Document:

EX-4.20

 Exhibit 4.20 

EXECUTION COPY 
 FIRST
AMENDMENT TO 
 STOCK PURCHASE AGREEMENT 

THIS FIRST AMENDMENT TO STOCK PURCHASE AGREEMENT (this “Amendment”) is made and entered into as of April 19,
2013, and amends that certain Stock Purchase Agreement, dated as of February 13, 2013 (the “Original Execution Date”), between Anheuser-Busch InBev SA/NV, a public company organized under the laws of Belgium
(“ABI”), and Constellation Brands, Inc., a Delaware corporation (“CBI”) (the “Agreement”). 

W I T N E S S E T H 

WHEREAS, pursuant to the terms and conditions of the Agreement, ABI has agreed, among other things, to cause all of the issued and
outstanding shares of capital stock of (i) Compañia Cervecera de Coahuila, S.A. de C.V., a sociedad anónima de capital variable organized under the laws of Mexico and (ii) all of the issued and outstanding shares of
capital stock of Servicios Modelo de Coahuila, S.A. de C.V., a sociedad anónima de capital variable organized under the laws of Mexico, in each case, to be sold to CBI or one of its designees; and 

WHEREAS, the undersigned, being all of the parties to the Agreement, desire to amend the Agreement as set forth herein. 

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, agree to amend the Agreement as follows: 
 1. Capitalized terms used
but not otherwise defined herein or in any annex or exhibit attached hereto shall have the meanings given to them in the Agreement. 
 2.
The definition of Future Expansion in Section 9.1 of the Agreement is hereby amended to change the phrase “brew and bottle” to “brew and package”. 

3. Section 3.26 of the Agreement is hereby amended, by appending the following representation and warranty to the end of that section
(with such representation and warranty being made as of the date of this Amendment): 
 To the Knowledge of ABI and as of the date hereof,
there are no material impediments (physical, legal, regulatory, or otherwise) to the expansion of the Piedras Negras Plant to brew and package a nominal capacity of thirty million (30,000,000) hectoliters of Beer per annum. 

4. Section 4.8 of the Agreement is hereby amended to change the reference from “ABI’s existing credit facilities” to
“CBI’s existing credit facilities”, in the third-to-last sentence of that section. 

 5. Section 5.7 of the Agreement is hereby deleted in its entirety and replaced with the
following: 
 5.7 Intentionally Omitted. 

6. Section 5.16 of the Agreement is hereby deleted in its entirety and replaced with the following: 

5.16 Employee Matters 

(a) In the event that CBI desires to hire, or desires to cause the CCC Company, the Servicios Company, or any of CBI’s
Affiliates to hire within one hundred eighty (180) days following the Closing Date, any independent contractor of the CCC Company or an employee or independent contractor of Grupo Modelo or any of its Subsidiaries other than those employees or
independent contractors set forth on Annex A hereto, then ABI shall not, and ABI shall cause its Affiliates, Grupo Modelo and each Grupo Modelo Affiliate not to interfere with any negotiations relating to the hiring of such an employee. For purposes
of this Section 5.16(a), interference includes enforcement of any non-compete clause, offers to increase compensation or other benefits (other than Grupo Modelo broadly-offered increases). 

(b) CBI shall not and shall not permit its Subsidiaries to, directly or indirectly, hire, solicit or encourage to leave the
employment of ABI or any of its Affiliates any employee necessary to and actually providing transition services under the Transition Services Agreement with whom CBI, any of its Subsidiaries or any of their Representatives come into contact with in
connection with receiving such transition services; provided, however, that the foregoing provision shall not apply to employees terminated by ABI or its Affiliate or general advertisements or solicitations that are not specifically
targeted at such persons. 
 (c) ABI shall not and shall not permit its Subsidiaries to, directly or indirectly, hire,
solicit or encourage to leave the employment of, any employee of any of the Companies; provided, however, that the foregoing provision shall not apply to employees terminated by any of the Companies or general advertisements or
solicitations that are not specifically targeted at such persons. 
 7. Exhibit A to the Agreement is hereby deleted in its entirety and
replaced with Exhibit A attached hereto. 
 8. Exhibit B to the Agreement is hereby deleted in its entirety and replaced with Exhibit B
attached hereto. 
 9. An Annex A is hereby added to the Agreement in the form of Annex A attached hereto. 

 

	 	10.	(a) All references in the Agreement to “the date hereof”, “herein” or “the date of this Agreement” shall refer to the Original Execution Date and (b) the date on which the
representations and warranties set forth in Articles III and IV of the Agreement are made by ABI or CBI shall not change as a result of the execution of this Amendment and shall be made as of such dates as they were in the Agreement, in each of
cases (a) and (b), unless expressly indicated otherwise in this Amendment. 

  
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 11. Except as expressly provided above, all terms and conditions of the Agreement shall remain
unchanged and in full force and effect. 
 12. This Amendment shall be governed by, enforced pursuant with and construed in accordance with
the laws of the State of New York, without regard to the conflict of laws principles, to the extent such principles are not mandatorily applicable by statute and would require or permit the application of the laws of another jurisdiction. Each party
hereto hereby waives, to the extent permitted by Law, all jurisdictional defenses, objections as to venue and any rights to appeal, review or nullify such award by any court or tribunal. Each of the parties hereby submits to the exclusive
jurisdiction of any court of competent jurisdiction in any Federal or State Court in the City of New York, County of New York, in any action, suit or proceeding arising out of or relating to this Amendment and the non-exclusive jurisdiction of any
such court with respect to the enforcement of any award thereunder. 
 13. This Amendment may be executed in any number of counterparts, and
by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, and all of which, taken together, shall be deemed to constitute one and the same instrument. This Amendment may be executed by
facsimile signature. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first
written above. 
  

			
	ANHEUSER-BUSCH INBEV SA/NV
		
	By:	 	/s/ A. Randon
	Name:	 	A. Randon
	Title:	 	V.P. Control
		
	By:	 	/s/ Benoit Loore
	Name:	 	Benoit Loore
	Title:	 	V.P. Legal Corporate & Compliance
	
	CONSTELLATION BRANDS, INC.
		
	By:	 	/s/ Thomas J. Mullin
	Name:	 	Thomas J. Mullin
	Title:	 	Executive Vice President

 [Signature Page to First Amendment to Stock Purchase Agreement] 

 EXHIBIT A 

FORM OF LICENSE AGREEMENT 

 EXHIBIT A 

TO FIRST AMENDMENT TO STOCK PURCHASE AGREEMENT 

AMENDED AND RESTATED SUB-LICENSE AGREEMENT 

BETWEEN 
 MARCAS MODELO,
S.A. DE C.V. 
 AND 

CONSTELLATION BEERS LTD. 

DATED:             , 2013 

 AMENDED AND RESTATED SUB-LICENSE AGREEMENT 

This Amended and Restated Sub-license Agreement (“Agreement”), dated this
            day of             , 2013, is by and between Marcas Modelo, S.A. de C.V., a sociedad anónima de capital
variable organized under the laws of Mexico (“Marcas Modelo”), and Constellation Beers Ltd., a Maryland corporation (“Constellation Beers”), and amends and replaces, in its entirety, that certain Sublicense
Agreement dated the 2nd day of January, 2007, as subsequently amended (the “Original Agreement”) by and between Marcas Modelo and Crown Imports LLC, a Delaware limited liability company (“Crown”). 

WITNESSETH: 

WHEREAS, on July 17, 2006, Diblo, S.A. de C.V., a Mexican variable stock corporation, and Barton Beers, Ltd., a Maryland
corporation (“Barton”), agreed to establish and engage in a joint venture for the principal purpose of importing, marketing and selling Product (as defined below), and, in connection therewith, on January 2, 2007, caused Crown
to be formed and Crown and Extrade II, S.A. de C.V., a sociedad anónima de capital variable organized under the laws of Mexico (“Extrade II”) to enter into the Original Agreement; 

WHEREAS, on February 4, 2009, Barton changed its name to Constellation Beers Ltd.; 

WHEREAS, on June 28, 2012, Anheuser-Busch InBev SA/NV (“ABI”), Constellation Brands, Inc.
(“Constellation”), Constellation Beers and Constellation Brands Beach Holdings, Inc. (“Beach Holdings”) entered into that certain Membership Interest Purchase Agreement (the “Membership Interest Purchase
Agreement”), pursuant to which ABI and Constellation agreed, inter alia, to amend and restate the Original Agreement; 

WHEREAS, on [—], 2013, ABI, Constellation, Constellation Beers and Beach Holdings
amended the Membership Interest Purchase Agreement to provide for the amendment and restatement of the Original Agreement as set forth herein; 

WHEREAS, on [—] 2013, ABI and CBI have entered into that certain Stock Purchase
Agreement (the “Brewery SPA”), pursuant to which CBI agreed to purchase, or cause to be purchased by its designee(s), all of the issued and outstanding shares of capital stock of Compañia Cervecera de Coahuila, S.A. de C.V.,
a sociedad anónima de capital variable organized under the laws of Mexico, and all of the issued and outstanding shares of capital stock of Servicios Modelo de Coahuila, S.A. de C.V., a sociedad anónima de capital variable organized
under the laws of Mexico; 
 WHEREAS, pursuant to the Interim Supply Agreement (as defined below), beginning on the date hereof,
Grupo Modelo (defined below) will supply to Crown Interim Products (as defined below); 
 WHEREAS, substantially contemporaneously
with the execution of this Agreement, Constellation Beers or its assignee intends to sublicense directly or indirectly certain rights provided by this Agreement to Crown (the “Crown Sub-License”); 

  
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 WHEREAS, for United States federal income tax purposes, Marcas Modelo and Constellation
Beers intend to treat the execution of this Agreement together with the Crown Sub-License as a sale by Marcas Modelo of its rights and responsibilities under the Original Agreement, together with such other rights and responsibilities as are further
described in this Agreement, to Constellation Beers in exchange for all or a portion of the payments provided for in that certain Brewery SPA, dated as of February     , 2013, by and between ABI and Constellation; and 

WHEREAS, it is the intent of the parties that Constellation Beers shall have the right to make, and have made Importer Products (as
defined below), pursuant to the terms of this Agreement and Marcas Modelo agrees to grant Constellation Beers the rights set forth herein with respect thereto. 

NOW, THEREFORE, in consideration of the payment as provided for in that certain Brewery SPA, dated as of February
    , 2013, by and between ABI and Constellation, and those covenants and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1 For
purposes of this Agreement, the following terms have the meanings set forth below: 
 “ABI” has the meaning assigned to that
term in the Recitals. 
 “Abandoned Trademarks” means those trademarks evidenced by the trademark applications and
registrations described in Exhibit A to this Agreement. 
 “Additional Trademarks” means those trademarks evidenced
by the trademark applications and registrations described in Exhibit B to this Agreement, as such Exhibit may be amended or supplemented from time to time in accordance with this Agreement. 

“Affiliate” of any Person means any other Person which, directly or indirectly, controls or is controlled by that Person, or
is under common control with that Person. For purposes of this definition, “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as used with respect to any Person,
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning assigned to that term in the Preamble. 

“Bankruptcy Code” has the meaning assigned to that term in Section 9.11. 

“Barton” has the meaning assigned to that term in the Recitals. 

“Beach Holdings” has the meaning assigned to that term in the Recitals. 

  
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 “Beer” means beer, ale, porter, stout, malt beverages, and any other versions or
combinations of the foregoing, including non-alcoholic versions of any of the foregoing. 
 “Bottle Designs” means the
shape and designs of bottles that bear any Trademark or constitute Trade Dress. 
 “Brand Extension Beer” means Beer
packaged in Containers bearing a Brand Extension Mark. 
 “Brand Extension Mark” means a Mark that is a derivative of one
or more of the Trademarks for use in the marketing, merchandising, promotion, advertisement (including sponsorship activities in connection with the foregoing), licensing, distribution and sale of Mexican-style Beer. 

“Brand Guidelines” means the applicable Brand Guidelines for an Interim Product or Importer Product as attached hereto as
Exhibit C. 
 “Brewery SPA” has the meaning assigned to that term in the Recitals. 

“Brewing Territory” means Mexico; provided, however, if at any time after the date of this Agreement
(a) Modelo Group manufacturers or has manufactured on its behalf any Product outside of Mexico (other than as a result of a Force Majeure Event, and in that case, only to the extent of, and for the duration of, such Force Majeure Event), the
“Brewing Territory” with respect to such Product shall automatically be deemed to be worldwide (including, for clarity, for purposes of brewing using a high gravity process); and (b) upon occurrence of a Force Majeure Event adversely
affecting the capacity of the brewing facilities of Constellation or its Affiliates in Mexico to meet demand for Products, then, for the duration of such Force Majeure Event, the Brewing Territory with respect to Beer produced at such facility shall
be worldwide (including, for clarity, for purposes of brewing using a high gravity process). 
 “Business Day” means any
day, other than Saturday, Sunday or a day on which banking institutions in New York, New York, Chicago, Illinois, or Mexico City, Mexico are authorized or obligated by law to close. 

“Chelada Trademarks” means those Trademarks evidenced by the trademark registrations and applications described in Exhibit
E to this Agreement. 
 “Confidential Information” means all information and materials regarding the business of either
party that are identified in writing by the party to be confidential information or which a party should reasonably believe to be confidential information of a party, including business plans, formulas, know-how, Yeast, financial information,
historical financial statements, financial projections and budgets, historical and projected sales, pricing strategies and other pricing information, marketing plans, research and consumer insights, capital spending budgets and plans, the names and
backgrounds of key personnel, personnel policies, plans, training techniques and materials, organizational strategies and plans, employment or consulting agreement information, customer agreements and information (including for distributors or
retailers), names and terms of arrangements with vendors or suppliers, or other similar information, all of which includes all non-public data, information and materials delivered to 

  
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Marcas Modelo or Grupo Modelo pursuant to the inspection rights set forth herein, including Sections 3.6, 3.7 and 3.8, whether or not marked as or otherwise reasonably believed to
be confidential. Inadvertent failure to identify information as confidential, may be corrected by the producing person by written notice to the other party, and once confidential information has been identified as Confidential Information by a
party, failure to do so in all communications containing that information shall not cause the information to be treated in a non-confidential manner. “Confidential Information” does not include, however, information which
(a) is or becomes generally available to the public other than as a result of a breach by the receiving party or its Affiliates of its obligations of confidentiality and non-use set forth herein, (b) was available to the receiving party or
its Affiliates on a non-confidential basis prior to its disclosure by the disclosing party, or (c) becomes available to the receiving party on a non-confidential basis from a person other than Constellation Beers or any of its Affiliates. 

“Confidentiality Agreement” has the meaning assigned to that term in Section 9.6. 

“confusingly similar” (or “likely to cause confusion”) means, with respect to any use of a Mark or elements
of trade dress that are protectable under applicable law, that such use would be determined to give rise to a likelihood of confusion pursuant to federal trademark law as interpreted and applied in the federal courts in the State of New York. 

“Constellation” has the meaning assigned to that term in the Recitals. 

“Constellation Beers” shall have the meaning assigned to that term in the Preamble, and shall include any assign of
Constellation Beers permitted under Section 9.1 of this Agreement. 
 “Constellation Beers Indemnitees” has the
meaning assigned to that term in Section 5.2. 
 “Container” means the bottle, can, keg or similar receptacle
in which the Beer is directly placed. 
 “Crown” has the meaning assigned to that term in the Preamble. 

“Crown Sub-License” has the meaning assigned to that term in the Recitals. 

“Crown Trademarks” means those Trademarks evidenced by the following trademark registration numbers 3,584,879 (Crown Imports)
and 3,581,601 (Crown Imports and Design). 
 “Damages” has the meaning assigned to that term in Section 5.1.

 “Disagreement Notice” has the meaning assigned to that term in Section 3.10(b). 

“Eligible Supplier” means a Person, other than Constellation Beers and Grupo Modelo, that is capable of manufacturing
Importer Products in a manner that meets or exceeds the Quality Standards. 
 “Extrade II” has the meaning assigned to that
term in the Recitals. 

  
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 “Force Majeure Event” means events or circumstances beyond the reasonable
control of a party that significantly interfere with such party’s ability to manufacture Product at any brewing facility or deliver the Products to the Territory such as such events or circumstances arising from acts of God, strikes, lockouts
or industrial disputes or disturbances, changes in law or governmental regulations, any taking or pending taking in condemnation or under the right of eminent domain or similar right, acts of civil or military authorities, civil disturbances,
arrests or restraint from rulers or people, wars, acts of terrorism, riots, blockades, insurrections, epidemics, blights, plagues, landslides, lightning, earthquakes, fire, storm, weather, floods, washouts, explosions, strikes, the inability to
obtain raw materials, the malfunction or breakdown of any machinery or equipment, the failure or malfunction of any utilities, telecommunications systems or common carriers, any labor, material or fuel shortages, or other physical supply or
distribution constraints. 
 “Foreign Bankruptcy Law” has the meaning assigned to that term in Section 9.11.

 “Grupo Modelo” means Grupo Modelo, S.A.B. de C.V., a sociedad anónima de capital variable organized under the
laws of Mexico, and its Subsidiaries, or any of them. 
 “Importer Product” means Product or Brand Extension Beer produced
in the Brewing Territory by Constellation Beers or on behalf of Constellation Beers or an Affiliate of Constellation Beers by a Supplier pursuant to a Supply Agreement, in each case, solely for import, distribution and sale, including resale, by
Constellation Beers in the Territory. 
 “Interim Product” means Product supplied to Constellation Beers pursuant to the
Interim Supply Agreement. 
 “Interim Supply Agreement” means that certain Interim Supply Agreement dated as of [—] by and between Grupo Modelo, S.A.B de C.V., and Crown. 
 “law”, unless
otherwise expressly stated in this Agreement, includes statutes, regulations, decrees, ordinances and other governmental requirements, whether federal, state, local or of other authority. 

“Liability Insurance” has the meaning assigned to that term in Section 5.3. 

“Licensed Copyrights” means all copyrights owned by either Constellation Beers or its Affiliates or Grupo Modelo, in each
case, in and to Marketing Materials and Secondary Marketing Materials, as applicable. 
 “Licensed Intellectual Property”
means the Licensed Copyrights, Licensed Other IP, Licensed Patents and the Trademarks. 
 “Licensed Other IP” means any of
the following rights, including intellectual property rights, that are owned or controlled by Grupo Modelo existing as of the date of this Agreement or required to be provided pursuant to this Agreement with respect to Interim Products or Importer
Products: (a) the Recipes, (b) the trade secrets and know-how (including methods and processes), that are used for formulating, manufacturing, producing and packaging Products including any such rights in and to Yeast, (c) protectable
elements of the Trade Dress, and (d) the mold designs that may be protectable that are used in the manufacturing process of Containers for the Products for import, distribution and sale in the Territory. 

  
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 “Licensed Patents” means all patents and any pending patent applications, if
any, that are (a) owned as of the date of this Agreement by Grupo Modelo entities that are engaged in brewing, bottling or packaging of Products for distribution in the Territory (including divisions, continuations, continuations-in-part,
extensions and reissues claiming priority to any of the foregoing patents or patent applications), and (b) practiced as of the date of this Agreement by Grupo Modelo in the formulation, manufacture, production or packaging of Products for
distribution in the Territory. 
 “Marcas Modelo” has the meaning assigned to that term in the Preamble. 

“Marketing Materials” means sales collateral, promotional materials, advertisements, slogans, taglines, developed by either
Constellation Beers or its Affiliates or Grupo Modelo, whether or not works of authorship, registered or unregistered, used in conjunction with the advertising, promotion and marketing of Products in the Territory, provided, however,
that “Secondary Marketing Materials” are not included therein. 
 “Marks” means any and all trademarks, service
marks, trade names, taglines, company names, and logos, including unregistered and common-law rights in the foregoing, and rights under registrations of and applications to register the foregoing. 

“Membership Interest Purchase Agreement” has the meaning assigned to that term in the Recitals. 

“Mexican-style Beer” means any Beer bearing the Trademarks that does not bear any trademarks, trade names or trade dress that
would reasonably be interpreted to imply to consumers in the Territory an origin other than Mexico. 
 “Modelo Group” means
Grupo Modelo and all Persons that, now or in the future, are related to Grupo Modelo by virtue of Grupo Modelo’s direct or indirect share ownership in such Person, and any Affiliates thereof, and ABI, Anheuser-Busch Companies, LLC,
Anheuser-Busch International, Inc., Anheuser-Busch International Holdings, LLC, and any of their respective Affiliates. 
 “Modelo
Indemnitees” has the meaning assigned to that term in Section 5.1. 
 “Non-Exclusive Trademarks” means
those Trademarks evidenced by the trademark registrations and applications described in Exhibit F to this Agreement. 

“Original Agreement” has the meaning assigned to that term in the Preamble. 

“Packaging” means cases, cartons or the like into which Containers may be placed, or other packaging into which such cases,
cartons or the like themselves may be placed for transport, shipping or display, or delivery to consumers. 
 “Parent
Product” means a Product bearing a Parent Trademark. 

  
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 “Parent Trademark” means a Trademark from which a Brand Extension Mark is
derived. 
 “Permitted Corporate Reference” has the meaning assigned to that term in Section 2.5(b). 

“Person” means any individual, corporation, partnership, limited partnership, limited liability company, joint venture,
syndicate, sole proprietorship, a company with or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal representative, regulatory body or agency, government or governmental agency, authority or
entity, however designated or constituted. 
 “Product” means Beer packaged in Containers bearing one or more of the
Trademarks. 
 “Qualified Brewmaster” means a brewmaster that is independent and impartial and recognized in the Beer
brewing industry for his or her expertise relating to the subject matter at issue. 
 “Quality Default” means either
(a) a defect in a Product or Packaging, or (b) a deviation from the intended recipe and taste formula or Technical Specifications for any Product which causes an adverse change in intended taste, consistency or mouth feel of the Product,
in each case, that would reasonably be perceptible by a consumer. 
 “Quality Default Cure Failure” has the meaning
assigned to that term in Section 3.10(a). 
 “Quality Default Cure Failure Notice” has the meaning assigned to
that term in Section 3.10(a). 
 “Quality Default Notice” has the meaning assigned to that term in
Section 3.10(a). 
 “Quality Standards” with respect to the Beer, means that such Beer is consistently produced
pursuant to the Recipe and Technical Specifications for such Product without a Quality Default; provided, however, that in all cases the Product, including physical and sensory characteristics of such Product, shall be merchantable,
meet any applicable regulatory standards, and shall be free from microbiological defects and defects in aroma, flavor or appearance, such that such Importer Product would not be deemed to be defective by a Qualified Brewmaster. With respect to
Containers, “Quality Standards” means that they are merchantable, meet any applicable regulatory standards, and are sufficient to contain, ship and store Product for the requisite planned period as set out in
Section 3.3. 
 “Recipe” means the description and measure of ingredients, raw materials, yeast cultures,
formulas, brewing processes, equipment, and other information that is reasonably necessary for a brewmaster to produce a particular Beer and includes any Recipe for a Product existing as of the date hereof and any Recipe delivered by either party to
the other party under this Agreement, or otherwise used or developed in compliance with this Agreement, after the date hereof, including any change to a Recipe permitted pursuant to the terms of this Agreement. 

  
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 “representatives” means, with respect to Marcas Modelo, any employee or agent of
Marcas Modelo, but excluding any employee or agent involved in the marketing, sale, production or pricing of Beer in the Territory for the Modelo Group. 

“Secondary Marketing Materials” means images, photography, displays, slogans, taglines which do not employ the Trademarks or
the Trade Dress; for clarity, event promotional materials, colors of displays and the like shall be considered “Secondary Marketing Materials.” 

“Subsidiary” means, with respect to any Person, a corporation, partnership, joint venture, limited liability company, trust,
estate or other Person of which (or in which), directly or indirectly, more than fifty percent (50%) of (a) the issued and outstanding capital stock having ordinary voting power to elect a majority of the board of directors, managers or
others performing similar functions of such entity (irrespective of whether at the time capital stock of any other class or classes of such entity shall or might have voting power upon the occurrence of any contingency), (b) the interest in the
capital or profits of such partnership, joint venture or limited liability company or other Person or (c) the beneficial interest in such trust or estate is at the time owned by such first Person, or by such first Person and one (1) or
more of its other Subsidiaries or by one (1) or more of such Person’s other Subsidiaries. 
 “Supplier” means an
Eligible Supplier that has entered into a Supply Agreement with Constellation Beers. 
 “Supply Agreement” means an
agreement that complies with the requirements set forth in this Agreement between Constellation Beers and an Eligible Supplier for such Eligible Supplier to manufacture, bottle or package Importer Products. 

“Technical Specifications” means those technical specifications used by or on behalf of Marcas Modelo or any of its
Affiliates with respect to the manufacture, bottling and packaging of Importer Products or Interim Products as may be amended from time to time as permitted in this Agreement. It shall not be considered a breach hereof if technical specifications
and processes are changed to equivalent technical specifications and processes, so long as the resulting technical and chemical attributes of the Products resulting therefrom do not impair the finished product, as would be determined by a reasonable
Qualified Brewmaster. 
 “Territory” means the fifty states of the United States of America, the District of Columbia and
Guam. 
 “Third Party” means a Person other than Marcas Modelo and its Affiliates and other than Constellation Beers and
its Affiliates. 
 “Trade Dress” means the print, style, font, color, graphics, labels, packaging and other elements of
trade dress (including Bottle Designs or other Container designs) that are (a) used on or in connection with Products as of the date hereof (including the Bottle Designs as of the date hereof for Corona, Negra Modelo and Modelo Especial), or
(b) permitted pursuant to this Agreement after the date hereof to be used in connection with the marketing, merchandising, promotion, advertisement, licensing, distribution and sale of Products in the Territory. 

  
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 “Trademarks” means those trademarks evidenced by the trademark applications and
registrations described in either Exhibit B or in Exhibit D to this Agreement, as such Exhibits may be amended or supplemented from time to time in accordance with this Agreement. 

“Transition Period” means (a) for Packaging, a period not to exceed eighteen (18) months after the date of this
Agreement, and (b) for Containers, a period not to exceed twelve (12) months after the date of this Agreement. 

“USPTO” means the United States Patent and Trademark Office. 

“West Coast Importer Agreement” means the importer agreement, dated as of November 22, 1996, by and between Barton and
Extrade, S.A. de C.V., as amended. 
 “Yeast” means yeast that complies with the Recipes for (a) any Product
existing as of the date hereof or (b) any Brand Extension Beer marketed by (i) Marcas Modelo or Grupo Modelo in Mexico or Canada or (ii) Constellation Beers or any of its Affiliates in the Territory, in each of clauses (i) and
(ii), following the date of this Agreement. 
 1.2 Construction 

(a) Unless the context of this Agreement otherwise requires, (i) words of any gender include each other gender; (ii) words using the
singular or plural number also include the plural or singular number, respectively; (iii) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement; (iv) the terms
“Article,” “Section,” “Schedule” or “Exhibit” refer to the specified Article, Section, Schedule or Exhibit of this Agreement, unless otherwise specifically stated; (v) the words “include” or
“including” shall mean “include, without limitation” or “including, without limitation;” and (vi) the word “or” shall be disjunctive but not exclusive. 

(b) Unless the context otherwise requires, references to agreements and other documents shall be deemed to include all subsequent amendments
and other modifications thereto. 
 (c) Unless the context otherwise requires, references to statutes shall include all regulations
promulgated thereunder and, except to the extent specifically provided below, references to statutes or regulations shall be construed as including all statutory and regulatory provisions consolidating, amending or replacing the statute or
regulation. 
 (d) The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual
intent, and no rule of strict construction shall be applied against any party. This Agreement is the joint drafting product of the parties hereto and each provision has been subject to negotiation and agreement and shall not be construed for or
against any party as drafter thereof. 
 (e) All amounts in this Agreement are stated and shall be paid in United States dollars. 

  
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 ARTICLE II 

GRANT OF LICENSE; INTELLECTUAL PROPERTY; SUPPLY 

2.1 Licenses. 
 (a)
Trademarks. Subject to the terms and conditions of this Agreement, Marcas Modelo hereby grants, on behalf of itself and Grupo Modelo, to Constellation Beers an irrevocable, exclusive, fully paid-up, sub-license to use the Trademarks
solely in connection with: (i) importing, advertising, promoting, marketing and selling Importer Products and Interim Products in the Territory; (ii) the application of the Trademarks to Importer Product in the course of manufacturing,
bottling and packaging of Importer Products in the applicable Brewing Territory (which foregoing rights with respect to manufacturing, bottling and packaging are, for clarity, non-exclusive) solely for importation, distribution and sale, including
resale, of such Importer Products by Constellation Beers in the Territory (which foregoing rights with respect to importation, distribution and sale in the Territory are exclusive); (iii) distributing in the Territory collateral sales and
promotional materials for Importer Products and Interim Products in the Territory; and (iv) distributing in the Territory other items to be marketed and sold or provided without charge to consumers in conjunction with the advertising, promotion
and marketing of Importer Products and Interim Products in the Territory. Any use of the Trademarks shall be subject to the provisions of Section 2.4 of this Agreement. Marcas Modelo represents and warrants to Constellation Beers that
Marcas Modelo has full authority and right to grant the sub-licenses to Constellation Beers as set forth in this Agreement. For the purposes of this Agreement, it is understood that the use by Constellation Beers of the Trademarks in connection with
advertising and promotional material as authorized under this Section 2.1 that may be accessible to Persons residing outside the Territory, (such as the use in a Uniform Resource Locator (URL), domain or similar future electronic address
or on an internet site or in a periodical that may have some distribution outside the Territory or use with respect to any Facebook® page,
Twitter® account, Pinterest® account or similar social media, telephone numbers, or other means of directing marketing or sales of
Product in the Territory which may contain the Trademarks, whether such means are now known or developed in the future), shall not be a violation of this Agreement provided that: (a) the media chosen is not primarily directed to Persons
residing outside the Territory or chosen with the intent of communicating with Persons residing outside the Territory as in the case of a website with an address indicating a source in a foreign country (e.g. .ca) or a periodical that is primarily
distributed to Persons outside the Territory; and (b) Constellation Beers is in compliance with Section 2.12(f) below. Notwithstanding anything set forth in this Agreement, Constellation Beers shall have the right to use in the
Territory or Brewing Territory the name “Crown” and the Crown Trademarks as its corporate or trade name for the purposes of identifying itself in print (or any other visually perceptible medium) in each case accompanied by an appropriate
corporate identifier such as “Crown Imports LLC” (which use in association with products must also include a designation of the product as having been “bottled by”, “produced by”, “hecho”, or “imported
by” or the like by such company), as required by law or regulation, or for purposes of government filings, corporate annual reports and other uses that would constitute “fair use” under applicable trademark law, provided,
however, in each case, that Constellation Beers shall not, and shall cause its Affiliates not to, use the word “Crown” or the Crown Trademarks in any form or combination as a product brand name for a Beer. 

  
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 (b) Licensed Other IP. Subject to the terms and conditions of this Agreement,
Marcas Modelo hereby grants, on behalf of itself and Grupo Modelo, to Constellation Beers an irrevocable, fully paid-up sub-license to use the Licensed Other IP solely in connection with (i) importing, advertising, promoting, marketing and
selling Importer Products and Interim Products in the Territory; (ii) manufacturing, bottling and packaging of Importer Products in the applicable Brewing Territory, solely for distribution and sale, including resale, of such Importer Products
by Constellation Beers in the Territory; (iii) distributing in the Territory collateral sales and promotional materials for promotion of Importer Products and Interim Products for sale in the Territory; and (iv) distributing in the
Territory other items to be marketed and sold or provided without charge to consumers in conjunction with the advertising, promotion and marketing of Importer Products and Interim Products in the Territory. The license rights granted in clause
(ii) of this Section 2.1(b) shall be non-exclusive and the license granted in clauses (i), (iii), and (iv) of this Section 2.1(b) shall, subject to Sections 2.5(a) and
2.5(b), be exclusive solely in the Territory. 
 (c) Licensed Patents. Subject to the terms and conditions of
this Agreement, Marcas Modelo hereby grants, on behalf of itself and Grupo Modelo, to Constellation Beers an irrevocable, fully paid-up license or sub-license (as applicable) under the Licensed Patents (i) to make, have made (by Suppliers in
accordance with this Agreement) and use Importer Products in the applicable Brewing Territory, and (ii) to sell (directly and/or indirectly), offer to sell, import and otherwise dispose of Interim Products and Importer Products in the
Territory. The license rights granted in clause (i) of this Section 2.1(c) shall be non-exclusive and the license granted in clause (ii) of this Section 2.1(c) shall be exclusive solely in the
Territory. 
 (d) Licensed Copyrights. 

(i) Subject to the terms and conditions of this Agreement, Marcas Modelo hereby grants, on behalf of itself and Grupo Modelo, to Constellation
Beers an irrevocable, exclusive, fully paid-up license or sub-license (as applicable) under the Licensed Copyrights owned by Grupo Modelo in the Territory to copy, modify, create derivative works of, publicly display and distribute Marketing
Materials or Secondary Marketing Materials existing at the time of entering into this Agreement to the extent that they may have been transferred by or on behalf of Crown to Grupo Modelo under the Original Agreement, in each case solely in
connection with the marketing, promotion and sale of Importer Products and Interim Product in the Territory. 
 (ii) Subject to the terms
and conditions of this Agreement, Constellation Beers hereby grants to Marcas Modelo and its Affiliates an irrevocable, exclusive, fully paid-up license or sub-license (as applicable) under the Licensed Copyrights owned by Constellation Beers or its
Affiliates outside of the Territory to copy, modify, create derivative works of, publicly display and distribute Marketing Materials and Secondary Marketing Materials existing as of the date of this Agreement, in each case solely in connection with
the marketing, promotion and sale of Products outside of the Territory. 
 (e) Constellation Use of “Modelo”.
Constellation Beers shall have the right to use the term “Cerveceria Modelo” or any derivation thereof (i) in the Territory as such term is included in the Trademarks or Trade Dress as currently existing (or to substitute for uses of
“Grupo Modelo” in the Trademarks and Trade Dress currently used in the Products), (ii) for the 

  
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purposes of identifying in print (or any other visually perceptible medium) that Importer Products marketed and sold in the Territory have been “bottled by”, “produced by”,
“made by”, “hecho”, “imported by” of the like by “Cerveceria Modelo, and (iii) as the fictitious name or “d/b/a” for its brewery located in Mexico, in each case, (1) only in connection with the
exercise of the licenses granted in this Section 2.1, and (2) provided that such use is not likely to cause confusion with the uses described in Section 2.5(b). Marcas Modelo will reasonably cooperate at the cost of
Constellation Beers in reasonable requests of Constellation Beers to establish the rights identified in the foregoing clauses (i) through (iii) of this Section 2.1(e). All rights set forth in this Section 2.1(e) are provided on
an “AS IS” basis without any warranty of any kind, express or implied, including as to the sufficiency of rights or the compliance of any exercise of such rights with applicable laws. Constellation will use reasonable efforts to wind-down
all uses of the term “Grupo Modelo” or “Modelo Group” as soon as reasonably practicable after the date of this Agreement and shall ceases all such uses in connection with any Beer products marketed or sold in the Territory within
the Transition Period. Nothing in this Agreement shall prevent Constellation Beers from using “Cerveza Modelo” or derivatives thereof in the promotion or sale of Importer Products in the Territory. Constellation Beers shall have the right
to use “Cerveza Modelo” or any derivation thereof. Notwithstanding the foregoing, and except during the Transition Period, the name “Cerveceria Modelo” or “Cerveceria del Pacifico” will be used only as a trade name and
not with any foreign corporate identifier such as “S.A. de C.V. – Mexico” or “S.A” or other such identifier that may be likely to cause confusion with the brewery entity owned by Grupo Modelo. 

(f) Chelada Trademarks. Notwithstanding Section 2.1(a), Constellation Beers acknowledges and agrees that it is in
the mutual interests of the parties to avoid the potential for consumer confusion arising from the use of similar Marks, and absent any change, there may be a potential for confusion with respect to the Chelada Trademarks and certain existing Marks
of the Modelo Group. Accordingly, Constellation Beers agrees that it will as soon as reasonably practicable after the date of this Agreement, but in any case within the Transition Period, cease all use of the Chelada Trademarks in their existing
form including on labels and other Containers for Products, provided that, Constellation Beers may adopt or use Trademarks evidenced in the Chelada Trademarks that do not contain a depiction of the glass in the background of those Trademarks,
and at the discretion of Constellation Beers, it may file and maintain applications for such registrations so modified subject to the terms and conditions of Section 2.8. 

(g) Non-Exclusive Trademarks. Notwithstanding Section 2.1(a), the rights of Constellation Beers under
Section 2.1(a) shall be deemed to be non-exclusive right respect to the Non-Exclusive Trademarks, and Marcas Modelo shall retain the right to use and sublicense the Non-Exclusive Trademarks or otherwise refer to the terms
“Familiar”, “Cinco” or “Cinco De Mayo” or similar terms for any purpose including in connection with the marketing, promotion, distribution and sale of Beer in the Territory. 

(h) Materials. For avoidance of doubt, Constellation Beers shall have the right to purchase raw materials, including recipe
ingredients and Containers, anywhere in the world so long as they comply with the Quality Standards; provided, that the actual brewing and bottling of Importer Product shall take place in the applicable Brewing Territory in accordance with
the terms and conditions of this Agreement. 

  
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 (i) Certain Trade Names. In connection with the exclusive license granted in
Section 2.1(a) above, Marcas Modelo and any other member of the Modelo Group shall not use in the Territory any Trademark as a corporate or trade name in connection with the importation, sale, distribution or marketing of Beer in the
Territory, except as permitted in Section 2.5(b) below, and, further, Marcas Modelo or any of its Affiliates may not use any Abandoned Trademark on any Beer marketed or sold in the Territory in a manner which is likely to cause
confusion. 
 2.2 Changes to Recipes. 

(a) Should Marcas Modelo or Grupo Modelo (i) use any Recipe for any Brand Extension Beer marketed by Marcas Modelo or Grupo Modelo in
Mexico or Canada after the Effective Date or (ii) make any reasonably perceptible change to any Recipe for any Product or any such Brand Extension Beer marketed in Mexico or Canada, Marcas Modelo will notify Constellation Beers that such new
Recipe is being used or that such change has been made (as applicable) and, at the request of Constellation Beers, Constellation Beers may (but shall not be obligated to) adopt such new or changed Recipe and, if Constellation Beers so elects, the
new or changed Recipe and the Licensed Other IP with respect to such Recipe will be added to the licenses granted in Section 2.1 of this Agreement, at no additional cost or charge to Constellation Beers. 

(b) Constellation Beers shall have the right to determine in its sole discretion any changes to the Beer Recipe it uses for each existing
Product, which changes may be variations or derivatives of Recipes of such existing Products or entirely new Recipes, provided that such changed Recipes meet the Quality Standards. Should Constellation Beers or any of its Affiliates
(i) use any Recipe for any Brand Extension Beer marketed by Constellation Beers or any of its Affiliates in the Territory after the Effective Date, or (ii) make any reasonably perceptible change to any Recipe for any Product or any such
Brand Extension Beer marketed in the Territory, Constellation Beers will notify Marcas Modelo that such new Recipe is being used or that such change has been made (as applicable) and, at the request of Marcas Modelo, Marcas Modelo may (but shall not
be obligated to) adopt such new or changed Recipe and, if Marcas Modelo so elects, the new or changed Recipe and the Licensed Other IP with respect to such Recipe will be deemed to be licensed by Constellation Beers to Grupo Modelo on the same terms
as the grants to Constellation Beers under Section 2.1, provided that the territory for such license shall be for production worldwide and solely for distribution of product outside of the Territory. 

2.3 Amendment of Trademark Exhibits. Exhibit B and Exhibit D shall be amended to reflect any Marks (including
Brand Extension Marks) added to or removed from or deemed to be added to or removed from Exhibit B or Exhibit D pursuant to the terms of this Agreement (including the addition of Trademarks in accordance with
Section 2.8(b), the removal of Trademarks in accordance with Section 2.8(c), and the removal of Trademarks associated with brands abandoned by Constellation Beers as set forth in Section 2.14). 

2.4 Acceptable Trademark Use. 

(a) Form of Trademarks. Constellation Beers may not use or allow the use of any of the Trademarks, including use on labels, packaging,
promotional materials, displays and in advertising and promotion, except in a form, color, style and appearance reasonably consistent with the applicable Brand Guidelines. 

  
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 (b) Prior Use. Subject to Section 2.4(a), for purposes of this Agreement,
(i) any materials supplied by or on behalf of Marcas Modelo to Constellation Beers bearing any of the Trademarks for use in connection with the performance of this Agreement and Importer Agreement or the Original Agreement, (ii) any
materials previously used by Crown or Barton with the knowledge of Grupo Modelo, including pursuant to the West Coast Importer Agreement, the Modelo Sub-license Agreement, and/or the Pacifico Sub-license Agreement by and between Procermex, Inc. and
Barton dated November 22, 1996, and (iii) any materials previously used by Crown with the knowledge of Grupo Modelo pursuant to the Original Agreement and Importer Agreement, shall be deemed to comply with the terms and conditions of this
Agreement for ordinary use in the performance of this Agreement. 
 2.5 Retained Rights and Obligations of Marcas Modelo. 

(a) Notwithstanding Section 2.1, Marcas Modelo may use and may grant sub-licenses to use the Trademarks in the Territory in
connection with (i) existing sponsorship activities, including any promotion, marketing or advertising of the Importer Products and Interim Products in the Territory that Marcas Modelo or its Affiliates is required to conduct pursuant to an
agreement with a Third Party in effect on the date hereof until such agreement is terminated or expires in accordance with its terms, (ii) global sponsorship and worldwide promotional activities, including any internet-based or social media
promotion, marketing or advertising of the Importer Products and Interim Products, as long as such activities are not primarily directed to Persons in the Territory, even if such activities involve advertising and other similar content that may be
located in the Territory or accessible to Persons residing in the Territory, (iii) distributing or otherwise providing promotional materials or merchandise with charge or merchandise in the Territory solely in connection with the activities
described in clauses (i) and (ii) of Section 2.5(a) above or in connection with contractual commitments of Grupo Modelo existing as of the date of this Agreement, provided that such contractual commitments
are not voluntarily renewed by Grupo Modelo and Marcas Modelo uses commercially reasonable efforts to wind-down and terminate such commitments without incurring liabilities or breaching any obligation, and (iv) of government filings, corporate
annual reports, printed historical references and other print uses that would constitute “fair use” under applicable trademark law. 

(b) Notwithstanding anything set forth in this Agreement, Marcas Modelo and Grupo Modelo shall have the right to use inside the Territory
(i) “Cerveceria Modelo”, or (ii) a corporate name including “Grupo Modelo”, and which in each case is accompanied by an appropriate corporate identifier, such as “Grupo Modelo S.A.de C.V.”, (collectively,
“Permitted Corporate Reference”) for the purposes of identifying themselves in print (or any other visually perceptible medium) (which use in association with products or promotion of products must also include a designation of the
product as having been “bottled by”, “produced by”, “made by”, “hecho”,“imported by” or the like by such company or brewery), so long as such Permitted Corporate Reference is not displayed on a
consumer-facing label of a Container or primary consumer directed panel of Packaging unless required to comply with applicable laws in the Territory, or in a manner likely to cause confusion with respect to the Trademarks. 

  
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 (c) Notwithstanding anything set forth in this Agreement, Marcas Modelo or Modelo Group may use
the Permitted Corporate Reference, Trademarks or Trade Dress for purposes of government filings, corporate annual reports, printed historical references and other uses that would constitute “fair use” under applicable trademark law. 

