval not to be unreasonably withheld, (iv) not to file any Tax Return, report or declaration inconsistent with
the foregoing, unless otherwise required by applicable law and (v) any such OID shall constitute principal for all purposes under this
Agreement.

 

SECTION
12.27 Tax Treatment. Borrower and Lenders agree that the Loans are indebtedness of Borrower for U.S. federal income Tax purposes.
Each party to this Agreement agrees not to take any Tax position inconsistent with such Tax characterization and shall not report the
transactions arising under this Agreement in any manner other than the issuance of debt obligations on all applicable Tax returns unless
otherwise required by a final determination within the meaning of Section 1313(a) of the Code (or a similar final determination under
state or local Applicable Law).

 

ARTICLE
XIII

Additional
Covenants and Agreements.

 

SECTION
13.01 ‎Cannabis Laws. The Agents and Credit Parties acknowledge that although Canadian Cannabis Laws and certain U.S. State
Cannabis Laws have legalized the cultivation, distribution, sale, transfer and possession of cannabis and related products, (a) the nature
and scope of U.S. Federal Cannabis Laws may result in circumstances where activities permitted under Canadian Cannabis Laws and U.S.
State Cannabis Laws may contravene U.S. Federal Cannabis Laws and (b) engagement in Restricted Cannabis Activities may contravene U.S.
Federal Cannabis Laws. Accordingly, for the purpose hereof, each representation, covenant and other provision hereof relating to compliance
with Applicable Law will be subject to the following: (i) engagement in any activity that is permitted by Canadian Cannabis Laws or U.S.
State Cannabis Laws but contravenes U.S. Federal Cannabis Laws, and in respect of which the applicable Governmental Authority has agreed,
or are bound by Applicable Law (e.g., the proposed Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595) and the proposed Clarifying
Law Around Insurance of Marijuana (CLAIM) Act (H.R. 4074 and Senate Bill 2201)), to forego or have otherwise suspended prosecution and
enforcement of such U.S. Federal Cannabis Laws will not, in and of itself, be deemed to be non-compliance with Applicable Law; (ii) engagement
in any Restricted Cannabis Activity will be deemed to be non-compliance with Applicable Law; and (iii) if any Change in Cannabis Law
results in the business activities of any Credit Party becoming Restricted Cannabis Activities, such Change in Cannabis Law will be deemed
to have had a Material Adverse Effect. Nothing contained in this Agreement shall require Credit Parties to violate any provision of the
Canadian Cannabis Law or U.S. State Cannabis Law or its attending regulations, as applicable.

 

SECTION
13.02 Amendment and Restatement. This Agreement amends and restates, but does not extinguish and is not a novation or an accord
and satisfaction of, the Original Credit Agreement, and any indebtedness outstanding thereunder shall be deemed to be outstanding under
this Agreement. All commitments to extend credit under the Original Credit Agreement shall be irrevocably terminated upon the effectiveness
of this Agreement. Nothing in this Agreement shall be deemed to release or otherwise adversely affect any Lien, mortgage or security
interest securing any indebtedness outstanding under the Original Credit Agreement or any rights of the Agents or any Lender against
any guarantor, surety or other party primarily or secondarily liable for such indebtedness. The Credit Parties hereby acknowledge and
agree that all Liens securing the “Obligations” under, and as defined in, the Original Credit Agreement are hereby ratified,
renewed, and extended to secure the Obligations (as defined in this Agreement).

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK - SIGNATURE PAGES FOLLOW]

 

    	117

    	 

    

 

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

 

BORROWER:

 

[SIGNATURE
BLOCKS TO BE INSERTED WHEN FINAL.]

 

Signature
Page to Credit Agreement

 

    	 

    	 

    

  

	 	ADMINISTRATIVE
    AGENT AND COLLATERAL AGENT:
	 	 	 
	 	CHICAGO
    ATLANTIC ADVISERS, LLC
	 	 	 
	 	By:	
	 	Name:
    	Andreas
    Bodmeier
	 	Title:
    	Authorized
    Person

 

Signature
Page to Credit Agreement

 

    	 

    	 

    

 

	 	LENDERS:
	 	 	 
	 	[***]
	 	 	 
	 	By:	[***]
	 	Name:
    	[***]
	 	Title:
    	Authorized
    Person

 

Signature
Page to Credit Agreement

 

    	 

    	 

    

 

SCHEDULE
1.01

Commitments

 

[***]

 

 

Schedule
7.04

Litigation

 

[***]

 

 

Schedule
7.12

Subsidiaries;
Opcos

 

[***]

 

 

Schedule
7.13

Intellectual
Property

 

[***]

 

 

Schedule
7.14

Environmental
Matters

 

[***]

 

 

Schedule
7.15

Real
Property

 

[***]

 

 

Schedule
7.18

Principal
Place of Business/Chief Executive Office

 

[***]

 

 

Schedule
7.21

Contractual
or Other Restrictions

 

[***]

 

 

Schedule
7.22

Collective
Bargaining Agreements

 

[***]

 

 

Schedule
7.23

Insurance

 

[***]

 

    	 

     

    

 

 

Schedule
7.24

Existing
Indebtedness

 

[***]

 

 

Schedule
7.25

Deposit
Accounts and Securities Accounts

 

[***]

 

 

Schedule
7.27

Material
Contracts; Regulatory Licenses; Opco Agreements

 

[***]

 

 

Schedule
7.29

Sales
                                  Tracking Software and Accounting Software

 

[***]

 

 

Schedule
7.30

Transactions
with Affiliates

 

[***]

 

 

Schedule
7.33

Holding
Companies

 

[***]

 

 

Schedule
9.02

Liens

 

[***]

 

    	 

     

    

 

 

Schedule
9.04

Dispositions

 

[***]

 

 

Schedule
9.05

Investments

 

[***]

 

 

Schedule
9.10

Restrictive
Agreements

 

[***]

 

 

SCHEDULE
12.02

Addresses
for Notices

 

[***]

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