(d) Under no circumstances may “Modelo” be used by Marcas Modelo or any of its Affiliates in any form or combination as a product
brand name for marketing, promotion or sale of Beer in Territory. Notwithstanding anything set forth in this Agreement, Marcas Modelo and its Affiliates may use any Internet domain name (or other, similar or successor electronic address) or social
media (including Facebook® page, Twitter® account, Pinterest® account or the
like) containing any of their corporate or trade names or respective Marks, including the Trademarks; provided that: (a) the media chosen is not primarily directed to Persons residing in the Territory or chosen with the intent of
communicating with Persons residing in the Territory or a periodical that is primarily distributed to Persons in the Territory; and (b) Marcas Modelo or Grupo Modelo are in compliance with Section 2.5(f) below. Marcas Modelo and
Constellation Beers shall reasonably cooperate to determine and agree upon in good faith appropriate and commercially reasonable policies and procedures for referring to the other party visitors to their respective websites or social media outlets
that indicate an interest in the Products in the territory of the other party with the understanding that (i) online content directed to the marketing or sale of Importer Products to consumers in the Territory would be under the direction of
Constellation Beers and (ii) online content directed to the marketing or sale of Products to consumers outside of the Territory would under the direction of Marcas Modelo. Constellation Beers obtains no right, title, or interest in or to any
Marks hereunder other than the Trademarks, and all rights not granted to Constellation Beers hereunder are hereby expressly reserved. Nothing herein shall preclude Marcas Modelo or any member of the Modelo Group from (A) using any of their
respective Marks, other than the Trademarks, for any purpose or (B) registering or displaying their respective Marks, in each case, other than the Trademarks, in any territory in the world, including the Territory. 

(e) Marcas Modelo shall, and shall cause Grupo Modelo to, deliver to Constellation Beers copies of tangible embodiments of the Licensed Other
IP used as of the date of this Agreement, or as required pursuant to Section 2.2 hereof, by Marcas Modelo or its Subsidiaries in brewing Product, as reasonably necessary for Constellation Beers to exercise its rights under clause
(ii) of Section 2.1(b). Constellation Beers shall, and shall cause its applicable Affiliates to, deliver to Marcas Modelo copies of tangible embodiments of the Recipes as required pursuant to Section 2.2 hereof as
reasonably necessary for Marcas Modelo to exercise its rights under Section 2.2(b). 
 (f) Marcas Modelo shall not, and shall
not permit any member of the Modelo Group to, sell any Products to any buyers located in the Territory, and shall, and shall cause all members of the Modelo Group, to use commercially reasonable efforts to prevent buyers from reselling such Products
in the Territory or in any manner not authorized by this Agreement (including by not selling to exporters or buyers who are known, or would reasonably be expected, to resell inside of the Territory); for clarity, it shall not be a breach of this
Agreement to sell or distribute to cruise lines, airlines, tour operators and the like located outside of the Territory, so long as the Products are delivered outside of the Territory. 

  
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 (g) Without limiting any rights of the parties at law or in equity, Marcas Modelo shall not, and
shall not permit any member of the Modelo Group to, use any Mark in the marketing or promotion of Beer in the Territory that is confusingly similar with any Trademark (other than any Additional Trademark) or protectable elements of Trade Dress
(including the protectable Bottle Designs as of the date hereof for Corona, Negra Modelo and Modelo Especial) in each case existing as of the date of this Agreement. Notwithstanding anything to the contrary herein, nothing in this Agreement shall
limit any rights of Anheuser-Busch Companies, LLC, or any of its Affiliates operating in the Territory (other than Grupo Modelo) to use, register or adopt any Mark or trade dress used on or before the date of this Agreement in connection with the
marketing, promotion or distribution of Beer in the Territory, or the right of any such entities to challenge, oppose or assert likelihood of confusion against any Trademark or Trade Dress on the basis of any Mark owned by or activity of such
entities; provided, however, that as to Trademarks and Trade Dress of the Products in each case licensed under this Agreement as of the date of this Agreement, (i) neither Anheuser-Busch Companies, LLC nor any their respective
Affiliates shall challenge, oppose or assert likelihood of confusion with respect to existing uses of such Trademarks and Trade Dress, and (ii) neither Constellation Beers nor any of its Affiliates shall challenge, oppose or assert likelihood
of confusion on the basis of such Trademarks and Trade Dress against any existing Marks or trade dress of Anheuser-Busch Companies, LLC or any their respective Affiliates. For clarity, nothing herein shall be construed to prohibit Constellation
Beers from bringing in accordance with Section 2.9 an action at law or in equity for infringement under federal trademark law with respect to any Additional Trademark. 

(h) For clarity, neither the supply by Marcas Modelo or its Affiliates of Products pursuant to the Interim Supply Agreement nor the
performance of any written agreement by and between a member of the Modelo Group and Crown existing as of the Effective Date regarding the wholesale distribution of Product in the Territory will be deemed to be a breach or violation of the terms of
this Agreement. 
 2.6 Sub-Licenses of Constellation Beers. 

(a) Generally. Constellation Beers may grant to its wholesalers, distributors, promotional agents, vendors, Affiliates, and Suppliers
limited sub-licenses of any or all its rights in Section 2.1, in each case only as reasonably necessary for each such sub-licensee to engage in the activity for which it was engaged by Constellation Beers and solely within the rights
authorized by this Agreement. The agreement Constellation Beers routinely uses for any such sub-license of rights shall provide reasonable provisions for the use, protection and maintenance of the Licensed Intellectual Property in a manner that is
consistent with this Agreement, and shall prohibit any further sub-licenses of the Licensed Intellectual Property, and Constellation Beers shall use commercially reasonable efforts to enforce such agreements. Under no circumstances may any such
sub-licensee use the Licensed Other IP or Licensed Patents to manufacture, bottle or package any products for its own account or for anyone other than Constellation Beers, except that where such sub-licensee is an Affiliate of Constellation Beers,
such sub-licensee shall be deemed to be Constellation Beers for purposes of the requirement that Constellation Beers must manufacture, bottle or package Importer Products only for its own account. For purposes of clarification, Constellation Beers
shall have the right to sub-license any or all of its rights under this Agreement (including the right to grant further sub-licenses) to any other Affiliate of Constellation, provided, that Constellation Beers notifies Marcas Modelo of any
such sub-licenses, such sub-licensee agrees in writing to be bound by all terms and conditions of this Agreement and the sublicensor remains liable for its sub-licensee’s performance under this Agreement. 

  
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 (b) Sub-Licenses to Suppliers. The right of Constellation Beers to grant sub-licenses to
Suppliers or to any Affiliate with manufacturing rights or rights to grant sub-licenses to Suppliers under Section 2.6(a) is subject to and conditioned upon Constellation Beers’ compliance with the terms and conditions of this
Section 2.6(b). Constellation Beers agrees to promptly notify Marcas Modelo of any such sub-licenses, the name of the Supplier or Affiliate (as applicable) and the location of its facilities if applicable. Any sub-license granted by
Constellation Beers to a Supplier or Affiliate covered by this Section 2.6(b) shall permit Marcas Modelo sampling and inspection rights consistent with the terms of Section 3.7 for the Importer Products produced by such
Supplier. Constellation Beers shall remain liable to Marcas Modelo for the conduct of all of its Suppliers and Affiliates covered by this Section 2.6(b) that would constitute a breach of this Agreement if done by Constellation Beers,
such conduct being deemed a breach hereof by Constellation Beers. 
 2.7 Limitations on Marcas Modelo. Marcas Modelo agrees
that its exercise of its rights hereunder or otherwise obtained shall provide it with no right to approve the marketing, promotion, advertising used or manufacture by Constellation Beers for Interim Products and Importer Products. Notwithstanding
the foregoing, Marcas Modelo shall be entitled to enforce its rights under this Agreement. 
 2.8 Maintenance of Trademarks and
Licensed Other IP. 
 (a) Existing Registrations and Applications. Marcas Modelo shall (i) pay or cause to be paid all
maintenance fees, and take or cause to be taken such other reasonable administrative actions, in each case, necessary to maintain in force all the registrations in the Territory included in the Licensed Intellectual Property (except with respect to
maintenance fees and administrative actions required to be taken by Constellation Beers pursuant to Section 2.8(b)), and (ii) diligently prosecute any applications for registration included in the Trademarks, Licensed Patents or
with respect to the Licensed Other IP that are pending before the USPTO or other agency in the Territory as of the date hereof. Constellation Beers shall promptly reimburse Marcas Modelo for all reasonable out-of-pocket costs and expenses for the
foregoing, including all maintenance and filing fees and reasonable attorneys’ fees. If Marcas Modelo fails to perform its obligations under this Section 2.8(a), Constellation Beers may take any such actions at its sole cost and
expense, in which case Marcas Modelo will, and will cause any applicable member of the Modelo Group to, reasonably cooperate with Constellation Beers in such actions, at the expense of Constellation Beers. If requested by Constellation Beers, Marcas
Modelo shall, and shall cause any applicable member of the Modelo Group to, designate Constellation Beers as its agent with respect to any of the foregoing maintenance obligations, including the payment of maintenance fees and filing of documents
with the USPTO or other agency in the Territory. 
 (b) New Registrations of Brand Extension Marks. Upon the reasonable request of
Constellation Beers, Marcas Modelo will file with the USPTO or other agency in the Territory applications to register any Marks that constitute Brand Extension Marks that can be so registered, or applications for additional registrations for any
Brand Extension Marks, which 

  
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applications and registrations shall then be subject to Section 2.8(a), and shall be deemed to be included in the Additional Trademarks. Constellation Beers shall be solely
responsible for all reasonable costs and expenses associated with filing such applications, including all filing fees and reasonable attorneys’ fees, and shall pay such costs directly to the providers or, if paid by Marcas Modelo, shall
promptly reimburse Marcas Modelo for the same. If Marcas Modelo fails to perform its obligations under this Section 2.8(b), or as otherwise approved by Marcas Modelo, Constellation Beers may, to the extent allowed under applicable law,
file such applications in its own name and will promptly thereafter assign them to Marcas Modelo. Constellation Beers will pay all maintenance fees and take such other administrative actions necessary to maintain in force all the registrations in
the Territory contemplated by this Section 2.8(b). Marcas Modelo will, and will cause any applicable member of the Modelo Group to, reasonably cooperate with Constellation Beers in such actions, at the expense of Constellation Beers. If
requested by Constellation Beers, Marcas Modelo shall, and shall cause any applicable member of the Modelo Group to, designate Constellation Beers as its agent with respect to any of the foregoing maintenance obligations, including the payment of
maintenance fees and filing of documents with the USPTO or other agency in the Territory. 
 (c) Status. Marcas Modelo shall keep
Constellation Beers reasonably apprised of the status of all applications and registrations included in Licensed Intellectual Property, and any significant actions with respect thereto, and shall invoice Constellation Beers on a quarterly basis for
any costs and expenses required to be reimbursed by Constellation Beers pursuant to Section 2.8(a) or 2.8(b). Constellation Beers may provide written notice to Marcas Modelo that Constellation Beers no longer wishes to maintain a
particular registration or application included in the Trademarks, in which case Constellation Beers’ and Marcas Modelo’s obligations under Sections 2.8(a) and 2.8(b) will no longer apply to such registration or application,
and Exhibit B or Exhibit D as applicable will automatically be deemed amended to remove such Trademarks. Notwithstanding the removal of any Trademark from Exhibit B or Exhibit D, neither Marcas Modelo nor any member of
the Modelo Group shall be permitted to use such Trademark in the marketing or promotion of Beer in the Territory if such use would be reasonably likely to cause confusion as to the source of Beer marketed with another Trademark included in
Exhibit B or Exhibit D. 
 2.9 Defending Trademarks. Each party shall, consistently with the provisions of this
Agreement, use its commercially reasonable efforts to protect the Trademarks, the Licensed Patents, Licensed Copyrights, and the Licensed Other IP in the Territory. Each party shall from time to time, as soon as reasonably possible after learning of
the facts or law relating thereto, notify the other party of any federal, state, local or other filing (including any applications for, or renewals of, any trademarks or similar registrations) that Constellation Beers considers to be necessary,
appropriate or advisable to protect the Trademarks, the Licensed Other IP, or other ownership rights with respect to the Products in the Territory. Furthermore, the parties will cooperate and consult in good faith to determine, on a case by case
basis, the best means by which to address any infringement or suspected infringement of the Trademarks in the Territory; provided that Constellation Beers shall have the final right to make determinations of this nature, including commencing
or defending litigation. If reasonably requested by Constellation Beers, or as may be required by a court or agency to permit Constellation Beers to pursue an action, Marcas Modelo shall, and shall cause any member of the Modelo Group to, join as a
party to any such litigation if such joinder is necessary to prosecute Constellation Beers’ 

  
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claims. In the event that Constellation Beers does not decide to pursue any act that Marcas Modelo deems to constitute infringement or suspected infringement of the Trademarks in the Territory,
it shall give written notice to Marcas Modelo of the same and then Marcas Modelo may pursue such infringement or suspected infringement, at the expense of Marcas Modelo. Constellation Beers shall provide reasonable cooperation to Marcas Modelo in
connection therewith. All damages, paid in settlement or otherwise, shall be distributed as follows, first, pari passu, to pay each of Constellation Beers’s and Marcas Modelo’s reasonable attorneys’ fees and expenses and then
one hundred percent (100%) to Constellation Beers if Constellation Beers choose to pursue the infringement or suspected infringement or one hundred percent (100%) to Marcas Modelo if Constellation Beers gave written notice that it would
not pursue the infringement or suspected infringement and Marcas Modelo pursued such infringement or suspected infringement. 
 2.10
Ownership. (a) Ownership of the Trademarks and of the goodwill associated therewith shall at all times remain in and inure solely to the benefit of Modelo Group, and any trademark rights or goodwill with respect thereto which may
accrue as a result of advertising or sales of Importer Products or Interim Products shall be the sole and exclusive property of Modelo Group. Trademark rights (i) shall include any additions or modifications to the Trademarks, as well as any
slogan, musical composition, name, emblem, symbol, trade dress or other device used to identify or refer to Importer Products or Interim Products or any Trademark sub-licensed hereunder, in each case, whether developed, created or used by
Constellation Beers or any of its sub-licensees in the Territory, and (ii) may be used by Modelo Group, by Marcas Modelo or their importers, or their distributors or sub-licensees, according to the terms of this Agreement, in territories other
than the Territory, in addition to the use thereof made by Constellation Beers in the Territory under this Agreement. If any such addition, modification or device is to be separately registered under the laws protecting trademarks, copyrights or
other property rights, it shall be registered only in the name of Modelo Group, and Constellation Beers shall execute such documents as may be necessary to accomplish such registration. 

(b) Marcas Modelo or Modelo Group shall be deemed to be the exclusive owner of all intellectual property used or developed in connection with
this Agreement by Constellation Beers that (i) incorporates the Licensed Other IP and any derivative works based thereon; (ii) in the absence of this Agreement, would infringe upon or otherwise violate the rights of Marcas Modelo or Modelo
Group in the Licensed Other IP under the laws of the Territory; or (iii) was developed by Constellation Beers based upon Confidential Information belonging to Marcas Modelo or Modelo Group. As between the parties and unless contrary to
applicable law, Constellation Beers shall be the owner of any intellectual property independently developed by Constellation Beers that is not a result of the areas set forth above in clauses (i)-(iii) of this
Section 2.10(b). For example, should Constellation Beers create a type of Container or a functional element of a Container that is not a result of the areas set forth above in clauses (i)-(iii) of this
Section 2.10(b), even if such Container or a functional element of a Container is used with an Importer Product, Constellation Beers shall be the owner of the intellectual property rights with respect to such Container or functional
element of such Container. For the avoidance of doubt, nothing herein shall give or be deemed to give Marcas Modelo or any member of the Modelo Group any rights in or to the Marks or other intellectual property rights that are owned by Constellation
or any of its Affiliates unrelated to the subject matter of this Agreement. 

  
 20 

 (c) If, for any reason or circumstances, Constellation Beers is deemed under any law or
regulation to have acquired any right or interest with respect to the Licensed Intellectual Property, Constellation Beers hereby assigns and shall, at the request of Marcas Modelo or Modelo Group, promptly execute any document reasonably needed in
order for Constellation Beers to transfer to Marcas Modelo or Modelo Group any and all such rights, titles and interests in and to the Licensed Intellectual Property including the goodwill that they represent and the Licensed Intellectual Property.

 2.11 Derivative Works. Constellation Beers shall acquire no ownership rights in the Licensed Intellectual Property or
derivative works based thereon or any intellectual property deemed to be owned by Marcas Modelo or Modelo Group as a result of this Agreement. Constellation Beers shall, at any time requested by Marcas Modelo or Modelo Group, whether during or
subsequent to the term hereof, disclaim in writing any such property interest or ownership in the Licensed Intellectual Property. 
 2.12
Certain Restrictions. Constellation Beers shall not, either directly or indirectly (and shall cause its Affiliates not, either directly or indirectly, to): 

(a) establish, form, be an owner of, operate, administer, authorize or control any company, division, corporation, association or business
entity under any name which includes any of the Trademarks, either in whole or part, or under any name which is confusingly similar to the Trademarks or “Grupo Modelo” (other than with respect to Constellation Beers, “Crown” as
described in Section 2.1(a) or as expressly set forth in Section 2.1(e)); 
 (b) (except as expressly authorized by
this Agreement) use, adopt, register, or seek to register, or in any other manner claim the ownership of, any Mark or trade dress that includes any of the Trademarks or that is confusingly similar to any of the Trademarks or Trade Dress (including
in connection with Brand Extension Marks); 
 (c) use, or authorize any other Person to use, any Trademark or Trade Dress in connection with
any Beer or any other good or service other than an Importer Product or Interim Product, except as expressly permitted by this Agreement; 

(d) use, or authorize any other Person to use, Trade Dress for goods or services other than Importer Products for which such Trade Dress are
designated for use by Marcas Modelo or otherwise permitted by this Agreement; 
 (e) combine a Trademark with any other Mark that is not a
Trademark (other than any new Brand Extension Mark); or 
 (f) distribute or sell any Products to any buyers located outside the Territory,
and to use its commercially reasonable efforts to prevent buyers from reselling such Products outside the Territory or in any manner not authorized by this Agreement (including by not selling to exporters or buyers who are known or would reasonably
be expected to resell outside of the Territory); for clarity, it shall not be a breach of this Agreement to sell or distribute to cruise lines, airlines, tour operators and the like located within the Territory, so long as the Products are delivered
within the Territory. 

  
 21 

 2.13 Confusingly Similar Marks. Subject to Section 2.15, Constellation
Beers shall not, and shall not permit any Affiliate or sublicensee to, use or register, any symbol, name, trademark, trade dress or device that is confusingly similar to (a) any Trademark or Trade Dress, or (b) any trademark rights
retained by the Modelo Group as of the date of this Agreement. 
 2.14 Abandonment. (a) If Constellation Beers fails to
make any use in commerce (as the term is defined in 15 U.S.C. § 1127) of a brand with respect to all Trademarks and uses for any period comprising [****], Constellation Beers shall be presumed for purposes of this Section 2.14 to
have abandoned its licensed rights to use those brands in such Trademarks. Marcas Modelo shall give written notice to Constellation Beers of such abandonment and allow Constellation Beers to notify Marcas Modelo of Constellation Beers’s intent
not to abandon the Trademarks and of efforts to use the Trademarks in the future. Should Constellation Beers not reply to such notice from Marcas Modelo within [****] after the date of such notice, Constellation Beers shall be deemed to have
abandoned such Trademarks for purposes of this Agreement, and, at any time thereafter immediately upon written notice by Marcas Modelo to Constellation Beers, (i) the Trademarks shall be deleted from Exhibit B or Exhibit D
hereunder, (ii) all rights of Constellation Beers in and to such Trademarks under this Agreement shall terminate and, (iii) Marcas Modelo shall have the right to designate any Third Party as the assignee and beneficiary of all rights and
obligations of Constellation Beers under this Agreement with respect to such deleted Trademarks, subject to the execution of a sublicense agreement between such Third Party and Marcas Modelo in substantially the same terms and conditions of this
Agreement; provided that, in no event shall Marcas Modelo or its Affiliates re-acquire and practice such rights. Notwithstanding the removal of any Trademarks from Exhibit B or Exhibit D, neither Marcas Modelo nor any member of
the Modelo Group shall be permitted to use such Trademark in the Territory if such use would be reasonably likely to cause confusion with another Trademark included in Exhibit B or Exhibit D. 

(b) If Marcas Modelo, and all other members of the Modelo Group, fail to make any use in commerce (as that term is defined in 15 U.S.C.
§1127) in all jurisdictions outside of the Territory of a brand with respect to all Trademarks and uses for any period comprising [****], Marcas Modelo shall be presumed for purposes of this Section 2.14 to have abandoned its rights
in such Trademarks in the Territory. Constellation Beers shall give written notice to Marcas Modelo of such abandonment and allow Marcas Modelo to notify Constellation Beers of Marcas Modelo’s intent not to abandon the Trademarks and its
efforts to use such Trademarks in the future outside of the Territory. Should Marcas Modelo not reply to such notice from Constellation Beers within [****] after the date of such notice, Marcas Modelo shall be deemed to have abandoned such
Trademarks in the Territory for purposes of this Agreement, and Constellation Beers shall have the right to request that Marcas Modelo assign, and, upon such request, Marcas Modelo shall assign, or cause the applicable member of the Modelo Group to
assign, its right, title, and interest in the Territory in and to the applicable Trademarks to Constellation Beers at no cost to Constellation Beers other than payment of any required assignment fee charged by a governmental authority. 

2.15 Brand Extension Marks and Brand Extension Beers. Subject to the terms, conditions and licenses herein: 

  
 22 

 

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 

 (a) Constellation Beers Brand Extension Marks. Constellation Beers may, without the prior
consent of Marcas Modelo, adopt new Brand Extension Marks that are not confusingly similar to any trademarks (excluding the Trademarks) owned by Marcas Modelo or its Affiliates in the Territory at the time of such proposed adoption, and concomitant
accompanying new trade dress that is not confusingly similar to any trade dress including containers (excluding the Trade Dress) owned by Marcas Modelo or its Affiliates in the Territory at the time of such proposed adoption, solely for (i) the
manufacturing, bottling, and packaging of Mexican-style Beer and importing, advertising, marketing and selling such Beer in the Territory and (ii) distributing of related collateral sales and promotional materials therefor and other items to be
marketed and sold or provided without charge to consumers in conjunction with such Beer in the Territory. Provided that they meet the requirements of the foregoing sentence, such Brand Extension Marks shall be deemed to be Additional Trademarks and
Trade Dress for purposes of this Agreement (including Sections 2.8, 2.9, and 2.10). Constellation Beers shall have the right to determine in its sole discretion the Beer Recipe it uses for each new Brand Extension Beer, which
Beer Recipes may be variations or derivatives of Recipes of then-existing Products or entirely new Recipes, provided that such Recipes meet the Quality Standards. 

(b) Modelo Brand Extension Marks. Constellation Beers may, upon [****] prior written notice to Marcas Modelo and solely for the
manufacturing, bottling, and packaging of Mexican-style Beer in the Brewing Territory and importing, advertising, marketing and selling such Beer in the Territory and distributing of related collateral sales and promotional materials therefor and
other items to be marketed and sold or provided without charge to consumers in conjunction with such Beer in the Territory, notify Marcas Modelo that it wishes to adopt a Brand Extension Mark created after the date of this Agreement by Marcas Modelo
or Grupo Modelo and used by Grupo Modelo in Mexico or Canada for the manufacturing, bottling, packaging or selling of Mexican-style Beer. Provided that such Brand Extension Mark does not include and is not confusingly similar to any trademarks
(excluding the Trademarks) owned by Marcas Modelo or its Affiliates in the Territory at the time of such notice from Constellation Beers, then such Brand Extension Mark shall be deemed to be an Additional Trademark for purposes of this Agreement
(including Sections 2.8, 2.9, and 2.10). Constellation Beers shall have the right to determine in its sole discretion the Beer Recipe it uses for each such Brand Extension Beer, which Beer Recipes may be variations or derivatives of Recipes of
then-existing Products or entirely new Recipes, provided that such Recipes meet the Quality Standards. For clarity, it is expressly understood and agreed that nothing in this Section 2.15(b) shall prevent Constellation Beers from adopting and
using in the Territory as a Constellation Beers Brand Extension Mark any Modelo Brand Extension Mark so long as such adoption and use (i) complies with the provisions of Section 2.15(a) and (ii) does not infringe any intellectual
property rights of the Modelo Group in the Territory. 
 (c) Distilled Spirits. Notwithstanding anything to the contrary herein,
(i) Constellation Beers shall not adopt a Brand Extension Mark that adopts, refers to or incorporates the name of any type of distilled spirit (such as Corona Tequila), and (ii) Constellation Beers shall not use any distilled spirits as an
ingredient in any Recipe for a Brand Extension Beer, unless included in a Recipe provided by, or required to be provided by, Marcas Modelo under this Agreement; provided, however, that if Marcas Modelo or Grupo 

  
 23 

 

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 

 Modelo (1) adopts a Brand Extension Mark that adopts, refers to or incorporates the name of any type of
distilled spirit (such as Corona Tequila) for Product marketed in Mexico or Canada, or (2) uses any type of distilled spirits or any type of distilled spirit flavor as an ingredient in any Recipe for a particular Product marketed in Mexico
or Canada, then the restrictions of this Section 2.15(c) shall not preclude Constellation Beers from using (x) the name of any type of distilled spirit in its own Brand Extension Mark for any Product in the Territory or (y) any
type of distilled spirit or distilled spirit flavor ingredient in the Recipe for any Product, in each case (which for the avoidance of doubt in the case of (x) and (y), need not be the same distilled spirit or distilled spirit flavor ingredient
as used by Marcas Modelo or Grupo Modelo), solely in the Territory in accordance with the other terms and conditions of this Agreement. 

(d) Bottle Design. Constellation Beers may use a Parent Product’s Bottle Design (or other Container design) for any related Brand
Extension Beer subject to and in accordance with the terms of this Agreement. 
 (e) Ownership. For the avoidance of doubt,
Constellation Beers agrees that any and all Trademarks and Trade Dress related to any Brand Extension Beer manufactured, bottled and packaged by or on behalf of Constellation Beers hereunder shall be owned by Modelo Group, and Constellation Beers
hereby assigns the foregoing to Marcas Modelo. 
 2.16 Changes to Form, Trademarks, Containers, Bottle Designs, Trade Dress or Recipes
by Marcas Modelo. With respect to an Importer Product existing at the date of this Agreement, and subject to this Section 2.15(b), Marcas Modelo may from time to time propose by written notice to Constellation Beers
(a) reasonable changes in the approved form or use of the associated Trademarks, (b) reasonable changes to applicable Containers, Bottle Designs or Trade Dress, (c) an addition of a new Mark to Exhibit B as an Additional
Trademark for use with such Importer Product, or (d) a change the Recipe for such Importer Product (other than a change of Recipe described in Section 2.2(a) above), in each case, in order to make such existing Importer Product more
consistent with Products produced and sold outside of the Territory. Within a reasonable time following Constellation Beers’ receipt of such notice, the parties shall discuss whether such changes or additions are mutually agreeable, and if
acceptable, the terms and conditions of this Agreement shall govern such changes, provided that it is expressly understood and agreed that nothing in this Agreement, other than Section 2.4(a) and Section 2.17, shall
prevent Constellation Beers from adopting and using in the United States any such change in Form, Trademark, Container, Bottle Design, Trade Dress or Recipe, so long as the adoption and use does not constitute trademark infringement or copyright
infringement under applicable laws. For the avoidance of doubt, the Modelo Group shall have the right to make in its sole discretion any change to the Recipe for any existing Product and to any Brand Extension Beer marketed by Marcas Modelo or Grupo
Modelo outside of the Territory. 
 2.17 Changes to Form, Trademarks, Containers, Bottle Designs, Trade Dress or Recipes by
Constellation Beers. Subject to Section 2.15, and with respect to Products existing at the time of entry into this Agreement (or additional Recipes provided by Marcas Modelo under Section 2.2), Constellation Beers may
from time to time propose by written notice to Marcas Modelo (a) reasonable changes in the approved form or use of the associated 

  
 24 

 
Trademarks, (b) reasonable changes to Containers, Bottle Designs or Trade Dress of the Products, (c) the addition of a new Mark to Exhibit B as an Additional Trademark for use
with such existing Importer Product, or (d) a change to the Recipe for such Importer Product. Constellation Beers shall not implement any changes or additions of the type described in the foregoing clauses (a), (b), or (c) without the
prior written consent of Marcas Modelo; provided, however, that (i) for the avoidance of doubt, changes in the Recipe of any existing Products or any Constellation Beers Brand Extension Beers shall not require the consent of
Marcas Modelo and (ii) Constellation Beers may adopt and use a new Container for a Product different in size, shape or materials from the Container in effect for such Product on the date hereof, but if such new Container is a glass bottle
derived from an original glass Bottle Design of a Product (e.g., a smaller version of a glass bottle for Product sold under a CORONA Trademark), such new glass bottle Container shall reasonably conform to such original glass bottle Container in
form, shape and proportion as closely as reasonably practicable (taking into account the change in size, shape or materials). It is expressly understood that consent of Marcas Modelo shall not be required for Packaging used by Constellation Beers to
contain, ship, store or display containers for any Product. For the avoidance of doubt, Constellation Beers shall have the right to make in its sole discretion any change to the Recipe for any existing Product and to any Brand Extension Beer
marketed by Constellation Beers or any of its Affiliates in the Territory. 
 2.18 Abandoned Trademarks. Within a reasonable
time following the date of this Agreement, Marcas Modelo shall allow, or cause its applicable member of Grupo Modelo to allow, the Abandoned Trademarks to be abandoned, lapse or otherwise expire. Constellation Beers agrees promptly following the
date of this Agreement to make commercially reasonable efforts to wind-down its use of the Abandoned Trademarks including in connection with promotional materials and product labels that may include such Abandoned Trademarks. Within the Transition
Period, Constellation Beers shall cease, and shall cause its Affiliates to cease, all use of the Abandoned Trademarks. 
 2.19
Confirmation. At the reasonable request of Constellation Beers, Marcas Modelo will provide documentation reasonably required by Constellation Beers for its tax or similar purposes demonstrating that Marcas Modelo has the necessary
rights, as between Marcas Modelo and other members of Grupo Modelo, to grant the rights it purports to grant herein. 
 2.20 Brewery
Territory. Marcas Modelo shall provide Constellation Beers with three months’ advance notice of Modelo Group’s intent to manufacture or have manufactured on its behalf any Product outside of Mexico (other than as a result of
a Force Majeure Event). 
 2.21 Yeast. 

(a) General. From time-to-time as reasonably requested by Constellation Beers during the term of the Transition Services Agreement,
Marcas Modelo shall transfer, or shall cause its Affiliates to transfer, to Constellation Beers an appropriate quantity of “mother” Yeast as necessary for Constellation Beers to propagate its own yeast for the manufacture of the Products
and Brand Extension Beer; provided that Constellation Beers shall bear all reasonable costs relating to the supply of such Yeast (including delivery charges) incurred by Marcas Modelo in connection therewith. In the event that the Yeast
colony of either Party dies or is compromised such Party may request, and the other Party shall, to the extent reasonably available, provide a new Yeast colony to the requesting Party at the cost of the requesting Party. 

  
 25 

 (b) Cessation of Use. In the event that Constellation Beers elects to cease using the
Yeast, Constellation Beers shall (i) ensure that there is an immediate, orderly and proper disposal of any and all Yeast in production, propagation, culture, analytical or other systems, which manner of disposal shall be approved and supervised
by Marcas Modelo; and (ii) diligently remove from any brewery all Yeast in a manner approved and supervised by Marcas Modelo. 

ARTICLE III 
 QUALITY
CONTROL 
 3.1 Marketing Standards. To protect the reputation and strength of the Trademarks and the goodwill associated
with each Trademark, Constellation Beers shall: (a) always use the Trademarks in connection with the marketing and sale of Importer Products and Interim Products, and other activities with respect to the Trademarks, in a manner reasonably
consistent with the requirements with respect to form, color, style and appearance of the applicable Brand Guidelines (and Constellation Beers shall reasonably consider and take into account the goodwill associated with the Trademarks in making any
material changes to the other aspects of the Brand Guidelines such as strategic marketing), and (b) use and/or reproduce the Trademarks in accordance with all applicable laws, rules, and regulations. Further, Constellation Beers shall not do
any willful or intentional act which would damage the image of the Products in the Territory, and shall refrain from taking any act which disparages, discredits, dishonors, reflects adversely upon, or in any other manner materially harms the
Trademarks, or the goodwill associated therewith. Additionally, with respect to Importer Products and Interim Products, Constellation Beers shall comply with the Advertising and Marketing Code of the Beer Institute, as it may be amended from time to
time. 
 3.2 Merchandise and Advertising Materials. Constellation Beers shall, and shall cause its Affiliates and
sub-licensees to, ensure that any merchandise or advertising item that bears any Trademark is of sufficient quality so as not to disparage, discredit, dishonor, reflect adversely upon, or in any other manner materially harm the Trademarks, or the
goodwill associated therewith. Notwithstanding the foregoing, Marcas Modelo shall not have the right to approve or disapprove of advertising created by Constellation Beers. 

3.3 Importer Products. Constellation Beers shall, and shall cause its Suppliers to, comply with the quality standards in this
Article III for Importer Products. Constellation Beers shall, and shall cause its Suppliers to, ensure all Importer Products are manufactured, bottled and packaged in accordance with the applicable Quality Standards. Other than as set forth
in this Agreement, Constellation Beers shall not, and shall cause its Suppliers not to, alter the Trademarks, Containers, Bottle Designs or Recipe for any Importer Product. To the extent that a Recipe or Technical Specification specifies any
particular ingredients, raw materials, yeast cultures, formulas, brewing processes or equipment or other items, Constellation Beers and its Suppliers may use functional substitutes or replacements for the foregoing that do not change the finished
product, as would be determined by a reasonable Qualified Brewmaster. All Importer Products shall be manufactured and imported in a manner reasonably designed to assure they remain suitable for resale and consumption for a period of no less than one
hundred eighty (180) days from the date of production. 

  
 26 

 3.4 Brand Extension Beers. With respect to each Modelo Brand Extension Beer
constituting an Importer Product, Constellation Beers shall, and shall cause its Suppliers to, follow the Brand Guidelines of any Parent Products and Parent Trademarks, respectively, to the extent that they are applicable, in manufacturing, bottling
and packaging any such Brand Extension Beer. With respect to each Constellation Brand Extension Beer constituting an Importer Product, Constellation Beers shall, and shall cause its Suppliers to, create applicable Brand Guidelines therefor compliant
with the requirements of Section 2.15(a) and applicable quality standards. Any such Brand Extension Beer (whether Modelo or Constellation) must be of a quality equal to or higher than the Quality Standards. 

3.5 Packaging. Constellation Beers shall, and shall cause its Suppliers to, package Beer that is produced pursuant to this
Agreement only in a box, carton, wrap or similar item that contains other Products. Constellation Beers may include any number of bottles or cans in any particular box or carton. 

3.6 Samples. In order to verify compliance with the quality standards for Importer Products set forth in this Article
III, Constellation Beers shall, and shall cause its Suppliers to, at its own cost submit to Marcas Modelo, no more frequently than once per calendar quarter, (a) a reasonable number of representative samples of Importer Products, including
the Containers thereof, and any promotional products or any packaging or other materials bearing any Trademark used in marketing, merchandising, promoting, advertising (including sponsorship activities in connection with the foregoing), licensing,
distributing or selling Importer Products in the Territory (provided that, for the avoidance of doubt, Constellation Beers is not required to submit any such samples, promotional products, packaging or other materials to Marcas Modelo in
advance of actual use), and (b) compliance data that is reasonably necessary in order for Marcas Modelo to verify that Importer Products materially comply with applicable Quality Standards. 

3.7 Inspection. Upon reasonable advance notice, not more than twice per year (or in the event of a recall or withdrawal pursuant
to Section 3.9, more frequently until the issues giving rise to such events are reasonably resolved) and subject to the reasonable confidentiality requirements of Constellation Beers, (a) Marcas Modelo or its representatives shall
have the right, during regular business hours, to inspect the plants and facilities (including Yeast used therein) where Importer Products are manufactured, bottled, packaged, stored, or distributed, and (b) Constellation Beers shall, and shall
cause its Suppliers to, make their respective representatives reasonably available to Marcas Modelo or its representatives, as may be reasonably necessary for Marcas Modelo or any of its representatives to adequately review the quality of the
manufacturing, bottling, packaging, storage or distribution of Importer Products. 
 3.8 Brewmaster. Constellation Beers
shall, and shall cause its Suppliers to, employ or otherwise retain the services of (a) a qualified brewmaster to be responsible for supervising and directing the production, manufacturing, bottling and packaging of Importer Products and
(b) a Person responsible for the systems, and compliance, to ensure appropriate quality procedures and control for the production, manufacturing, bottling and packaging of Importer Products. 

  
 27 

 3.9 Recalls. In the event there is a withdrawal or recall by Constellation Beers or
its Supplier of any Importer Product, Constellation Beers shall promptly notify Marcas Modelo and provide Marcas Modelo with such relevant information as reasonably will inform Marcas Modelo of the facts giving rise to the need for such withdrawal
or recall, and the adequacy of steps taken by Constellation Beers or its sub-licensees to address any material concerns relating to quality identified in connection with such recall or withdrawal. 

3.10 Quality Default. 

(a) In the event of a Quality Default, a party shall deliver a written notice to the other party of such Quality Default (a “Quality
Default Notice”) promptly after becoming aware of any such Quality Default. The parties shall promptly meet to discuss the Quality Default Notice and each party shall provide the other with full technical and analytical support to assist in
identifying the problem and determining the correct procedures for resolving the same. Constellation Beers shall have [****] from and including the delivery of such Quality Default Notice to cure such Quality Default. In the event Constellation
Beers fails to cure such Quality Default within [****] of such Quality Default Notice (a “Quality Default Cure Failure”), and Marcas Modelo has delivered a written notice to Constellation Beers confirming such failure (a
“Quality Default Cure Failure Notice”), then, subject to the dispute resolution procedures in the remainder of this Section 3.10, Constellation Beers agrees that it shall, at its own cost, take all reasonably necessary
steps to cure and mitigate the breach. 
 (b) In the event that Constellation Beers disagrees that a Quality Default or a Quality Default
Cure Failure has occurred, it shall deliver a written notice to Marcas Modelo of its disagreement (a “Disagreement Notice”), which shall include the basis for such disagreement and shall be delivered within [****] of receipt by
Constellation Beers of a Quality Default Notice or a Quality Default Cure Failure Notice, as applicable. In the event of such a disagreement, Constellation Beers and Marcas Modelo shall attempt to resolve such disagreement between themselves. If
Constellation Beers and Marcas Modelo are unable to resolve the disagreement within [****] of receipt by Constellation Beers of a Quality Default Notice or a Quality Default Cure Failure Notice, as applicable, then Constellation Beers or Marcas
Modelo will jointly select a Qualified Brewmaster; provided that if Constellation Beers and Marcas Modelo are unable to select such Qualified Brewmaster within [****] after delivery of a Quality Default Notice, within an additional [****],
Constellation Beers and Marcas Modelo shall each select one brewmaster and those two brewmasters shall select a Qualified Brewmaster for purposes of this Section 3.10. 

(c) Within [****] of the appointment of the Qualified Brewmaster, Constellation Beers and Marcas Modelo shall each deliver to the Qualified
Brewmaster a detailed written report setting forth their respective proposed resolutions with respect to the disagreement and a detailed explanation of the basis and rationale for such party’s position. The Qualified Brewmaster shall thereafter
issue a written determination of whether a breach occurred, but no such determination shall award damages, or other relief, including relief which would terminate, result in a termination or have the same effect as termination of this Agreement, in
whole or in part. The determination of the Qualified Brewmaster shall be final and binding upon the parties and the breach determined by the Qualified Brewmaster may be enforced in accordance with the terms of this Agreement. 

  
 28 

 

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 

 3.11 De Minimis Breaches of Brand Guidelines. Should Constellation Beers take any
action inconsistent with the Brand Guidelines that constitute merely a de minimis breach of Sections 2.4, 3.1(a) or 3.4 with respect to Importer Products, Containers, Packaging or Marketing Materials, Marcas Modelo shall
not have the right to require, and Constellation Beers shall not be obligated, to destroy, recall, remove or otherwise cease the use of any then-existing stock of any such Importer Product, Containers, Packaging or Marketing Materials at issue. 

ARTICLE IV 
 TERM

 4.1 Term. The term of this Agreement shall commence on the date hereof and shall continue in perpetuity. The parties
acknowledge and agree that Marcas Modelo shall have no right to terminate this Agreement notwithstanding any breach of this Agreement by Constellation Beers, at any time. Marcas Modelo retains only the right to bring a claim as provided for herein
at Article VI against Constellation Beers for damages or to seek any other remedies available to it at law or equity for any claimed breach, but excluding any remedies that would seek to terminate, or result in the termination of this Agreement.

 ARTICLE V 

INDEMNIFICATION AND INSURANCE 

5.1 By Constellation Beers. From and after the date hereof, Constellation Beers shall defend, indemnify and hold harmless Marcas
Modelo and its Affiliates and its and their respective officers, directors, employees, representatives and agents (the “Modelo Indemnitees”) in respect of all damages, liabilities, losses, costs and expenses of any and every nature
or kind whatsoever, including reasonable attorneys’ fees and disbursements and all amounts paid in investigation, defense or settlement of any or all of the foregoing) (“Damages”) that any of the Modelo Indemnitees may incur as
a result of third-party actions, proceedings or claims to the extent arising out of or in consequence of: (a) the formulation, manufacture, production, packaging, transportation, storage, marketing, merchandising, promotion, advertisement
(including sponsorship activities in connection with the foregoing), licensing, distribution or sale of any products, materials or services by or on behalf of Constellation Beers, its Affiliates or its sub-licensees that bear the Trademarks (other
than to the extent caused by (i) any breach of any obligation of any member of the Modelo Group to Constellation Beers or its Affiliates, or (ii) the infringement caused solely by the Licensed Intellectual Property existing as of the date
of this Agreement, other than Licensed Intellectual Property to the extent created by Constellation Beers or its Affiliates under the Original Agreement); (b) any breach of this Agreement by Constellation Beers; (c) any infringement to the
extent arising from any use of a Brand Extension Mark created by Constellation Beers or any of its Affiliates or sub-licensees in the Territory (other than to the extent such infringement is caused solely by the associated Parent Trademark as it
exists of the date of this Agreement), or (d) any failure by Constellation Beers or its employees, agents, or its sub-licensees to comply with applicable law in connection with this Agreement. 

  
 29 

 5.2 By Marcas Modelo. From and after the date hereof, Marcas Modelo shall defend,
indemnify and hold harmless Constellation Beers and its Affiliates and its and their respective officers, directors, employees, representatives and agents (the “Constellation Beers Indemnitees”) in respect of all Damages that any of
Constellation Beers Indemnitees may incur as a result of third-party actions, proceedings or claims to the extent arising out of or in consequence of: (a) the formulation, manufacture, production, packaging, transportation, storage, marketing,
merchandising, promotion, advertisement (including sponsorship activities in connection with the foregoing), licensing, distribution or sale of any products, materials or services by or on behalf of Marcas Modelo, its Affiliates or its sub-licensees
(other than Constellation Beers or its Affiliates and their sub-licensees) that bear the Trademarks, in each instance other than due to a breach of this Agreement by any Constellation Beers Indemnitee; (b) any breach of this Agreement by Marcas
Modelo; or (c) any failure by Marcas Modelo or its employees or agents to comply with applicable law in connection with this Agreement. 

5.3 Insurance. Each of Constellation Beers and Marcas Modelo shall maintain at its own expense sufficient insurance, including
products liability and blanket contractual liability (“Liability Insurance”), to meet any claims that might reasonably be expected to arise against either of them in connection with the sale or distribution of any Products or any
other items pursuant to this Agreement. Each of Constellation Beers and Marcas Modelo agrees that the other party shall be added as an “additional insured as their interest may appear” on the other party’s Liability Insurance policy.
Each of Constellation Beers’s and Marcas Modelo’s Liability Insurance shall be underwritten by financially sound, reputable insurance carriers that are reasonably satisfactory to the other party. Each of Constellation Beers and Marcas
Modelo shall promptly provide the other with evidence of such Liability Insurance upon request. 
 5.4 No Implied Warranty.
ALL LICENSED INTELLECTUAL PROPERTY AND OTHER RIGHTS AND MATERIALS LICENSED OR OTHERWISE PROVIDED BY OR ON BEHALF OF EITHER PARTY OR THEIR ANY OF THEIR RESPECTIVE AFFILIATES UNDER THIS AGREEMENT (INCLUDING ALL RECIPES, MARKETING OR PROMOTIONAL
MATERIALS, TRADE DRESS, AND DESIGNS) ARE PROVIDED ON AN “AS IS” BASIS, AND EACH PARTY HEREBY DISCLAIMS ANY IMPLIED WARRANTIES, INCLUDING WITH RESPECT TO THE WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR
PURPOSE. The foregoing notwithstanding, each party warrants to the other party that tangible embodiments of Licensed Other IP and Recipes provided pursuant to this Agreement shall be complete and accurately reflect those embodiments that are used by
such providing party and, at the reasonable request of the receiving party, the providing party will reasonably cooperate respond to questions or reasonably supplement such information consistent with the intent of this Agreement. 

ARTICLE VI 
 GOVERNING
LAW AND JURISDICTION 
 6.1 Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York, without reference to its principles of conflicts of laws that would require application of the substantive laws of any other jurisdiction. Constellation Beers and Marcas Modelo agree that the International Convention
on the Sale of Goods shall not apply to this Agreement. 

  
 30 

 6.2 Jurisdiction. Constellation Beers and Marcas Modelo irrevocably consent
to the exclusive personal jurisdiction and venue of the courts of the State of New York or the federal courts of the United States, in each case sitting in New York County, in connection with any action or proceeding arising out of or relating to
this Agreement. Constellation Beers and Marcas Modelo hereby irrevocably waive, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of such action or proceeding brought in such a court
and any claim that any such action or proceeding brought in such court has been brought in an inconvenient forum. Constellation Beers and Marcas Modelo irrevocably consent to the service of process with respect to any such action or proceeding in
the manner provided for the giving of notices under Section 9.5, provided, the foregoing shall not affect the right of either Constellation Beers or Marcas Modelo to serve process in any other manner permitted by law.
Notwithstanding the foregoing, Constellation Beers and Marcas Modelo agree that neither may bring a judicial action or administrative proceeding unless and until the parties have provided the other party a reasonable opportunity to engage in
non-binding arbitration, to be held in the County and City of New York, before the CPR Institute for Dispute Resolution, or such other alternative dispute resolution provider as they may mutually agree upon; provided that, the obligations of
the parties under the foregoing sentence shall expire with respect to any dispute within ninety (90) days after notice is first provided by either party. 

6.3 Enforcement of Judgment. Constellation Beers and Marcas Modelo hereby agree that a final judgment in any suit, action
or proceeding shall be conclusive and may be enforced in any jurisdiction by suit on the judgment or in any manner provided by applicable law. 

ARTICLE VII 

CONFIDENTIALITY 
 7.1
Unless otherwise agreed to in writing by Constellation Beers, Marcas Modelo agrees (and Marcas Modelo agrees to cause its Affiliates) (a) to keep confidential all Confidential Information of Constellation Beers and not to disclose or reveal any
of such Confidential Information to any person other than those directors, officers, employees, stockholders, legal counsel, accountants, and other agents of Marcas Modelo or its Affiliates who are actively and directly participating in the
performance of the obligations and exercise of the rights of Marcas Modelo under this Agreement, and (b) not to use Confidential Information of Constellation Beers for any purpose other than in connection with the performance of the obligations
and exercise and enforcement of the rights of Marcas Modelo hereunder. The obligation to maintain the confidentiality of and restrictions on the use of Confidential Information hereunder shall include any Confidential Information of Constellation
Beers obtained by Marcas Modelo and its Affiliates prior to the date hereof. If Marcas Modelo is required by law, court order or government order or regulation to disclose Confidential Information of Constellation Beers, Marcas Modelo shall provide
notice thereof to Constellation Beers and, after consultation with Constellation Beers and, at the sole cost and expense of Constellation Beers, reasonably cooperating with Constellation Beers to object to or limit such disclosure, shall be
permitted to disclose only that Confidential Information so required to be disclosed. 

  
 31 

 7.2 Unless otherwise agreed to in writing by Marcas Modelo, Constellation Beers agrees (and
Constellation Beers agrees to cause its Affiliates and sub-licensees) (a) to keep confidential all Confidential Information of Marcas Modelo and the Modelo Group and not to disclose or reveal any of such Confidential Information to any person
other than those directors, officers, employees, stockholders, legal counsel, accountants, and other agents of Constellation Beers or its Affiliates or sub-licensees who are actively and directly participating in the performance of the obligations
and exercise of the rights of Constellation Beers under this Agreement, and (b) not to use Confidential Information of Marcas Modelo and the Modelo Group for any purpose other than in connection with the performance of the obligations and
exercise and enforcement of the rights of Constellation Beers hereunder. The obligation to maintain confidentiality of and restrictions on the use of Confidential Information hereunder shall include any Confidential Information of Marcas Modelo and
the Modelo Group obtained by Constellation Beers prior to the date hereof. If Constellation Beers is required by law, court order or government order or regulation to disclose Confidential Information, Constellation Beers shall provide notice
thereof to Marcas Modelo and, after consultation with Marcas Modelo and, at the sole cost and expense of Marcas Modelo, reasonably cooperating with Marcas Modelo to object to or limit such disclosure, shall be permitted to disclose only that
Confidential Information so required to be disclosed. 
 7.3 Constellation Beers acknowledges that certain elements in the Licensed Other IP
are the Confidential Information and trade secrets of ABI and its Affiliates, and Constellation Beers shall, and shall cause its Affiliates and sub-licensees to, protect such elements with the same degree of care that it uses to protect its own
Confidential Information and trade secrets of a similar nature, but no less than a reasonable degree of care. 
 7.4 The parties agree that
Confidential Information of Constellation Beers provided under this Article VII and/or that is order or pricing information is competitively sensitive, and Marcas Modelo shall establish, implement and maintain strict procedures and take such
other steps that are reasonably necessary to prevent disclosure of such Confidential Information to any person other than determined to be advisable in connection with the performance of the objectives and exercise of rights under this Agreement;
and in no case may Marcas Modelo permit disclosure to its representatives and employees or representatives and employees of its Affiliates who have direct responsibility for marketing, distributing or selling Beer in competition with the Importer
Products in the Territory. 
 ARTICLE VIII 

TAXES 
 8.1
Withholding. The payment of the Up-Front Payment (as defined in the Brewery SPA) (including any adjustment thereto) , which is made pursuant to the Brewery SPA, and any payment made pursuant to Section 8.2 of this Agreement
shall be made without deduction or withholding for any taxes (other than taxes imposed on net income in Mexico), except as required by applicable law. If any applicable law requires the deduction or withholding of any tax from such payment, then
Constellation Beers or its assignee shall be 

  
 32 

 
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
payment is made by a Person other than Constellation Beers and such tax would not have been imposed had Constellation Beers made such payment, then the sum payable to Marcas Modelo 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) Marcas Modelo receives an amount equal to the sum it would have received had no such deduction or withholding been made.

 8.2 Other Taxes. If and to the extent Constellation Beers exercises its right pursuant to Section 9.1 to assign
its rights and obligations under this Agreement to another Person, Constellation Beers shall indemnify and hold harmless Marcas Modelo or any of its Affiliates from and against any taxes, including, for the avoidance of doubt, any value added or
other similar taxes, for which Marcas Modelo may become liable for which Marcas Modelo would not have been liable had Constellation Beers not assigned its rights and obligations under this Agreement. 

ARTICLE IX 

MISCELLANEOUS 
 9.1
Assignment. Neither party may assign any right under this Agreement without the prior written consent of the other party; provided, that (a) Constellation Beers may assign or transfer (by sale of assets, sale of stock,
merger, operation of law or otherwise) this Agreement and its rights and obligations hereunder to any Affiliate of Constellation, (b) Constellation Beers may assign and transfer this Agreement and all of its rights and obligations hereunder to
any Third Party to whom Constellation Beers or its assigee sells or transfers (by sale of assets, sale of stock, merger, operation of law or otherwise) all or substantially all of its business with respect to Product in the Territory, and in that
event such assignee shall be deemed to be Constellation Beers for all purposes of this Agreement, (c) Marcas Modelo may assign or transfer this Agreement and its rights and obligations hereunder in whole or in part to any Subsidiary of ABI, or
(d) Marcas Modelo may assign or transfer this Agreement and its rights and obligations hereunder to any Third Party to whom Marcas Modelo sells or transfers (by sale of assets, sale of stock, merger, operation of law or otherwise) all or
substantially all of its business with respect to Product, and in that event such assignee shall be deemed to be Marcas Modelo for all purposes of this Agreement; provided, further, that any such assignee of either party agrees in writing to
be bound by all terms and conditions of this Agreement and the assigning party remains liable for its assignee’s performance under this Agreement. Any purported assignment not in strict compliance with the preceding sentence shall be null and
void and of no force and effect. Subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns. In the event that Constellation Beers desires to assign or
transfer less than all of its rights under this Agreement to any third party that is not an Affiliate of Constellation Beers or to which it does not assign or transfer all or substantially all of its business with respect to Product in the
Territory, the consent of Marcas Modelo as set forth in the first sentence of this Section 9.1 shall not be unreasonably withheld. 

  
 33 

 9.2 Force Majeure. During the pendency of any Force Majeure Event affecting a
brewing facility of Constellation Beers or Constellation Beers’s Supplier(s) in Mexico, Constellation Beers will discuss with Marcas Modelo and provide reasonable consideration of any offer made by Marcas Modelo to brew and deliver as directed
by Constellation Beers, any affected Beer capacity in Mexico during the pendency of such Force Majeure Event prior to engaging any manufacturing source outside of Mexico. 

9.3 Headings. The captions used in this Agreement are for convenience of reference only and shall not affect any obligation
under this Agreement. 
 9.4 Counterparts. This Agreement may be executed in counterparts, each of which when so executed and
delivered shall be deemed an original, and such counterparts, taken together, shall constitute one and the same instrument. Signatures sent by facsimile shall constitute and be binding to the same extent as originals. This Agreement may not be
amended except by an instrument in writing signed by both parties. 
 9.5 Notices. Any notice, claims, requests, demands, or
other communications required or permitted to be given hereunder shall be in writing and will be duly given if: (a) personally delivered, (b) sent by facsimile or (c) sent by Federal Express or other reputable overnight courier (for
next Business Day delivery), shipping prepaid as follows: 
  

			
	If to Constellation Beers:	    	Constellation Beers Ltd
		    	One South Dearborn St., Suite 1700
		    	Chicago, IL 60603
		    	Attention: President
		    	Telephone: +1 (312) 873-9600
		    	Facsimile: +1 (312) 346-7488
		
	With a copy to (which copy	    	Constellation Brands, Inc.
	shall not serve as notice	    	207 High Point Drive, Building 100
	hereunder):	    	Victor, New York 14564
		    	Attention: General Counsel
		    	Telephone: +1 (585) 678-7266
		    	Facsimile: +1 (585) 678-7103
		
	With a second copy to	    	Nixon Peabody LLP
	(which copy shall not serve	    	1300 Clinton Square
	as notice hereunder):	    	Rochester, NY
		    	Attention: James O. Bourdeau
		    	Telephone: +1 (585) 263-1000
		    	Facsimile: +1 (585) 263-1600
		
	If to Marcas Modelo:	    	Marcas Modelo, S.A. de C.V.
		    	Av. Javier Barros Sierra 555-3 Piso
		    	Col. Santa Fe, 01210,
		    	Mexico, D.F.
		    	Attention: General Counsel
		    	Telephone: + (52.55) 2266-0000
		    	Facsimile: + (52.55) 2266-0000

  
 34 

 
			
	With a copy to (which copy	    	Anheuser-Busch InBev
	shall not serve as notice	    	Brouwerijplein 1
	hereunder):	    	Leuven 3000
		    	Belgium
		    	Attention: Chief Legal Officer & Company Secretary
		    	Telephone: +32 16 27 69 42
		    	Facsimile: +32 16 50 66 99
	
	With a second copy to (which copy shall not serve as notice hereunder):
		    	Sullivan & Cromwell LLP
		    	125 Broad Street
		    	New York, New York 10004
		    	Attention: Frank J. Aquila
		    	George J. Sampas
		    	Krishna Veeraraghavan
		    	Nader A. Mousavi
		    	Telephone: +1 (212) 558-4000
		    	Facsimile: +1 (212) 558-3588

 or such other address or addresses or facsimile numbers as the person to whom notice is to be given may have previously
furnished to the others in writing in the manner set forth above. Notices will be deemed given at the time of personal delivery, if sent by facsimile, when sent with electronic notification of delivery or other confirmation of delivery or receipt,
or, if sent by Federal Express or other reputable overnight courier, on the day of delivery. 
 9.6 Entire Agreement. This
Agreement (including the schedules and exhibits hereto, which are incorporated into this Agreement by this reference and made a part hereof), the Confidentiality Agreement, dated as of May 26, 2012, by and between CBI, ABI and solely with
respect to Section 2 thereof, Grupo Modelo (the “Confidentiality Agreement”), the Brewery SPA, the Membership Interest Purchase Agreement, and the Restated LLC Agreement (as defined in the Membership Purchase Agreement and
solely to the extent Constellation Beers and Constellation do not acquire all of Constellation Beers’ Interest (as defined in the Membership Purchase Agreement)), and the Transition Services Agreement and each of the other Transaction
Documents, constitute the entire agreement among the parties with respect to the subject matter hereof and thereof, and supersede all prior or contemporaneous agreements and understandings, whether written or oral, among the parties hereto, or any
of them, with respect to the subject matter hereof and thereof. 
 9.7 Severability. To the extent that any provision of this
Agreement is invalid or unenforceable in the Territory or any state or other area of the Territory, this Agreement is hereby deemed modified to the extent necessary to make it valid and enforceable within such state or area, and the parties shall
promptly agree in writing on the text of such modification. 

  
 35 

 9.8 Injunction; Waiver. The parties acknowledge that a breach or threatened breach
by them of any provision of this Agreement will result in the other entity suffering irreparable harm which cannot be calculated or fully or adequately compensated by recovery of damages alone. Accordingly, the parties agree that any party may, in
its discretion (and without limiting any other available remedies), apply to any court of law or equity of competent jurisdiction for specific performance and injunctive relief (without necessity of posting a bond or undertaking in connection
therewith) in order to enforce or prevent any violations of this Agreement, and any party against whom such proceeding is brought hereby waives the claim or defense that such party has an adequate remedy at law and agrees not to raise the defense
that the other party has an adequate remedy at law. The failure of either party at any time to require performance of any provision of this Agreement shall in no manner affect such party’s right to enforce such provision at any later time. No
waiver by any party of any provision, or the breach of any provision, contained in this Agreement shall be deemed to be a further or continuing waiver of such or any similar provision or breach. 

9.9 Successors and Assigns; Third Party Beneficiaries. This Agreement is binding upon and shall inure to the benefit of the
parties hereto and their successors and permitted assigns. Nothing in this Agreement shall give any other Person any legal or equitable right, remedy or claim under or with respect to this Agreement or the transactions contemplated hereby. 

9.10 Amendment and Restatement. The Original Agreement shall be deemed amended and restated in its entirety as of the date
hereof by this Agreement and the Original Agreement shall thereafter be of no further force and effect except to evidence any rights and obligations of the parties or action or omission performed or required to be performed pursuant to such Original
Agreement prior to the date hereof. 
 9.11 Bankruptcy. The failure of any party hereto to perform any remaining obligations
of such party under this Agreement shall not excuse performance by the other party of its obligations hereunder. Accordingly, for purposes of Section 365(n) of The Bankruptcy Reform Act of 1978, as amended, and codified as 11 U.S.C.
§§ 101 et. seq. (the “Bankruptcy Code”) or any analogous provision under any law of any foreign or domestic, federal, state, provincial, local, municipal or other governmental jurisdiction relating to bankruptcy,
insolvency or reorganization (“Foreign Bankruptcy Law”), (a) this Agreement will not be deemed to be an executory contract, and (b) if for any reason this Agreement is deemed to be an executory contract, the licenses
granted under this Agreement shall be deemed to be licenses to rights in “intellectual property” as defined in Section 101 of the Bankruptcy Code or any analogous provision of Foreign Bankruptcy Law and Constellation Beers shall be
protected in the continued enjoyment of its right under this Agreement including, without limitation, if Constellation Beers so elects, the protection conferred upon licensees under 11 U.S.C. Section 365(n) of the Bankruptcy Code or any
analogous provision of Foreign Bankruptcy Law. 
 [Signature page follows] 

  
 36 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date first written
above. 
  

			
	MARCAS MODELO, S.A. DE C.V.
		
	By	 	 
		 	Name:
		 	Title:
		
	By  	 	 
		 	Name:
		 	Title:
	
	CONSTELLATION BEERS LTD.
		
	By	 	 
		 	Name:
		 	Title:

 [Signature Page to Sub-license Agreement] 

 Exhibit A 

TRADEMARK APPLICATIONS & REGISTRATIONS TO BE ABANDONED 

 

					
	 Mark
	  	 Ser./Reg./App. No.
	  	Jurisdiction
	CELEBRATE CORONA DE MAYO	  	SN:85-645063	  	USA
	COME CORONA WITH ME (Stylized)	  	SN:76-573148; RN:2,918,722	  	USA
	CORONA DECOR	  	SN:76-230093; RN:2,517,268	  	
	CORONA EXTRA READY TO SERVE	  	SN:85-818733	  	USA
	CORONA EXTRA READY TO SERVE and Design	  	SN:85-818736	  	USA
	CORONA START THE PARTY	  	SN:77-121219; RN:3,358,680	  	USA
	CORONA WIDE OPEN	  	SN:77-665053; RN:4,060,380	  	USA
	CORONA WIDE OPEN and Design	  	SN:77-665055; RN:3,986,182	  	USA
	CORONA ZONA	  	SN:76-229560; RN:4,200,383	  	USA
	CORONAVILLE	  	SN:78-725979; RN:3,221,680	  	USA
	GOMODELO	  	SN:85-496131; RN:4,189,942	  	USA
	SAVETHEBEACH.ORG CORONASAVETHEBEACH.ORG and Design	  	SN:85-769317	  	USA
	CERVECERIA DEL PACIFICO S.A. DE C.V. CERVEZA PACIFICO CLARA	  	RN: CA 93009; AN: 01013055	  	California
	PACIFICO and Design	  	SN:73-367145; RN:1,336171	  	USA
	CORONA.COM	  	SN:75-632870; RN:2,663,599	  	USA

  
 A-1 

 Exhibit B 

ADDITIONAL TRADEMARKS 
  

					
	 Mark/Name
	  	 Ser./Reg./App. No.
	  	Jurisdiction
	CERVEZA LA CERVEZA MAS FINA CORONA LIGHT CONT. NET. 340 ML and Design	  	SN:77-410946; RN:3,629,573	  	USA
	CONEXION CORONA	  	SN:77-120568; RN:3,908,281	  	USA
	CORONA	  	SN:76-054459; RN:2,634,004	  	USA
	CORONA	  	SN:76-230273; RN:2,817,872	  	USA
	CORONA (Stylized)	  	SN:74-337257; RN:2,489,710	  	USA
	CORONA (Stylized)	  	SN:76-090432; RN:2,590,621	  	USA
	CORONA (Stylized)	  	SN:76-230586; RN:2,684,504	  	USA
	CORONA (Stylized)	  	SN:75-875857; RN:3,631,787	  	USA
	CORONA and Design	  	SN:74-337256; RN:2,489,709	  	USA
	CORONA BEACH HOUSE	  	SN:85-081351; RN:3,984,217	  	USA
	CORONA CANTINA	  	SN:85-645045	  	USA
	CORONA DE MAYO	  	SN:85-645064	  	USA
	CORONA EXTRA	  	SN:76-090433; RN:2,600,236	  	USA
	CORONA EXTRA	  	SN:75-875865; RN:2,702,882	  	USA
	CORONA EXTRA	  	SN:76-231041; RN:2,817,873	  	USA
	CORONA EXTRA (Stylized)	  	SN:74-337259; RN:2,489,711	  	USA
	CORONA EXTRA (Stylized)	  	SN:76-230810; RN:2,687,262	  	USA
	CORONA EXTRA and Design	  	SN:76-559142; RN:2,993,696	  	USA
	CORONA EXTRA and Design	  	SN:76-544591; RN:3,329,891	  	USA
	CORONA EXTRA CERVEZA LA CERVEZA MAS FINA and Design	  	SN:77-118947; RN:3,544,218	  	USA
	CORONA EXTRA CERVEZA LA CERVEZA MAS FINA and Design	  	SN:77-118906; RN:3,544,217	  	USA
	CORONA EXTRA LA CERVEZA MAS FINA and Design	  	SN:74-337255; RN:2,489,708	  	USA
	CORONA EXTRA LA CERVEZA MAS FINA and Design	  	SN:78-907233; RN:3,317,902	  	USA
	CORONA FAMILIAR	  	SN:85-420269	  	USA
	CORONAROJO	  	SN:85-383807	  	USA
	CORONAROJO	  	SN:85-354655	  	USA
	CORONITA	  	SN:85-383802	  	USA
	CORONITA LIGHT	  	SN:77-379759; RN:3,549,260	  	USA
	CORONITA LIGHT and Design	  	SN:77-419975; RN:3,611,200	  	USA
	FIND YOUR BEACH	  	SN:77-870491; RN:4,191,028	  	USA
	FIND YOUR BEACH	  	SN:85-499815	  	USA
	LA CERVEZA MAS FINA	  	SN:76-544594; RN:2,963,654	  	USA
	LA CERVEZA MAS FINA and Design	  	SN:74-337258; RN:1,828,343	  	USA
	MODELO	  	SN:76-338317; RN:2,631,391	  	USA
	MODELO ESPECIAL	  	SN:76-338316; RN:2,631,390	  	USA

  
 B-1 

					
	 Mark/Name
	  	 Ser./Reg./App. No.
	  	Jurisdiction
	 MODELO ESPECIAL
 CHELADA
	  	SN:85-740870	  	USA
	MODELO LIGHT (Stylized)	  	SN:85-656356	  	USA
	MODELO LIGHT (Stylized)	  	SN:85-656355	  	USA
	MODELO LIGHT and Design	  	SN:85-663677	  	USA
	MODELO LIGHT and Design	  	SN:85-656354	  	USA
	NEGRA MODELO	  	SN:76-338315; RN:2,631,389	  	USA
	RELAX RESPONSIBLY	  	SN:77-120546; RN:3,576,821	  	USA
	RELAX RESPONSIBLY and Design	  	SN:77-121268; RN:3,463,388	  	USA
	RONAS & RITAS	  	SN:75-475936; RN:2,279,069	  	USA
	RONAS AND ‘RIAS	  	SN:85-413853	  	USA
	RONAS AND ‘RIAS	  	SN:85-383813	  	USA
	VIVA CORONA	  	SN:85-645054	  	USA
	Crown & Griffins Design	  	SN:73-708295; RN:1,548,371	  	USA
	Miscellaneous Design	  	SN:85-469388	  	USA
	Coins & King Design	  	SN:85-469380	  	USA
	King Design	  	SN:85-469400	  	USA
	Lion Design	  	SN:85-656360	  	USA
	Lion Design	  	SN:85-656358	  	USA
	Lion Design	  	SN:85-656357	  	USA
	CORONA	  	RN: TX 33569; AN: 00494075	  	Texas
	CORONA EXTRA	  	RN: UT 29675; AN: 20805621	  	Utah
	CORONA EXTRA	  	RN: DE 1989-67233; AN: 08008434	  	Delaware
	CORONA EXTRA	  	RN: NM 89012001; AN: 01076098	  	New Mexico
	CORONA EXTRA	  	RN: NH (No Registration Number); AN: 01064334	  	New Hampshire
	CORONA EXTRA	  	RN: MD 19897054; AN: 01057827	  	Maryland
	CORONA EXTRA	  	RN: MA 42599; AN: 01055262	  	Massachusetts
	CORONA EXTRA	  	RN: AZ 17892; AN: 00494153	  	Arizona
	CORONA EXTRA	  	RN: NM (No Registration Number); AN: 00494152	  	New Mexico
	CORONA EXTRA	  	RN: TX (No Registration Number); AN: 00494108	  	Texas
	CORONA EXTRA	  	RN: ID 12517; AN: 00341706	  	Idaho
	CORONA EXTRA	  	RN: NJ 8463; AN: 00339969	  	New Jersey
	CORONA EXTRA	  	RN: CT 7439; AN: 00338212	  	Connecticut
	CORONA EXTRA	  	RN: ME 19890160; AN: 00330567	  	Maine
	CORONA EXTRA	  	RN: IL 63823; AN: 00329652	  	Illinois
	CORONA EXTRA	  	RN: LA (No Registration Number); AN: 00017204	  	Louisiana
	CORONA EXTRA LA CERVEZA MAS FINA	  	RN: WA 17801; AN: 41800097	  	Washington
	CORONA EXTRA LA CERVEZA MAS FINA	  	RN: WA 9944; AN: 00016520	  	Washington
	MODELO	  	RN: CA 51955; AN: 00241431	  	California
	MODELO ESPECIAL	  	RN: CA 99414; AN: 23100029	  	California
	Design	  	RN: CA 51922; AN: 00241430	  	California
	VICTORIA	  	RN: CA 52397; AN: 00241579	  	California
	PACIFICO	  	SN:76-497182; RN:2,885,751	  	USA
	PACIFICO and Design	  	SN:76-497180; RN:2,862,190	  	USA
	PACIFICO LIGHT	  	SN:78-896659; RN:3,381,909	  	USA
	CORONARITA	  	SN:85-383808	  	USA

  
 B-2 

					
	 Mark/Name
	  	 Ser./Reg./App. No.
	  	Jurisdiction
	CORONITA RITA	  	SN:85-383810	  	USA
	CERVECERIA DEL PACIFICO, S.A. DE C.V. CERVEZA PACIFICO CLARA and Design	  	SN:74-071659; RN:1,671,994	  	USA
	CERVECERIA MODELO S.A. DE C.V. MEXICO MODELO ESPECIAL and Design	  	SN:77-100703; RN:3,576,774	  	USA
	CERVECERIA MODELO	  	SN:77-849176; RN:3,896,060	  	USA
	CORONARITA	  	SN: 85-637980	  	USA
	FAMILIAR (stylized)	  	SN: 85-420278	  	USA
	Miscellaneous Design	  	SN: 78-605037	  	USA

  
 B-3 

 Exhibit D 

TRADEMARKS 
  

					
	 Mark
	  	 Ser./Reg./App. No.
	  	Jurisdiction
	CERVEZA MODELO LIGHT and Design	  	SN:78-787355; RN:3,210,796	  	USA
	CORONA	  	SN:77-221594; RN:3,388,558	  	USA
	CORONA (Stylized)	  	SN:73-625255; RN:1,681,366	  	USA
	CORONA and Design	  	SN:73-625252; RN:1,689,218	  	USA
	CORONA EXTRA	  	SN:77-221686; RN:3,388,566	  	USA
	CORONA EXTRA (Stylized)	  	SN:73-625250; RN:1,681,365	  	USA
	CORONA EXTRA LA CERVEZA MAS FINA and Design	  	SN:73-625248; RN:1,729,694	  	USA
	CORONA LIGHT	  	SN:77-410950; RN:3,605,139	  	USA
	CORONA LIGHT and Design	  	SN:75-876356; RN:2,406,232	  	USA
	CORONA LIGHT and Design	  	SN:74-123829; RN:1,727,969	  	USA
	CORONITA EXTRA	  	SN:74-132069; RN:1,729,701	  	USA
	CORONITA EXTRA LA CERVEZA MAS FINA and Design	  	SN:74-160423; RN:1,761,605	  	USA
	LA CERVEZA MAS FINA and Design	  	SN:73-625249; RN:1,495,289	  	USA
	MODELO	  	SN:73-021202; RN:1,022,817	  	USA
	MODELO ESPECIAL	  	SN:72-464917; RN:1,055,321	  	USA
	MODELO ESPECIAL and Design	  	SN:85-074167; RN:4,060,986	  	USA
	MODELO LIGHT	  	SN:78-771233; RN:3,183,378	  	USA
	NEGRA MODELO	  	SN:73-128857; RN:1,217,760	  	USA
	NEGRA MODELO and Design	  	SN:77-499866; RN:3,567,209	  	USA
	VICTORIA and Design	  	SN:85-469396	  	USA
	Crown & Griffins Design	  	SN:73-625251; RN:1,462,155	  	USA
	Crown Design	  	SN:76-617147; RN:3,048,028	  	USA
	King Design (for Victoria Product)	  	SN:85-469392; RN:4,146,769	  	USA
	Miscellaneous Design (for Victoria Product)	  	SN:85-469385; RN:4,146,768	  	USA
	Miscellaneous Design (for Victoria Product)	  	SN:85-469375; RN:4,146,767	  	USA
	PACIFICO	  	SN:74-071754; RN:1,726,063	  	USA
	PACIFICO CLARA	  	SN:76-514146; RN:2,866,272	  	USA
	LA CERVEZA DEL PACIFICO CERVEZA PACIFICO CLARA and Design	  	SN:77-244688; RN:3,589,696	  	USA
	CERVEZA BARRILITO	  	SN:77-295228; RN:3,440,278	  	USA
	CORONARITA	  	SN:85-354652	  	USA
	CORONITA RITA	  	SN:85-413849	  	USA

  
 D-1 

					
	 Mark
	  	 Ser./Reg./App. No.
	  	Jurisdiction
	MODELO ESPECIAL CERVECERIA MODELO MEXICO and Design	  	SN:85-074113; RN:4,115,677	  	USA
	CERVECERIA MODELO, S.A. DE C.V. - MEXICO and Design	  	SN:78-605075; RN:3,191,287	  	USA
	VICTORIA	  	Common Law	  	USA
	LEON	  	SN:85-459133	  	USA
	LEON	  	SN:85-459120	  	USA
	LEON	  	SN:85-459153	  	USA
	LEON	  	SN:85-459142	  	USA
	LEON (Stylized)	  	SN:85-459165	  	USA
	LEON (Stylized)	  	SN:85-459162	  	USA
	LEON (Stylized)	  	SN:85-459159	  	USA
	LEON (Stylized)	  	SN:85-459157	  	USA
	LEON and Design	  	SN:85-459181	  	USA
	LEON and Design	  	SN:85-459177	  	USA
	LEON and Design	  	SN:85-459180	  	USA
	LEON and Design	  	SN:85-459175	  	USA

  
 D-2 

 Exhibit E 

CHELADA TRADEMARKS 
  

					
	 Mark/Name
	  	 Ser./Reg./App. No.
	  	 Jurisdiction

	CERVEZA MODELO ESPECIAL CHELADA and Design	  	SN:85-766205	  	USA
	CERVEZA MODELO ESPECIAL CHELADA and Design	  	SN:85-766203	  	USA

  
 E-1 

 Exhibit F 

NON-EXCLUSIVE TRADEMARKS 
  

					
	 Mark/Name
	  	 Ser./Reg./App. No.
	  	Jurisdiction
	CELEBRATE CINCO	  	SN: 85-645065	  	USA
	¡CELEBREMOS! CELEBRATE CINCO	  	SN: 85-645049	  	USA
	FAMILIAR	  	SN: 85-420277	  	USA

  
 F-1 

 EXHIBIT B 

FORM OF TRANSITION SERVICES AGREEMENT 

 EXHIBIT B 

TO FIRST AMENDMENT TO STOCK PURCHASE AGREEMENT 
  

 
  

TRANSITION SERVICES AGREEMENT 

dated as of [—], 2013 

between 
 ANHEUSER-BUSCH
INBEV SA/NV 
 and 

CONSTELLATION BRANDS, INC. 
  

 
  

 TRANSITION SERVICES AGREEMENT 

THIS TRANSITION SERVICES AGREEMENT, dated as of [—], 2013 (this
“Agreement”), is entered into by and between Anheuser-Busch In Bev SA/NV, a Belgian corporation (“Seller”) and Constellation Brands, Inc, a Delaware corporation (the “Purchaser” and, together with
Seller, each a “Party” and collectively, the “Parties”). 
 RECITALS 

WHEREAS, pursuant to the terms and conditions of that certain Stock Purchase Agreement, dated as of
[—], 2013 (as amended, modified or supplemented from time to time in accordance with its terms, the “Stock Purchase Agreement”), between Seller, Purchaser and certain other
parties, Seller has agreed, among other things, to cause all of the issued and outstanding shares of capital stock of (i) Compañia Cervecera de Coahuila, S.A. de C.V., a sociedad anónima de capital variable organized under
the laws of Mexico (the “Company”) and (ii) all of the issued and outstanding shares of capital stock of Servicios Modelo de Coahuila, S.A. de. C.V. a sociedad anónima de capital variable organized under the laws
of Mexico (“Servicios”), in each case, to be sold to Purchaser or one of its designees. 
 WHEREAS, as contemplated by the
Stock Purchase Agreement, Seller and Purchaser each desire to arrange for the provision of the Services in connection with the operation of the Company and the Piedras Negras Plant by Purchaser following the Closing Date and the expansion of the
Piedras Negras Plant; and 
 WHEREAS, the execution and delivery of this Agreement is required by the Stock Purchase Agreement. 

NOW, THEREFORE, in consideration of the premises and of the representations, warranties, covenants and agreements set forth in this Agreement,
and subject to and on the terms and conditions set forth in this Agreement, the Parties agree as follows: 
 ARTICLE I 

INTERPRETATION 
 Section
1.01 Certain Defined Terms. 
 (a) Capitalized terms used but not otherwise defined herein or in any schedule attached hereto shall
have the meanings given to them in the Stock Purchase Agreement. 
 (b) As used in this Agreement and in the schedules attached hereto: 

“Affiliate” means, with respect to any Person, a Person that directly or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with such Person. “Control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to
direct or cause the direction of the management policies of a Person, whether through the ownership of voting securities, by contract or credit arrangement, as trustee or executor, or otherwise. For the avoidance of doubt, the Company is an
Affiliate of Purchaser, and not an Affiliate of Seller. 

 “Agreement” has the meaning set forth in the preamble to this Agreement. 

“Action” means any litigation, action, audit, suit, charge, binding arbitration or other legal, administrative, regulatory or
judicial proceeding. 
 “Beer” has the meaning assigned to that term in the Interim Supply Agreement. 

“Brewery Expansion Plan” means those specifications and plans developed by Purchaser with the technical support of Seller to
expand the capacity of the Piedras Negras Plant to produce, bottle, package and temporarily store Beer by an additional ten million hectoliters per year over such capacity for the Piedras Negras Plant on the date hereof as described on
Schedule 2.01(d). 
 “Brewery Expansion Services” has the meaning set forth in Section 2.01(d).

 “Brewery Operations Services” has the meaning set forth in Section 2.01(a). 

“Cartons” means boxes, baskets, trays, partitions, flat board, sash and similar packaging for Importer Product (as defined
under the Sub-license Agreement). 
 “Change of Control” means (i) any Prohibited Owner or Person controlled by a
Prohibited Owner becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that such Prohibited Owner or Person shall be deemed to have beneficial ownership of all shares that such Prohibited Owner
or Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time) of all or any portion of any class of capital stock or equity interests (including partnership interests) then outstanding of Crown;
provided, that, no such Prohibited Owner or Person shall be considered to be a beneficial owner of any class of capital stock or equity interests (including partnership interests) of Crown solely as a result of being a beneficial owner of Voting
Stock of the Purchaser, (ii) any Prohibited Owner or Person controlled by a Prohibited Owner becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that such Prohibited Owner or Person shall
be deemed to have beneficial ownership of all shares that such Prohibited Owner or Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time) of all or any portion of any class of capital stock
or equity interests (including partnership interests) then outstanding of the Company; provided, that, no such Prohibited Owner or Person shall be considered to be a beneficial owner of any class of capital stock or equity interests (including
partnership interests) of the Company solely as a result of being a beneficial owner of Voting Stock of the Purchaser, (iii) any Prohibited Owner or Person controlled by a Prohibited Owner becomes the beneficial owner, directly or indirectly,
of more than fifty percent (50%) of the voting power of the total outstanding Voting Stock of the Purchaser; (iv) any Prohibited Owner or Person controlled by a Prohibited Owner becomes a member of Crown or shareholder of the Company, or
(v) a sale of all or substantially all of the assets of the Company to any Prohibited Owner or Person controlled by a Prohibited Owner. 

  
 -2- 

 “Company” has the meaning set forth in the recitals to this Agreement. 

“Confidential Information” has the meaning set forth in Section 2.12(a). 

“Contract” means any binding contract, agreement, subcontract, lease, sublease, license, purchase order, work order, sales
order, indenture, note, bond, instrument, mortgage, commitment, covenant or undertaking. 
 “Crown” means Crown Imports,
LLC, a Delaware limited liability company, and any successor thereto. 
 “Disclosing Party” has the meaning set forth in
Section 2.12(a). 
 “Disposition” means the sale, transfer, exclusive license or other disposition (including
any sale and leaseback transaction) of any property (including stock, membership interest, partnership and other equity interests) by any Person of property owned by such Person, including any sale, assignment, transfer or other disposal, with or
without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 
 “Exchange Act”
means the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder, in each case, as amended. 

“Excluded Services” has the meaning set forth in Section 2.01. 

“Force Majeure Events” has the meaning set forth in Section 6.02. 

“Grupo Modelo” means Grupo Modelo, S.A.B. de C.V., a sociedad anónima de capital variable organized under the
laws of Mexico. 
 “Grupo Modelo Entities” means, Grupo Modelo together with Affiliates and any successors thereto (other
than the Company or Servicios). 
 “Inamex Equipment” means the fixtures and equipment owned by Inamex de Cerveza y Malta,
S.A. de C.V. that are on or about the Plant Property (including, to the extent applicable, any buildings, cranes, tanks, compressors and pasteurizers) and any user manuals, brochures or other documentation or written information regarding, or
designed to facilitate the use of, such fixtures and equipment. 
 “Interim Supply Agreement” means that certain Interim
Supply Agreement, dated as of the date hereof, by and between Grupo Modelo and Crown. 
 “Invoices” has the meaning set
forth in Section 3.02(b)(i). 
 “IT” means information technology. 

“IT Service” means a service involving the management, maintenance, installation or utilization of computer hardware and
software used in connection with the operation of the business of the Company, including the management, maintenance, installation or utilization of IT Systems. 

  
 -3- 

 “IT Systems” means the computer systems, telephone systems, email and similar
information storage or transfer systems, and computer systems for management, maintenance, operation and utilization of equipment and facilities located at the Piedras Negras Plant, utilizing computer hardware and software in connection with the
operation of the business of the Company 
 “Knowing and Intentional” means that (i) a certain act or omission was
voluntarily made with the understanding that the act or omission constitutes a breach of this Agreement, and (ii) such breach was not cured promptly after receipt of notice thereof (taking into account how long it reasonably takes to cure such
breach). For the avoidance of doubt, “Knowing and Intentional” does not require the proof of scienter, bad faith or of any intent to cause any particular damage or harm. 

“Membership Interest Purchase Agreement” means that certain Amended and Restated Membership Interest Purchase Agreement,
dated as of February 13, 2013, by and among Seller, Purchaser, Constellation Beers Ltd. and Constellation Brands Beach Holdings, Inc. 

“Migration” means the transfer of the Transferred Data from Seller’s IT Systems to Purchaser’s IT Systems
(including SAP). 
 “Migration Plan” has the meaning set forth in Section 3.02(c). 

“Out-of-Pocket Costs” has the meaning set forth in Section 3.02(a). 

“Other G&A Services” has the meaning set forth in Section 2.01(c). 

“Party” or “Parties” has the meaning set forth in the preamble to this Agreement. 

“Pass-Through Charges” means the actual documented costs charged (without markup) by a Third-Party Service Provider for the
Services provided. 
 “Performance Standard” has the meaning set forth in Section 2.07(a). 

“Permitted Holders” means (a) Marilyn Sands, her descendants (whether by blood or adoption), her descendants’
spouses, her siblings, the descendants of her siblings (whether by blood or adoption), Hudson Ansley, Lindsay Caleo, William Caleo, Courtney Winslow, or Andrew Stern, or the estate of any of the foregoing Persons, or The Sands Family Foundation,
Inc., (b) trusts which are for the benefit of any combination of the Persons described in clause (a), or any trust for the benefit of any such trust, or (c) partnerships, limited liability companies or any other entities which are
controlled by any combination of the Persons described in clause (a), the estate of any such Persons, a trust referred to in the foregoing clause (b), or an entity that satisfies the conditions of this clause (c). 

“Permitted Purpose” has the meaning set forth in Section 2.12(a). 

“Person” means any natural person, firm, partnership, association, corporation, company, trust, business trust, governmental
authority or other entity. 

  
 -4- 

 “Piedras Negras Plant” means that certain brewery owned and operated by the
Company and located in Piedras Negras, Coahuila, Mexico. 
 “Procurement and Logistics Transition Services” has the meaning
set forth in Section 2.01(b). 
 “Product” has the meaning in the Interim Supply Agreement. 

“Prohibited Owner” means Carlsberg Breweries A/S, Heineken Holding NV, SABMiller plc, Molson Coors Brewing Company, Miller
Coors LLC, any of their respective controlled Affiliates and any successor of any of the foregoing, or any Person (other than a Subsidiary of Purchaser or a Permitted Holder) owning, distributing or brewing Beer brands of which 275 million
Cases (as such term is defined in Section 1.1 of the Sublicense Agreement) or more were sold in the Territory during the calendar year ended immediately prior to the determination of whether such Person is a Prohibited Owner.

“Purchaser” has the meaning set forth in the preamble to this Agreement. 

“Purchaser Indemnified Parties” has the meaning set forth in Section 5.02. 

“Receiving Party” has the meaning set forth in Section 2.12(a). 

“Sales Taxes” has the meaning set forth in Section 3.06(a). 

“Seller” has the meaning set forth in the preamble to this Agreement. 

“Service Coordinator” has the meaning set forth in Section 2.08. 

“Services” has the meaning set forth in Section 2.01(e). 

“Services Licensee” has the meaning set forth in Section 2.11(a). 

“Settlement Date” has the meaning set forth in the GM Agreement. 

“Stock Purchase Agreement” has the meaning set forth in the recitals to this Agreement. 

“Sublicense Agreement” means that certain Amended and Restated Sub-license Agreement dated as of the date hereof by and
between Constellation Beers Ltd. and Marcas Modelo, S.A. de C.V. 
 “Subsidiary” means, with respect to any Person, a
corporation, partnership, joint venture, limited liability company, trust, estate or other Person of which (or in which), directly or indirectly, more than fifty percent (50%) of (i) the issued and outstanding capital stock having ordinary
voting power to elect a majority of the board of directors, managers or others performing similar functions of such entity (irrespective of whether at the time capital stock of any other class or classes of such entity shall or might have voting
power upon the occurrence of any contingency), (ii) the interest in the capital or profits of such partnership, joint venture or limited liability company or other Person or (iii) the beneficial interest in such trust or estate is at the
time owned by such first Person, or by such first Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries. 

  
 -5- 

 “Supply Services” has the meaning set forth in Section 2.01(e). 

“Taxes” means (i) all Mexican federal, state or local or foreign taxes, fees, assessments, levies or other governmental
charges, or any liability for any of the foregoing together with all interest, penalties and additions imposed by any Governmental Authority. 

“Territory” has the meaning assigned to that term in Section 1.1 of the Sublicense Agreement. 

“Third Party” means any Person that is neither a Party nor an Affiliate of a Party. 

“Third-Party Contract” has the meaning set forth in Section 2.03. 

“Third-Party Service Provider” has the meaning set forth in Section 2.03. 

“Transferred Data” shall mean the data generated by the Company in connection with the operation of the business of the
Company and managed and maintained by Grupo Modelo on behalf of the Company or Servicios. 
 “Voting Stock” means
(i) with respect to a corporation, the stock of the class or classes pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect or appoint at least a majority of the board of directors or trustees
of such corporation (irrespective of whether or not at the time stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency) and (ii) with respect to a partnership, limited liability
company or business entity other than a corporation, the equity interests thereof. 
 “Yeast” has the meaning assigned to
that term in Section 1.1 of the Sublicense Agreement. 
 Section 1.02 Other Definitional Provisions. Unless the express
context otherwise requires: 
 (a) the word “day” means calendar day; 

(b) the words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement, shall
refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (c) the terms defined in the singular have a
comparable meaning when used in the plural, and vice versa; 
 (d) the terms “Dollars” and “$” mean United States
Dollars; 
 (e) references herein to a specific Section, Subsection or Schedule shall refer, respectively, to Sections, Subsections or
Schedules of this Agreement; 

  
 -6- 

 (f) wherever the word “include”, “includes” or “including” is used
in this Agreement, it shall be deemed to be followed by the words “without limitation”; 
 (g) references herein to any gender
include the other gender; 
 (h) references in this Agreement to the “United States” mean the United States of America and its
territories and possessions; 
 (i) references in this Agreement to the “Mexico” mean Mexico and its territories and possessions;

 (j) the word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends
and such phrase shall not mean simply “if”; and 
 (k) except as otherwise specifically provided in this Agreement, any agreement,
instrument or statute defined or referred to herein means such agreement, instrument or statute as from time to time amended, supplemented or modified, including (i) (in the case of agreements or instruments) by waiver or consent and (in the
case of statutes) by succession of comparable successor statutes and (ii) all attachments thereto and instruments incorporated therein. 

ARTICLE II 
 SERVICES

 Section 2.01 Provision of Services. Subject to the terms and conditions of this Agreement, Seller shall provide, or cause to
be provided, to Purchaser for the benefit of the Company and for the Piedras Negras Plant, Servicios: 
 (a) consulting services with respect
to the management of the Piedras Negras Plant (the “Brewery Operations Services”); 
 (b) consulting services in logistical
matters, materials resource planning and advisory services on procurement matters in connection with the transitioning of the operations of the Piedras Negras Plant (together, the “Procurement and Logistics Transition Services”);

 (c) general administrative services currently provided at the Piedras Negras Plant or to Servicios, including information technology (IT
Service), finance and regulatory compliance, services related to the testing of products and packaging in Crown’s current development pipeline as of the date of the Stock Purchase Agreement at Grupo Modelo’s Mexico City test brewery, human
resources and promotional, retail and licensing services performed by GModelo Corporation as of the date of the Stock Purchase Agreement (it being agreed and understood Purchaser that shall use its reasonable best efforts, with the cooperation of
Seller, to identify and engage a Third Party to perform such promotional, retail and licensing services (or perform such services itself) as soon as practicable after the date hereof) (collectively, the “Other G&A Services”);

  
 -7- 

 (d) services relating to the Brewery Expansion Plan as more fully set forth on Schedule
2.01(d) (the “Brewery Expansion Services”); and 
 (e) the supply of aluminum cans, glass, malt, crowns and caps, hops,
corn starch, can lids, Cartons and Yeast (the “Supply Services”, and, together with the Brewery Operations Services, the Other G&A Services, the Procurement and Logistics Transition Services and the Brewery Expansion Services,
the “Services”); 
 provided, however, that under no circumstances shall the Services include services related to or
connected with (i) capital expenditures (other than the consulting service required to be provided in connection with the Brewery Expansion Services), (ii) innovation (such services in clauses (i) and (ii), together, the
“Excluded Services”) and (iii) supply (other than with respect to Supply Services); provided, further, that other than with respect to the Brewery Expansion Services, the scope of the foregoing Services shall not
be required to be greater than the scope of the services that were provided by any Grupo Modelo Entity to the Company in the ordinary course of business during the 12 months immediately prior to the Settlement Date, but such scope shall be at least
equal to the scope of the services that were provided by any Grupo Modelo Entity to the Company in the ordinary course of business during the 12 months immediately prior to the Settlement Date. Notwithstanding anything to the contrary, under no
circumstances shall Seller have the authority to make any decisions with respect to the operation and expansion of the Piedras Negras Plant or the Company. 

Section 2.02 Additional Necessary Services. Seller agrees to provide any additional services other than the Excluded Services for the
operation of the Company, upon Purchaser’s reasonable request and at a price to be agreed upon after good faith negotiations between the Parties; provided, that the scope of any such additional services shall be no greater than the
services that were provided by any Grupo Modelo Entity to the Company in the ordinary course of business during the 12 months immediately prior to the Settlement Date. Any such additional necessary services so provided by Seller shall constitute
Services under this Agreement and be subject in all respect to the provisions of this Agreement. 
 Section 2.03 Third-Party Service
Providers. Seller may satisfy its obligation to provide the applicable Services hereunder by causing (a) one or more of its Affiliates that is reasonably capable of performing the Services, to provide such Services or by subcontracting any
of such Services or any portion thereof to such Affiliates (and Seller hereby fully and unconditionally guarantees the due and punctual performance of the Services by any such Affiliate), or (b) procuring any of such Services or portion
thereof, from any Third Party (such a Third Party, a “Third-Party Service Provider”) that is reasonably capable, in Purchaser’s reasonable judgment, of performing the Services (provided that Bain Consulting, LLC and Accenture
shall be deemed to be reasonably capable in Purchaser’s reasonable judgment for purposes of this Section 2.03(b)); provided; however, notwithstanding the foregoing, Seller may not subcontract, or otherwise delegate its
obligations to provide Services hereunder to any Third Party (other than an Affiliate of Seller) without the express written consent of Purchaser (with such consent not to be unreasonably conditioned, withheld or delayed). Seller shall use
commercially reasonable efforts to enforce the provisions of any Contract with a Third-Party Service Provider (a “Third-Party Contract”) that is related to the Services provided for Purchaser’s and the Company’s benefit
and upon Purchaser’s or the Company’s written request describing the default of the Third-Party Service Provider and supporting the demand of 

  
 -8- 

 
performance, compensation or indemnity, Seller shall use commercially reasonable efforts to pursue any required performance, warranty or indemnity under any Third-Party Contract on
Purchaser’s or the Company’s behalf. Purchaser shall reimburse Seller for all Out-of-Pocket Costs incurred by Seller in connection with pursuing any such performance, warranty or indemnity on behalf of Purchaser. The above is without
prejudice to any of Seller’s or Purchaser’s rights against the Third-Party Service Provider as a result of any Pass Through Warranty. 

Section 2.04 Transitional Nature of Services. The Parties acknowledge the transitional nature of the Services. Accordingly, subject to
Article VI, as promptly as practicable following the execution of this Agreement, Purchaser agrees to use commercially reasonable efforts to make a transition of each Service to its own internal organization or to obtain alternative
Services from Third Parties on or prior to the following transition dates for each of the Services: 
 (a) with respect to Brewery Operations
Services, the date that is six months from the date of this Agreement, 
 (b) with respect to Other G&A Services, the date that is 24
months from the date of this Agreement; provided, however, that at Purchaser’s option, the provision of Other G&A Services pursuant to this Agreement may be extended to the date that is 36 months from the date of this
Agreement; 
 (c) with respect to Procurement and Logistics Transition Services, the date that is 36 months from the date of this Agreement;
provided, however, that, with respect to the materials resource planning services provided pursuant to Section 2.01(b), if the Company has been unable to obtain and install its own materials resource planning IT System
prior to the date that is six months from the date of this Agreement, such services shall continue to be provided pursuant to this Agreement until the earlier of (i) the date on which the Company has obtained and fully installed such system and
(ii) the date that is 36 months from the date of this Agreement; 
 (d) with respect to Brewery Expansion Services, the date that is 36
months from the date of this Agreement, provided that Purchaser shall use commercially reasonable efforts to meet each of the Target Completion Dates for the applicable Brewery Expansion Plan Milestone as set forth on Schedule 2.01(d);
and 
 (e) with respect to each Supply Service, the date that is 36 months from the date of this Agreement. 

It is agreed that, although Purchaser has agreed to use its commercially reasonable efforts as set forth herein, Seller shall have no right to
receive damages or terminate this Agreement arising out of any claim that Purchaser failed to use such efforts; provided that in no case shall Seller be required to provide any particular Services beyond the latest date for such particular
Service as set forth in this Section 2.04. Without limiting the foregoing, Purchaser and Seller agree to cooperate in good faith to negotiate an agreement with the current supplier of Cartons, Gondi, S.A. de C.V., to supply Cartons
directly to the Company on terms independent of any supply to Grupo Modelo and its subsidiaries. 

  
 -9- 

 Section 2.05 Exception to Obligation to Provide Services and Cooperation on Third Party
Contracts. Should (a) the provision of a Service by Seller violate, increase or constitute a breach of Seller’s obligations under any Law or any Contract to which Seller or any of its Affiliates is subject, or (b) any Contract or
arrangement with any Third Party pursuant to which the Company received goods and services during the 12 months immediately prior to the Closing (a “Prior Contract”), due to the Closing (i) be terminated by a party to such
Prior Contract (other than the Company), (ii) entitle a party to such Prior Contract (other than the Company) to increase, and such party does increase, the cost or obligation of, or reduce the benefit to, the Company under such Prior Contract,
or (iii) result in the inability of the Company to obtain after the Closing Date, goods or services that are the subject of the Prior Contract, for a cost that is consistent with the cost the Company was required to incur prior to the Closing,
then the Parties shall each use their respective reasonable best efforts to obtain (or cause to be obtained) all consents, agreements, waivers and licenses necessary for any such Service or such goods or services to be provided to the Company
(it being understood that such reasonable best efforts, with respect to Purchaser, include, to the extent appropriate, attempting to obtain a consent, agreement, waiver or license from an existing Third-Party service provider of
Purchaser), such that the Company will be able to operate in the same or better manner as it was operated during the 12 months immediately prior to the Settlement Date, provided that such requirement shall not be deemed to be a guaranty of any
particular result. If any such consents, agreements, waivers and licenses cannot be obtained and Purchaser has not entered into a Contract for the provision of (1) all or a part of such Service with a Third-Party Service Provider on terms
consistent with the terms of the applicable Prior Contract or (2) such goods or services, or a functional equivalent of either on consistent terms and conditions (including price and quality), then the Parties shall use their reasonable best
efforts to arrange for alternative methods of delivering any goods or services such that the Company will be able to operate in the same or better manner as it was operated during the [****], provided that such requirement shall not be deemed to be
a guaranty of any particular result. [****] The Parties shall continue to use their reasonable best efforts to obtain all consents, agreements, waivers or licenses (it being understood that such reasonable best efforts, with
respect to Purchaser, includes, to the extent appropriate, attempting to obtain a consent, agreement, waiver or license from an existing Third-Party service provider of Purchaser), until they have been obtained or the parties have undertaken an
alternative method of delivering any goods or services such that the Company will be able to operate in the same or better manner as it was operated during the 12 months immediately prior to the Settlement Date, as set forth in this Agreement. 

[****] 
 Nothing in this
Agreement, including this Section 2.05, is intended to, or shall, constitute a waiver or modification of the rights of ABI or the Buyer Parties under Sections 5.13 and 5.14 of the Stock Purchase Agreement. 

  
 -10- 

 

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the Securities and Exchange Commission. 

 Section 2.06 Duration of Services. Subject to Article VI, each of the Services
shall be provided commencing from and after the Closing Date, unless a different date is specified as the commencement date on a Schedule hereto, and shall continue for the period set forth in Section 2.04 (with respect to a particular Service,
the “Service Term”). For example, Purchaser may enter into a contract with a Third Party for the supply of Cartons and thereby terminate the Supply Service regarding the supply of Cartons hereunder; provided, however ̧ that in
the event of any such termination, all Supply Services, other than the Supply Service regarding the supply of Cartons and any other Supply Service that had been previously terminated in accordance with the terms of this Agreement, shall continue.

 Section 2.07 Standard of Services. 

(a) Except as otherwise agreed in writing between the Parties after the date of this Agreement and subject to Section 2.03, Seller
shall provide the Services, or cause the Services to be provided, at a level of quality similar in all material respects to the manner in which the Services were performed and with the same standard of care as provided, in each such case, in
connection with the operation of the Company and the Piedras Negras Plant during the 12 months immediately prior to the Settlement Date, such that the Piedras Negras Plant will continue to be operated in the same or better manner as it was operated
during the 12 months immediately prior to the Settlement Date, provided that such performance standard shall not be deemed to be a guaranty of any particular result (the “Performance Standard”), provided further that the
foregoing shall not modify, limit or amend Seller’s obligation to provide the requirements of aluminum cans, glass, malt, crowns and caps, hops, corn starch, can lids, Cartons and Yeast , in accordance with Schedule 3.02(a)(i) of this
Agreement. Under no circumstance shall Seller be obligated to meet any key performance indicators or other similar metrics; provided that Seller shall use commercially reasonable efforts to meet each of the Target Completion Dates for the
applicable Brewery Expansion Plan Milestone as set forth on Schedule 2.01(d), it being agreed that although Seller has agreed to use such commercially reasonable efforts, Purchaser shall have no right to receive damages, equitable relief or
terminate this Agreement arising out of any claim that Seller failed to use such efforts or any failure to meet any Brewery Expansion Plan Milestone. 

(b) Notwithstanding anything to the contrary in this Agreement, in no event shall Seller or any of its Affiliates be liable for any Liability
related to, arising out of or connected with any Services provided by a Third-Party Service Provider, other than in connection with a Knowing and Intentional act or omission by Seller or any of its Affiliates (including any Knowing and Intentional
breach by Seller of its obligation to use commercially reasonable efforts to enforce any Third-Party Contract as set forth in Section 2.03). Purchaser acknowledges and agrees that this Agreement does not create a fiduciary relationship,
partnership, joint venture or relationships of trust or agency between the Parties and that all Services are provided by Seller and any of its Affiliates as an independent contractor. 

(c) Seller warrants and covenants that all Services to be performed by Seller shall be performed in compliance with all applicable laws, rules
and regulations, including all laws, rules and regulations relating to alcoholic beverages. 
 Section 2.08 Service
Coordinators. Each Party hereby appoints as of the date hereof the representative set forth on Schedule 2.08 attached hereto (each such representative, a “Service Coordinator”), who shall be responsible for coordinating
and managing the provision and receipt of the applicable Services and shall have authority to act on the applicable Party’s behalf with respect to matters relating to this Agreement (unless and until a replacement representative is designated
by the applicable party hereto by advance written notice to the other party hereto in accordance with Section 7.02). 

  
 -11- 

 Section 2.09 Cooperation. Purchaser shall, and shall cause its Affiliates to, use its
commercially reasonable efforts to (a) cooperate with Seller and any Third-Party Service Provider with respect to the provision of any Service and (b) enable Seller and any Third-Party Service Provider (as the case may be) to provide the
Services in accordance with this Agreement. Notwithstanding anything to the contrary, none of Purchaser, its Affiliates or any of its representatives shall take any action or omit to take any action that would interfere with or increase the cost or
expense of Seller or any Third-Party Service Provider. 
 Section 2.10 Access. Purchaser shall (a) make available on a
timely basis such information and materials as are reasonably requested by Seller or any Third-Party Service Provider to enable such Person to provide the Services and (b) provide to Seller or Third-Party Service Provider reasonable access to
its premises and facilities during normal business hours and the equipment, systems, software and networks located therein, to the extent necessary for the purpose of providing the Services. Seller shall make available on a timely basis such
information and materials as are reasonably requested by Purchaser in order to facilitate the receipt of Services. 
 Section 2.11
Ownership of Intellectual Property. 
 (a) Except as otherwise expressly provided in this Agreement or in any other Transaction
Agreement, Seller, Purchaser, any Third-Party Service Provider and the respective Affiliates of each such Person shall retain all right, title and interest in and to their respective Intellectual Property and any and all improvements, modifications
and derivative works thereof. No license or right, express or implied, is granted under this Agreement by Seller, Purchaser, any Third-Party Service Provider and the respective Affiliates of each such Person in or to their respective Intellectual
Property, except that, solely to the extent required for the provision or receipt of the Services (as the case may be) in accordance with this Agreement, each of Seller and Purchaser, for itself and on behalf of the respective Affiliates thereof,
hereby grants to the other (and the respective Affiliates thereof) a non-exclusive, revocable license during the term of this Agreement to such Intellectual Property that is provided by the granting Party to the other Party (“Services
Licensee”) in connection with this Agreement, but only to the extent and for the duration necessary for the Services Licensee to provide or receive the applicable Service as permitted by this Agreement (it being
understood that such a license shall terminate or shall be deemed terminated immediately upon the expiration of the term hereof or earlier as provided in Article VI and is subject to any licenses granted by other Persons with
respect to Intellectual Property not owned by Seller, Purchaser or the respective Affiliates of such Person). 
 (b) Subject to the limited
license granted in Section 2.11(a), in the event that any Intellectual Property is created by Seller or a Third-Party Service Provider in the provision of any Services, all right, title and interest throughout the world in and to all
such Intellectual Property shall vest solely in such Person unconditionally and immediately upon such Intellectual Property having been developed, written or produced, unless the applicable parties otherwise agree in writing; provided,
however, that any Intellectual Property specifically developed or commissioned for the benefit of Purchaser or the Company by Seller or a Third-Party Service Provider shall be owned by and become the sole property of Purchaser or the Company,
as applicable. 

  
 -12- 

 (c) Except as otherwise expressly provided in this Agreement or in any other Transaction
Agreement, (i) no Party (or any of its Affiliates) shall have by virtue of this Agreement any licenses with respect to any Intellectual Property (including software), hardware or facility of the other Party and (ii) Purchaser shall not
have by virtue of this Agreement any licenses with respect to any Intellectual Property (including software) of any Third-Party Service Provider not granted to Purchaser pursuant to Section 2.11(b). All rights and licenses not expressly
granted in this Agreement or in any other Transaction Agreement are expressly reserved by the relevant Party. Each Party shall from time to time execute any documents and take any other actions reasonably requested by the other Party to effectuate
the intent of this Section 2.11. 
 Section 2.12 Confidentiality. 

(a) During the term of this Agreement and thereafter, the Parties shall, and shall instruct their respective representatives to, maintain in
confidence and not disclose the other Party’s financial, technical, sales, marketing, development, personnel, and other information, records, or data, including, without limitation, customer lists, supplier lists, trade secrets, designs,
product formulations, product specifications or any other proprietary or confidential information, however recorded or preserved, whether written or oral (any such information, “Confidential Information”). Each Party shall use the
same degree of care, but no less than reasonable care, to protect the other Party’s Confidential Information as it uses to protect its own Confidential Information of like nature. Unless otherwise authorized in any Contract between the Parties,
any Party receiving any Confidential Information of the other Party (the “Receiving Party”) may use Confidential Information only for the purposes of fulfilling its obligations under this Agreement (the “Permitted
Purpose”). Any Receiving Party may disclose such Confidential Information only to its Representatives who have a need to know such information for the Permitted Purpose and who have been advised of the terms of this Section 2.12
and the Receiving Party shall be liable for any breach of these confidentiality provisions by such Persons; provided, however, that any Receiving Party may disclose such Confidential Information to the extent such Confidential
Information is required to be disclosed by a Governmental Order, in which case the Receiving Party shall promptly notify, to the extent possible, the disclosing party (the “Disclosing Party”), and take all reasonable steps requested
by the Disclosing Party and at the sole cost and expense of the Disclosing Party to assist in contesting such Governmental Order or in protecting the Disclosing Party’s rights prior to disclosure, and in which case the Receiving Party shall
only disclose such Confidential Information that it is advised by its outside legal counsel in writing that it is legally bound to disclose under such Governmental Order. 

(b) Notwithstanding the foregoing, “Confidential Information” shall not include any information that the Receiving Party can
demonstrate: (i) was publicly known at the time of disclosure to it, or has become publicly known through no act of the Receiving Party or its Representatives in breach of this Section 2.12; (ii) was rightfully received from a
Third Party without a duty of confidentiality or (iii) was developed by it independently without any reliance on the Confidential Information. 

  
 -13- 

 (c) Upon demand by the Disclosing Party at any time, or upon expiration or termination of this
Agreement with respect to any Service, the Receiving Party agrees promptly to return or destroy, at the Disclosing Party’s option, all Confidential Information. If such Confidential Information is destroyed, an authorized officer of the
Receiving Party shall certify to such destruction in writing. 
 (d) The Parties agree that the Confidential Information of the Company
relating to pricing or sales is competitively sensitive, and Seller shall establish, implement and maintain procedures and take such other steps that are reasonably necessary to prevent any disclosure of such information to its employees and those
of its Affiliates who have direct responsibility for marketing, distributing or selling Beer (other than the Products) in the United States. 

Section 2.13 Records. Seller shall use commercially reasonable efforts to create and maintain full and accurate books and records
in connection with its provision of the Services, and, upon reasonable advance notice from Purchaser or the Company, shall make available for inspection and copy by such party’s representatives and agents such books and records during
reasonable business hours. Seller may, but shall not be required to, maintain records under this Agreement following the termination of this Agreement. 

Section 2.14 Inamex Equipment. On or as soon as practicable after the date hereof, (i) Seller, at no cost to Purchaser and on
an “as is”, “where is” and “with all faults” basis only, shall assign, transfer and convey, or shall otherwise cause the assignment, transfer and conveyance of, all right, title and interest in and to the Inamex
Equipment to Purchaser or its Affiliate and (ii) Purchaser or its Affiliate shall accept from Seller such right, title and interest in and to the Inamex Equipment. Each of Seller and Purchaser shall do, execute, acknowledge and deliver or cause
to be done, executed, acknowledged and delivered, all such further acts, deeds, assignments, transfers, conveyances, powers of attorney and assurances as may be reasonably required in order to assign, transfer and convey the Inamex Equipment in
accordance with this Section 2.14. 
 ARTICLE III 

COMPENSATION 

Section 3.01 Responsibility for Wages and Fees. For such time as any employees of Seller or any of its Affiliates are providing
the Services to Purchaser under this Agreement, (a) such employees will remain employees of Seller or such Affiliate, as applicable, and shall not be deemed to be employees of Purchaser for any purpose, and (b) Seller or such Affiliate, as
applicable, shall be solely responsible for the payment and provision of all wages, bonuses and commissions, employee benefits, including severance and worker’s compensation, and the withholding and payment of applicable Taxes relating to such
employment. 

  
 -14- 

 Section 3.02 Terms of Payment and Related Matters. Unless otherwise specified herein
or in any Schedule hereto: 
 (a) As consideration for provision of the Services, Purchaser shall pay Seller (i) for the Supply
Services, on the terms and conditions set forth in Schedule 3.02(a)(i), and (ii) for all other services listed in Section 2.01, on the terms and conditions set forth in Schedule 3.02(a)(ii). In addition, in the event that
Seller or any of Seller’s Affiliates (other than a Third-Party Service Provider) or any Third-Party Service Provider (other than an Affiliate of Seller) incurs reasonable and documented actual out-of-pocket expenses (without markup) in the
provision of any Service, including, license fees and payments to Third-Party Service Providers or subcontractors, any of Seller’s Affiliates (other than a Third-Party Services Provider) or any Third-Party Service Provider (other than an
Affiliate of Seller) (such included expenses, collectively, “Out-of-Pocket Costs”), Purchaser shall reimburse Seller or Third-Party Service Provider (as the case may be) for all Out-of-Pocket Costs in accordance with the invoicing
procedures set forth in Section 3.02(b). Notwithstanding anything set forth in this Agreement, Purchaser shall not be obligated to pay Seller any internally allocated costs of Seller, including wages, overhead or similar costs in respect
of the Services. Furthermore, Seller may direct Purchaser in writing to make any payments of Out-of-Pocket Costs or Pass-Through Charges, directly to Third Parties. 

(b) 
 (i) Seller shall provide
Purchaser, in accordance with Section 7.02 of this Agreement, with monthly invoices (“Invoices”), which shall set forth in reasonable detail, with such supporting documentation as Purchaser may reasonably request with
respect to Out-of-Pocket Costs and amounts payable under this Agreement; and 
 (ii) payments pursuant to this Agreement shall be made
within 30 Business Days after the date of receipt of an Invoice by Purchaser from Seller. 
 (c) Migration and Migration Services.
Purchaser and Seller shall, at the sole expense of Purchaser, promptly and cooperatively develop and implement a separation and related migration plan, including addressing all reasonable concerns by Seller regarding the transfer of data, including
privacy, destruction or damage to data (collectively, the “Migration Plan”) in order to achieve a Migration of the Transferred Data. Purchaser shall manage the development of the Migration Plan and the Migration pursuant to the Migration
Plan and the Parties shall reasonably agree to a work plan for any such migration. Seller shall, at Purchaser’s request and sole expense (which shall include the proportional salary and benefit expenses associated with Seller’s employees
but not other overhead), reasonably collaborate with Purchaser and provide Purchaser with assistance reasonably requested by Purchaser in connection with the development and implementation of the Migration Plan, it being understood that Seller shall
not be obligated to take or to permit any action which reasonably threatens the integrity of the data of Seller or its Affiliates or the operation of its or its Affiliates’ businesses. Purchaser shall consider in good faith Seller’s
comments to the Migration Plan. The Service Coordinators shall represent their principals in all matters associated with the Migration. 

Section 3.03 Extension of Services. The Parties agree that neither Seller nor any Third-Party Service Provider shall be obligated
to perform any Service upon the expiration of the applicable Service Term. 
 Section 3.04 Terminated Services. Upon termination
or expiration of any or all Services pursuant to this Agreement, or upon the termination of this Agreement in its entirety, Seller shall have no further obligation to provide the applicable terminated Services and Purchaser

  
 -15- 

 
will have no obligation to pay any future compensation or Out-of-Pocket Costs relating to such Services (other than for or in respect of (i) Services already provided in accordance with the
terms of this Agreement and received by Purchaser prior to such termination and (ii) with respect to aluminum cans, glass, malt, crowns and caps, hops, can lids, Yeast, Cartons and corn starch that have, as of the termination of this Agreement,
been shipped to the Company but have not delivered in its entirety in connection with the provision of the Supply Services). 

Section 3.05 Invoice Disputes. In the event of an Invoice dispute, Purchaser shall use commercially reasonable efforts to deliver
a written statement to Seller no later than seven (7) Business Days prior to the date payment is due on the disputed Invoice listing all disputed items and providing a reasonably detailed description of each disputed item. Amounts not so
disputed shall be deemed accepted and shall be paid, notwithstanding disputes on other items, within the period set forth in Section 3.02(b) (unless otherwise specified herein or in a schedule hereto); provided that nothing in this
Section 3.05 shall prevent Purchaser from (a) disputing any Invoice that includes an incorrectly calculated fee or charge, for a period of one year after such Invoice was paid by Purchaser, or (b) prevent Purchaser from obtaining the
rights set forth in Section 3.06 below. The Parties shall seek to resolve all such disputes expeditiously and in good faith. Seller shall continue performing the Services in accordance with this Agreement pending resolution of any dispute. 

Section 3.06 Audits. Seller shall make and keep books, records, receipts, work-papers, invoices and other information containing
complete and accurate, data and other such particulars as may be reasonably necessary to verify all amounts charged to Purchaser under this Agreement, including all fees, Out-of-Pocket Costs, Pass-Through Charges and the prices, components and
calculations thereof charged to Purchaser for Supply Services (including all Year 1 Base Prices for aluminum cans, glass, malt, crowns and caps, hops and corn starch and prices for can lids, Cartons and Yeast). Purchaser shall have the right to
audit, or cause its representatives to audit, books, records, receipts, work-papers, invoices and other information during the term of this Agreement and for one (1) year thereafter, such audit to be conducted on reasonable advance notice and
during normal business hours; provided that if the disclosure of any information would cause Seller to violate applicable Law, the terms of any confidentiality agreement or the confidentiality provision in any Contract, or impact any
privilege, including the attorney/client privilege, Seller and Purchaser shall cooperate in good faith and take all such reasonable actions as are necessary to ensure that Purchaser is able to verify all amounts charged to Purchaser under this
Agreement, including all fees, Out-of-Pocket Costs, Pass-Through Charges and the prices, components and calculations thereof charged to Purchaser for Supply Services (including all Year 1 Base Prices for aluminum cans, glass, malt, crowns and caps,
hops and corn starch and prices for can lids, Cartons and Yeast). In the event that such audit reveals a discrepancy in the amounts paid by Purchaser to Seller from what was actually required to be paid, Seller shall refund Purchaser such
overpayment, or Purchaser shall reimburse Seller for such underpayment, as applicable. In the event that Purchaser’s overpayment is in excess of five percent (5%) of the amount Purchaser was required to pay Seller, Seller shall also
reimburse Purchaser for the cost of such audit. Seller shall respond in writing to Purchaser regarding any items of noncompliance identified by Purchaser during such inspections or audits within seven (7) days of Purchaser’s notice thereof
and shall use its reasonable best efforts to remedy any such items of noncompliance within fifteen (15) days of notice thereof. 

  
 -16- 

 Section 3.07 Taxes. 

(a) Purchaser shall be responsible for all sales, transfer, goods or services Tax, value added Tax, or similar gross-receipts-based Tax
(including any such Taxes that are required to be withheld), imposed against or on services provided (“Sales Taxes”) by Seller, an Affiliate of Seller, or Third-Party Service Provider. Notwithstanding any provision to the contrary,
all consideration paid under this Agreement is exclusive of Sales Taxes. 
 (b) Purchaser shall be entitled to deduct and withhold Taxes
required by any applicable Law to be withheld on payments made pursuant to this Agreement. To the extent any amounts are so withheld, Purchaser shall promptly provide to such Seller, Affiliate of Seller, or Third-Party Service Provider evidence of
such payment to such Governmental Authority. Seller, an Affiliate of Seller, or Third-Party Service Provider shall, prior to the date of any payment to be made pursuant to this Agreement, at the request of Purchaser, make commercially reasonable
efforts to provide such Seller, Affiliate of Seller, or Third-Party Service Provider any certificate or other documentary evidence (x) required by Law or (y) which such Seller, Affiliate of Seller, or Third-Party Service Provider is
entitled by Law to provide in order to reduce the amount of any Taxes that may be deducted or withheld from such payment and Purchaser agrees to accept and act in reliance on any such duly and properly executed certificate or other applicable
documentary evidence. 
 Section 3.08 Other Matters. 

(a) Notwithstanding anything herein to the contrary, Seller shall have no obligation to hire, assign or retain any employees, agents,
contractors or other personnel in connection with this Agreement or the Services hereunder, other than as expressly set forth in Schedule 3.02(a)(ii). 

(b) Seller warrants that the aluminum cans, glass, malt, crowns and caps, hops, corn starch, can lids, Cartons and Yeast supplied to Purchaser
pursuant to the Supply Services, that are manufactured by Seller or an Affiliate of Seller, shall be merchantable at the time of delivery to Purchaser and shall permit Purchaser and its Affiliates to comply with their obligations under the
Sublicense Agreement. With respect to aluminum cans, glass, malt, crowns and caps, hops, corn starch, can lids, Cartons and Yeast supplied to Purchaser pursuant to the Supply Services that are manufactured by a Third Party, Seller or its applicable
Affiliate shall pass through to Purchaser or its applicable Affiliate all warranties provided by such Third Party with respect to such product (the “Pass Through Warranty”). 

  
 -17- 

 ARTICLE IV 

[RESERVED] 

ARTICLE V 
 LIMITED
LIABILITY AND INDEMNIFICATION 
 Section 5.01 Limitation on Liability. In no event shall Seller have any liability under any
provision of this Agreement for any punitive, incidental, consequential, special or indirect damages, including (i) loss of future revenue or income, (ii) loss of business reputation or opportunity relating to the breach or alleged breach
of this Agreement (the losses specified in clauses (i) and (ii) of this Section 5.01, collectively, “Lost Profits”), or (iii) diminution of value or any damages based on any type of multiple, whether based on
statute, contract, tort or otherwise, and whether or not arising from the other Party’s sole, joint, or concurrent negligence, strict liability, criminal liability or other fault (such damages, collectively, “Consequential
Damages”); provided, however, that the foregoing limitation on the Seller’s liability for reasonably foreseeable Lost Profits shall not apply (provided that, for the avoidance of doubt, the foregoing limitation on
Consequential Damages other than reasonably foreseeable Lost Profits shall nevertheless apply) to the extent Seller’s liability relates to, arises out of or results from the failure to timely supply Yeast, cans, malt and glass in such
quantities and of such quality as required by the terms of this Agreement. Notwithstanding anything herein to the contrary, Seller’s aggregate liability under this Agreement, to the extent such liability relates to, arises out of or
results from the failure to timely supply Yeast, cans, malt and glass in such quantities and of such quality as required by the terms of this Agreement, shall not exceed $250,000,000.00. In addition, the limitation on Consequential Damages set forth
above shall not apply to any such damages awarded and paid to a third party. 
 Section 5.02 Indemnification. Subject to the
limitations set forth in Section 5.01, Seller shall indemnify, defend and hold harmless Purchaser and its Affiliates and each of their respective Representatives (collectively, the “Purchaser Indemnified Parties”) from
and against any and all Losses of Purchaser Indemnified Parties relating to, arising out of or resulting from the gross negligence or willful misconduct of Seller or its Affiliates or any Third Party that provides a Service to Purchaser pursuant to
Section 2.03 in connection with the provision of, or failure to provide, any Services to Purchaser. 
 Section 5.03 No
Duplicative Indemnification. No Party may obtain duplicative indemnification or other recovery for Losses and recoveries under one or more provisions of this Agreement, the Stock Purchase Agreement, and the Membership Interest Purchase
Agreement, the Sublicense Agreement or any other agreement ancillary thereto. In no event shall any indemnification or other recovery for Losses hereunder be aggregated with, or otherwise subject to, any of the indemnification limits or conditions
set forth in Article VII of the Stock Purchase Agreement. 
 Section 5.04 Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN THIS
AGREEMENT, SELLER (a) MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THE MATERIALS AND SERVICES PROVIDED HEREUNDER, AND ALL SUCH MATERIALS AND SERVICES ARE PROVIDED “AS IS,” AND
(b) DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE, WHICH ARE SPECIFICALLY DISCLAIMED. 

  
 -18- 

 ARTICLE VI 

TERMINATION 

Section 6.01 Termination of Agreement. Subject to Section 6.03, this Agreement shall terminate in its entirety on the
third anniversary of the Closing Date or earlier (a) by mutual written consent of the Parties, (b) upon the occurrence of a Change of Control, (c) by Purchaser at any time upon providing written notice of termination to Seller or
(d) by Seller upon any assignment of all, but not less than all, rights, powers, privileges, duties or obligations under the Sublicense Agreement, other than any assignment to an Affiliate of Purchaser; provided that any payment
obligations of Purchaser shall survive such termination, and the parties obligations’ under the last sentence of Section 2.11, Section 2.12, Section 3.04, Article V, Article VI and Article VII shall survive such termination. 

Section 6.02 Force Majeure. The obligations of Seller and any Third-Party Service Provider under this Agreement with respect to
any Service shall be suspended during the period and to the extent that Seller or Third-Party Service Provider is prevented or materially hindered from providing such Service, or Purchaser is prevented or materially hindered from receiving such
Service, due to any of the following causes beyond such Persons reasonable control (such causes, “Force Majeure Events”): (a) acts of God, (b) flood, fire or explosion, (c) war, invasion, riot or other civil unrest,
(d) Governmental Order or Law, (e) actions, embargoes or blockades in effect on or after the date of this Agreement, (f) action by any Governmental Authority, (g) national or regional emergency, (h) strikes, labor stoppages
or slowdowns or other industrial disturbances, (i) shortage of adequate power or transportation facilities, (j) adverse weather conditions or (k) any other event which is beyond the reasonable control of such party. The Person
suffering a Force Majeure Event shall give notice of suspension as soon as reasonably practicable to the other party stating the date and extent of such suspension and the cause thereof, and Seller or Third-Party Service Provider (as the case may
be) shall resume the performance of such Persons obligations as soon as reasonably practicable after the Force Majeure Event ends. None of Purchaser, Seller or any Third-Party Service Provider shall be liable for the nonperformance or delay in
performance of its respective obligations under this Agreement when such failure is due to a Force Majeure Event. From and during the occurrence of a Force Majeure Event, Seller and any Third-Party Service Provider (as applicable) may, but shall not
be under any obligation to replace the affected Services. 
 Section 6.03 Effects of Termination; Survival. Nothing in this
Article VI will relieve any Party from its liability for any breach or violation of this Agreement prior to any termination hereof. The provisions of any payment obligations of Purchaser shall survive such termination, and the
Parties’ obligations under the last sentence of Section 2.11, Section 2.12, Section 3.04, Article V, Article VI and Article VII shall survive such termination. 

Section 6.04 Return of Information. If this Agreement or a particular Service is terminated, upon request, each Party shall
promptly return to the other Party all information furnished by such other party in connection with each terminated Service (including all copies or materials developed from such information, if any, thereof), except to the extent the Parties are
required or permitted to retain pursuant to applicable Law. 

  
 -19- 

 ARTICLE VII 

GENERAL PROVISIONS 

Section 7.01 Treatment of Confidential Information. To the extent not inconsistent with Section 2.12, all information
disclosed pursuant to this Agreement by either Party or to which either Party or its Affiliates or its or their representatives otherwise has access as a result of this Agreement or the performance of the Services shall be subject in all respects to
Section 9.1 of the Stock Purchase Agreement. 
 Section 7.02 Notices. All notices, requests, consents, claims,
demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt), (b) when received by the addressee if sent by a nationally
recognized overnight courier (return receipt requested), (c) on the date sent by facsimile (with confirmation of transmission) if sent during normal business hours of the recipient or on the next Business Day if sent after normal business hours
of the recipient or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid to the respective Parties at the following respective addresses (or at such other address for a party
hereto as shall be specified in a notice given in accordance with this Section 7.02): 
 If to Seller: 

Anheuser-Busch InBev SA/NV 

Brouwerijplein 1 
 Leuven 3000

 Belgium 
 Attention: Chief
Legal Officer & Company Secretary 
 Telephone: +32 16 276942 

Fax: +32 16 506699 
 with a copy
to (which shall not constitute notice): 
 Sullivan & Cromwell LLP 

125 Broad Street 
 New York, New
York 10004 
 Attention: George J. Sampas 

        Krishna Veeraraghavan 

Telephone: +1-212-558-4000 

Facsimile: +1-212-558-3588 
 If
to Purchaser: 
 Constellation Brands, Inc. 

207 High Point Drive, Building 100 

Victor, New York 14564 

Attention: General Counsel 

Telephone: +1 (585) 678-7266 

Facsimile: +1 (585) 678-7103 

  
 -20- 

 with a copy to (which shall not constitute notice): 

Nixon Peabody LLP 
 1300
Clinton Square 
 Rochester, NY 

Attention: James O. Bourdeau 

Telephone: +1 (585) 263-1000 

Facsimile: +1 (585) 263-1600 

Section 7.03 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by this Agreement is
not affected in any manner adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the Parties hereto as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest extent possible. Nothing in this
Section 7.03 shall affect a Party’s right to terminate this Agreement pursuant to Article VI. 

Section 7.04 Entire Agreement. Except as expressly set forth herein, this Agreement (and the Schedules attached hereto), the Stock
Purchase Agreement, the MIPA Agreement and the Sublicense Agreement, constitute the entire understanding of the Parties with respect to the transactions contemplated hereby, and supersede all prior and contemporaneous agreements and understandings,
written and oral, among the Parties hereto with respect to the subject matter hereof. To the extent there is a conflict between this Agreement and the Stock Purchase Agreement, the terms of the Stock Purchase Agreement will control. 

Section 7.05 Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors, legal representatives and permitted assigns. Subject to Section 2.03 of this Agreement, no Party to this Agreement may assign any of its rights or delegate any of its obligations under this Agreement, by operation of Law or
otherwise, without the prior written consent of the other Party; provided, however, in the case of an assignment of Purchaser’s rights and/or delegation of Purchaser’s obligations to any Person (other than a Prohibited
Owner), such consent shall not unreasonably be withheld by Seller, and any attempted or purported assignment in violation of this Section 7.05 shall be null and void; provided, further, that any obligation of any Party to
the other Party under this Agreement, which obligation is performed, satisfied or fulfilled completely by an Affiliate of such first Party, shall be deemed to have been performed, satisfied or fulfilled by such Party. 

Section 7.06 No Third-Party Beneficiaries. This Agreement is for the sole benefit of the Parties and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement. 

  
 -21- 

 Section 7.07 Amendment; Waiver. No provision of this Agreement may be amended,
supplemented or modified except by a written instrument signed by all of the Parties thereto. No provision of this Agreement may be waived except by a written instrument signed by the party against whom the waiver is to be effective. No failure or
delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 

Section 7.08 Governing Law. This Agreement shall be governed by, enforced pursuant with and construed in accordance with the laws
of New York, without regard to the conflict of laws principles, to the extent such principles are not mandatorily applicable by statute and would require or permit the application of the laws of another jurisdiction. 

Section 7.09 Consent to Jurisdiction/Venue. Each Party hereby waives, to the extent permitted by Law, all jurisdictional defenses,
objections as to venue and any rights to appeal, review or nullify such award by any court or tribunal. Each of the Parties hereby submits to the exclusive jurisdiction of any court of competent jurisdiction in any Federal or State Court in the City
of New York, County of New York, (the “Specified Court”) in any action, suit or proceeding arising out of or relating to this Agreement and the non-exclusive jurisdiction of the Specified Court with respect to the enforcement of any
award thereunder. 
 Section 7.10 Equitable Relief. The Parties agree that irreparable damage would occur in the event that any
of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, each of the Parties agrees that, without the necessity of posting bonds or other undertaking, the other Party
shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, in addition to any other remedy to which such Party is entitled at Law or in equity. In
the event that any Action is brought in equity to enforce the provisions of this Agreement, no Party shall allege, and each Party hereby waives the defense or counterclaim, that there is an adequate remedy at Law. The Parties further agree that
(a) by seeking any remedy provided for in this Section 7.10, a Party shall not in any respect waive its right to seek any other form of relief that may be available to a Party and (b) nothing contained in this
Section 7.10 shall require any party to institute any action for (or limit any Party’s right to institute any action for) specific performance under this Section 7.10 before exercising any other right under this
Agreement. 
 Section 7.11 Further Assurances. Each Party shall take, or cause to be taken, any and all reasonable actions,
including the execution, acknowledgment, filing and delivery of any and all documents and instruments that any other Party may reasonably request in order to effect the intent and purpose of this Agreement and the transactions contemplated hereby.

  
 -22- 

 Section 7.12 Counterparts. This Agreement may be executed in one or more
counterparts, and by the different Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile or other means of electronic transmission shall be as effective as delivery of a manually executed counterpart of any such Agreement. 

Section 7.13 Headings. The heading references herein and the table of contents hereof are for convenience purposes only,
and shall not be deemed to limit or affect any of the provisions hereof. 
 Section 7.14 No Set-Off. Neither Seller nor any of
their respective Affiliates, on the one hand, nor Purchaser nor any of their respective Affiliates, on the other hand, shall have any set-off or other similar rights with respect to (a) any amounts due or owing (or to become due and owing) by
such party or its Affiliates pursuant to this Agreement against (b) any other amounts due or owing or claimed to be due or owing to such party or its Affiliates pursuant to this Agreement or any other Contract. 

Section 7.15 Expenses. Except as otherwise provided in this Agreement, any costs, expenses or charges incurred by any of the
Parties hereto shall be borne by the party incurring such cost, expense or charge. 
 [Signature Page follows] 

  
 -23- 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the authorized representative of
each signatory set forth below as of the date first written above. 
  

			
	ANHEUSER-BUSCH INBEV SA/NV
		
	By:  	 	 
		 	 Name:
 Title:

		
	By:	 	 
		 	 Name:
 Title:

  

			
	CONSTELLATION BRANDS, INC.
		
	By:  	 	 
		 	 Name:
 Title:

 [Signature Page to Transition Services Agreement] 

 The Registrant has omitted from this filing the Exhibits and Schedules listed below. The Registrant will furnish
supplementally to the Securities and Exchange Commission, upon request, a copy of such Exhibits and Schedules. 
  

					
	Exhibits omitted from the First Amendment to Stock Purchase Agreement:
			
	Annex A	 	—	  	Employees and Independent Contractors
	
	Exhibits omitted from the Amended and Restated Sub-license Agreement (Exhibit A to the First Amendment to Stock Purchase Agreement):
			
	Exhibit C	 	—	  	Brand Guidelines
	
	Exhibits omitted from the Transition Services Agreement (Exhibit B to the First Amendment to Stock Purchase Agreement):
			
	Schedule 2.01(d)	 	—	  	Brewery Expansion Services
	Schedule 2.08	 	—	  	Service Coordinators
	Schedule 3.02(a)(i)	 	—	  	Supply Services
	Schedule 3.02(a)(ii)	 	—	  	Fee ScheduleEX-10.1

 Exhibit 10.1 

Execution Version 
 AMENDMENT
NO. 1 
 TO 
 FIFTH AMENDED AND
RESTATED CREDIT AGREEMENT 
 THIS AMENDMENT NO. 1 TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated
as of June 26, 2014, is entered into among GLADSTONE BUSINESS INVESTMENT, LLC, as Borrower (the “Borrower”), GLADSTONE MANAGEMENT CORPORATION, as Servicer (the “Servicer”), KEY EQUIPMENT FINANCE, a division of
KEYBANK NATIONAL ASSOCIATION (“KEF”), BRANCH BANKING AND TRUST COMPANY (“BB&T”), EVERBANK COMMERCIAL FINANCE, INC. (“Everbank”) and ALOSTAR BANK OF COMMERCE (“Alostar”), as Lenders
(collectively, the “Lenders”) and as Managing Agents (in such capacity, collectively the “Managing Agents”) and KEF, as Administrative Agent (in such capacity, the “Administrative Agent”).
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the “Credit Agreement” referred to below. 

PRELIMINARY STATEMENTS 
 A.
Reference is made to that certain Fifth Amended and Restated Credit Agreement dated as of April 30, 2013 by and among the Borrower, the Servicer, the Lenders and Managing Agents parties thereto from time to time and the Administrative Agent,
(as amended, modified or restated from time to time, the “Credit Agreement”). 
 B. The parties hereto have agreed to amend
certain provisions of the Credit Agreement upon the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the
premises set forth above, and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

SECTION 1. Amendments to the Credit Agreement. Upon satisfaction of the conditions precedent set forth in Section 4 hereof,
(a) the Credit Agreement is hereby amended as shown in the conformed copy thereof attached hereto as Exhibit A and (b) Exhibit G to the Credit Agreement is hereby amended as shown in the marked copy thereof attached hereto as
Exhibit B. 
 SECTION 2. Acknowledgement. Each of the parties hereto hereby acknowledges that Key Equipment Finance, a
division of KeyBank National Association (as successor by merger to Key Equipment Finance Inc.), shall, from and after the date hereof, be the successor to Key Equipment Finance Inc. for all purposes under the Credit Agreement and each other
Transaction Document. 
 SECTION 3. Representations and Warranties. The Borrower and the Servicer each hereby represents and warrants
to each of the other parties hereto, that: 
 (a) this Amendment constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms; and 
 (b) on the date hereof, before and after giving effect to this
Amendment, other than as amended or waived pursuant to this Amendment, no Early Termination Event or Unmatured Termination Event has occurred and is continuing. 

 SECTION 4. Conditions Precedent. This Amendment shall become effective on the first
Business Day (the “Effective Date”) on which the Administrative Agent or its counsel has received counterpart signature pages of this Amendment, executed by each of the parties hereto. 

SECTION 5. Reference to and Effect on the Transaction Documents. 

(a) Upon the effectiveness of this Amendment, (i) each reference in the Credit Agreement to “this Credit
Agreement”, “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Credit Agreement as amended or otherwise modified hereby, and (ii) each
reference to the Credit Agreement in any other Transaction Document or any other document, instrument or agreement executed and/or delivered in connection therewith, shall mean and be a reference to the Credit Agreement as amended or otherwise
modified hereby. 
 (b) Except as specifically amended, terminated or otherwise modified above, the terms and conditions of
the Credit Agreement, of all other Transaction Documents and any other documents, instruments and agreements executed and/or delivered in connection therewith, and the liens granted thereunder, shall remain in full force and effect and are hereby
ratified and confirmed. 
 (c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of
any right, power or remedy of the Administrative Agent, any Managing Agent or any Lender under the Credit Agreement or any other Transaction Document or any other document, instrument or agreement executed in connection therewith, nor constitute a
waiver of any provision contained therein, in each case except as specifically set forth herein. 
 SECTION 6. Execution in
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together
shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 

SECTION 7. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York. 

SECTION 8. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute
a part of this Amendment for any other purpose. 
 SECTION 9. Fees and Expenses. The Borrower hereby confirms its agreement to pay on
demand all reasonable costs and expenses of the Administrative Agent, Managing Agents or Lenders in connection with the preparation, execution and delivery of this Amendment and any 

  
 2 

 
of the other instruments, documents and agreements to be executed and/or delivered in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel
to the Administrative Agent, Managing Agents or Lenders with respect thereto. 
 [Signature Pages Follow] 

  
 3 

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

					
	GLADSTONE BUSINESS INVESTMENT, LLC
		
	By:	 	 /s/ David Gladstone

		 	Name:	 	David Gladstone
		 	Title:	 	Chairman and CEO
	
	GLADSTONE MANAGEMENT CORPORATION
		
	By:	 	 /s/ David Gladstone

		 	Name:	 	David Gladstone
		 	Title:	 	Chairman and CEO

  
 Signature Page to
Amendment No. 1 
 to Fifth Amended and Restated Credit Agreement 

 
					
	KEY EQUIPMENT FINANCE, a division of KEYBANK NATIONAL ASSOCIATION, as Administrative Agent, Managing Agent and Lender
		
	By:	 	 /s/ Richard S. Anderson

		 	Name:	 	Richard S. Anderson
		 	Title:	 	Designated Signer

  
 Signature Page to
Amendment No. 1 
 to Fifth Amended and Restated Credit Agreement 

 
					
	BRANCH BANK AND TRUST COMPANY, as a Lender and a Managing Agent
		
	By:	 	 /s/ John K. Perez

		 	Name:	 	John K. Perez
		 	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No. 1 
 to Fifth Amended and Restated Credit Agreement 

 
					
	EVERBANK COMMERCIAL FINANCE, INC., as a Lender and a Managing Agent
		
	By:	 	 /s/ Ed McGugan

		 	Name:	 	Ed McGugan
		 	Title:	 	Managing Director

  
 Signature Page to
Amendment No. 1 
 to Fifth Amended and Restated Credit Agreement 

 
					
	ALOSTAR BANK OF COMMERCE, as a Lender and a Managing Agent
		
	By:	 	 /s/ Susan M. Hall

		 	Name:	 	Susan M. Hall
		 	Title:	 	Managing Director

  
 Signature Page to
Amendment No. 1 
 to Fifth Amended and Restated Credit Agreement 

 Exhibit A 

 Execution VersionConformed
Copy including Amendment No. 1 

$70,000,000105,000,000 

FIFTH AMENDED AND RESTATED CREDIT AGREEMENT 

Dated as of April 30, 2013 

Among 
 GLADSTONE BUSINESS
INVESTMENT, LLC 
 as the Borrower 

GLADSTONE MANAGEMENT CORPORATION 

as the Servicer 
 THE
FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO 
 as Lenders 

THE FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO 

as Managing Agents 
 KEY
EQUIPMENT FINANCE, INC. 
 as the Administrative Agent 

and 
 KEY EQUIPMENT FINANCE, INC.

 as Lead Arranger 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
			
	 ARTICLE I
	    		  	 	1	  
			
	 DEFINITIONS
	    		  	 	1	  
	 Section 1.1
	    	 Certain Defined Terms
	  	 	1	  
	 Section 1.2
	    	 Other Terms
	  	 	37	  
	 Section 1.3
	    	 Computation of Time Periods
	  	 	37	  
	 Section 1.4
	    	 Interpretation
	  	 	37	  
		
	 ARTICLE II ADVANCES
	  	 	38	  
	 Section 2.1
	    	 Advances
	  	 	38	  
	 Section 2.2
	    	 Procedures for Advances
	  	 	39	  
	 Section 2.3
	    	 Optional Changes in Facility Amount; Prepayments
	  	 	41	  
	 Section 2.4
	    	 Principal Repayments; Extension Options
	  	 	43	  
	 Section 2.5
	    	 The Notes
	  	 	44	  
	 Section 2.6
	    	 Interest Payments
	  	 	44	  
	 Section 2.7
	    	 Fees
	  	 	45	  
	 Section 2.8
	    	 Settlement Procedures
	  	 	45	  
	 Section 2.9
	    	 Collections and Allocations
	  	 	49	  
	 Section 2.10
	    	 Payments, Computations, Etc.
	  	 	49	  
	 Section 2.11
	    	 Breakage Costs
	  	 	50	  
	 Section 2.12
	    	 Increased Costs; Capital Adequacy; Illegality
	  	 	50	  
	 Section 2.13
	    	 Taxes
	  	 	51	  
	 Section 2.14
	    	 Revolver Loan Funding
	  	 	53	  
	 Section 2.15
	    	 Pending Account
	  	 	54	  
	 Section 2.16
	    	 Discretionary Sales of Loans
	  	 	55	  
		
	 ARTICLE III CONDITIONS OF EFFECTIVENESS AND ADVANCES
	  	 	56	  
	 Section 3.1
	    	 Conditions to Effectiveness and Advances
	  	 	56	  
	 Section 3.2
	    	 Additional Conditions Precedent to All Advances
	  	 	57	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	58	  
	 Section 4.1
	    	 Representations and Warranties of the Borrower
	  	 	58	  
	 Section 4.2
	    	 Joint Representations and Warranties Regarding Ordinary Course of Business
	  	 	61	  
		
	 ARTICLE V GENERAL COVENANTS OF THE BORROWER
	  	 	62	  
	 Section 5.1
	    	 Covenants of the Borrower
	  	 	62	  
	 Section 5.2
	    	 Hedging Agreement
	  	 	66	  
		
	 ARTICLE VI SECURITY INTEREST
	  	 	67	  
	 Section 6.1
	    	 Security Interest
	  	 	67	  
	 Section 6.2
	    	 Remedies
	  	 	67	  
	 Section 6.3
	    	 Release of Liens
	  	 	68	  
	 Section 6.4
	    	 Assignment of the Purchase Agreement
	  	 	69	  

  
 i 

							
	 ARTICLE VII ADMINISTRATION AND SERVICING OF LOANS
	  	 	70	  
	 Section 7.1
	    	 Appointment of the Servicer
	  	 	70	  
	 Section 7.2
	    	 Duties and Responsibilities of the Servicer
	  	 	70	  
	 Section 7.3
	    	 Authorization of the Servicer
	  	 	71	  
	 Section 7.4
	    	 Collection of Payments
	  	 	72	  
	 Section 7.5
	    	 Servicer Advances
	  	 	73	  
	 Section 7.6
	    	 Realization Upon Defaulted Loans or Charged-Off Loans
	  	 	74	  
	 Section 7.7
	    	 Optional Repurchase of Transferred Loans
	  	 	74	  
	 Section 7.8
	    	 Representations and Warranties of the Servicer
	  	 	75	  
	 Section 7.9
	    	 Covenants of the Servicer
	  	 	76	  
	 Section 7.10
	    	 Payment of Certain Expenses by Servicer
	  	 	78	  
	 Section 7.11
	    	 Reports
	  	 	78	  
	 Section 7.12
	    	 Annual Statement as to Compliance
	  	 	79	  
	 Section 7.13
	    	 Limitation on Liability of the Servicer and Others
	  	 	79	  
	 Section 7.14
	    	 The Servicer Not to Resign
	  	 	79	  
	 Section 7.15
	    	 Access to Certain Documentation and Information Regarding the Loans
	  	 	80	  
	 Section 7.16
	    	 Merger or Consolidation of the Servicer
	  	 	80	  
	 Section 7.17
	    	 Identification of Records
	  	 	81	  
	 Section 7.18
	    	 Servicer Termination Events
	  	 	81	  
	 Section 7.19
	    	 Appointment of Successor Servicer
	  	 	84	  
	 Section 7.20
	    	 Market Servicing Fee
	  	 	85	  
		
	 ARTICLE VIII EARLY TERMINATION EVENTS
	  	 	85	  
	 Section 8.1
	    	 Early Termination Events
	  	 	85	  
	 Section 8.2
	    	 Remedies
	  	 	87	  
		
	 ARTICLE IX INDEMNIFICATION
	  	 	88	  
	 Section 9.1
	    	 Indemnities by the Borrower
	  	 	88	  
	 Section 9.2
	    	 Indemnities by the Servicer
	  	 	90	  
	
	 ARTICLE X THE ADMINISTRATIVE AGENT AND THE MANAGING AGENTS
	   

	 Section 10.1
	    	 Authorization and Action
	  	 	91	  
	 Section 10.2
	    	 Delegation of Duties
	  	 	92	  
	 Section 10.3
	    	 Exculpatory Provisions
	  	 	92	  
	 Section 10.4
	    	 Reliance
	  	 	93	  
	 Section 10.5
	    	 Non-Reliance on Administrative Agent, Managing Agents and Other Lenders
	  	 	94	  
	 Section 10.6
	    	 Reimbursement and Indemnification
	  	 	94	  
	 Section 10.7
	    	 Administrative Agent and Managing Agents in their Individual Capacities
	  	 	95	  
	 Section 10.8
	    	 Successor Administrative Agent or Managing Agent
	  	 	95	  
		
	 ARTICLE XI ASSIGNMENTS; PARTICIPATIONS
	  	 	95	  
	 Section 11.1
	    	 Assignments and Participations
	  	 	95	  

  
 ii 

							
	 ARTICLE XII MISCELLANEOUS
	  	 	98	  
	 Section 12.1
	    	 Amendments and Waivers
	  	 	98	  
	 Section 12.2
	    	 Notices, Etc.
	  	 	99	  
	 Section 12.3
	    	 No Waiver, Rights and Remedies
	  	 	99	  
	 Section 12.4
	    	 Binding Effect
	  	 	99	  
	 Section 12.5
	    	 Term of this Agreement
	  	 	99	  
	 Section 12.6
	    	 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE
	  	 	100	  
	 Section 12.7
	    	 WAIVER OF JURY TRIAL
	  	 	100	  
	 Section 12.8
	    	 Costs, Expenses and Taxes
	  	 	100	  
	 Section 12.9
	    	 No Proceedings
	  	 	101	  
	 Section 12.10
	    	 Recourse Against Certain Parties
	  	 	101	  
	 Section 12.11
	    	 Protection of Security Interest; Appointment of Administrative Agent as Attorney-in-Fact
	  	 	101	  
	 Section 12.12
	    	 Confidentiality
	  	 	103	  
	 Section 12.13
	    	 Execution in Counterparts; Severability; Integration
	  	 	104	  
	 Section 12.14
	    	 Amendment and Restatement
	  	 	104	  
	 Section 12.15
	    	 Patriot Act
	  	 	104	  
	 Section 12.16
	    	 Defaulting Lenders
	  	 	104	  

 EXHIBITS 
  

			
	EXHIBIT A	  	Form of Borrower Notice
	EXHIBIT B-1	  	Form of Revolver Note
	EXHIBIT B-2	  	Form of Swingline Note
	EXHIBIT C	  	Form of Assignment and Acceptance
	EXHIBIT D	  	Form of Joinder Agreement
	EXHIBIT E	  	Form of Monthly Report
	EXHIBIT F	  	Form of Servicer’s Certificate
	EXHIBIT G	  	Form of Dividend Declaration Certificate
	EXHIBIT H	  	Form of Primary Document Trust Receipt
	EXHIBIT I	  	Form of Assignment of Mortgage
	EXHIBIT J	  	[Reserved]
	EXHIBIT K	  	[Reserved]
	EXHIBIT L	  	Form of Deposit Account Control Agreement
	EXHIBIT M	  	Credit Report and Transaction Summary
	EXHIBIT N	  	Moody’s Industry Classifications

 SCHEDULES 

 

			
	SCHEDULE I	  	[Reserved]
	SCHEDULE II	  	Loan List
	SCHEDULE III	  	[Reserved]
	SCHEDULE IV	  	Diversity Score Table

  
 iii 

 THIS FIFTH AMENDED AND RESTATED CREDIT AGREEMENT is made as of April 30, 2013, among:

 (1) GLADSTONE BUSINESS INVESTMENT, LLC, a Delaware limited liability company, as borrower (the “Borrower”); 

(2) GLADSTONE MANAGEMENT CORPORATION, a Delaware corporation, as servicer (the “Servicer”); 

(3) Each financial institution from time to time party hereto as a “Lender” (whether on the signature pages hereto or in a Joinder
Agreement), and as Swingline Lender and their respective successors and assigns (collectively, the “Lenders”); 
 (4) Each
financial institution from time to time party hereto as a “Managing Agent” (whether on the signature pages hereto or in a Joinder Agreement) and their respective successors and assigns (collectively, the “Managing
Agents”); 
 (5) KEY EQUIPMENT FINANCE INC., as “Administrative Agent” and its respective successors and assigns (the
“Administrative Agent”); and 
 (6) KEY EQUIPMENT FINANCE INC., as Lead Arranger. 

IT IS AGREED as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Certain Defined Terms. 

(a) Certain capitalized terms used throughout this Agreement are defined above or in this Section 1.1. 

(b) As used in this Agreement and its exhibits, the following terms shall have the following meanings (such meanings to be equally applicable
to both the singular and plural forms of the terms defined). 
 “1940 Act” is defined in Section 4.1(x). 

“Additional Amount” is defined in Section 2.13. 

“Adjusted Eurodollar Rate” means, for any Settlement Period, an interest rate per annum equal to the quotient, expressed as a
percentage and rounded upwards (if necessary), to the nearest 1/100 of 1%, (i) the numerator of which is equal to the LIBO Rate for such Settlement Period and (ii) the denominator of which is equal to 100% minus the Eurodollar Reserve
Percentage for such Settlement Period. 
 “Advances” means collectively the Revolver Advances and the Swing Advances. 

 “Administrative Agent” is defined in the preamble hereto. 

“Advance Rate” means 50.0%. 

“Advances Outstanding” means, on any day, the aggregate principal amount of Advances outstanding on such day, after giving
effect to all repayments of Advances and makings of new Advances on such day. 
 “Adverse Claim” means a lien, security
interest, pledge, charge, encumbrance or other right or claim of any Person. 
 “Affected Party” is defined in
Section 2.12(a). 
 “Affiliate” with respect to a Person, means any other Person controlling, controlled by or
under common control with such Person; provided, however, that when used with respect to any Person which is an Obligor in respect of a Loan, “Affiliate” shall not mean any of the Borrower, the Servicer or the Originator
unless the Borrower, the Servicer or the Originator is a Person controlling, controlled by or under common control with such Obligor as of the first date such Obligor’s Loan becomes a Transferred Loan hereunder (regardless of any subsequent
reconveyance or re-transfer). For purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms “controlling” or “controlled” have meanings correlative to the foregoing. 

“Agent’s Account” means account number 329953020917 at KeyBank N.A. ABA number 021300077, account name Key Equipment
Finance Inc. 
 “Aggregate Outstanding Loan Balance” means on any day, the sum of the Outstanding Loan
Balances of all Eligible Loans included as part of the Collateral on such date. 
 “Aggregate Purchased Loan Balance” means
on any day, (a) the sum of (i) the Purchased Loan Balances of all Eligible Loans included as part of the Collateral on such date and (ii) the amount of cash and cash equivalents held in the Collection Account and the Pending Account
less the sum of the aggregate accrued but unpaid Servicing Fee, Revolver Loan Funding Fee, Interest and Commitment Fee minus (b) the Excess Concentration Amount as of such date. 

“Agreement” or “Credit Agreement” means this Fifth Amended and Restated Credit Agreement, dated as of
April 30, 2013, as hereafter amended, modified, supplemented or restated from time to time. 

“Amendment No. 1 Effective Date” means June 26, 2014. 

“Amortization Period” means the period beginning on the Termination Date and ending on the Maturity Date. 

“Applicable Law” means, for any Person, all existing and future applicable laws, rules, regulations (including proposed,
temporary and final income tax regulations), statutes, treaties, 

  
 2 

 
codes, ordinances, permits, certificates, orders and licenses of and interpretations by any Governmental Authority (including, without limitation, usury laws, the Federal Truth in Lending Act,
Regulation Z, Regulation W, Regulation U and Regulation B of the Federal Reserve Board, the Foreign Corrupt Practices Act and the USA PATRIOT Act), and applicable judgments, decrees, injunctions, writs, orders, or line action of any court,
arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction. 
 “Applicable
Margin” means 3.75% per annum(i) 3.25% per annum during the Revolving Period, and (ii) (A) 3.75% for the period from the last day of the Revolving
Period to the first anniversary thereof, and (B) 4.25% thereafter. 
 “Applicable Percentage” means, with respect
to any Lender on any day, the percentage equivalent of a fraction, the numerator of which is the Lender’s Commitment and the denominator of which is the Facility Amount. If the Commitments have terminated or expired, the Applicable Percentages
shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. 

“Approved Officer” means David Gladstone, Terry Brubaker, David A. R. Dullum
and any other individual satisfactory to the Administrative Agent and the Required Lenders, as determined in their reasonable discretion. 

“Approved Valuation Service” means, any of (i) Standard &
Poor’s Securities Evaluations, Inc., (ii) Murray, Devine and Company, (iii) Houlihan Lokey, Duff & Phelps LLC, Lincoln Advisors, (iv) Stout Risius Ross, (v) Alvarez & Marsal, (vi) Valuation Research
Corporation and (vii) each other valuation service provider approved by the Administrative Agent from time to time in its reasonable discretion. 

“Assignment and Acceptance” is defined in Section 11.1(b). 

“Assignment of Mortgage” means, as to each Loan secured by an interest in real property, one or more assignments, notices of
transfer or equivalent instruments, each in recordable form and sufficient under the laws of the relevant jurisdiction to reflect the transfer of the related mortgage, deed of trust, security deed or similar security instrument and all other
documents related to such Loan and to the Borrower and to grant a perfected lien thereon by the Borrower in favor of the Administrative Agent on behalf of the Secured Parties, each such Assignment of Mortgage to be substantially in the form of
Exhibit I hereto. 
 “Availability” means, on any day, the lesser of (i) the amount by which the Borrowing Base
exceeds the sum of (A) Advances Outstanding and (B) an amount equal to 50% of the aggregate unfunded commitments under the Revolver Loans on such day and (ii) the amount by which the Facility Amount exceeds the sum of
(A) Advances Outstanding and (B) the aggregate unfunded commitments under the Revolver Loans on such day; provided, however, that following the Termination Date, the Availability shall be zero. 

“Available Collections” is defined in Section 2.8. 

“Backup Servicer” means The Bank of New York Mellon, in its capacity as Backup Servicer under the Backup Servicing Agreement,
together with its successors and assigns. 

  
 3 

 “Backup Servicer Expenses” means the out-of-pocket expenses to be paid to the
Backup Servicer under the Backup Servicing Agreement. 
 “Backup Servicer Fee” means the fee to be paid to the Backup
Servicer as set forth in the Backup Servicing Agreement. 
 “Backup Servicing Agreement” means the Amended and Restated
Backup Servicing Agreement dated as of the Closing Date among the Borrower, the Servicer, the Administrative Agent and the Backup Servicer, as amended by that certain Amendment No. 1 to Backup Servicing Agreement dated as of April 14,
2009, as the same may from time to time be further amended, restated, supplemented, waived or modified. 
 “Bankruptcy
Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. §§ 101, et seq.), as amended from time to time. 

“Base Rate” means, on any date, a fluctuating rate of interest per annum equal to the highest of (a) the Prime Rate,
(b) the Federal Funds Rate plus 1.0% or (c) the LIBO Rate. 
 “BB&T” means Branch Banking and Trust Company,
in its capacity either as a Lender or in its individual capacity, as applicable, and its successors or assigns. 
 “Benefit
Plan” means any employee benefit plan as defined in Section 3(3) of ERISA in respect of which the Borrower or any ERISA Affiliate of the Borrower is, or at any time during the immediately preceding six years was, an
“employer” as defined in Section 3(5) of ERISA. 
 “Borrower” means Gladstone Business Investment, LLC, a
Delaware limited liability company, or any permitted successor thereto. 
 “Borrowing Base” means on any date of
determination, the lesser of (a) (i) the Aggregate Purchased Loan Balance minus (ii) the Required Equity Investment or (b) the Aggregate Purchased Loan Balance times the Advance Rate. 

“Borrowing Base Test” means as of any date, a determination that (a) the lesser of (i) the Borrowing Base and
(ii) the Facility Amount shall be equal to or greater than (b) the Advances Outstanding. 
 “Borrower Notice”
means a written notice, in the form of Exhibit A, to be used for each borrowing, repayment of each Advance or termination or reduction of the Facility Amount or Prepayments of Advances. 

“Breakage Costs” is defined in Section 2.11. 

“Business Day” means any day of the year other than a Saturday or a Sunday on which (a) (i) banks are not required
or authorized to be closed in New York, New York, Cleveland, Ohio, and Virginia or (ii) which is not a day on which the Bond Market Association recommends a closed day for the U.S. Bond Market, and (b) if the term “Business Day”
is used in connection with the Adjusted Eurodollar Rate or the Interest Reset Date, means the foregoing only if such day is also a day of year on which dealings in United States dollar deposits are carried on in the London interbank market. 

  
 4 

 “Change-in-Control” means, with respect to any entity, the date on which
(i) any Person or “group” acquires any “beneficial ownership” (as such terms are defined under Rule 13d-3 of, and Regulation 13D under, the Securities Exchange Act of 1934, as amended), either directly or indirectly, of
membership interests or other equity interests or any interest convertible into any such interest in such entity having more than fifty percent (50%) of the voting power for the election of managers of such entity, if any, under ordinary
circumstances, or (ii) (with regard to the Borrower, except in connection with any Discretionary Sale) an entity sells, transfers, conveys, assigns or otherwise disposes of all or substantially all of the assets of such entity. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (i) the adoption or
taking effect of any law, rule, regulation or treaty, (ii) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (iii) the making
or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; 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 thereunder or issued 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 described in clauses (x) and (y) above be deemed to be a
“Change in Law”, regardless of the date enacted, adopted or issued. 
 “Charged-Off Loan” means any Loan
(i) that is 120 days past due with respect to any interest or principal payment, (ii) for which an Insolvency Event has occurred with respect to the related Obligor or (iii) that is or should be written off as uncollectible by the
Servicer in accordance with the Credit and Collection Policy. 
 “Charged-Off Ratio” means, with respect to any Settlement
Period, the percentage equivalent of a fraction, calculated as of the Determination Date for such Settlement Period, (i) the numerator of which is equal to the aggregate Outstanding Loan Balance of all Transferred Loans that became Charged-Off
Loans during such Settlement Period and (ii) the denominator of which is equal to the sum of (A) the Aggregate Outstanding Loan Balance as of the first day of such Settlement Period and (B) the Aggregate Outstanding Loan Balance as of
the last day of such Settlement Period divided by 2. 
 “Closing Date” means October 19, 2006. 

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

“Collateral” means all right, title and interest, whether now owned or hereafter acquired or arising, and wherever located,
of the Borrower in, to and under any and all of the following: 
 (i) the Transferred Loans, and all monies due or to become
due in payment of such Loans on and after the related Purchase Date; 

  
 5 

 (ii) any Related Property securing the Transferred Loans, including all real
estate collateral assigned to the Administrative Agent pursuant to an Assignment of Mortgage, and further including all Proceeds from any sale or other disposition of such Related Property; 

(iii) the Loan Documents relating to the Transferred Loans; 

(iv) all Supplemental Interests related to any Transferred Loans; 

(v) the Collection Account, all funds held in such account, and all certificates and instruments, if any, from time to time
representing or evidencing the Collection Account or such funds; 
 (vi) all Collections and all other payments made or to be
made in the future with respect to the Transferred Loans, including such payments under any guarantee or similar credit enhancement with respect to such Loans; 

(vii) all Hedge Collateral; 

(viii) the Pending Account, the Operating Account and all deposit or banking accounts of the Borrower with the Administrative
Agent, and all funds held in such accounts, and all certificates and instruments, if any, from time to time representing or evidencing such accounts or such funds; and 

(ix) all income and Proceeds of the foregoing. 

For avoidance of doubt, the Collateral, in the case of “Related Property” pursuant to clause (ii) above, may be and mean a Lien held by the
Borrower against such property, rather than an ownership interest in such property. 
 “Collateral Custodian” means The
Bank of New York Mellon Trust Company, N.A., formerly known as BNY Midwest Trust Company, in its capacity as Collateral Custodian under the Custody Agreement, together with its successors and assigns. 

“Collateral Custodian Expenses” means the out-of-pocket expenses to be paid to the Collateral Custodian under the Custody
Agreement. 
 “Collateral Custodian Fee” means the fee to be paid to the Collateral Custodian as set forth in the Custody
Agreement. 
 “Collateral Quality Test” means as of any date, a set of tests that are satisfied so long as each of the
following are satisfied: (i) the Weighted Average Life of the Transferred Loans shall not be greater than 66 months as of such date, (ii) the Weighted Average Spread in respect of Transferred Loans shall not be less than 5% as of such
date, (iii) the weighted average Risk Rating of the Transferred Loans shall not be less than B-/ B3/4 by S&P, Moody’s or the Servicer’s risk rating model, respectively, (iv) the Diversity Score for the Transferred Loans shall
be equal to or greater than 9 as of such date; provided, however, that the Diversity Score may be less than 9, but no lower than 8, so long as (a) the decline in the Diversity Score below 9

  
 6 

 
is attributable, in the Servicer’s reasonable discretion, to the sale or refinancing of Eligible Loans and not a decline in the performance of Eligible Loans and (b) the Diversity Score
may be less than 9 for no more than 120 days following such sale or refinancing and (v) there shall be no fewer than twelve (12) Obligors on the Eligible Loans, each of which twelve Obligors is unaffiliated with any of the other eleven
Obligors. 
 “Collection Account” is defined in Section 7.4(e). 

“Collection Date” means the date following the Termination Date on which all Advances Outstanding have been reduced to zero,
the Lenders have received all accrued Interest, fees, and all other amounts owing to them under this Agreement and the Hedging Agreement, the Hedge Counterparties have received all amounts due and owing hereunder and under the Hedge Transactions,
and each of the Backup Servicer, the Collateral Custodian, the Administrative Agent and the Managing Agents have each received all amounts due to them in connection with the Transaction Documents. 

“Collections” means (a) all cash collections or other cash proceeds of a Transferred Loan received by or on behalf of
the Borrower by the Servicer or Originator from or on behalf of any Obligor in payment of any amounts owed in respect of such Transferred Loan, including, without limitation, Interest Collections, Principal Collections, Deemed Collections, Insurance
Proceeds, and all Recoveries, (b) all amounts received by the Buyer (as defined in the Purchase and Sale Agreement) in connection with the repurchase of an Ineligible Loan pursuant to Section 6.1 of the Purchase Agreement, (c) all
amounts received by the Administrative Agent in connection with the purchase of a Transferred Loan pursuant to Section 7.7, (d) all payments received pursuant to any Hedging Agreement or Hedge Transaction, and (e) interest
earnings in the Collection Account. 
 “Commitment” means (a) the commitment of each Lender in the amount set forth
next to the name of such Lender on the signature pages hereof, in each case as such amount may be modified in accordance with the terms hereof; and (b) with respect to any Person who becomes a Lender pursuant to an Assignment and Acceptance or
a Joinder Agreement, the commitment of such Person to fund any Advance to the Borrower in an amount not to exceed the amount set forth in such Assignment and Acceptance or Joinder Agreement, as such amount may be modified in accordance with the
terms hereof. 
 “Commitment Fee” means an amount equal to .50% per annum multiplied by the excess of the Commitments
over the Advances Outstanding for such day. If the Borrower voluntarily terminates all or any portion of the Commitments prior to April 30, 2015, the Commitment Fee shall nonetheless be payable by the Borrower from the applicable termination
date through the period expiring on April 30, 2015 as if such termination had not occurred, with the payment for the period following the applicable termination date to be made in a lump sum within ten (10) Business Days following the
applicable termination date in an amount equal to (x) 0.50% per annum on the amount of the Commitments reduced, multiplied by (y) the number of days from the applicable termination date up to and including April 30, 2015. All
calculations of the Commitment Fee shall be made on the basis of a year of 360 days for the actual number of days elapsed. 

  
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 “Commitment Termination Date” means April 29,
2016,June 26, 2017, or such later date to which the Commitment Termination Date may be extended (if extended) in the sole discretion of the Lenders in accordance with
Section 2.4(b). 
 “Contractual Obligation” means, with respect to any Person, any provision of any securities issued
by such Person or any indenture, mortgage, deed of trust, contract, undertaking, agreement, instrument or other document to which such Person is a party or by which it or any of its property is bound or is subject. 

“Controlled Transaction” means (i) any Investment by the Originator or the Borrower in an Obligor so long as such
Obligor was not an Affiliate of any of the Originator, Borrower or Servicer immediately prior to the origination of the Loan by the Originator; and (ii) any and all subsequent Investment(s) by the Originator or the Borrower in an Obligor or any
Affiliate of the Obligor described in clause (i) above. 
 “Covenant-Lite Loan” means a Loan lacking traditional
financial covenants requiring minimum interest or other debt service coverage or specifying maximum levels of leverage or other similar “maintenance” tests. 

“Credit Exposure” means, as to any Lender at any time, the outstanding principal amount of the Advances by such Lender. 

“Credit and Collection Policy” means those credit, collection, customer relation and service policies (i) determined by
the Borrower, the Originator and the initial Servicer as of the date hereof relating to the Transferred Loans and related Loan Documents, as on file with the Administrative Agent and as the same may be amended or modified from time to time in
accordance with Sections 5.1(r) and 7.9(g); and (ii) with respect to any Successor Servicer, the collection procedures and policies of such person (as approved by the Administrative Agent) at the time such Person becomes
Successor Servicer. 
 “Current Pay Loan” means any Transferred Loan (a) in respect of which the Servicer or
Originator shall have taken any of the following actions: charging a default rate of interest, restricting Obligor’s right to make subordinated payments (other than payments in respect of owner’s debts and seller financings in the original
loan agreement), acceleration of the Transferred Loan, foreclosure on collateral for the Loan, increasing its representation on the Obligor’s Board of Directors or similar governing body, or increasing the frequency of its inspection rights to
permit inspection on demand, (b) that is not more than thirty (30) days past due with respect to any interest or principal payments and (c) in respect of which the Servicer shall have certified (which certification may be in the form
of an e-mail or other written electronic communication) to the Administrative Agent that the Servicer does not believe, in its reasonable judgment, that a failure to pay interest or ultimate principal will occur. For avoidance of doubt, a Current
Pay Loan shall be an Eligible Loan and included in the Borrowing Base but shall be subject to restriction as provided in the definitions of Excess Concentration Amount and Outstanding Loan Balance. A Transferred Loan shall cease to be a Current Pay
Loan if it (i) becomes a Defaulted Loan through failure to satisfy the requirements set forth in clauses (b) and (c) of the preceding sentence in this definition or (ii) becomes an Eligible Loan which is no longer a Current Pay
Loan (such that it is no longer subject to restriction for purposes of Excess 

  
 8 

 
Concentration Amount and Outstanding Loan Balance calculations), which shall occur upon receipt of a certification from the Servicer (which certification may be in the form of an e-mail or other
written electronic communication) to the Administrative Agent that, as of the date of the certification (x) the applicable circumstances enumerated in clause (a) above which caused the Loan to be a Current Pay Loan shall no longer exist
and (y) such Loan otherwise meets the definition of an Eligible Loan. 
 “Custody Agreement” means the Custodial
Agreement, dated as of the Closing Date among the Borrower, the Servicer, the Originator, the Administrative Agent and the Collateral Custodian, as amended by that certain Amendment No. 1 to Custodial Agreement dated as of April 14, 2009
and as the same may from time to time be further amended, restated, supplemented, waived or modified. 
 “Deemed
Collections” means, on any day, the aggregate of all amounts Borrower shall have been deemed to have received as a Collection of a Transferred Loan. Borrower shall be deemed to have received a Collection in an amount equal to the unpaid
balance (including any accrued interest thereon) of a Transferred Loan if at any time the Outstanding Loan Balance of any such Loan is either (i) reduced as a result of any discount or any adjustment or otherwise by Borrower (other than receipt
of cash Collections) or (ii) reduced or canceled as a result of a setoff in respect of any claim by any Person (whether such claim arises out of the same or a related transaction or an unrelated transaction). 

“Default Excess” means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s ratable
portion of the aggregate Credit Exposure of all Lenders (calculated as if all Defaulting Lenders had funded all of their respective Advances) over the aggregate outstanding principal amount of all Advances of such Defaulting Lender. 

“Default Rate” means the rate equal to the Base Rate plus 2% plus the Applicable Margin. 

“Default Ratio” means, with respect to any Settlement Period, the percentage equivalent of a fraction, calculated as of the
Determination Date for such Settlement Period, (a) the numerator of which is equal to the aggregate Outstanding Loan Balance of all Transferred Loans (excluding Charged-Off Loans) that became Defaulted Loans during such Settlement Period and
(b) the denominator of which is equal to (i) the sum of (x) the Aggregate Outstanding Loan Balance as of the first day of such Settlement Period and (y) the Aggregate Outstanding Loan Balance as of the last day of such Settlement
Period divided by (ii) two. 
 “Defaulted Loan” means any Transferred Loan (a) as to which, (x) a
default as to the payment of principal and/or interest has occurred and is continuing for a period of sixty (60) consecutive days with respect to such Loan (without regard to any grace period applicable thereto, or waiver thereof) or (y) a
default not set forth in clause (x) has occurred and the holders of such Loan have accelerated all or a portion of the principal amount thereof as a result of such default, (b) as to which 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 Loan, (c) as to which the Obligor or others have instituted proceedings to have the Obligor
adjudicated bankrupt or insolvent or placed into receivership and such 

  
 9 

 
proceedings have not been stayed or dismissed or such issuer has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless (x) in the case of subclause (y) of
clause (a) or clauses (b) and (c) the Loan is a Current Pay Loan, in which case it shall not be deemed a Defaulted Loan or (y) in the case of clauses (b) or (c), the Loan is a DIP Loan, in which case it shall not be deemed a
Defaulted Loan), (d) that the Servicer has in its reasonable commercial judgment otherwise declared to be a Defaulted Loan or (e) that has a Risk Rating of “Ca,” “CC” or “1” or below by Moody’s, S&P
or the Servicer, respectively. 
 “Defaulting Lender” means, subject to Section 12.16, any Lender that (a) has
failed to (i) fund all or any portion of its Advances within two Business Days of the date such Advances were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is
the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or
(ii) pay to the Administrative Agent, the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Swing Advances) within two Business Days of the date when due,
(b) has notified the Borrower, the Administrative Agent or Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public
statement relates to such Lenders’ obligation to fund an Advance hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable
default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the
Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation
by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Insolvency Law, or (ii) had appointed for it a receiver, custodian,
conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal
regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a
Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or
permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under clauses
(a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 12.16) upon delivery of written notice of such determination to the Borrower,
the Swingline Lender and each Lender. 
 “Deposit Account Control Agreement” means each of (i) a letter agreement,
substantially in the form of Exhibit L, among the Borrower, the Administrative Agent and the bank maintaining the Collection Account with respect to control of the Collection Account, as 

  
 10 

 
amended by Amendment No. 1 to Deposit Account Control Agreement dated as of April 14, 2009, and as the same may from time to time be further amended, modified, supplemented or restated,
(ii) a letter agreement, substantially in the form of Exhibit L, among the Borrower, the Administrative Agent and the bank maintaining the Pending Account with respect to control of the Pending Account, as amended by Amendment No. 1
to Deposit Account Control Agreement dated as of April 14, 2009, and as the same may from time to time be further amended, modified, supplemented or restated, (iii) the Deposit Account Control Agreement dated as of April 14, 2009 with
respect to the Operating Account among the Borrower, the bank maintaining the Operating Account and the Administrative Agent, as the same may be amended, modified, supplemented or restated from time to time and (iv) any letter agreement,
substantially in the form of Exhibit L, among the Borrower, the Administrative Agent and the bank maintaining any Lock-Box Account. 

“Derivatives” means any exchange-traded or over-the-counter (i) forward, future, option, swap, cap, collar, floor,
foreign exchange contract, any combination thereof, whether for physical delivery or cash settlement, relating to any interest rate, interest rate index, currency, currency exchange rate, currency exchange rate index, debt instrument, debt price,
debt index, depository instrument, depository price, depository index, equity instrument, equity price, equity index, commodity, commodity price or commodity index, (ii) any similar transaction, contract, instrument, undertaking or security, or
(iii) any transaction, contract, instrument, undertaking or security containing any of the foregoing. 
 “Determination
Date” means the last day of each Settlement Period. 
 “DIP Loan” means a Transferred Loan, the Obligor of which
is a debtor-in-possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13) of the Bankruptcy Code (a “Debtor”) organized under the laws of the United States or any state
therein, the terms of which have been approved by an order of a court of competent jurisdiction, which order provides that (i) such DIP Loan is secured by liens on otherwise unencumbered property of the Debtor’s bankruptcy estate pursuant
to 364(c)(2) of the Bankruptcy Code, (ii) such DIP Loan is secured by liens of equal or senior priority on property of the Debtor’s estate that is otherwise subject to a lien pursuant to Section 364(d) of the Bankruptcy Code,
(iii) such DIP Loan is secured by junior liens on property of the Debtor’s bankruptcy estate already subject to a lien encumbered assets (so long as such DIP Loan is a fully secured claim within the meaning of Section 506 of
the Bankruptcy Code), or (iv) if the DIP Loan or any portion thereof is unsecured, the repayment of such DIP Loan retains priority over all other administrative expenses pursuant to Section 364(c)(1) of the Bankruptcy Code;
provided that, in the case of the origination or acquisition of any DIP Loan, none of the Borrower or the Servicer have actual knowledge that the order set forth above is subject to any pending contested matter or proceeding (as such
terms are defined in the Federal Rules of Bankruptcy Procedure) or the subject of an appeal or stay pending appeal. 

“Discretionary Sale” is defined in Section 2.16. 

“Discretionary Sale Notice” is defined in Section 2.16(a). 

  
 11 

 “Discretionary Sale Settlement Date” means the Business Day specified by the
Borrower to the Administrative Agent in a Discretionary Sale Notice as the proposed settlement date of a Discretionary Sale. 

“Discretionary Sale Trade Date” means the Business Day specified by the Borrower to the Administrative Agent in a
Discretionary Sale Notice as the proposed trade date of a Discretionary Sale. 
 “Distribution” is defined in
Section 5.1(j). 
 “Diversity Score” means the single number that indicates collateral concentration for Loans
in terms of both Obligor and industry concentration, which is calculated as described in Schedule IV attached hereto. 

“Drawn Amount” means, at any time, the sum of (i) Advances Outstanding and (ii) the Revolver Loan Unfunded
Commitment Amount at such time. 
 “Early Termination Event” is defined in Section 8.1. 

“EBITDA” means, with respect to any Obligor of a Loan, the earnings before
interest, taxes, depreciation and amortization of such Obligor, as determined by the Servicer in the manner provided in the Loan Documents for such Loan. 

“Effective Date” means April 30, 2013. 

“Eligible Assignee” means a Person (a) that is a Lender or an Affiliate of a Lender or (b) (i) whose
short-term rating is at least A-1 from S&P and P-1 from Moody’s, or whose obligations under this Agreement are guaranteed by a Person whose short-term rating is at least A-1 from S&P and P-1 from Moody’s and (ii) who is
approved by the Administrative Agent (such approval not to be unreasonably withheld); provided that, notwithstanding any of the foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s
Affiliates or subsidiaries. 
 “Eligible Loan” means, on any date of determination, each Transferred Loan which satisfies
each of the following requirements: 
 (i) the Loan is evidenced by a promissory note that has been duly authorized and that,
together with the related Loan Documents, is in full force and effect and constitutes the legal, valid and binding obligation of the Obligor of such Loan to pay the stated amount of the Loan and interest thereon, and the related Loan Documents are
enforceable against such Obligor in accordance with their respective terms; 
 (ii) the Loan was originated in accordance
with the terms of the Credit and Collection Policy and arose in the ordinary course of the Originator’s business from the lending of money to the Obligor thereof; 

(iii) the Loan is not a Defaulted Loan; 

  
 12 

 (iv) the Obligor of such Loan has executed all appropriate documentation required
by the Originator; 
 (v) the Loan, together with the Loan Documents related thereto, is a “general intangible”, an
“instrument”, an “account”, or “chattel paper” within the meaning of the UCC of all jurisdictions that govern the perfection of the security interest granted therein; 

(vi) all material consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental
Authority required to be obtained, effected or given in connection with the making of such Loan have been duly obtained, effected or given and are in full force and effect; 

(vii) the Loan is denominated and payable only in United States dollars in the United States, and is not convertible by the
Obligor into debt denominated in any other currency; 
 (viii) the Loan bears interest, which is due and payable no less
frequently than quarterly, except for (i) Loans which bear interest which is due and payable no less frequently than semi-annually, provided that the aggregate Outstanding Loan Balances of such Loans do not exceed 10% of the
Aggregate Outstanding Loan Balance and (ii) PIK Loans; 
 (ix) the Loan, together with the Loan Documents related
thereto, does not contravene in any material respect any Applicable Laws (including, without limitation, laws, rules and regulations relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt
collection practices and privacy) and with respect to which no party to the Loan Documents related thereto is in material violation of any such Applicable Laws; 

(x) the Loan, together with the related Loan Documents, is fully assignable (and if such Loan is secured by an interest in real
property, an Assignment of Mortgage executed in blank has been delivered to the Collateral Custodian); 
 (xi) the Loan was
documented and closed in accordance with the Credit and Collection Policy, including the relevant opinions and assignments, and there is only one current original promissory note; 

(xii) the Loan and all Related Property (that is part of the Collateral) are free of any Liens except for Permitted Liens; 

(xiii) the Loan has an original term to maturity of no more than 120 months; 

(xiv) no right of rescission, set off, counterclaim, defense or other material dispute has been asserted with respect to such
Loan; 
 (xv) any Related Property with respect to such Loan is insured in accordance with the Credit and Collection Policy;

  
 13 

 (xvi) the Obligor with respect to such Loan is an Eligible Obligor; 

(xvii) if such Loan is a PIK Loan, such Loan shall pay a minimum of five percent (5.0%) per annum current interest, on at
least a quarterly basis; 
 (xviii) the Loan is not a loan or extension of credit made by the Originator or one of its
subsidiaries to an Obligor for the purpose of making any principal, interest or other payment on such Loan necessary in order to keep such Loan from becoming delinquent; 

(xix) the Loan has not been amended or subject to a deferral or waiver the effect of which is to (A) reduce the amount
(other than by reason of the repayment thereof) or extend the time for payment of principal or (B) reduce the rate or extend the time of payment of interest (or any component thereof), in each case without the consent of the Required Lenders,
which consent shall not be unreasonably withheld or delayed, provided, however, that such consent shall not be required for an amendment, deferral or waiver the effect of which is to extend the
time for payment of principal due solely to the scheduled maturity of such Loan, so long as such Loan (1) is not a Defaulted Loan and (2) has not incurred and is not anticipated to incur a breach of a material financial covenant; 

(xx) if such Loan is a Qualifying Syndicated Loan, (a) the Borrower has purchased an interest in such Loan from a
financial institution which such financial institution (A) has a short-term debt rating equal to at least A-1 from S&P and P-1 from Moody’s, (B) has been approved in writing by the Required Lenders prior to the related Funding
Date or (C) has an investment grade rating of BBB+/Baa1 or greater and (b) such Loan closed not more than thirty (30) days previously; 

(xxi) if such Loan is a Revolver Loan, it shall be secured by a first priority, perfected security interest on certain assets
of the Obligor which shall include, without limitation, accounts receivable and inventory; 
 (xxii) if such Loan is a
Revolver Loan, the revolving credit commitment of the Borrower to the applicable Obligor thereunder (A) is between $500,000 and $5,000,000 and (B) shall have a term to maturity of three years or less; 

(xxiii) if such Loan is a Fixed Rate Loan which is not subject to a Hedging Transaction, the interest rate charged on such Loan
shall be equal to or greater than 9.0%; 
 (xxiv) such Loan is not a Structured Finance Obligation; 

(xxv) such Loan is not an equity security, and does not by its terms permit the payment obligation of the Obligor thereunder to
be converted into or exchanged for equity capital of such Obligor; 
 (xxvi) such Loan is not an obligation whose repayment
is subject to or derived from (a) the value of other loans, securities and/or financial instruments or (b) the value of bonds insuring against loss arising from natural catastrophes; 

  
 14 

 (xxvii) [intentionally
omitted];the Servicer shall in respect of such Loan have calculated, (i) on or prior to the date on which such Loan became a Transferred Loan, and (ii) at least once per
calendar quarter, within thirty Business Days after the date the Servicer provides the quarterly valuations for its serviced portfolio (commencing after the first anniversary of the date such Loan became a Transferred Loan), each of the following,
in each case in accordance with the applicable Loan Documents for such Loan: EBITDA, Total Funded Debt, TTM EBITDA and each of the ratios required to be computed hereunder utilizing those three terms in the classification of such Loan hereunder;

 (xxviii) the financing of such Loan by the Lenders does not contravene Regulation U of the Federal Reserve Board, nor
require the Lenders to undertake reporting thereunder which it would not otherwise have cause to make; 
 (xxix) if such
security or loan is a Real Estate Loan, there is full recourse to the Obligor for principal and interest payments; 
 (xxx)
such Loan does not contain a confidentiality provision that restricts the ability of the Administrative Agent, on behalf of the Secured Parties, to exercise its rights under the Transaction Documents, including, without limitation, its rights to
review the Loan, the related Loan File or the Originator’s credit approval file in respect of such Loan; provided, however, that a provision which requires the Administrative Agent or other prospective recipient of confidential
information to maintain the confidentiality of such information shall not be deemed to restrict the exercise of such rights; 

(xxxi) the Obligor of which is not the Servicer, an Affiliate of the Borrower or the Servicer or any other person whose
investments are primarily managed by the Servicer or any Affiliate of the Servicer, unless (A) such Loan is approved by the Required Lenders or (B) the Affiliate relation arises in connection with a Controlled Transaction; 

(xxxii) such Loan is not a Covenant-Lite Loan; 

(xxxiii) the proceeds of such Loan are not used to finance construction projects or activities; and 

(xxxiv) the Loan is not any type of bond, whether high yield or otherwise, or any similar financial
instrument.; and 

(xxxv) the Loan shall have a Total Funded Debt to EBITDA ratio of not
greater than 6.25x. 
 “Eligible Obligor” means, on any day, any Obligor that satisfies each of the following
requirements: 
 (i) such Obligor’s principal office and any Related Property are located in the United States, any
territory of the United States or Canada; 

  
 15 

 (ii) no other Loan of such Obligor is a Defaulted Loan; 

(iii) such Obligor is (A) not the subject of any Insolvency Event or (B) the Obligor with regard to a DIP Loan; 

(iv) such Obligor is not a Governmental Authority; 

(v) such Obligor is in material compliance with all material terms and conditions of its Loan Documents; and 

(vi) such Obligor is not an Affiliate of the Borrower, the Servicer or the Originator, except in connection with a Controlled
Transaction. 
 “ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, and
the regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means (a) any corporation that is a
member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as the Borrower; (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c)
of the Code) with the Borrower or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower, any corporation described in clause (a) above or any trade or business described
in clause (b) above. 
 “Eurodollar Disruption Event” means, with respect to any Advance as to which Interest accrues
or is to accrue at a rate based upon the Adjusted Eurodollar Rate, any of the following: (a) a determination by a Lender that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not
having the force of law) to obtain United States dollars in the London interbank market to make, fund or maintain any Advance; (b) the inability of any Lender to obtain timely information for purposes of determining the Adjusted Eurodollar
Rate; (c) a determination by a Lender that the rate at which deposits of United States dollars are being offered to such Lender in the London interbank market does not accurately reflect the cost to such Lender of making, funding or maintaining
any Advance; or (d) the inability of a Lender to obtain United States dollars in the London interbank market to make, fund or maintain any Advance. 

“Eurodollar Reserve Percentage” means, on any day, the then applicable percentage (expressed as a decimal) prescribed by the
Federal Reserve Board (or any successor) for determining maximum reserve requirements applicable to “Eurocurrency Liabilities” pursuant to Regulation D or any other then applicable regulation of the Federal Reserve Board (or any successor)
that prescribes reserve requirements applicable to “Eurocurrency Liabilities” as presently defined in Regulation D. The Adjusted Eurodollar Rate shall be adjusted automatically on and as of the effective date of any change in the
Eurodollar Reserve Percentage. 

  
 16 

 “Excess Concentration Amount” means on any date of determination, the sum of,
without duplication, 
 (a) the aggregate amount by which the Outstanding Loan Balances of Eligible Loans, the Obligors of which are
residents of any one state, exceed 40% of the Aggregate Outstanding Loan Balance; 
 (b) the aggregate amount by which the Outstanding Loan
Balance of each Eligible Loan exceeds the Large Loan Limit applicable to such Eligible Loan; 
 (c) the aggregate amount by which the
Outstanding Loan Balances of all Eligible Loans which are PIK Loans exceed 10% of the Aggregate Outstanding Loan Balance; 
 (d) the
aggregate amount by which the Outstanding Loan Balances of all Eligible Loans that have remaining terms to maturity greater than 84 months (measured as of the most recent Reporting Date) exceed 15% of the Aggregate Outstanding Loan Balance; 

(e) the aggregate amount by which the Outstanding Loan Balances of Qualifying Syndicated Loans, for which no Subsequent Delivery Trust Receipt
(as defined in the Custody Agreement) has been received exceed 10% of the Aggregate Outstanding Loan Balance; 
 (f) the aggregate amount by
which the Outstanding Loan Balances of all Eligible Loans which have a Risk Rating of CCC+/Caa1/3 or below exceed 10% of the Aggregate Outstanding Loan Balance; 

(g) the aggregate amount by which the Outstanding Loan Balances of all Eligible Loans which are Revolver Loans exceed 15% of the Aggregate
Outstanding Loan Balance; 
 (h) the aggregate amount by which the Outstanding Loan Balances of all Eligible Loans which are Revolver Loans
having a term to maturity of more than one year (measured as of the date such Loans became Transferred Loans) exceed 10% of the Aggregate Outstanding Loan Balance; 

(i) the aggregate Outstanding Loan Balances of all Loans which have not been priced by Standard & Poor’s Securities
Evaluations, Inc.an Approved Valuation Service for a period in excess of (i) 135 days from the date such Loans became Transferred Loans or (ii) 135 days from the last
date on which such Loans were priced by Standard & Poor’s Evaluations, Inc.an Approved Valuation Service (other than those Loans which have a long term credit
rating from S&P or Moody’s and have a quoted price by a financial institution rated at least A-1/P-1 that makes a market in such Loan or from a pricing service otherwise acceptable to the Managing Agents, which shall be expressly excluded
from this subsection (i)); 
 (j) the aggregate amount by which the Outstanding Loan Balances of all Eligible Loans that are unsecured
exceed 105% of the Aggregate Outstanding Loan Balance; 
 (k)
the aggregate amount by which the Outstanding Loan Balances of all Fixed Rate Loans exceed 35% of the Aggregate Outstanding Loan Balance, or, so long as the incremental amount above 35% of the Aggregate Outstanding Loan Balance is subject in its
entirety to 

  
 17 

 
interest rate protection agreements fully protecting against changes in applicable interest rates, the aggregate amount by which the Outstanding Loan Balances of all Fixed Rate Loans exceed 45%
of the Aggregate Outstanding Loan Balance; 
 (l) the aggregate amount by which the Outstanding Loan Balances of all Fixed Rate Loans which
are not subject to a Hedge Transaction exceed 10% of the Aggregate Outstanding Loan Balance; 
 (m) the aggregate amount by which the
Outstanding Loan Balances of all Eligible Loans that are Current Pay Loans exceed 10% of the Aggregate Outstanding Loan Balance; 
 (n) the
aggregate amount by which the Outstanding Loan Balances of all Eligible Loans which are DIP Loans exceed 10% of the Aggregate Outstanding Loan Balance; 

(o) the aggregate amount by which the Outstanding Loan Balances of all Loans which are subordinated to any other indebtedness of the
applicable Obligor exceed 60not First Lien Loans exceed 50% of the Aggregate Outstanding Loan Balance; 

(p) the aggregate amount by which the Outstanding Loan Balances of all Eligible Loans which are participation interests exceeds 10% of the
Aggregate Outstanding Loan Balance; 
 (q) the aggregate amount by which the Outstanding Loan Balances of all Eligible Loans for which the
applicable Eligible Obligor is domiciled in Canada exceed 5% of the Aggregate Outstanding Loan Balance; 
 (r) the aggregate amount by which
the Outstanding Loan Balances of all Eligible Loans which are Mezzanine Loans exceed 205% of the Aggregate Outstanding Loan Balance; and 

(s) the aggregate amount by which the outstandingOutstanding Loan
Balances of all Eligible Loans that are Real Estate Loans exceeds 5% of the Aggregate Outstanding Loan Balance; and 

(t) the aggregate amount by which (A) the Outstanding Loan Balances of all
Eligible Loans for which the Servicer has not calculated, at least once per calendar quarter within five Business Days after the date the Servicer provides the quarterly valuations for its serviced portfolio (commencing after the first anniversary
of the date such Eligible Loan became a Transferred Loan), each of the following, in each case in accordance with the applicable Loan Documents for such corresponding Eligible Loan: EBITDA, Total Funded Debt, TTM EBITDA and each of the ratios
required to be computed hereunder utilizing those three terms in the classification of such Loan hereunder, exceeds (B) 10% of the Aggregate Outstanding Loan Balance. 

“Facility Amount” means, at any time and as reduced or increased from time to time, pursuant to the terms of this Agreement
the aggregate dollar amount of Commitments of all the Lenders, as of the date of determination; provided, however, that on or after the Termination Date, the Facility Amount shall be equal to the amount of Advances outstanding. As of
the 

  
 18 

 
Amendment No. 1 Effective Date, the Facility Amount is
$70,000,000.105,000,000. The Facility Amount may be increased up to a total of
$200,000,000250,000,000 in accordance with the provisions of Section 2.3(c). 

“Fair Market Value” means, with respect to each Eligible Loan, (1) to the extent that such Eligible Loan does not have a
long term credit rating from S&P or Moody’s, the least of (a) to the extent priced by Standard & Poor’s Securities Evaluations, Inc.an Approved
Valuation Service, the product of (x) the remaining principal amount of the Eligible Loan and (y) the pricing as determined by Standard & Poor’s Securities Evaluations,
Inc.such Approved Valuation Service in its most recent quarterly pricing, (b) the remaining principal amount of such Eligible Loan and (c) if such Eligible Loan has been
reduced in value below the remaining principal amount thereof (other than as a result of the allocation of a portion of the remaining principal amount to warrants), the value of such Eligible Loan as required by, and in accordance with, the 1940
Act, as amended, and any orders of the SEC issued to the Originator, to be determined by the Board of Directors of the Originator and reviewed by its auditors and (2) otherwise, the least of (a) (x) the remaining principal amount of
such Eligible Loan times (y) the price quoted to the Borrower on such Eligible Loan from a financial institution rated at least A-1/P-1 that makes a market in such Eligible Loan or from a pricing service otherwise acceptable to the Managing
Agents, (b) the remaining principal amount of such Eligible Loan and (c) if such Eligible Loan has been reduced in value below the remaining principal amount thereof (other than as a result of the allocation of a portion of the remaining
principal amount to warrants), the value of such Eligible Loan as required by, and in accordance with, the 1940 Act, as amended, and any orders of the SEC issued to the Originator, to be determined by the Board of Directors of the Originator and
reviewed by its auditors. 
 “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum for each day
during such period equal to (a) the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business
Day, for the preceding Business Day) by the Federal Reserve Bank of New York; or (b) if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 10:30 a.m. (New York, New York time) for
such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System. 

“Fee Letter” means any letter agreement in respect of fees among the Borrower and the Administrative Agent or any Managing
Agent, each as it may be amended or modified and in effect from time to time. 
 “First Lien Loan” means a loan that is
secured by the pledge of collateralentitled to the benefit of a first lien and first priority perfected security interest on a substantial portion of the assets (net of any
real estate) of the respective Obligors (including any guarantors) obligated in respect thereof, and which has the most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings;
, provided, however, that, in the case of accounts receivable and inventory (and the proceeds thereof), such lien and security interest may be second in priority to a Permitted Working
Capital Lien; and further provided, 

  
 19 

 
that (i) any portion of such a Loan which has leverage (as measured by debt/EBITDA as of the closing of the loan) above (x) 5.5x for loans to companies in the following
industries (A) media (broadcasting and publishing), (B) cable and (C) telecommunications and (y) 4.25x for loans to companies in all other industries and is structured primarily using a cash flow analysis (in the mutual
reasonable judgment of the Administrative Agent and the Borrower)Loan which exceeds a Total Funded Debt to EBITDA ratio of 4.25x will be deemed to be a Second Lien Loan and
(ii) Loans that are structured primarily using an asset based approach (in the mutual reasonable judgment of the Administrative Agent and the Borrower) will be deemed to be Second Lien Loans if the LTV percentage (debt/asset value) is
greater than 85%as of any date of determination, the ratio of the principal amount of the loan secured by such Permitted Working Capital Lien to TTM EBITDA of the Obligor is less than
or equal to 1.0x. For the avoidance of doubt, in no event shall a First Lien Loan include a Last Out Loan, unless both the First Out Loan and the Last Out Loan are held by the Borrower or its Affiliates. 

“First Out Loan” means a Loan that (a) constitutes an Eligible Loan
which is a First Lien Loan, (b) is secured on a pari passu basis with a Last Out Loan by a perfected, first priority security interest in a substantial portion of the assets of the related Obligor, and (c) following the occurrence
of a specified event or trigger under the applicable Loan Documents, will be paid in full prior to the payment of any portion of the related Last Out Loan issued by the same Obligor, in accordance with a specified priority of payment; provided,
however, that if (i) the Borrower holds both the First Out Loan and related Last Out Loan of an Obligor, or (ii) the Borrower holds a First Out Loan of an Obligor and an Affiliate of Borrower holds the related Last Out Loan, then in either
case, both Loans will be considered to be First Lien Loans provided all other requirements of this definition are satisfied. 

“Fixed Rate Loan” means a Transferred Loan that bears interest at a fixed rate. 

“Floating Rate Loan” means a Transferred Loan that bears interest at a floating rate. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to the Swingline Lender, such Defaulting
Lender’s Applicable Percentage of outstanding Swing Advances made by the Swingline Lender other than Swing Advances as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders. 

“Funding Date” means any day on which an Advance is made in accordance with and subject to the terms and conditions of this
Agreement. 
 “Funding Request” means a Borrower Notice requesting an Advance and including the items required by
Section 2.2. 
 “GAAP” means generally accepted accounting principles as in effect from time to time in the
United States. 
 “Governmental Authority” means, with respect to any Person, any nation or government, any state or other
political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any court or
arbitrator having jurisdiction over such Person. 

  
 20 

 “Group Advance Limit” means, for each Lender Group, the sum of the
Commitments of the Lenders in such Lender Group. 
 “Guarantor Event of Default” means the occurrence of any “Event of
Default” under and as defined in the Performance Guaranty. 
 “Hedge Breakage Costs” means, for any Hedge Transaction,
any amount payable by the Borrower for the early termination of that Hedge Transaction or any portion thereof. 
 “Hedge
Collateral” is defined in Section 5.2(b). 
 “Hedge Counterparty” means KeyBank, BB&T or any other
entity that (a) on the date of entering into any Hedge Transaction (i) is an interest rate swap dealer that is either a Lender or an Affiliate of a Lender, or has been approved in writing by the Administrative Agent (which approval shall
not be unreasonably withheld), and (ii) has a short-term unsecured debt rating of not less than A-1 by S&P and not less than P-1 by Moody’s, and (b) in a Hedging Agreement (i) consents to the assignment of the Borrower’s
rights under the Hedging Agreement to the Administrative Agent pursuant to Section 5.2(b) and (ii) agrees that in the event that S&P or Moody’s reduces its short-term unsecured debt rating below A-1 or P-1, respectively, it
shall transfer its rights and obligations under each Hedging Transaction to another entity that meets the requirements of clause (a) and (b) hereof or make other arrangements acceptable to the Administrative Agent and the Rating Agencies.

 “Hedge Transaction” means each interest rate cap transaction between the Borrower and a Hedge Counterparty that is
entered into pursuant to Section 5.2 and is governed by a Hedging Agreement. 
 “Hedging Agreement” means each
agreement between the Borrower and a Hedge Counterparty that governs one or more Hedge Transactions entered into pursuant to Section 5.2, which agreement shall consist of a “Master Agreement” in a form published by the
International Swaps and Derivatives Association, Inc., together with a “Schedule” thereto substantially in a form as the Administrative Agent shall approve in writing, and each “Confirmation” thereunder confirming the specific
terms of each such Hedge Transaction. 
 “Increased Costs” means any amounts required to be paid by the Borrower to an
Affected Party pursuant to Section 2.12. 
 “Indebtedness” means, with respect to the Borrower or the initial
Servicer at any date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with
customary trade practices) or that is evidenced by a note, bond, debenture or similar instrument, (b) all obligations of such Person under capital leases, (c) all obligations of such Person in respect of acceptances issued or created for
the account of such Person, (d) all liabilities secured by any Adverse Claims on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof, and (e) all indebtedness,
obligations or liabilities of that Person in respect of Derivatives, and (f) obligations under direct or indirect guaranties in respect of obligations (contingent or otherwise) to purchase or otherwise acquire, or to otherwise assure a creditor
against loss in respect of, clauses (a) through (e) above. 

  
 21 

 “Indemnified Amounts” is defined in Section 9.1(a). 

“Indemnified Party” is defined in Section 9.1(a). 

“Independent Director” is defined in the LLC Agreement. 

“Industry” means the industry of an Obligor as determined by reference to the Moody’s Industry Classifications. 

“Ineligible Loan” is defined in the Purchase Agreement. 

“Insolvency Event” means, with respect to a specified Person, (a) the filing of a decree or order for relief by a court
having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period
of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable Insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under
any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the
making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

“Insolvency Laws” means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium,
rearrangement, receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally. 

“Insolvency Proceeding” means any case, action or proceeding before any court or Governmental Authority relating to an
Insolvency Event. 
 “Insurance Policy” means, with respect to any Transferred Loan, an insurance policy covering physical
damage to or loss to any assets or Related Property of the Obligor securing such Loan. 
 “Insurance Proceeds” means any
amounts payable or any payments made, to the Borrower or to the Servicer on its behalf under any Insurance Policy. 

  
 22 

 “Interest” means, for each Settlement Period and each Advance outstanding during
such Settlement Period, the product of: 
  

									
		 	      IR x P x	 		 	 AD

360
	 	
				
	where	 		 		 	
					
		 	          IR	 	=	 		 	the Interest Rate applicable to such Advance, resetting as and when specified herein;
					
		 	          P	 	=	 		 	the principal amount of such Advance on the first day of such Settlement Period, or if such Advance was first made during such Settlement Period, the principal amount of such Advance on the day such Advance is made; and
					
		 	          AD	 	=	 		 	the actual number of days in such Settlement Period, or if such Advance was first made during such Settlement Period, the actual number of days beginning on the day such Advance was first made through the end of such Settlement
Period;

 provided, however, that (i) no provision of this Agreement shall require or permit the collection of
Interest in excess of the maximum permitted by Applicable Law and (ii) Interest shall not be considered paid by any distribution if at any time such distribution is rescinded or must otherwise be returned for any reason. 

“Interest Collections” means any and all Collections which do not constitute Principal Collections. 

“Interest Coverage Ratio” means, with respect to any calendar quarter, the percentage equivalent of a fraction, calculated as
of the last Determination Date in such calendar quarter, (a) the numerator of which is equal to the aggregate Interest Collections for such calendar quarter and (b) the denominator of which is equal to the sum of (x) the aggregate
amount payable pursuant to Section 2.8(a)(ii), (iv), (v) and (vii) hereunder and (y) an amount equal to the sum of the products, for each day during the related calendar quarter, of (i) the
Advances Outstanding, (ii) the weighted average of the Servicing Fee Rates used to compute the Servicing Fee for such calendar quarter, and (iii) a fraction, the numerator of which is 1 and the denominator of which is 360. 

“Interest Rate” means for any Settlement Period and any Advance: 

(a) during the Revolving Period, a rate per annum equal to the Adjusted Eurodollar Rate plus the Applicable Margin; provided,
however, that the Interest Rate shall be the Base Rate plus the Applicable Margin if a Eurodollar Disruption Event occurs; and, provided, further, that the Interest Rate for the first two (2) Business Days following any Advance made by a
Lender shall be the Base Rate plus the Applicable Margin unless such Lender has received at least two (2) Business Days’ prior notice of such Advance; or 

(b) during the Amortization Period, a rate equal to the Base Rate plus the Applicable Margin; 

  
 23 

 (c) at any time following an Early Termination Event, a rate equal to the Default Rate; or 

(d) for a Swing Advance, a rate equal to the Base Rate plus the Applicable Margin. 

“Interest Reset Date” means the first day of each calendar month, or, if the first day of such calendar month is not a
Business Day, the immediately preceding Business Day 
 “Investment” means, with respect to any Person, any direct or
indirect loan, advance or investment by such Person in any other Person, whether by means of share purchase, capital contribution, loan or otherwise, excluding the acquisition of assets pursuant to the Purchase Agreement and excluding commission,
travel and similar advances to officers, employees and directors made in the ordinary course of business. 
 “Joinder
Agreement” means a joinder agreement substantially in the form set forth in Exhibit D hereto pursuant to which a new Lender Group becomes party to this Agreement. 

“KEF” means Key Equipment Finance Inc., a division
of KeyBank National Association in its capacity as a Lender, as Swingline Lender, as Managing Agent and as Administrative Agent, and its successors or assigns. 

“KeyBank” means KeyBank National Association and its successors or assigns. 

“Key Man Event” means any two of (i) David Gladstone, (ii) Terry Brubaker and (iii) David A.R. Dullum
shall cease to beless than two Approved Officers are employed by the Originator in the capacity as executive officers
thereof and such failure to employ at least two Approved Officers shall have continued for 180 days or more. 

“Large Loan Limit” means $15,000,000.an amount equal
to the greater of (a) $15,000,000 and (b) the lesser of (i) the product of (A) 7% and (B) the Aggregate Outstanding Loan Balance and (ii) $20,000,000. 

“Last Out Loan” means a Loan that (a) constitutes an Eligible Loan
which is a First Lien Loan, (b) is secured on a pari passu basis with a First Out Loan by a perfected, first priority security interest in a substantial portion of the assets of the related Obligor, and (c) following the occurrence
of a specified event or trigger under the applicable Loan Documents, will be paid only after all or a portion of the related First Out Loan issued by the same Obligor has been paid in full, in accordance with a specified priority of payment;
provided, however, that if (i) the Borrower holds both the Last Out Loan and related First Out Loan of an Obligor, or (ii) the Borrower holds a Last Out Loan of an Obligor and an Affiliate of Borrower holds the related First Out Loan, then
in either case, both Loans will be considered to be First Lien Loans provided all other requirements of the definition of a First Lien Loan are satisfied. 

“Lenders” is defined in the preamble hereto. 

“Lender Group” means any group consisting of a Lender and its related Managing Agent. 

  
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 “LIBO Rate” means, for any Settlement Period or portion thereof and any Advance,
a interest rate per annum equal to the rate per annum determined on the basis of the rate for deposits in United States dollars of amounts equal or comparable to the principal amount of such Advance offered for a term of one calendar month, which
rate appears on Reuters Screen LIBOR01 (or such other page as may replace such screen of that service or such other service or services as may be nominated by the British Banker’s Association for the purpose of displaying London InterBank
Offered Rates for United States dollar deposits) determined as of 11:00 a.m. London, England time on each Interest Reset Date; provided that if no such offered rates appear on such page, the “London InterBank Offered Rate”
for such Settlement Period will be the arithmetic average (rounded upward, if necessary, to the next higher 1/100th of 1%) of rates quoted by not less than two (2) major lenders in New York City, selected by the Administrative Agent, at
approximately 10:00 a.m., New York City time, two (2) Business Days prior to the first day of such Settlement Period, for deposits in Dollars offered by leading European banks for a period comparable to such Settlement Period in an amount
comparable to the principal amount of such Advance. 
 “Lien” means, with respect to any Collateral, (a) any mortgage,
lien, pledge, charge, security interest or encumbrance of any kind in respect of such Collateral, or (b) the interest of a vendor or lessor under any conditional sale agreement, financing loan or other title retention agreement relating to such
Collateral. 
 “Liquidation Expenses” means, with respect to any Defaulted Loan or Charged-Off Loan, the aggregate amount
of out-of-pocket expenses reasonably incurred by the Borrower or on behalf of the Borrower by the Servicer (including amounts paid to any subservicer) in connection with the repossession, refurbishing and disposition of any related assets securing
such Loan including the attempted collection of any amount owing pursuant to such Loan. 
 “LLC Agreement” means that
certain Limited Liability Company Agreement dated October 19, 2006 between the Borrower and the Originator, as amended by that certain Amendment No. 1 to Limited Liability Company Agreement dated April 13, 2010. 

“Loan” means any senior or subordinate loan arising from the extension of credit to an Obligor by the Originator in the
ordinary course of the Originator’s business. 
 “Loan Documents” means, with respect to any Loan, the related
promissory note and any related loan agreement, security agreement, mortgage, assignment of mortgage, assignment of Loans, all guarantees, and UCC financing statements and continuation statements (including amendments or modifications thereof)
executed by the Obligor thereof or by another Person on the Obligor’s behalf in respect of such Loan and related promissory note, including, without limitation, general or limited guaranties and, for each Loan secured by real property an
Assignment of Mortgage. 
 “Loan File” means, with respect to any Loan, each of the Loan Documents related thereto. 

“Loan List” means the Loan List provided by the Borrower to the Administrative Agent and the Collateral Custodian, as set
forth in Schedule II hereto (which shall include the specific documents that should be included in each Loan File), as the same may be changed from time to time in accordance with the provisions hereof. 

  
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 “Lock-Box” means a post office box to which Collections are remitted for
retrieval by a Lock-Box Bank and deposited by such Lock-Box Bank into a Lock-Box Account. 
 “Lock-Box Account” means an
account, subject to a Deposit Account Control Agreement, maintained in the name of the Borrower for the purpose of receiving Collections at a Lock-Box Bank. 

“Lock-Box Bank” means any of the banks or other financial institutions holding one or more Lock-Box Accounts. 

“Managing Agent” means, as to any Lender, the financial institution identified as such on the signature pages hereof
or in the applicable Assignment and Acceptance or Joinder Agreement. 
 “Mandatory Prepayment” is defined in
Section 2.4(a). 
 “Margin Stock” is defined in Section 4.1(y). 

“Market Servicing Fee” is defined in Section 7.20. 

“Market Servicing Fee Differential” means, on any date of determination, an amount equal to the positive difference between
the Market Servicing Fee and Servicing Fee. 
 “Material Adverse Change” means, with respect to any Person, any material
adverse change in the business, condition (financial or otherwise), operations, performance, properties or prospects of such Person. 

“Material Adverse Effect” means with respect to any event or circumstance, a material adverse effect on (a) the
business, condition (financial or otherwise), operations, performance, properties or prospects of the Servicer or the Borrower, (b) the validity, enforceability or collectibility of this Agreement or any other Transaction Document or any
Liquidity Agreement or the validity, enforceability or collectibility of the Loans, (c) the rights and remedies of the Administrative Agent or any Secured Party under this Agreement or any Transaction Document or any Liquidity Agreement or
(d) the ability of the Borrower or the Servicer to perform its obligations under this Agreement or any other Transaction Document, or (e) the status, existence, perfection, priority, or enforceability of the Administrative Agent’s or
Secured Parties’ interest in the Collateral. 
 “Maturity Date” means the date that is one
yeartwo years after the Termination Date. The Advances Outstanding will be due and payable in full on the Maturity Date. 

“Maximum Lawful Rate” is defined in Section 2.6(d). 

  
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 “Mezzanine Loan” means any assignment of, or participation interest or other
interest in, a Loan that is of a rank lower thannot a First Lien Loan or a Second Lien Loan and has a Total Funded
Debt to TTM EBITDA ratio which is not greater than 6.25x. 
 “Monthly Report” is defined in
Section 7.11(a). 
 “Moody’s” means Moody’s Investors Service, Inc., and any successor thereto. 

“Moody’s Industry Classifications” means the classifications as set forth in Exhibit N. The classification under
which an Eligible Loan is categorized shall be determined on the date of origination in the reasonable discretion of the Borrower. 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA that is or was at
any time during the current year or the immediately preceding five years contributed to by the Borrower or any ERISA Affiliate on behalf of its employees. 

“Net Worth” means, with respect to the Performance Guarantor, the total of stockholder’s equity (determined in
accordance with GAAP) plus Subordinated Debt (determined in accordance with GAAP, but excluding for purposes of testing compliance with Section 7.18(xiv) the impact of the election of ASC 825 or similar accounting guideline with respect to
determining the fair value of the debt of the Performance Guarantor on a consolidated basis (for avoidance of doubt, the intent of this language is to cause the debt of the Performance Guarantor to be valued at par value rather than fair value)),
less the total amount of any intangible assets, including without limitation, deferred charges and goodwill. 
 “Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 
 “Notes” is defined in
Section 2.5(a). 
 “Obligations” means all loans, advances, debts, liabilities and obligations, for monetary
amounts owing by the Borrower to the Lenders, the Administrative Agent, the Managing Agents or any of their assigns, as the case may be, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or non-contingent,
and all covenants and duties regarding such amounts, of any kind or nature, present or future, arising under or in respect of any of this Agreement, any other Transaction Document or any Fee Letter delivered in connection with the transactions
contemplated by this Agreement, or any Hedging Agreement, as amended or supplemented from time to time, whether or not evidenced by any separate note, agreement or other instrument. This term includes, without limitation, all principal, interest
(including interest that accrues after the commencement against the Borrower of any action under the Bankruptcy Code), Breakage Costs, Hedge Breakage Costs, fees, including, without limitation, any and all arrangement fees, loan fees, facility fees,
and any and all other fees, expenses, costs or other sums (including attorney costs) chargeable to the Borrower under any of the Transaction Documents or under any Hedging Agreement. 

“Obligor” means, with respect to any Loan, the Person or Persons obligated to make payments pursuant to such Loan, including
any guarantor thereof. For purposes of calculating the Excess Concentration Amount and the Required Equity Investment, all Loans included in the Collateral or to become part of the Collateral the Obligor of which is an Affiliate of another Obligor
shall be aggregated with all Loans of such other Obligor. 

  
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 “Officer’s Certificate” means a certificate signed by any officer of the
Borrower or the Servicer, as the case may be, and delivered to the Administrative Agent. 
 “Operating Account” means the
Borrower’s operating account number 138833 at The Bank of New York Mellon Trust Company, N.A. 
 “Opinion of Counsel”
means a written opinion of counsel, who may be counsel for the Borrower or the Servicer, as the case may be, and who shall be reasonably acceptable to the Administrative Agent. 

“Originator” means Gladstone Investment Corporation, a Delaware corporation. 

“Outstanding Loan Balance” means with respect to any Loan, the then outstanding principal balance thereof, provided,
however, that with respect to Current Pay Loans, the “Outstanding Loan Balance” of such Loans shall be equal to 70% of the outstanding principal balance thereof. 

“Participant” is defined in Section 11.1(f). 

“Payment Date” means the ninth (9th) day of each calendar month or, if such day is not a Business Day, the next
succeeding Business Day; provided that for purposes of distributions required pursuant to Section 2.8(a)(viii) only, “Payment Date” shall mean any Business Day. 

“Pending Account” is defined in Section 2.15(a). 

“Performance Guarantor” is defined in the Performance Guaranty. 

“Performance Guaranty” means the Performance Guaranty with respect to the obligations of the Servicer, dated as of the
Closing Date, by the Originator in favor of the Borrower and the Administrative Agent, as amended by that certain Amendment No. 1 to Performance Guaranty dated as of April 14, 2009, that certain Amendment No. 2 to Performance Guaranty
dated as of April 13, 2010, that certain Amendment No. 3 to Performance Guaranty dated as of October 26, 2011, that certain Amendment No. 4 to Performance Guaranty dated as of the date
hereof,April 30, 2013, and as the same may be further amended, modified, supplemented or restated from time to time. 

“Permitted Investments” means any one or more of the following types of investments: 

(a) marketable obligations of the United States, the full and timely payment of which are backed by the full faith and credit of the United
States and that have a maturity of not more than 270 days from the date of acquisition; 
 (b) marketable obligations, the full and timely
payment of which are directly and fully guaranteed by the full faith and credit of the United States and that have a maturity of not more than 270 days from the date of acquisition; 

  
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 (c) bankers’ acceptances and certificates of deposit and other interest-bearing obligations
(in each case having a maturity of not more than 270 days from the date of acquisition) denominated in dollars and issued by any bank with capital, surplus and undivided profits aggregating at least $100,000,000, the short-term obligations of which
are rated A-1 by S&P and P-1 by Moody’s; 
 (d) repurchase obligations with a term of not more than ten days for underlying
securities of the types described in clauses (a), (b) and (c) above entered into with any bank of the type described in clause (c) above; 

(e) commercial paper rated at least A-1 by S&P and P-1 by Moody’s; and 

(f) demand deposits, time deposits or certificates of deposit (having original maturities of no more than 365 days) of depository institutions
or trust companies incorporated under the laws of the United States or any state thereof (or domestic branches of any foreign bank) and subject to supervision and examination by federal or state banking or depository institution authorities;
provided, however that at the time such investment, or the commitment to make such investment, is entered into, the short-term debt rating of such depository institution or trust company shall be at least A-1 by S&P and P-1 by
Moody’s. 
 “Permitted Liens” means Liens created pursuant to the Transaction Documents in favor of the Administrative
Agent, as agent for the Secured Parties. 
 “Permitted Working Capital
Lien” means, with respect to an Obligor that is a borrower under a First Lien Loan, a Second Lien Loan or a Mezzanine Loan (collectively “Facility Loans”), a security interest granted to secure a working capital loan for such Obligor
in the accounts receivable and/or inventory (and the proceeds thereof) of such Obligor and any of its subsidiaries that are guarantors of such working capital loan; provided, that (i) such Facility Loan has a junior priority lien on such
accounts receivable and/or inventory (and the proceeds thereof), and (ii) such working capital facility is not secured by any other assets of such Obligor and does not benefit from any standstill rights or other similar creditor rights
agreements (other than customary rights) with respect to any other assets of such Obligor. 
 “Person” means an
individual, partnership, corporation (including a statutory trust), limited liability company, joint stock company, trust, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof) or
other entity. 
 “PIK Loan” means a Loan to an Obligor, which provides for a portion of the interest that accrues thereon
to be added to the principal amount of such Loan for some period of the time prior to such Loan requiring the cash payment of interest on a monthly or quarterly basis. 

“Portfolio Rate” means on any day, with respect to any Settlement Period, the annualized percentage equivalent of a fraction,
the numerator of which is equal to all Interest Collections for such Settlement Period, and the denominator of which is equal to the Advances Outstanding on the last day of such Settlement Period. 

  
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 “Portfolio Yield” means on any day, the excess, if any, of (a) the
Portfolio Rate on such day over (b) the Interest Rate on such day. 
 “Post-Termination Revolver Loan Fundings” means
an advance by the Lenders, made on or following the Revolver Loan Funding Date, which may be used for the sole purpose of funding advances requested by Obligors under the Revolver Loans. 

“Prime Rate” means the rate publicly announced by KeyBank from time to time as its prime rate in the United States, such rate
to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by KeyBank in connection with extensions of credit to debtors. 

“Principal Collections” means any and all amounts received in respect of any principal due and payable under any Transferred
Loan from or on behalf of Obligors that are deposited into the Collection Account, or received by the Borrower or on behalf of the Borrower by the Servicer or Originator in respect of the Transferred Loans, including, without limitation, proceeds of
sales and any hedge termination payments, in the form of cash, checks, wire transfers, electronic transfers or any other form of cash payment. 

“Proceeds” means, with respect to any Collateral, whatever is receivable or received when such Collateral is sold, collected,
liquidated, foreclosed, exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary, including all rights to payment with respect to any insurance relating to such Collateral. 

“Pro-Rata Share” means, with respect to any Lender on any day, the percentage equivalent of a fraction the numerator of which
is such Lender’s Commitment and the denominator of which is the Group Advance Limit of the related Lender Group. 
 “Purchase
Agreement” means the Purchase and Sale Agreement dated as of the Closing Date, between the Originator and the Borrower, as amended by that certain Amendment No. 1 to Purchase Agreement dated as of April 14, 2009, that certain
Amendment No. 2 to Purchase Agreement dated as of October 26, 2011, that certain Amendment No. 3 to Purchase Agreement dated as of even date herewith, and as the same may be further amended, modified, supplemented or restated from
time to time. 
 “Purchase Date” is defined in the Purchase Agreement. 

“Purchased Loan Balance” means as of any date of determination and any Transferred Loan, the lesser of (i) the
Outstanding Loan Balance of such Loan as of such date and (ii) the Fair Market Value of such Loan. 
 “Purchasing
Lender” is defined in Section 11.1(b). 
 “Qualified Institution” is defined in
Section 7.4(e). 
 “Qualifying Syndicated Loan” means any Loan designated by the Borrower as such in the Loan
List. 

  
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 “Real Estate Loan” means a Transferred Loan that is (a)(i) secured primarily by
a mortgage, deed of trust or similar lien on commercial real estate (other than hotels, restaurants and casinos) or residential real estate and (ii) primary repayment of the payment obligations thereof is derived from rental or other real
estate related income or (b) a loan or debt obligation which falls within the Moody’s Industry Classification “Buildings and Real Estate”. 

“Records” means, with respect to any Transferred Loans, all documents, books, records and other information (including
without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to any item of Collateral and the related Obligors, other than the Loan Documents. 

“Recoveries” means, with respect to any Defaulted Loan or Charged-Off Loan, Proceeds of the sale of any Related Property,
Proceeds of any related Insurance Policy, and any other recoveries with respect to such Loan and Related Property, and amounts representing late fees and penalties, net of Liquidation Expenses and amounts, if any, received that are required to be
refunded to the Obligor on such Loan. 
 “Register” is defined in Section 11.1(d). 

“Related Property” means, with respect to a Loan, any property or other assets of the Obligor thereunder pledged as
collateral to the Originator to secure the repayment of such Loan. 
 “Reporting Date” means the date that is two
(2) Business Days prior to each Payment Date. 
 “Repurchase Price” means for any Transferred Loan purchased by the
Servicer pursuant to Section 7.7, an amount equal to the outstanding principal balance of such Loan as of the date of purchase, plus all accrued and unpaid interest on such Loan. 

“Required Equity Investment” means the minimum amount of equity investment in the Borrower which shall be maintained by the
Originator, in the form of Eligible Loans and/or cash having an outstanding principal balance at all times prior to the Termination Date of an amount equal to: (a) if the Advances Outstanding are less than or equal to $50,000,000, the greater
of (i) $75,000,000 or (ii) the sum of the Outstanding Loan Balances of the five largest Eligible Loans; or (b) if the Advances Outstanding are greater than $50,000,000, the greater of (i) $100,000,000 or (ii) the sum of the
Outstanding Loan Balances of the five largest Eligible Loans. 
 “Required Lenders” means at a particular time, Lenders
with Commitments in excess of 50% of the Facility Amount; provided that at any time at which there are two or fewer Lenders, Required Lenders shall mean all Lenders; provided further that at any time the Facility Amount is less than $100,000,000,
Required Lenders shall mean Lenders with Commitments in excess of 66 2/3% of the Facility Amount. The Commitments and any outstanding Advances of any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

 “Required Reports” means collectively, the Monthly Report, the Servicer’s Certificate and the annual and quarterly
financial statements of the Originator required to be delivered to the Borrower, the Managing Agents, the Administrative Agent and the Backup Servicer pursuant to Section 7.11 hereof. 

  
 31 

 “Responsible Officer” means, as to the Borrower, David Gladstone, Terry
Brubaker, David Watson or David A. R. Dullum, and as to any other Person, any officer of such Person with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom such
matter is referred because of such officer’s knowledge of and familiarity with the particular subject. The Borrower may designate other Responsible Officers from time to time by notice to the Administrative Agent. 

“Revolver Advance” means an advance made to the Borrower under this Agreement pursuant to Section 2.1(a). 

“Revolver Loan” means each Loan with respect to which the Borrower has a revolving credit commitment to advance amounts to
the applicable Obligor during a specified term. 
 “Revolver Loan Funding” is defined in Section 2.14(a). 

“Revolver Loan Funding Account” is defined in Section 2.14(a). 

“Revolver Loan Funding Account Shortfall” means, on any date, the amount, if any, by which the Revolver Loan Unfunded
Commitment Amount at such time exceeds the aggregate amount on deposit in the Revolver Loan Funding Accounts. 
 “Revolver Loan
Funding Account Surplus” means, on any date, the amount, if any, by which the amount on deposit in the Revolver Loan Funding Accounts exceeds the Revolver Loan Unfunded Commitment Amount at such time. 

“Revolver Loan Funding Date” means the Termination Date, if Revolver Loans are outstanding on such date. 

“Revolver Loan Funding Fee” is defined in Section 2.14(a). 

“Revolver Loan Unfunded Commitment Amount” means, at any time, the aggregate unfunded commitments under the Revolver Loans at
such time. 
 “Revolving Period” means the period commencing on the Effective Date and ending on the day immediately
preceding the Termination Date. 
 “RIC/BDC Requirements” means the requirements the Performance Guarantor must satisfy to
maintain its status as a “business development company,” within the meaning of the Small Business Incentive Act of 1980 (Section 2(a)(48) of the Investment Company Act), and its election to be treated as a “registered investment
company” under the Code. 
 “Risk Rating” means, with respect to any Loan at any time, if such Loan is at such time
(i) rated by both S&P and Moody’s, the lower of such ratings, (ii) rated by either S&P or Moody’s, such rating or (iii) not rated by either S&P or Moody’s, the rating determined by the Servicer’s risk
rating model. 

  
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 “Rolling Three-Month Charged-Off Ratio” means, for any day, the rolling three
period average Charged-Off Ratio for the three immediately preceding Settlement Periods. 
 “Rolling Three-Month Default
Ratio” means, for any day, the rolling three period average Default Ratio for the three immediately preceding Settlement Periods. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any
successor thereto. 
 “Scheduled Payment” means, on any Determination Date, with respect to any Loan, each monthly payment
(whether principal, interest or principal and interest) scheduled to be made by the Obligor thereof after such Determination Date under the terms of such Loan. 

“Second Lien Loan” means a Loan that is secured by the pledge of collateral and which is only subordinate to all
First Lien Loans.(other than a First Lien Loan) that is entitled to the benefit of a first and/or second lien and first and/or second priority perfected security interest on a
substantial portion of the assets of the respective Obligors; provided, however, that, in the case of accounts receivable and inventory (and the proceeds thereof), such lien and security interest may be junior in priority to a Permitted Working
Capital Lien; and, further provided, that any portion of such Loan which has a Total Funded Debt to TTM EBITDA ratio which is above 5.5x will be deemed to be a Mezzanine Loan. For the avoidance of doubt, Last Out Loans are considered Second Lien
Loans. 
 “Secured Party” means (i) each Lender, (ii) each Managing Agent, and (iii) each Hedge
Counterparty that is either a Lender or an Affiliate of a Lender if that Affiliate executes a counterpart of this Agreement agreeing to be bound by the terms of this Agreement applicable to a Secured Party. 

“Servicer” means Gladstone Management Corporation, a Delaware corporation, and its permitted successors and assigns. 

“Servicer Advance” means an advance of Scheduled Payments made by the Servicer pursuant to Section 7.5. 

“Servicer Termination Event” is defined in Section 7.18. 

“Servicer’s Certificate” is defined in Section 7.11(b). 

“Servicing Duties” means those duties of the Servicer which are enumerated in Section 7.2. 

“Servicing Fee” means, for each Payment Date, an amount equal to the sum of the products, for each day during the related
Settlement Period, of (i) the Outstanding Loan Balance of each Loan as of the preceding Determination Date, (ii) the applicable Servicing Fee Rate, and (iii) a fraction, the numerator of which is 1 and the denominator of which is 360.

 “Servicing Fee Limit Amount” means for each Payment Date, an amount equal to 10% of the Servicing Fee for the related
Settlement Period. 

  
 33 

 “Servicing Fee Rate” means with respect to all Loans, a rate equal to
2.0% per annum. 
 “Servicing Records” means all documents, books, records and other information (including, without
limitation, computer programs, tapes, disks, data processing software and related property rights) prepared and maintained by the Servicer with respect to the Transferred Loans and the related Obligors. 

“Settlement Period” means each period from and including a Payment Date to but excluding the following Payment Date. 

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

“Spread” means, with respect to Floating Rate Loans, the cash interest spread of such Floating Rate Loan over the LIBO Rate.

 “Structured Finance Obligation” means any Loan or security the payment or repayment of which is based primarily upon the
collection of payments from a specified pool of financial assets, either fixed or revolving, that by their terms convert into cash within a finite time period, together with any rights or other assets designed to assure the servicing or timely
distribution of proceeds to security holders, including, in any event, any project finance security, any asset backed security and any future flow security. 

“Subordinated Debt” means any debt that is subordinated in right of payment to other debt of the Performance Guarantor. 

“Successor Servicer” is defined in Section 7.19(a). 

“Supplemental Interests” means, with respect to any Transferred Loan, any warrants, equity or other equity interests or
interests convertible into or exchangeable for any such interests received by the Originator from the Obligor in connection with such Transferred Loan. 

“Swap Breakage and Indemnity Amounts” means any early termination payments, taxes, indemnification payments and any other
amounts owed to a Hedge Counterparty under a Hedging Agreement that do not constitute monthly payments. 

  
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 “Swing Advance” means an Advance made by the Swingline Lender pursuant to
Section 2.1(b). 
 “Swing Prepayment Amount” is defined in Section 12.16(e). 

“Swingline Lender” means KEF, in its capacity as lender of Swing Advances hereunder. 

“Swingline Note” means the promissory note of the Borrower, substantially in the form of Exhibit B-2, evidencing the
obligation of the Borrower to repay the Swing Advances, together with all amendments, consolidations, modifications, renewals, and supplements thereto. 

“Taxes” means any present or future taxes, levies, imposts, duties, charges, assessments or fees of any nature (including
interest, penalties, and additions thereto) that are imposed by any Government Authority. 
 “Termination Date” means the
earliest to occur of (a) the date declared by the Administrative Agent or occurring automatically in respect of the occurrence of an Early Termination Event pursuant to Section 8.1, (b) a date selected by the Borrower upon at
least 30 days’ prior written notice to the Administrative Agent and each Managing Agent and (c) the Commitment Termination Date. 

“Termination Notice” is defined in Section 7.18. 

“Total Funded Debt” means, with respect to any Obligor, at any time the same
is to be determined, the sum (without duplication) at such time of (a) all indebtedness for borrowed money of such Obligor and its subsidiaries to Borrower; plus (b) all indebtedness for borrowed money of the Obligor and its subsidiaries
(other than any indebtedness for borrowed money which is subordinated in right of payment of the Loans to such Obligor) to any other creditor; plus (c) all indebtedness of any other Person, whether secured or unsecured, which (i) is
directly or indirectly guaranteed by the Obligor or any of its subsidiaries, (ii) the Obligor or any of its subsidiaries has agreed (contingently or otherwise) to purchase or otherwise acquire, or (iii) the Obligor or any of its
subsidiaries has otherwise assured a creditor against loss; provided, however, that any indebtedness which is subordinated in right of payment of the Loans to such Obligor shall be excluded from this clause (c). 

“Transaction Documents” means this Agreement, the Purchase Agreement, all Hedging Agreements, the Custody Agreement, the
Backup Servicing Agreement, the Deposit Account Control Agreements for the Collection Account, the Pending Account and the Operating Account, the Performance Guaranty, any Assignments of Mortgage and any additional document, letter, fee letter,
certificate, opinion, agreement or writing the execution of which is necessary or incidental to carrying out the terms of the foregoing documents. 

“Transferred Loans” means each Loan that is acquired or in which an interest is acquired by the Borrower under the Purchase
Agreement and all Loans received by the Borrower in respect of the Required Equity Investment. Any Transferred Loan that is (i) repurchased or reacquired by the Originator pursuant to the terms of Section 6.1 of the Purchase Agreement,
(ii) purchased by the Servicer pursuant to the terms of Section 7.7 or (iii) otherwise released from the lien of this Agreement pursuant to Section 6.3 shall not be treated as a Transferred Loan for

  
 35 

 
purposes of this Agreement (provided that the purchase or repurchase of any Defaulted Loan or Charged-Off Loan shall not alter such Transferred Loan’s status as a Defaulted
Loan or Charged-Off Loan for purposes of calculating ratios for periods occurring prior to the purchase or repurchase of such Transferred Loan). 

“Transition Costs” means the reasonable costs and expenses incurred by the Backup Servicer in transitioning to Servicer;
provided, however, that the Administrative Agent’s consent shall be required if such Transition Costs exceed $50,000.00 in the aggregate. 

“TTM EBITDA” means, with respect to any Obligor, as of any particular date,
the EBITDA of such Obligor for the preceding twelve-month period. 
 “UCC” means the Uniform Commercial Code as from
time to time in effect in the specified jurisdiction or, if no jurisdiction is specified, the State of New York. 
 “United
States” means the United States of America. 
 “Unmatured Termination Event” means an event that, with the giving
of notice or lapse of time, or both, would become an Early Termination Event. 
 “Unreimbursed Servicer Advances” means, at
any time, the amount of all previous Servicer Advances (or portions thereof) as to which the Servicer has not been reimbursed as of such time pursuant to Section 2.8 and that the Servicer has determined in its sole discretion will not be
recoverable from Collections with respect to the related Transferred Loan. 
 “Weighted Average Fixed Coupon” means, as of
any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying the cash interest coupon of each Fixed Rate Loan (excluding Defaulted Loans) as of such date by the Outstanding Loan Balance
of such Loans as of such date, dividing such sum by the aggregate Outstanding Loan Balance of all such Fixed Rate Loans and rounding up to the nearest 0.01%. For the purpose of calculating the Weighted Average Fixed Coupon, all Fixed Rate Loans that
are not currently paying cash interest shall have an interest rate of 0%. 
 “Weighted Average Floating Spread” means, as
of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying, in the case of each Floating Rate Loan (excluding Defaulted Loans) on an annualized basis, the Spread of such Loans
(including commitment, letter of credit and all other fees), by the Outstanding Loan Balance of such Loans as of such date and dividing such sum by the aggregate Outstanding Loan Balance of all such Floating Rate Loans and rounding the result up to
the nearest 0.01%. 
 “Weighted Average Life” means, with respect to the Transferred Loans as of any determination date,
(i) the quotient obtained by dividing (A) the sum of the amounts calculated for each month (beginning with the month in which such determination is being made and ending with the month in which the last principal payment is scheduled to be
received with respect to the Transferred Loans), which amount for each such month shall be equal to the product of (x) the scheduled principal payment amount for the Transferred Loans for such month, multiplied by (y) the number of months
that such month occurs from the month in which 

  
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such determination date occurs (e.g., the month in which such determination date occurs shall have a value of 1, the month occurring immediately after the month in which such determination date
occurs shall have a value of 2 etc.) by (B) the total amount of all scheduled principal payments to be received under the Transferred Loans as of such determination date, divided by (ii) 12. 

“Weighted Average Spread” means, as of any date of determination, an amount (rounded up to the next 0.01%) equal to the
weighted average of (a) for Floating Rate Loans, the Weighted Average Floating Spread of the Floating Rate Loans and (b) for Fixed Rate Loans, the excess of the Weighted Average Fixed Coupon of the Fixed Rate Loans over the then-current
weighted average strike rate under the Hedge Transactions, or, if there are no Hedge Transactions outstanding, over the then current LIBO Rate. 

“Unused Commitment” means, as to any Lender at any time, the amount by which such Lender’s Commitment at such time
exceeds the aggregate Advances Outstanding in respect of such Lender. 
 “Williams Mullen Opinion” means the
“non-consolidation” opinion letter of Williams Mullen delivered on April 30, 2013, as such opinion letter may be modified, supplemented, replaced or confirmed in any subsequent opinion letter covering such subject matter delivered to
the Administrative Agent. 
 Section 1.2 Other Terms. 

All accounting terms not specifically defined herein shall be construed in accordance with GAAP. To the extent any change in GAAP after the
Effective Date resulting from the adoption of international accounting standards in the United States affects any computation or determination required to be made under or pursuant to this Agreement, including any computation or determination made
with respect to the Borrower or Servicer’s compliance with any covenant or condition hereunder, such computation or determination shall be made as if such change in GAAP had not occurred. All terms used in Article 9 of the UCC in the State of
New York, and not specifically defined herein, are used herein as defined in such Article 9. 
 Section 1.3 Computation of Time
Periods. 
 Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later
specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding.” 

Section 1.4 Interpretation. 

In each Transaction Document, unless a contrary intention appears: 

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

(ii) reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are
permitted by the Transaction Document; 

  
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 (iii) reference to any gender includes each other gender; 

(iv) reference to any agreement (including any Transaction Document), document or instrument means such agreement, document or instrument as
amended, supplemented or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents and reference to any promissory note includes any promissory note that is an
extension or renewal thereof or a substitute or replacement therefor; and 
 (v) reference to any Applicable Law means such Applicable Law
as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any section or other provision of any Applicable Law means that
provision of such Applicable Law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision. 

ARTICLE II 
 ADVANCES

 Section 2.1 Advances. 

(a) Revolver Advances. On the terms and conditions hereinafter set forth, the Borrower may, by delivery of a Funding Request to the
Administrative Agent, from time to time on any Business Day during the Revolving Period, at its option, request that the Lenders make Revolver Advances to it in an amount which, at any time, shall not exceed the Availability in effect on the related
Funding Date; provided, however, that the Borrower may not, without the consent of each Lender, request more than five (5) Revolver Advances per calendar month. Such Funding Request shall be delivered not later than 12:00 noon
(New York, New York time) on the date which is one (1) Business Day prior to the requested Funding Date. Following receipt by the Administrative Agent of a Funding Request, the Administrative Agent shall forward such Funding Request to each
Managing Agent not later than 1:00 p.m. (New York, New York time) that day. Upon receipt of such Funding Request, each Managing Agent shall promptly forward such Funding Request to its related Lenders, and the applicable portion of the Revolver
Advance will be made by the Lenders in such Lender Group in accordance with their Pro-Rata Shares. Notwithstanding anything contained in this Section 2.1 or elsewhere in this Agreement to the contrary, no Lender shall be obligated to
make any Revolver Advance in an amount that would result in the aggregate Advances then funded by such Lender exceeding its Commitment then in effect. The obligation of each Lender to remit its Pro-Rata Share of any such Revolver Advance shall be
several from that of each other Lender, and the failure of any Lender to so make such amount available to the Borrower shall not relieve any other Lender of its obligation hereunder. Each Revolver Advance to be made hereunder shall be made ratably
among the Lender Groups in accordance with their Group Advance Limits. 
 (b) Swing Advances. In addition to the foregoing, the
Swingline Lender shall from time to time, upon the request of the Borrower by delivery of a Funding Request to the Administrative Agent, if the conditions precedent in Article III have been satisfied, make Swing

  
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Advances to the Borrower in an aggregate principal amount at any time outstanding not exceeding $10,000,000; provided that, immediately after such Swing Advance is made, the aggregate principal
amount of all Revolver Advances and Swing Advances shall not exceed the lesser of the Facility Amount or the Borrowing Base at such time. Each Swing Advance under this Section 2.1(b) shall be in an aggregate principal amount of $2,000,000 or
any larger multiple of $1,000,000. Within the foregoing limits, the Borrower may borrow under this Section 2.1(b), prepay and reborrow under this Section 2.1(b) at any time before the Termination Date. Solely for purposes of calculating
fees under Section 2.7, Swing Advances shall not be considered a utilization of an Advance of the Swingline Lender or any other Lender hereunder. At any time, upon the request of the Swingline Lender, each Lender other than the Swingline Lender
shall, on the third Business Day after such request is made, purchase a participating interest in Swing Advances in an amount equal to its Applicable Percentage of such Swing Advances. On such third Business Day, each Lender will immediately
transfer to the Swingline Lender, in immediately available funds, the amount of its participation. Whenever, at any time after the Swingline Lender has received from any such Lender its participating interest in a Swing Advance, the Administrative
Agent receives any payment on account thereof, the Administrative Agent will distribute to such Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which
such Lender’s participating interest was outstanding and funded); provided, however, that in the event that such payment received by the Administrative Agent is required to be returned, such Lender will return to the Administrative Agent any
portion thereof previously distributed by the Administrative Agent to it. Each Lender’s obligation to purchase such participating interests shall be absolute and unconditional and shall not be affected by any circumstance, including:
(i) any set-off, counterclaim, recoupment, defense or other right which such Lender or any other Person may have against the Swingline Lender requesting such purchase or any other Person for any reason whatsoever; (ii) the occurrence or
continuance of a Default or the termination of the Commitments; (iii) any adverse change in the condition (financial, business or otherwise) of the Borrower, the Performance Guarantor, the Servicer or any other Person; (iv) any breach of
this Agreement by any Loan Party or any other Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. The Borrower may, concurrent with the delivery of a Funding Request for a Swing
Advance under this Section 2.1(b) or at any time thereafter, deliver a Funding Request for a Revolver Advance pursuant to Section 2.1(a) and direct that all or any portion of such Revolver Advance be wired or credited to
Swing Lender immediately on the Funding Date of such Revolver Advance to prepay any Swing Advance then outstanding. 
 Section 2.2
Procedures for Advances. 
 (a) In the case of the making of any Advance, the repayment of any Advance, or any termination,
increase or reduction of the Facility Amount and prepayments of Advances, the Borrower shall give the Administrative Agent a Borrower Notice. Each Borrower Notice shall specify the amount (subject to Section 2.1 hereof) of Advances to be
borrowed or repaid and the Funding Date or repayment date (which, in all cases, shall be a Business Day) and whether such Advance is a Revolver Advance or a Swing Advance. 

  
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 (b) Subject to the conditions described in Section 2.1, the Borrower may request an
Advance from the Lenders by delivering to the Administrative Agent at certain times the information and documents set forth in this Section 2.2. 

(c) No later than 12:00 noon (New York, New York time) five (5) Business Days prior to the proposed Funding Date for a Revolver Advance
(or such shorter period of time or later date as may be agreed to by the Required Lenders), the Borrower shall notify (i) the Collateral Custodian by delivery to the Collateral Custodian of written notice of such proposed Funding Date, and
(ii) the Administrative Agent by delivery to the Administrative Agent of a credit report and transaction summary for each Loan that is the subject of the proposed Advance setting forth the credit underwriting by the Originator of such Loan,
including without limitation a description of the Obligor and the proposed loan transaction in the form of Exhibit M hereto; provided that, in the case of Advances funding Revolver Loans, the requirements of this
Section 2.2(c) shall apply only with respect to the first Advance to be made with respect to each such Revolver Loan. By 5:00 p.m. (New York, New York time) on the next Business Day, the Administrative Agent shall use its best efforts to
confirm to the Borrower the receipt of such items and whether it has reviewed such items and found them to be complete and in proper form. If the Administrative Agent makes a determination that the items are incomplete or not in proper form, it will
communicate such determination to the Borrower. Failure by the Administrative Agent to respond to the Borrower by 5:00 p.m. (New York, New York time) on the day the related Funding Request is delivered by the Borrower shall constitute an implied
determination that the items are incomplete or not in proper form. The Borrower will take such steps requested by the Administrative Agent to correct the problem(s). In the event of a delay in the actual Funding Date due to the need to correct any
such problems, the Funding Date shall be no earlier than two (2) Business Days after the day on which the Administrative Agent confirms to the Borrower that the problems have been corrected. 

(d) No later than 1:00 p.m. (New York, New York time) one (1) Business Day prior to the proposed Funding Date for a Revolver Advance (or
such shorter period of time or later date as may be agreed to by the Required Lenders), the Administrative Agent, each Managing Agent and the Collateral Custodian, as applicable, shall receive or shall have previously received the following: 

(i) a Funding Request in the form of Exhibit A; 

(ii) a wire disbursement and authorization form shall be delivered to the Administrative Agent; and 

(iii) a certification substantially in the form of Exhibit H concerning the Collateral Custodian’s receipt of certain
documentation relating to the Eligible Loan(s) related to such Advance shall be delivered to the Administrative Agent, which may be delivered either as a separate document or incorporated in the Servicer Report. 

Each Funding Request for a Revolver Advance shall specify the aggregate amount of the requested Advance, which shall be in an amount equal to at least
$500,000. 

  
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 (e) No later than 12:00 noon (New York, New York time) on the Business Day proposed for a Swing
Advance, the Administrative Agent shall receive or shall have previously received the following: 
 (i) a Funding Request in the form of
Exhibit A; and 
 (ii) a wire disbursement and authorization form. 

(f) Each Funding Request shall be accompanied by (i) a Borrower Notice, depicting the outstanding amount of Advances under this Agreement
and representing that all conditions precedent for a funding have been met, including a representation by the Borrower that the requested Advance shall not, on the Funding Date thereof, exceed the Availability on such day, (ii) a calculation of
the Borrowing Base as of the applicable Funding Date (which calculation may, for avoidance of doubt, take into account (A) Loans which will become Transferred Loans on or prior to such Funding Date and (B) any portion of such Advance which
is to be deposited in the Pending Account at funding), (C) an updated Loan List including each Loan that is subject to the requested Advance, (D) the proposed Funding Date, and (E) wire transfer instructions for the Advance; provided,
however, the Funding Request for a Swing Advance shall be required to contain only the information described in Section 2.2(e)(i) and (ii) above. A Funding Request shall be irrevocable when delivered; provided however, that
if the Borrowing Base calculation delivered pursuant to clause (ii) above includes a Loan which does not become a Transferred Loan on or before the applicable Funding Date as anticipated, and the Borrower cannot otherwise make the
representations required pursuant to clause (i) above, the Borrower shall revise the Funding Request accordingly, and shall pay any loss, cost or expense incurred by any Lender in connection with the broken funding evidenced by such revised
Funding Request. 
 (g) On the Funding Date following the satisfaction of the applicable conditions set forth in this
Section 2.2 and Article III, the Lenders shall make available to the Administrative Agent at its address listed beneath its signature on its signature page to this Agreement (or on the signature page to the Joinder Agreement
pursuant to which it became a party hereto), for deposit to the account of the Borrower or its designee in same day funds, at the account specified in the Funding Request, an amount equal to such Lender’s ratable share of the Advance then being
made (except that in the case of a Swing Advance, the Swingline Lender will make available to the Borrower the amount of any such Swing Advance). Each wire transfer of an Advance to the Borrower shall be initiated by the applicable Lender no later
than 3:00 p.m. (New York, New York time) on the applicable Funding Date. 
 Section 2.3 Optional Changes in Facility Amount;
Prepayments. 
 (a) The Borrower shall be entitled at its option, on any Payment Date prior to the occurrence of an Early
Termination Event, to reduce the Facility Amount in whole or in part; provided that the Borrower shall give prior written notice of such reduction to the Administrative Agent and each Managing Agent as provided in paragraph (b) of
this Section 2.3 and that any partial reduction of the Facility Amount shall be in an amount equal to $3,000,000 with integral multiples of $500,000 above such amount. Unless otherwise agreed by the Lenders, the Commitment of each Lender
shall be reduced ratably in proportion to such reduction in the Facility Amount. Each such optional prepayment shall be applied first to any Swing Line Advances outstanding and then to prepay ratably the Revolver Advances. Any request for a
reduction or termination pursuant to this Section 2.3 shall be irrevocable. 

  
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 (b) From time to time during the Revolving Period, the Borrower may prepay any portion or all of
the Advances Outstanding, other than with respect to Mandatory Prepayments, by delivering to the Administrative Agent and each Managing Agent a Borrower Notice at least two (2) Business Days prior to the date of such repayment; provided
that no such reduction shall be given effect unless the Borrower has complied with the terms of any Hedging Agreement requiring that one or more Hedge Transactions be terminated in whole or in part as the result of any such prepayment of the
Advances Outstanding, and the Borrower has paid all Hedge Breakage Costs owing to the relevant Hedge Counterparty for any such termination. If any Borrower Notice relating to any prepayment is given, the amount specified in such Borrower Notice
shall be due and payable on the date specified therein, together with accrued Interest to the payment date on the amount prepaid and any Breakage Costs (including Hedge Breakage Costs) related thereto. Any partial prepayment by the Borrower of
Advances hereunder, other than with respect to Mandatory Prepayments, shall be in a minimum amount of $500,000 with integral multiples of $100,000 above such amount. Any amount so prepaid may, subject to the terms and conditions hereof, be
reborrowed during the Revolving Period. A Borrower Notice relating to any such prepayment shall be irrevocable when delivered. 
 (c)
Subject to the terms and conditions set forth herein, the Borrower shall have the right, at any time from the Amendment No. 1 Effective Date until the Commitment Termination Date, to
increase the Facility Amount by an amount up to $130,000,000145,000,000 (for a total maximum Facility Amount of
$200,000,000250,000,000). The following terms and conditions shall apply to any such increase: (i) any such increase shall be obtained from existing Lenders or from
other Eligible Assignees, in each case in accordance with the terms set forth below; (ii) the Commitment of any Lender may not be increased without the prior written consent of such Lender; (iii) any increase in the Facility Amount shall
be in a minimum principal amount of $5,000,000; (iv) the Borrower and Lenders shall execute an acknowledgement (or in the case of the addition of a bank or other financial institution not then a party to this Agreement, a Joinder Agreement) in
form and content satisfactory to the Administrative Agent to reflect the revised Commitments and Facility Amount (the Lenders do hereby agree to execute such acknowledgement (or Joinder Agreement) without delay unless the acknowledgement purports to
(i) increase the Commitment of a Lender without such Lender’s consent or (ii) amend this Agreement or the other Transaction Documents other than as provided for in this Section 2.3); (v) the Borrower shall execute
such promissory notes as are necessary to reflect the increase in or creation of the Commitments; (vi) if any Advances are outstanding at the time of any such increase, the Borrower shall make such payments and adjustments on the Advances
(including payment of any break-funding amount owing under Section 2.11 hereof) as necessary to give effect to the revised commitment percentages and outstandings of the Lenders; (vii) the Borrower may solicit commitments from
Eligible Assignees that are not then a party to this Agreement so long as such Eligible Assignees are reasonably acceptable to the Administrative Agent and execute a Joinder Agreement in form and content satisfactory to the Administrative Agent;
(viii) the conditions set forth in Section 3.2 shall be satisfied in all material respects; (ix) after giving effect to any such increase in the Facility Amount, no Unmatured Early Termination Event or Early Termination Event
shall have occurred; (x) the Borrower shall have provided to the Administrative Agent, at least 30 days prior to such proposed increase in the Facility 

  
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Amount, written evidence demonstrating pro forma compliance with Section 8.1(q) of this Agreement after giving effect to such proposed increase, such evidence to be satisfactory in
the sole discretion of the Administrative Agent. The amount of any increase in the Facility Amount hereunder shall be offered first to the existing Lenders, and in the event the additional commitments which existing Lenders are willing to take shall
exceed the amount requested by the Borrower, such excess shall be allocated in proportion to the commitments of such existing Lenders willing to take additional commitments. If the amount of the additional commitments requested by the Borrower shall
exceed the additional commitments which the existing Lenders are willing to take, then the Borrower may invite other Eligible Assignees reasonably acceptable to the Administrative Agent to join this Agreement as Lenders hereunder for the portion of
commitments not taken by existing Lenders, provided that such Eligible Assignees shall enter into such joinder agreements to give effect thereto as the Administrative Agent and the Borrower may reasonably request. Unless otherwise
agreed by the Administrative Agent and the Lenders, the terms of any increase in the Facility Amount shall be the same as those in effect prior to any increase; provided, however, that should the terms of the increase agreed to be
other than those in effect prior to the increase, then the Transaction Documents shall, with the consent of the Administrative Agent and the Lenders, be amended to the extent necessary to incorporate any such different terms. 

Section 2.4 Principal Repayments; Extension Options. 

(a) The Advances Outstanding shall be repaid in accordance with Section 2.8, and shall be due and payable in full on the Maturity
Date. In addition, Advances Outstanding shall be repaid as and when necessary (first, to Swing Advances outstanding) to cause the Borrowing Base Test to be met, in accordance with Section 2.8 (each such payment, a “Mandatory
Prepayment”), and any amount so repaid may, subject to the terms and conditions hereof, be reborrowed hereunder during the Revolving Period. 

(b) On or prior to each of the first and second anniversaries of the Amendment
No. 1 Effective Date, the Borrower may, by notice to the Administrative Agent (who shall promptly notify the Lenders) request that the Administrative Agent and the Lenders extend the date set forth in the definition of Commitment
Termination Date by one year, and the Administrative Agent and the Lenders may, each in their sole and individual discretion, elect to do so, it being understood that (i) no extension shall be effective unless all Lenders unanimously agree to
extend and (ii) any Lender who has not responded to such extension request within fifteen (15) Business Days following the date of the Administrative Agent’s notice of such extension request to the Lenders, shall be deemed to have
rejected such request. In the event that one extension request is exercised and accepted by all Lenders, this Agreement shall be automatically amended as of the first anniversary date of this Agreement to provide that the definition of Commitment
Termination Date would be extended to April 28, 2017.June 26, 2018. In the event that two extension requests are exercised and accepted by all Lenders, upon
effectiveness of the second extension, this Agreement shall be automatically amended as of the second anniversary date of this Agreement to provide that the definition of Commitment Termination Date would be extended to April 30,
2018.June 26, 2019. Any extension pursuant to this Section 2.4 shall be effective as of the date of the amendment to this Agreement effecting such extension and each such
amendment shall be conditioned upon: (x) no Early Termination Event and (y) continued accuracy of the representations and warranties, in each case as of the date of such amendment in 

  
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all material respects. The first extension request shall expire if not made on or prior to the first anniversary of the date of this Agreement and shall not take effect prior to the first
anniversary of the date of this Agreement. The second extension request shall expire if not made on or prior to the second anniversary of the date of this Agreement and shall not take effect prior to the second anniversary of this Agreement. There
shall be no more than two (2) extension requests, resulting in total extensions no longer than two (2) years, so that the Termination Date is no later than five (5) years from
the Amendment No. 1 Effective Date. 
 (c) All repayments of any Advance or
any portion thereof shall be made together with payment of (i) all Interest accrued and unpaid on the amount repaid to (but excluding) the date of such repayment, (ii) any and all Breakage Costs, and (iii) all Hedge Breakage Costs and
any other amounts payable by the Borrower under or with respect to any Hedging Agreement. 
 Section 2.5 The Notes. 

(a) The Revolver Advances made by the Lenders hereunder shall be evidenced by a duly executed promissory note of the Borrower payable to each
Managing Agent, on behalf of the applicable Lenders in the related Lender Group, in substantially the form of Exhibit B-1 hereto (collectively, the “Revolver Notes”). The Swing Advances made by the Swingline Lender
hereunder shall be evidenced by a duly executed promissory note of the Borrower payable to the Swingline Lender, in substantially the form of Exhibit B-2 hereto (the “Swingline Note” and collectively with the Revolver
Notes, the “Notes”). The Revolver Notes shall be dated the Effective Date, or, if later, the date on which a Lender becomes party to this Agreement and shall be in a maximum principal amount equal to the applicable Lender
Group’s Group Advance Limit, and shall otherwise be duly completed. The Swingline Note shall be dated the Effective Date and shall be in a maximum principal amount of $10,000,000. 

(b) Each Managing Agent is hereby authorized to enter on a schedule attached to its Notes the following notations (which may be computer
generated) with respect to each Advance made by each Lender in the applicable Lender Group: (i) the date and principal amount thereof and (ii) each payment and repayment of principal thereof, and any such recordation shall constitute
prima facie evidence of the accuracy of the information so recorded. The failure of a Managing Agent to make any such notation on the schedule attached to the applicable Note shall not limit or otherwise affect the obligation of the Borrower
to repay the Advances in accordance with their respective terms as set forth herein. 
 Section 2.6 Interest Payments.

 (a) Interest shall accrue on each Advance during each Settlement Period at the applicable Interest Rate. The Borrower shall pay
Interest on the unpaid principal amount of each Advance for the period commencing on and including the Funding Date of such Advance until but excluding the date that such Advance shall be paid in full. Interest shall accrue during each Settlement
Period and be payable on the Advances Outstanding on each Payment Date, unless earlier paid pursuant to (i) a prepayment in accordance with Section 2.3(b) or (ii) a repayment in accordance with Section 2.4(b). 

  
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 (b) Interest Rates shall be determined by the Administrative Agent in accordance with the
definitions thereof, and the Administrative Agent shall advise the Servicer, on behalf of the Borrower, of each calculation thereof. 
 (c)
If any Managing Agent, on behalf of the applicable Lenders, shall notify the Administrative Agent that a Eurodollar Disruption Event as described in clause (a) of the definition of “Eurodollar Disruption Event” has occurred, the
Administrative Agent shall in turn so notify the Borrower, whereupon all Advances in respect of which Interest accrues at the LIBO Rate plus the Applicable Margin shall immediately be converted into Advances in respect of which Interest accrues at
the Base Rate plus the Applicable Margin. 
 (d) Anything in this Agreement or the other Transaction Documents to the contrary
notwithstanding, if at any time the rate of interest payable by any Person under this Agreement and the Transaction Documents exceeds the highest rate of interest permissible under Applicable Law (the “Maximum Lawful Rate”), then,
so long as the Maximum Lawful Rate would be exceeded, the rate of interest under this Agreement and the Transaction Documents shall be equal to the Maximum Lawful Rate. If at any time thereafter the rate of interest payable under this Agreement and
the Transaction Documents is less than the Maximum Lawful Rate, such Person shall continue to pay interest under this Agreement and the Transaction Documents at the Maximum Lawful Rate until such time as the total interest received from such Person
is equal to the total interest that would have been received had Applicable Law not limited the interest rate payable under this Agreement and the Transaction Documents. In no event shall the total interest received by a Lender under this Agreement
and the Transaction Documents exceed the amount that such Lender could lawfully have received, had the interest due under this Agreement and the Transaction Documents been calculated since the Effective Date at the Maximum Lawful Rate. 

Section 2.7 Fees. 

(a) The Borrower shall pay to the Administrative Agent from the Collection Account on each Payment Date, monthly in arrears in accordance with
Section 2.8, the Commitment Fee; and, from and after the Revolver Loan Funding Date, the Revolver Loan Funding Fee. 
 (b) The
Borrower shall pay to the Servicer from the Collection Account on each Payment Date, monthly in arrears in accordance with Section 2.8, the Servicing Fee. 

(c) The Backup Servicer shall be entitled to receive from the Collection Account on each Payment Date, monthly in arrears in accordance with
Section 2.8, the Backup Servicing Fee. 
 (d) The Collateral Custodian shall be entitled to receive from the Collection Account
on each Payment Date, monthly in arrears in accordance with Section 2.8, the Collateral Custodian Fee. 
 Section 2.8
Settlement Procedures. 
 On each Payment Date, the Servicer on behalf of the Borrower shall pay for receipt by the applicable
Lender no later than 1:00 p.m. (New York, New York time) to the following 

  
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Persons, from (i) the Collection Account, to the extent of available funds, (ii) Servicer Advances, and (iii) amounts received in respect of any Hedge Agreement during such
Settlement Period (the sum of such amounts described in clauses (i), (ii) and (iii), minus any amounts required to be deposited to the Revolver Loan Funding Accounts in accordance with Section 2.14 below being the “Available
Collections”) the following amounts in the following order of priority: 
 (a) During the Revolving Period, and in each case unless
otherwise specified below, applying Interest Collections first, and then Principal Collections: 
 (i) FIRST, to the
Borrower, the aggregate amount of fees (including up-front, continuing or success fees) received in respect of the Transferred Loans; 

(ii) SECOND, to each Hedge Counterparty, any amounts owing that Hedge Counterparty under its respective Hedging
Agreement in respect of any Hedge Transaction(s), for the payment thereof, but excluding, to the extent the Hedge Counterparty is not the same Person as the Administrative Agent, any Swap Breakage and Indemnity Amounts; 

(iii) THIRD, to the Servicer, in an amount equal to any Unreimbursed Servicer Advances, for the payment thereof; 

(iv) FOURTH, to the extent not paid by the Servicer, to the Backup Servicer and any Successor Servicer, as applicable,
in an amount equal to any accrued and unpaid Backup Servicing Fee and, if any, accrued and unpaid Transition Costs, Backup Servicer Expenses and Market Servicing Fee Differential, each for the payment thereof; 

(v) FIFTH, to the extent not paid by the Servicer, to the Collateral Custodian in an amount equal to any accrued and
unpaid Collateral Custodian Fee and Collateral Custodian Expenses, if any, for the payment thereof; 
 (vi) SIXTH, to
the Servicer, in an amount equal to (A) if the Servicer is Gladstone Management Corporation or any of its Affiliates, its accrued and unpaid Servicing Fees to the end of the preceding Settlement Period, up to the Servicing Fee Limit Amount for
such Settlement Period, for the payment thereof and (B) otherwise, its accrued and unpaid Servicing Fees to the end of the preceding Settlement Period for the payment thereof; 

(vii) SEVENTH, to the Administrative Agent for payment to each Managing Agent, on behalf of the related Lenders, in an
amount equal to any accrued and unpaid Interest and Commitment Fee for such Payment Date; 
 (viii) EIGHTH, first, to
the extent of available Principal Collections, and second, to the extent of available Interest Collections, to the Administrative Agent for payment to each Managing Agent, on behalf of the related Lenders, an amount equal to the excess, if any, of
Advances Outstanding over the lesser of (i) the Borrowing Base or (ii) the Facility Amount, together with the amount of Breakage Costs incurred by the applicable Lenders in connection with any such payment (as such Breakage Costs are notified
to the Borrower by the applicable Lender(s)), pro rata; 

  
 46 

 (ix) NINTH, to each Hedge Counterparty, any Swap Breakage and Indemnity
Amounts owing that Hedge Counterparty; 
 (x) TENTH, to the Administrative Agent for payment to each Managing Agent,
on behalf of the related Lenders, in the amount of unpaid Breakage Costs (other than Breakage Costs covered in clause (vii) above) with respect to any prepayments made on such Payment Date Increased Costs, and/or Taxes (if any); 

(xi) ELEVENTH, to the Swingline Lender, for the portion of the Obligations constituting unpaid principal of the Swing
Advances; 
 (xii) TWELFTH, to the Administrative Agent, all other amounts or Obligations then due under this
Agreement or the other Transaction Documents (other than the Performance Guaranty) to the Administrative Agent, the Lenders, the Affected Parties or Indemnified Parties, each for the payment thereof; 

(xiii) THIRTEENTH, to the Servicer, in an amount equal to its accrued and unpaid Servicing Fees to the end of the
preceding Settlement Period not otherwise paid pursuant to priority SIXTH above; and 
 (xiii) THIRTEENTH, all
remaining amounts to the Borrower. 
 (b) During the Amortization Period, to the extent of available Interest Collections: 

(i) FIRST, unless an Early Termination Event shall have occurred and be continuing, to the Borrower, the aggregate
amount of fees (including up-front, continuing or success fees) received in respect of the Transferred Loans; 
 (ii)
SECOND, to each Hedge Counterparty, any amounts owing that Hedge Counterparty under its respective Hedging Agreement in respect of any Hedge Transaction(s), for the payment thereof, but excluding, to the extent the Hedge Counterparty is not
the same Person as the Administrative Agent, any Swap Breakage and Indemnity Amounts; 
 (iii) THIRD, to the Servicer,
in an amount equal to any Unreimbursed Servicer Advances, for the payment thereof; 
 (iv) FOURTH, to the extent not
paid by the Servicer, to the Backup Servicer and any Successor Servicer, as applicable, in an amount equal to any accrued and unpaid Backup Servicing Fee and, if any, accrued and unpaid Transition Costs, Backup Servicer Expenses and Market Servicing
Fee Differential, each for the payment thereof; 
 (v) FIFTH, to the extent not paid by the Servicer, to the
Collateral Custodian in an amount equal to any accrued and unpaid Collateral Custodian Fee and Collateral Custodian Expenses, if any, for the payment thereof; 

(vi) SIXTH, to the Servicer, in an amount equal to (A) if the Servicer is Gladstone Management Corporation or any
of its Affiliates, its accrued and unpaid 

  
 47 

 
Servicing Fees to the end of the preceding Settlement Period, up to the Servicing Fee Limit Amount for such Settlement Period, for the payment thereof and (B) otherwise, its accrued and
unpaid Servicing Fees to the end of the preceding Settlement Period for the payment thereof; 
 (vii) SEVENTH, to the
Administrative Agent for payment to each Managing Agent, on behalf of the related Lenders, in an amount equal to any accrued and unpaid Interest, Commitment Fee and Revolver Loan Funding Fee for such Payment Date; 

(viii) EIGHTH, to the Administrative Agent for payment to each Managing Agent, on behalf of the related Lenders, an
amount equal to the excess, if any, of Advances Outstanding over the lesser of (i) the Borrowing Base or (ii) the Facility Amount, together with the amount of Breakage Costs incurred by the applicable Lenders in connection with any such
payment (as such Breakage Costs are notified to the Borrower by the applicable Lender(s)), pro rata; 
 (ix)
NINTH, all remaining amounts shall be distributed to the Borrower, provided, however, that if an Early Termination Event has occurred and is continuing, all remaining amounts shall be applied as Principal Collections in
accordance with clause (c) below. 
 (c) During the Amortization Period, to the extent of available Principal Collections: 

(i) FIRST, to the parties listed above, any amount remaining unpaid pursuant to clauses FIRST through EIGHTH under
clause (b) above, in accordance with the priority set forth thereunder; 
 (ii) SECOND, following the occurrence
of the Termination Date, to the Swingline Lender, for the portion of the Obligations constituting unpaid principal of the Swing Advances in an amount to reduce the outstanding Swing Advances to zero; 

(iii) THIRD, following the occurrence of the Termination Date, to the Administrative Agent for ratable payment to each
Managing Agent, on behalf of the related Lenders, in an amount to reduce Advances Outstanding to zero and to pay any other Obligations in full; 

(iv) FOURTH, to each Hedge Counterparty, any Swap Breakage and Indemnity Amounts owing that Hedge Counterparty; 

(v) FIFTH, to the Administrative Agent for payment to each Managing Agent, on behalf of the related Lenders, in the
amount of unpaid Breakage Costs (other than Breakage Costs covered in clause (b) above) with respect to any prepayments made on such Payment Date, Increased Costs and/or Taxes (if any); 

(vi) SIXTH, to the Administrative Agent, all other amounts or Obligations then due under this Agreement or the other
Transaction Documents (other than the Performance Guaranty) to the Administrative Agent, the Lenders, the Affected Parties or Indemnified Parties, each for the payment thereof; 

  
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 (vii) SEVENTH, to the Servicer, if the Servicer is Gladstone Management
Corporation or any of its Affiliates, its accrued and unpaid Servicing Fees to the end of the preceding Settlement Period not otherwise paid pursuant to clause SIXTH of subsection (b) above; and 

(viii) EIGHTH, all remaining amounts to the Borrower. 

Section 2.9 Collections and Allocations. 

(a) The Borrower or the Servicer on behalf of the Borrower shall promptly (but in no event later than two (2) Business Days after the
receipt thereof) identify any Collections received by it as being on account of Interest Collections or Principal Collections and deposit all such Interest Collections or Principal Collections received directly by it into the Collection Account. The
Servicer on behalf of the Borrower shall make such deposits or payments on the date indicated by wire transfer, in immediately available funds. 

(b) Until the occurrence of an Early Termination Event, to the extent there are uninvested amounts deposited in the Collection Account, all
amounts shall be invested in Permitted Investments selected by the Servicer on behalf of the Borrower that mature no later than the Business Day immediately preceding the next Payment Date; from and after (i) the occurrence of an Early
Termination Event or (ii) the appointment of a Successor Servicer, to the extent there are uninvested amounts deposited in the Collection Account, all amounts may be invested in Permitted Investments selected by the Administrative Agent that
mature no later than the next Business Day. Any earnings (and losses) thereon shall be for the account of the Servicer on behalf of the Borrower. 

Section 2.10 Payments, Computations, Etc. 

(a) Unless otherwise expressly provided herein, all amounts to be paid or deposited by the Borrower or the Servicer on behalf of the Borrower
hereunder shall be paid or deposited in accordance with the terms hereof no later than 12:00 noon (New York, New York time) on the day when due in lawful money of the United States in immediately available funds to the Agent’s Account. The
Borrower shall, to the extent permitted by law, pay to the Secured Parties interest on all amounts not paid or deposited when due hereunder at a rate equal to the Default Rate, payable on demand; provided, however, that such interest
rate shall not at any time exceed the Maximum Lawful Rate. All computations of interest and all computations of the Interest Rate and other fees hereunder shall be made on the basis of a year of 360 days for the actual number of days (including the
first but excluding the last day) elapsed. 
 (b) Whenever any payment hereunder shall be stated to be due on a day other than a Business
Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of Interest, other interest or any fee payable hereunder, as the case may be. 

(c) All payments hereunder shall be made without set-off or counterclaim and in such amounts as may be necessary in order that all such
payments shall not be less than the amounts otherwise specified to be paid under this Agreement (after withholding for or on account of any Taxes). 

  
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 Section 2.11 Breakage Costs. 

The Borrower shall pay to the Administrative Agent for the account of the applicable Managing Agent, on behalf of the related Lenders, upon
the request of any Managing Agent, any Lender or the Administrative Agent on each Payment Date on which a prepayment is made, such amount or amounts as shall, without duplication, compensate the Lenders for any loss, cost or expense (the
“Breakage Costs”) incurred by the Lenders (as reasonably determined by the applicable Lender) as a result of any prepayment of an Advance (and interest thereon) arising under this Agreement. The determination by any Managing Agent,
on behalf of the related Lenders, of the amount of any such loss or expense shall be set forth in a written notice to the Borrower delivered by the applicable Lender prior to the date of such prepayment in the case where notice of such prepayment is
delivered to such Lender in accordance with Section 2.3(b) or within two (2) Business Days following such prepayment in the case where no such notice is delivered (in which case, Breakage Costs shall include interest thereon from
the date of such prepayment) and shall be conclusive absent manifest error. 
 Section 2.12 Increased Costs; Capital Adequacy;
Illegality. 
 (a) If after the date hereof, any Managing Agent, Lender or any Affiliate thereof (each of which, an
“Affected Party”) shall be charged any fee, expense or increased cost on account of any Change in Law, any accounting principles or any change in any of the foregoing, or any change in the interpretation or administration thereof by
any governmental authority, the Financial Accounting Standards Board, any central bank or any comparable agency charged with the interpretation or administration thereof, or compliance with any request or directive (whether or not having the force
of law) of any such authority or agency: (i) that subjects any Affected Party to any charge or withholding on or with respect to any Transaction Document or an Affected Party’s obligations under a Transaction Document, or on or with
respect to the Advances, or changes the basis of taxation of payments to any Affected Party of any amounts payable under any Transaction Document (except for changes in the rate of tax on the overall net income of an Affected Party or taxes excluded
by Section 2.13) or (ii) that imposes, modifies or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of an Affected Party, or
credit extended by an Affected Party pursuant to a Transaction Document or (iii) that imposes any other condition the result of which is to increase the cost to an Affected Party of performing its obligations under a Transaction Document, or to
reduce the rate of return on an Affected Party’s capital as a consequence of its obligations under a Transaction Document, or to reduce the amount of any sum received or receivable by an Affected Party under a Transaction Document or to require
any payment calculated by reference to the amount of interests or loans held or interest received by it, then, upon demand by the applicable Managing Agent, Borrower shall pay to the Administrative Agent, for payment to the applicable Managing Agent
for the benefit of the relevant Affected Party, such amounts charged to such Affected Party or such amounts to otherwise compensate such Affected Party for such increased cost or such reduction. 

(b) If as a result of any event or circumstance similar to those described in clause (a) of this Section 2.12, an Affected
Party is required to compensate a bank or other financial institution providing liquidity support, credit enhancement or other similar support or financing to such Affected Party in connection with this Agreement or the funding or maintenance of

  
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Advances hereunder, then within ten days after demand by such Affected Party, the Borrower shall pay to such Affected Party such additional amount or amounts as may be necessary to reimburse such
Affected Party for any such amounts paid by it. 
 (c) In determining any amount provided for in this section, the Affected Party may use
any reasonable averaging and attribution methods. Any Affected Party making a claim under this section shall submit to the Borrower a certificate as to such additional or increased cost or reduction, which certificate shall calculate in reasonable
detail any such charges and shall be conclusive absent demonstrable error. 
 Section 2.13 Taxes. 

(a) All payments made by the Borrower in respect of any Advance and all payments made by the Borrower under this Agreement will be made free
and clear of and without deduction or withholding for or on account of any Taxes, unless such withholding or deduction is required by law. In such event, the Borrower shall pay to the appropriate taxing authority any such Taxes required to be
deducted or withheld and the amount payable to each Lender or the Administrative Agent (as the case may be) will be increased (such increase, the “Additional Amount”) such that every net payment made under this Agreement after
deduction or withholding for or on account of any Taxes (including, without limitation, any Taxes on such increase) is not less than the amount that would have been paid had no such deduction or withholding been deducted or withheld. The foregoing
obligation to pay Additional Amounts, however, will not apply with respect to, and the term “Additional Amount” shall be deemed not to include net income or franchise taxes imposed on a Lender, any Managing Agent or the Administrative
Agent, respectively, with respect to payments required to be made by the Borrower or Servicer on behalf of the Borrower under this Agreement, by a taxing jurisdiction in which such Lender, such Managing Agent or the Administrative Agent is
organized, conducts business or is paying taxes as of the Effective Date (as the case may be). If a Lender, any Managing Agent or the Administrative Agent pays any Taxes in respect of which the Borrower is obligated to pay Additional Amounts under
this Section 2.13(a), the Borrower shall promptly reimburse such Lender or Administrative Agent in full. 
 (b) The Borrower
will indemnify each Lender, each Managing Agent and the Administrative Agent for the full amount of Taxes in respect of which the Borrower is required to pay Additional Amounts (including, without limitation, any Taxes imposed by any jurisdiction on
such Additional Amounts) paid by such Lender, Managing Agent or the Administrative Agent (as the case may be) and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto; provided, however,
that such Lender, Managing Agent or the Administrative Agent, as appropriate, making a demand for indemnity payment, shall provide the Borrower, at its address set forth under its name on the signature pages hereof, with a certificate from the
relevant taxing authority or from a Responsible Officer of such Lender, Managing Agent or the Administrative Agent stating or otherwise evidencing that such Lender, Managing Agent or the Administrative Agent has made payment of such Taxes and will
provide a copy of or extract from documentation, if available, furnished by such taxing authority evidencing assertion or payment of such Taxes. This indemnification shall be made within ten days from the date such Lender, Managing Agent or the
Administrative Agent (as the case may be) makes written demand therefor. 

  
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 (c) Within 30 days after the date of any payment by the Borrower of any Taxes, the Borrower will
furnish to the Administrative Agent, the Managing Agent or the Lender, as applicable, at its address set forth under its name on the signature pages hereof, appropriate evidence of payment thereof. 

(d) If a Lender is not created or organized under the laws of the United States or a political subdivision thereof, such Lender shall, to the
extent that it may then do so under Applicable Laws, deliver to the Borrower with a copy to the Administrative Agent (i) within 15 days after the date hereof, or, if later, the date on which such Lender becomes a Lender hereof two (or such
other number as may from time to time be prescribed by Applicable Laws) duly completed copies of IRS Form W-8EC1 or Form W-8BEN or any successor forms or other certificates or statements that may be required from time to time by the relevant United
States taxing authorities or Applicable Laws), as appropriate, to permit the Borrower to make payments hereunder for the account of such Lender, as the case may be, without deduction or withholding of United States federal income or similar Taxes
and (ii) upon the obsolescence of or after the occurrence of any event requiring a change in, any form or certificate previously delivered pursuant to this Section 2.13(d), two copies (or such other number as may from time to time
be prescribed by Applicable Laws) of such additional, amended or successor forms, certificates or statements as may be required under Applicable Laws to permit the Borrower to make payments hereunder for the account of such Lender, without deduction
or withholding of United States federal income or similar Taxes. 
 (e) For any period with respect to which a Lender has failed to provide
the Borrower with the appropriate form, certificate or statement described in clause (d) of this section (other than if such failure is due to a change in law occurring after the date of this Agreement), such Lender, as the case may be, shall
not be entitled to indemnification under clauses (a) or (b) of this section with respect to any Taxes. 
 (f) Within 30 days of
the written request of the Borrower therefor, the Administrative Agent, the Managing Agent or the Lender, as appropriate, shall execute and deliver to the Borrower such certificates, forms or other documents that can be furnished consistent with the
facts and that are reasonably necessary to assist the Borrower in applying for refunds of Taxes remitted hereunder; provided, however, that the Administrative Agent, the Managing Agent and the Lender shall not be required to deliver
such certificates forms or other documents if in their respective sole discretion it is determined that the delivery of such certificate, form or other document would have a material adverse effect on the Administrative Agent, the Managing Agent or
the Lender and provided further, however, that the Borrower shall reimburse the Administrative Agent, the Managing Agent or the Lender for any reasonable expenses incurred in the delivery of such certificate, form or other
document. 
 (g) If, in connection with an agreement or other document providing liquidity support, credit enhancement or other similar
support or financing to the Lenders in connection with this Agreement or the funding or maintenance of Advances hereunder, the Lenders are required to compensate a bank or other financial institution in respect of Taxes under circumstances similar
to those described in this section then within ten days after demand by the Lenders, the Borrower shall pay to the Lenders such additional amount or amounts as may be necessary to reimburse the Lenders for any amounts paid by them. 

  
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 Section 2.14 Revolver Loan Funding. 

(a) Upon the occurrence of a Revolver Loan Funding Date, each Lender shall make an advance (each, a “Revolver Loan Funding”)
in an amount equal to such Lender’s ratable share of the aggregate outstanding unfunded commitments under the Revolver Loans. Upon receipt of the proceeds of such Revolver Loan Funding, the Administrative Agent shall deposit such funds into
segregated accounts (each, a “Revolver Loan Funding Account”), in its name, referencing the name of such Lender, and maintained at a Qualified Institution. Each Lender hereby grants to the Administrative Agent full power and
authority, on its behalf, to withdraw funds from the applicable Revolver Loan Funding Account at the time of, and in connection with, the funding of any Post-Termination Revolver Loan Fundings to be made by the Borrower, and to deposit to the
related Revolver Loan Funding Account any funds received in respect of each relevant Lender’s ratable share of principal payments under Section 2.8 hereof, all in accordance with the terms of and for the purposes set forth in this
Agreement. The deposit of monies in such Revolver Loan Funding Account by any Lender shall not constitute an Advance (and such Lender shall not be entitled to interest on such monies except as provided in clause (d) below) unless and until (and
then only to the extent that) such monies are used to make Post-Termination Revolver Loan Fundings pursuant to the first sentence of clause (b) below. On each Payment Date from and after the Revolver Loan Funding Date, the Borrower shall pay
the Administrative Agent, for the benefit of the Lenders, a fee (the “Revolver Loan Funding Fee”) equal to the sum of (i) the LIBO Rate for such Settlement Period plus (ii) 3.0%, multiplied by the weighted average amount
on deposit in the Revolver Loan Funding Accounts during the applicable Settlement Period, calculated on the basis of a year of 360 days for the actual number of days elapsed. 

(b) From and after the establishment of a Revolver Loan Funding Account with respect to any Lender, and until the earlier of (i) the
reduction to zero of all outstanding commitments in respect of Revolver Loans and (ii) one year following the Revolver Loan Funding Date, all Post-Termination Revolver Loan Fundings to be made by such Lender hereunder shall be made by
withdrawing funds from the applicable Revolver Loan Funding Account. On each Business Day during such time, the Administrative Agent shall, (i) if a Revolver Loan Funding Account Shortfall exists, deposit the lesser of (A) the amount
allocable to the repayment of principal to the Lenders and (B) the Revolver Loan Funding Account Shortfall and (ii) if a Revolver Loan Funding Account Surplus exists, pay to the applicable Managing Agent, on behalf of each Lender, such
Lender’s ratable share of the Revolver Loan Funding Account Surplus. Until the earlier of (i) the reduction to zero of all outstanding commitments in respect of Revolver Loans and (ii) one year following the Revolver Loan Funding
Date, all remaining funds then held in such Revolver Loan Funding Account (after giving effect to any Post-Termination Revolver Loan Fundings to be made on such date) shall be paid by the Administrative Agent to the applicable Managing Agent, on
behalf of such Lender, and thereafter all payments made in respect of the Loans (whether or not originally funded from such Lender’s Revolver Loan Funding Account) shall be paid directly to the applicable Managing Agent, on behalf of such
Lender, in accordance with the terms of Section 2.8. 
 (c) The Administrative Agent may, its sole discretion, advance funds
withdrawn from the Revolver Loan Funding Accounts to (i) the Borrower or (ii) the applicable Obligor directly, on behalf of the Borrower, and in either case, such funds shall be used solely for the purpose of funding advances requested by
an Obligor under a Revolver Loan. 

  
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 (d) Proceeds in a Revolver Loan Funding Account shall be invested, at the written direction of
the applicable Lender (or the applicable Managing Agent on its behalf) to the applicable Revolver Loan Funding Account bank, only in investments which constitute Permitted Investments. The investment earnings with respect to a Revolver Loan Funding
Account shall accrue as the Lender and Revolver Loan Funding Account bank shall agree. The Administrative Agent shall direct the Revolver Loan Funding Account bank to pay all such investment earnings from the relevant account directly to the
applicable Managing Agent, for the account of the applicable Lender. 
 (e) Notwithstanding anything herein to the contrary, none of the
Administrative Agent, the other Managing Agents, the other Purchasers nor the Revolver Loan Funding Account bank shall have any liability for any loss arising from any investment or reinvestment made by it with respect to a Revolver Loan Funding
Account in accordance with, and pursuant to, the provisions hereof. 
 Section 2.15 Pending Account. 

(a) The Borrower or the Servicer on its behalf shall cause to be established and maintained in the name of the Borrower and assigned to the
Administrative Agent as agent for the Secured Parties, with an office or branch of a depository institution or trust company organized under the laws of the United States or any one of the States thereof or the District of Columbia (or any domestic
branch of a foreign bank) a segregated corporate trust account (the “Pending Account”) for the purpose of receiving (i) proceeds of Advances and (ii) Principal Collections transferred from the Collection Account, and
funding purchases of Eligible Loans therefrom. 
 (b) The Borrower may, during the Revolving Period, transfer Principal Collections from the
Collection Account to the Pending Account, so long as (i) the conditions to Advances described in Section 3.2 are met, mutatis mutandis, other than the requirement that a Borrower Notice containing certification thereto has
been delivered and (ii) in the reasonable determination of the Servicer and the Borrower, such Collections shall not be necessary to make payments pursuant to clauses FIRST through ELEVENTH above on the next Payment Date pursuant to
Section 2.8(a) above. 
 (c) Funds deposited in the Pending Account shall be used to purchase Eligible Loans within 3 Business
Days of deposit. Any funds not used within such 3 Business Day period shall, unless otherwise approved by the Administrative Agent in its sole discretion, be used to make a prepayment of the Advances Outstanding pursuant to
Section 2.3(b). Notice of such prepayment shall be given on the Business Day immediately succeeding the expiration of such 3 Business Day period, and such prepayment shall take place on the earliest possible Business Day following such
notice. 

  
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 Section 2.16 Discretionary Sales of Loans. 

On any Discretionary Sale Settlement Date, the Borrower shall have the right to prepay all or a portion of the Advances Outstanding in
connection with the sale and assignment by the Borrower of, and the release of the Lien by the Administrative Agent over, one or more Transferred Loans, in whole but not in part (a “Discretionary Sale”), subject to the following
terms and conditions and subject to the other restrictions contained herein: 
 (a) any Discretionary Sale shall be made by the Borrower in
a transaction (A) arranged by the Servicer (or, if a Successor Servicer shall have been appointed pursuant to Section 7.19, arranged by the Borrower with the approval of the Administrative Agent) in accordance with the customary
management practices of prudent institutions which manage financial assets similar to the Transferred Loans for their own account or for the account of others, (B) reflecting arm’s-length market terms, (C) in which the Borrower makes
no representations, warranties or covenants and provides no indemnification for the benefit of any other party to the Discretionary Sale (other than any representations, warranties or covenants relating to the Borrower’s ownership of or clean
title to the Transferred Loans that are the subject of the Discretionary Sale that are standard and customary in connection with such a sale or for which the Originator has agreed to fully indemnify the Borrower), (D) of which the
Administrative Agent and the Required Lenders shall have received 2 Business Days’ (or such shorter period as the Required Lenders shall consent to) written notice (such notice, a “Discretionary Sale Notice”) which notice shall
provide a description of the terms of the Discretionary Sale, and (E) if occurring after the Termination Date, which the Required Lenders shall have approved in writing (which approval shall not be unreasonably withheld or delayed); 

(b) after giving effect to the Discretionary Sale on the related Discretionary Sale Trade Date and the payment of funds from the sale into the
Collection Account required under Section 2.16(d), (A) all representations and warranties of the Borrower contained in Section 4.1 shall be true and correct as of the Discretionary Sale Trade Date, (B) neither an
Early Termination Event nor Unmatured Termination Event shall have occurred and be continuing, (C) the Borrowing Base Test shall have been satisfied, and, if such Discretionary Sale Trade Date takes place during the Amortization Period,
following the application of the funds described in clause (d) below, the ratio of the Borrowing Base to the Drawn Amount shall have been improved, (D) the Collateral Quality Test shall have been satisfied, and, if such Discretionary Sale
Trade Date takes place during the Amortization Period, the Collateral Quality Test shall have been improved and (E) the Required Equity Investment shall be maintained; 

(c) on the Discretionary Sale Trade Date, the Borrower and the Servicer shall be deemed to have represented and warranted that the
requirements of Section 2.16(b) shall have been satisfied as of the related Discretionary Sale Trade Date after giving effect to the contemplated Discretionary Sale; and 

(d) on the related Discretionary Sale Settlement Date, the Administrative Agent shall have received into the Collection Account, in
immediately available funds, an amount (i) other than as described in clause (ii) below, equal to the sum of (A) the portion of the Advances Outstanding to be prepaid so that the requirements of Section 2.16(b) shall have
been satisfied as of such Discretionary Sale Settlement Date plus (B) an amount equal to all unpaid Interest attributable to that portion of the Advances Outstanding to be paid in connection with the Discretionary Sale plus (C) any
Breakage Costs owed in connection with the payment and (ii) in the case of a sale of (x) Defaulted Loans or Charged-Off Loans in accordance with Section 7.7, or (y) any Transferred Loans following the end of the Revolving
Period, equal to the proceeds of such Discretionary Sale. 

  
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 In connection with any Discretionary Sale, following receipt by the Administrative Agent of the
amounts referred to in Section 2.16(d) above (receipt of which shall be confirmed to the Administrative Agent), there shall be released to the Borrower (for further sale to a purchaser) without recourse, representation or warranty of any
kind all of the right, title and interest of the Administrative Agent and the Secured Parties in, to and under the portion of the Collateral subject to such Discretionary Sale and such portion of the Collateral so released shall be released from any
Lien and the Loan Documents (subject to the requirements set forth above in this Section 2.16). 
 In connection with any
Discretionary Sale, on the related Discretionary Sale Settlement Date, the Administrative Agent on behalf of the Secured Parties shall (i) execute such instruments of release with respect to the portion of the Collateral to be released to the
Borrower, in recordable form if necessary, in favor of the Borrower as the Servicer on behalf of the Borrower may reasonably request, (ii) deliver any portion of the Collateral to be released to the Borrower in its possession to the Borrower
and (iii) otherwise take such actions, as are determined by the Borrower or Servicer to be reasonably necessary and appropriate to release the Lien on the portion of the Collateral to be released to the Borrower and release and deliver to the
Borrower such portion of the Collateral to be released to the Borrower. 
 ARTICLE III 

CONDITIONS OF EFFECTIVENESS AND ADVANCES 

Section 3.1 Conditions to Effectiveness and Advances. 

No Lender (including the Swingline Lender) shall be obligated to make any Advance hereunder from and after the Effective Date, nor shall any
Lender, the Administrative Agent or the Managing Agents be obligated to take, fulfill or perform any other action hereunder, until the following conditions have been satisfied, in the sole discretion of, or waived in writing by, the Managing Agents:

 (a) This Agreement and all other Transaction Documents or counterparts hereof or thereof shall have been duly executed by, and delivered
to, the parties hereto and thereto and the Administrative Agent shall have received such other documents, instruments, agreements and legal opinions as any Managing Agent shall reasonably request in connection with the transactions contemplated by
this Agreement, on or prior to the Effective Date, each in form and substance satisfactory to the Administrative Agent. 
 (c) The Borrower
shall have paid all fees required to be paid by it on the Effective Date, including all fees required hereunder and under the Fee Letters to be paid as of such date, and shall have reimbursed each Lender and the Administrative Agent for all fees,
costs and expenses related to the transactions contemplated hereunder and under the other Transaction Documents, including the legal and other document preparation costs incurred by any Lender and/or the Administrative Agent. 

(d) The Required Equity Investment shall be maintained. 

  
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 The Administrative Agent shall promptly notify each Lender of the satisfaction or waiver of the
conditions set forth above. 
 Section 3.2 Additional Conditions Precedent to All Advances. 

Each Advance shall be subject to the further conditions precedent that: 

(a) On the related Funding Date, the Borrower or the Servicer, as the case may be, shall have certified in the related Borrower Notice that:

 (i) The representations and warranties set forth in Sections 4.1 and 7.8 are true and correct on and as of
such date, before and after giving effect to such borrowing and to the application of the proceeds therefrom, as though made on and as of such date; and 

(ii) No event has occurred, or would result from such Advance or from the application of the proceeds therefrom, that
constitutes an Early Termination Event or an Unmatured Termination Event. 
 (b) The Termination Date shall not have occurred; 

(c) Before and after giving effect to such borrowing and to the application of proceeds therefrom, the Collateral Quality Test shall be
satisfied, as calculated on such date; 
 (d) Before and after giving effect to such borrowing and to the application of proceeds therefrom,
the Borrowing Base Test shall be satisfied, as calculated on such date; 
 (e) No claim has been asserted or proceeding commenced
challenging enforceability or validity of any of the Transaction Documents or the Loan Documents, excluding any instruments, certificates or other documents relating to Loans that were the subject of prior Advances; 

(f) There shall have been no Material Adverse Change with respect to the Borrower or the Servicer since the preceding Advance; and 

(g) The Servicer and Borrower shall have taken such other action, including delivery of approvals, consents, opinions, documents, and
instruments to the Managing Agents as each may reasonably request. 

  
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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Section 4.1 Representations and Warranties of the Borrower. 

The Borrower represents and warrants as follows: 

(a) Organization and Good Standing. The Borrower is a Delaware limited liability company duly organized, validly existing, and in good
standing under the laws of the jurisdiction of its formation, and has full power, authority and legal right to own or lease its properties and conduct its business as such business is presently conducted. 

(b) Due Qualification. The Borrower is qualified to do business as a limited liability company, is in good standing, and has obtained
all licenses and approvals as required under the laws of all jurisdictions in which the ownership or lease of its property and or the conduct of its business (other than the performance of its obligations hereunder) requires such qualification,
standing, license or approval, except to the extent that the failure to so qualify, maintain such standing or be so licensed or approved would not have an adverse effect on the interests of the Lenders. The Borrower is qualified to do business as a
limited liability company, is in good standing, and has obtained all licenses and approvals as are required under the laws of all states in which the performance of its obligations pursuant to this Agreement requires such qualification, standing,
license or approval and where the failure to qualify or obtain such license or approval would have a material adverse effect on its ability to perform hereunder. 

(c) Due Authorization. The execution and delivery of this Agreement and each Transaction Document to which the Borrower is a party and
the consummation of the transactions provided for herein and therein have been duly authorized by the Borrower by all necessary action on the part of the Borrower. 

(d) No Conflict. The execution and delivery of this Agreement and each Transaction Document to which the Borrower is a party, the
performance by the Borrower of the transactions contemplated hereby and thereby and the fulfillment of the terms hereof and thereof will not conflict with or result in any breach of any of the terms and provisions of, and will not constitute (with
or without notice or lapse of time or both) a default under, the Borrower’s limited liability company agreement or any material Contractual Obligation of the Borrower. 

(e) No Violation. The execution and delivery of this Agreement and each Transaction Document to which the Borrower is a party, the
performance of the transactions contemplated hereby and thereby and the fulfillment of the terms hereof and thereof will not conflict with or violate, in any material respect, any Applicable Law. 

(f) No Proceedings. There are no proceedings or investigations pending or, to the best knowledge of the Borrower, threatened against
the Borrower, before any Governmental Authority (i) asserting the invalidity of this Agreement or any Transaction Document to which the Borrower is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated
by this Agreement or any Transaction Document to which the Borrower is a party or (iii) seeking any determination or ruling that could reasonably be expected to have a Material Adverse Effect. 

(g) All Consents Required. All material approvals, authorizations, consents, orders or other actions of any Person or of any
Governmental Authority (if any) required in connection with the due execution, delivery and performance by the Borrower of this Agreement and any Transaction Document to which the Borrower is a party, have been obtained. 

  
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 (h) Reports Accurate. All Monthly Reports (if prepared by the Borrower, or to the extent
that information contained therein is supplied by the Borrower), information, exhibits, financial statements, documents, books, records or reports furnished or to be furnished by the Borrower to the Administrative Agent or a Lender in connection
with this Agreement are true, complete and accurate in all material respects. 
 (i) Solvency. The transactions contemplated under
this Agreement and each Transaction Document to which the Borrower is a party do not and will not render the Borrower not Solvent. 
 (j)
Selection Procedures. No procedures believed by the Borrower to be materially adverse to the interests of the Secured Parties were utilized by the Borrower in identifying and/or selecting the Loans that are part of the Collateral. 

(k) Taxes. The Borrower has filed or caused to be filed all Tax returns required to be filed by it. The Borrower has paid all Taxes and
all assessments made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been
provided on the books of the Borrower), and no Tax lien has been filed and, to the Borrower’s knowledge, no claim is being asserted, with respect to any such Tax, fee or other charge. 

(l) Agreements Enforceable. This Agreement and each Transaction Document to which the Borrower is a party constitute the legal, valid
and binding obligation of the Borrower enforceable against the Borrower in accordance with their respective terms, except as such enforceability may be limited by Insolvency Laws and except as such enforceability may be limited by general principles
of equity (whether considered in a suit at law or in equity). 
 (m) No Liens. The Collateral is owned by the Borrower free and clear
of any Liens except for Permitted Liens as provided herein, and the Administrative Agent, as agent for the Secured Parties, has a valid and perfected first priority security interest in the Collateral then existing or thereafter arising, free and
clear of any Liens except for Permitted Liens. No effective financing statement or other instrument similar in effect covering any Collateral is on file in any recording office except such as may be filed in favor of the Administrative Agent
relating to this Agreement or reflecting the transfer of the Collateral from the Originator to the Borrower. 
 (n) Security
Interest. The Borrower has granted a security interest (as defined in the UCC) to the Administrative Agent, as agent for the Secured Parties, in the Collateral, which is enforceable in accordance with Applicable Law. All filings (including,
without limitation, such UCC filings) as are necessary in any jurisdiction to perfect the interest of the Administrative Agent as agent for the Secured Parties, in the Collateral have been made. 

(o) Location of Offices. The Borrower’s jurisdiction of organization, principal place of business and chief executive office and
the office where the Borrower keeps all the Records is located at the address of the Borrower referred to in Section 12.2 hereof (or at such other locations as to which the notice and other requirements specified in
Section 5.1(m) shall have been satisfied). 

  
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 (p) Tradenames. The Borrower has no trade names, fictitious names, assumed names or
“doing business as” names or other names under which it has done or is doing business. 
 (q) Purchase Agreement. The
Purchase Agreement is the only agreement pursuant to which the Borrower acquires Collateral (other than the Hedge Collateral). 
 (r)
Value Given. The Borrower gave reasonably equivalent value to the Originator in consideration for the transfer to the Borrower of the Transferred Loans under the Purchase Agreement, no such transfer was made for or on account of an antecedent
debt owed by the Originator to the Borrower, and no such transfer is voidable or subject to avoidance under any Insolvency Law. 
 (s)
Accounting. The Borrower accounts for the transfers to it from the Originator of interests in the Loans under the Purchase Agreement as sales of such Loans in its books, records and financial statements, in each case consistent with GAAP.

 (t) Separate Entity. The Borrower is operated as an entity with assets and liabilities distinct from those of the Originator and
any Affiliates thereof (other than the Borrower), and the Borrower hereby acknowledges that the Administrative Agent and the Lenders are entering into the transactions contemplated by this Agreement in reliance upon the Borrower’s identity as a
separate legal entity from the Originator and from each such other Affiliate of the Originator. 
 (u) Investments. Except for
Supplemental Interests or Supplemental Interests that convert into an equity interest in any Person, the Borrower does not own or hold directly or indirectly, any capital stock or equity security of, or any equity interest in, any Person. 

(v) Business. Since its formation, the Borrower has conducted no business other than the purchase and receipt of Loans and Related
Property from the Originator under the Purchase Agreement, the borrowing of funds under this Agreement and such other activities as are incidental to the foregoing. 

(w) ERISA. The Borrower is in compliance with ERISA and has not incurred and does not expect to incur any liabilities (except for
premium payments arising in the ordinary course of business) payable to the Pension Benefit Guaranty Corporation under ERISA. 
 (x)
Investment Company Act. 
 (i) The Borrower represents and warrants that the Borrower is exempt and will remain exempt
from registration as an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”). 

(ii) The business and other activities of the Borrower, including but not limited to, the making of the Advances by the
Lenders, the application of the proceeds and repayment thereof by the Borrower and the consummation of the transactions contemplated by the Transaction Documents to which the Borrower is a party do not now

  
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and will not at any time result in any violations, with respect to the Borrower, of the provisions of the 1940 Act or any rules, regulations or orders issued by the SEC thereunder. 

(y) Government Regulations. The Borrower is not engaged in the business of extending credit for the purpose of “purchasing”
or “carrying” any “margin security,” as such terms are defined in Regulation U of the Federal Reserve Board as now and from time to time hereafter in effect (such securities being referred to herein as “Margin
Stock”). The Borrower owns no Margin Stock, and no portion of the proceeds of any Advance hereunder will be used, directly or indirectly, for the purpose of purchasing or carrying any Margin Stock, for the purpose of reducing or retiring
any Indebtedness that was originally incurred to purchase or carry any Margin Stock or for any other purpose that might cause any portion of such proceeds to be considered a “purpose credit” within the meaning of Regulation T, U or X of
the Federal Reserve Board. The Borrower will not take or permit to be taken any action that might cause any RelatedTransaction Document to violate any regulation of the
Federal Reserve Board. 
 (z) Eligibility of Loans. As of the Effective Date, (i) the Loan List and the information contained in
the Borrower Notice delivered pursuant to Sections 2.1 and 2.2 is an accurate and complete listing in all material respects of all the Loans that are part of the Collateral as of the Effective Date, and the information contained
therein with respect to the identity of such Loans and the amounts owing thereunder is true and correct in all material respects as of such date and (ii) each such Loan is an Eligible Loan. On each Funding Date, the Borrower shall be deemed to
represent and warrant that any additional Loan referenced on the related Borrower Notice delivered pursuant to Sections 2.1 and 2.2 is an Eligible Loan. 

(aa) USA PATRIOT Act. Neither the Borrower nor any Affiliate of the Borrower is (1) a country, territory, organization, person or
entity named on an Office of Foreign Assets Control (OFAC) list, (2) a Person that resides or has a place of business in a country or territory named on such lists or which is designated as a Non-Cooperative Jurisdiction by the Financial Action
Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction; (3) a “Foreign Shell Bank” within the meaning of the USA PATRIOT Act, i.e., a foreign bank that does not have a physical
presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision; or (4) a person or entity that resides in or is organized under the laws of a jurisdiction
designated by the United States Secretary of the Treasury under Section 311 or 312 of the USA PATRIOT Act as warranting special measures due to money laundering concerns. 

(bb) Use of Proceeds. The proceeds of the Advances shall only be used for (i) working capital, (ii) the refinance of existing
indebtedness and (iii) other lawful purposes, including without limitation, investments in equity, debt and other securities in the normal course of business. 

Section 4.2 Joint Representations and Warranties Regarding Ordinary Course of Business. 

(a) Each of the Borrower and the Administrative Agent represents and warrants as to itself that each remittance of Collections by the Borrower
to the Administrative Agent pursuant 

  
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to the terms of this Agreement will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and the Administrative
Agent and (ii) made in the ordinary course of business or financial affairs of the Borrower and the Administrative Agent. 
 (b) The
representations and warranties set forth in this Section 4.2 and shall survive the termination of this Agreement. 
 ARTICLE V

 GENERAL COVENANTS OF THE BORROWER 

Section 5.1 Covenants of the Borrower. 

The Borrower hereby covenants that: 

(a) Compliance with Laws. The Borrower will comply in all material respects with all Applicable Laws, including those with respect to
the Loans in the Collateral and any Related Property. 
 (b) Preservation of Corporate Existence. The Borrower will preserve and
maintain its existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing in each jurisdiction where the failure to maintain such existence, rights, franchises, privileges and
qualification has had, or could reasonably be expected to have, a Material Adverse Effect. 
 (c) Security Interests. Except as
contemplated in this Agreement, the Borrower will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any Loan or Related Property that is part of the Collateral, whether now
existing or hereafter transferred hereunder, or any interest therein. The Borrower will promptly notify the Administrative Agent of the existence of any Lien on any Loan or Related Property that is part of the Collateral and the Borrower shall
defend the right, title and interest of the Administrative Agent as agent for the Secured Parties in, to and under any Loan and the Related Property that is part of the Collateral, against all claims of third parties; provided,
however, that nothing in this Section 5.1(c) shall prevent or be deemed to prohibit the Borrower from suffering to exist Permitted Liens upon any Loan or any Related Property that is part of the Collateral. 

(d) Delivery of Collections. The Borrower agrees to cause the delivery to the Servicer promptly (but in no event later than two
(2) Business Days after receipt) all Collections (including any Deemed Collections) received by Borrower in respect of the Loans that are part of the Collateral. 

(e) Activities of Borrower. The Borrower shall not engage in any business or activity of any kind, or enter into any transaction or
indenture, mortgage, instrument, agreement, contract, Loan or other undertaking, which is not incidental to the transactions contemplated and authorized by this Agreement or the Purchase Agreement. 

  
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 (f) Indebtedness. The Borrower shall not create, incur, assume or suffer to exist any
Indebtedness or other liability whatsoever, except (i) obligations incurred under this Agreement, under any Hedging Agreement required by Section 5.2(a), or the Purchase Agreement, or (ii) liabilities incident to the
maintenance of its existence in good standing. 
 (g) Guarantees. The Borrower shall not become or remain liable, directly or
indirectly, in connection with any Indebtedness or other liability of any other Person, whether by guarantee, endorsement (other than endorsements of negotiable instruments for deposit or collection in the ordinary course of business), agreement to
purchase or repurchase, agreement to supply or advance funds, or otherwise. 
 (h) Investments. The Borrower shall not make or suffer
to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property, contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or
otherwise) in, any Person except for purchases of Loans and Supplemental Interests pursuant to the Purchase Agreement, or for investments in Permitted Investments in accordance with the terms of this Agreement. 

(i) Merger; Sales. The Borrower shall not enter into any transaction of merger or consolidation, or liquidate or dissolve itself (or
suffer any liquidation or dissolution), or acquire or be acquired by any Person, or convey, sell, loan or otherwise dispose of all or substantially all of its property or business, except as provided for in this Agreement. 

(j) Distributions. The Borrower may not declare or pay or make, directly or indirectly, any distribution (whether in cash or other
property) with respect to any Person’s equity interest in the Borrower (collectively, a “Distribution”); provided, however, if no Early Termination Event has occurred or will occur as a result thereof, the
Borrower may make Distributions. 
 (k) Agreements. The Borrower shall not amend or modify (i) the provisions of its limited
liability company agreement or (ii) the Purchase Agreement without the consent of the Administrative Agent and prior written notice to each Managing Agent, or issue any power of attorney except to the Administrative Agent or the Servicer. 

(l) Separate Existence. The Borrower shall: 

(i) Maintain its own deposit account or accounts, separate from those of any Affiliate, with commercial banking institutions.
The funds of the Borrower will not be diverted to any other Person or for other than corporate uses of the Borrower. 
 (ii)
Ensure that, to the extent that it shares the same persons as officers or other employees as any of its Affiliates, the salaries of and the expenses related to providing benefits to such officers or employees shall be fairly allocated among such
entities, and each such entity shall bear its fair share of the salary and benefit costs associated with all such common officers and employees. 

(iii) Ensure that, to the extent that it jointly contracts with any of its Affiliates to do business with vendors or service
providers or to share overhead expenses, the costs 

  
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incurred in so doing shall be allocated fairly among such entities, and each such entity shall bear its fair share of such costs. To the extent that the Borrower contracts or does business with
vendors or service providers when the goods and services provided are partially for the benefit of any other Person, the costs incurred in so doing shall be fairly allocated to or among such entities for whose benefit the goods and services are
provided, and each such entity shall bear its fair share of such costs. All material transactions between Borrower and any of its Affiliates shall be only on an arm’s length basis. 

(iv) Maintain a principal executive and administrative office through which its business is conducted separate from those of
its Affiliates. To the extent that Borrower and any of its Affiliates have offices in the same location, there shall be a fair and appropriate allocation of overhead costs among them, and each such entity shall bear its fair share of such expenses.

 (v) Conduct its affairs strictly in accordance with its limited liability company agreement and observe all necessary,
appropriate and customary legal formalities, including, but not limited to, holding all regular and special director’s meetings appropriate to authorize all action, keeping separate and accurate records of such meetings, passing all resolutions
or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, payroll and transaction accounts. 

(vi) Take or refrain from taking, as applicable, each of the activities specified or assumed in the Williams Mullen Opinion,
upon which the conclusions expressed therein are based. 
 (vii) Maintain the effectiveness of, and continue to perform under
the Purchase Agreement and the Performance Guaranty, such that it does not amend, restate, supplement, cancel, terminate or otherwise modify the Purchase Agreement or the Performance Guaranty, or give any consent, waiver, directive or approval
thereunder or waive any default, action, omission or breach under the Purchase Agreement or the Performance Guaranty or otherwise grant any indulgence thereunder, without (in each case) the prior written consent of the Administrative Agent and each
Managing Agent. 
 (m) Change of Name or Jurisdiction of Borrower; Records. The Borrower (x) shall not change its name or
jurisdiction of organization, without 30 days’ prior written notice to the Administrative Agent and (y) shall not move, or consent to the Servicer or Collateral Custodian moving, the Loan Documents without 30 days’ prior written
notice to the Administrative Agent and (z) will promptly take all actions required of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent as agent for the Secured Parties
(except for Permitted Liens) in all Collateral, and such other actions as the Administrative Agent may reasonably request, including but not limited to delivery of an Opinion of Counsel. 

(n) ERISA Matters. The Borrower will not (a) engage or permit any ERISA Affiliate to engage in any prohibited transaction for
which an exemption is not available or has not previously been obtained from the United States Department of Labor; (b) permit to exist any accumulated funding deficiency, as defined in Section 302(a) of ERISA and
Section 412(a) of 

  
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the Code, or funding deficiency with respect to any Benefit Plan other than a Multiemployer Plan; (c) fail to make any payments to a Multiemployer Plan that the Borrower or any ERISA
Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining thereto; (d) terminate any Benefit Plan so as to result in any liability; or (e) permit to exist any occurrence of any
reportable event described in Title IV of ERISA. 
 (o) Originator Collateral. With respect to each item of Collateral acquired by
the Borrower, the Borrower will (i) acquire such Collateral pursuant to and in accordance with the terms of the Purchase Agreement, (ii) take all action necessary to perfect, protect and more fully evidence the Borrower’s ownership of
such Collateral, including, without limitation, (A) filing and maintaining, effective financing statements (Form UCC-1) naming the Originator as seller/debtor and the Borrower as purchaser/creditor in all necessary or appropriate filing
offices, and filing continuation statements, amendments or assignments with respect thereto in such filing offices and (B) executing or causing to be executed such other instruments or notices as may be necessary or appropriate, including,
without limitation, Assignments of Mortgage, and (iii) take all additional action that the Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective interests of the parties to this Agreement in the
Collateral. 
 (p) Transactions with Affiliates. The Borrower will not enter into, or be a party to, any transaction with any of its
Affiliates, except (i) the transactions permitted or contemplated by this Agreement, the Purchase Agreement and any Hedging Agreements and (ii) other transactions (including, without limitation, transactions related to the use of office
space or computer equipment or software by the Borrower to or from an Affiliate and including Controlled Transactions) (A) in the ordinary course of business, (B) pursuant to the reasonable requirements of the Borrower’s business,
(C) upon fair and reasonable terms that are no less favorable to the Borrower than could be obtained in a comparable arm’s-length transaction with a Person not an Affiliate of the Borrower, and (D) not inconsistent with the factual
assumptions set forth in the Williams Mullen Opinion, as such assumptions may be modified in any subsequent opinion letters delivered to the Administrative Agent pursuant to Section 3.2 or otherwise. It is understood that any
compensation arrangement for any officer or employee shall be permitted under clause (ii)(A) through (C) above if such arrangement has been expressly approved by the managers of the Borrower in accordance with the Borrower’s limited
liability company agreement. For purposes of this clause (p) the definition of “Affiliate” with respect to the Borrower shall be read without reference to the first proviso contained therein. 

(q) Change in the Transaction Documents. The Borrower will not amend, modify, waive or terminate any terms or conditions of any of the
Transaction Documents to which it is a party, without the prior written consent of the Administrative Agent. 
 (r) Credit and Collection
Policy. The Borrower will (a) comply in all material respects with the Credit and Collection Policy in regard to each Transferred Loan and the Related Property, and in regard to compliance with Loan Documents, including determinations with
respect to the enforcement of its rights thereunder, and (b) furnish to the Administrative Agent and each Managing Agent, at least 20 days prior to its proposed effective date, prompt notice of any material changes in the Credit and Collection
Policy. The Borrower will not agree or otherwise permit to occur any material change in the Credit and Collection Policy, which 

  
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change would impair the collectibility of any Loan or otherwise adversely affect the interests or remedies of the Administrative Agent or the Secured Parties under this Agreement or any other
Transaction Document, without the prior written consent of the Administrative Agent (in its sole discretion). 
 (s) Extension or
Amendment of Loans. The Borrower will not, except as otherwise permitted in Section 7.4(a) extend, amend or otherwise modify, or permit the Servicer on its behalf to extend, amend or otherwise modify, the terms of any Loan. 

(t) Reporting. The Borrower will furnish to the Administrative Agent and each Managing Agent: 

(i) as soon as possible and in any event within two (2) Business Days after the occurrence of each Early Termination Event
and each Unmatured Termination Event, a written statement, signed by a Responsible Officer, setting forth the details of such event and the action that the Borrower proposes to take with respect thereto; 

(ii) promptly upon request, such other information, documents, records or reports respecting the Transferred Loans or the
condition or operations, financial or otherwise, of the Borrower or Originator as the Administrative Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent or the Secured Parties under or as
contemplated by this Agreement; and 
 (iii) promptly, but in no event later than two (2) Business Days after its
receipt thereof, copies of any and all notices, certificates, documents, or reports delivered to it by the Originator under the Purchase Agreement. 

(u) Independent Directors. A minimum of two (2) Persons appointed as members of the Board of Directors of the Borrower will at all
times satisfy the definition of an Independent Director specified in the LLC Agreement as in effect on the Effective Date, with such changes to such definition as may thereafter be approved by the Required Lenders. The Borrower will deliver written
notice to the Administrative Agent at least eight (8) calendar days prior to the effectiveness of the resignation or termination of an Independent Director. 

Section 5.2 Hedging Agreement. 

(a) If at any time the aggregate Outstanding Loan Balances of Fixed Rate Loans exceeds 10% of the Aggregate Outstanding Loan Balance, the
Borrower shall, with respect only to such Outstanding Loan Balance of Fixed Rate Loans aggregating in excess of 10% of the Aggregate Outstanding Loan Balance, enter into and maintain a Hedge Transaction with a Hedge Counterparty which Hedge
Transaction shall: (i) be in the form approved by the Managing Agents and (ii) provide for payments to the Borrower to the extent that the LIBO Rate shall exceed a rate agreed upon between the Managing Agents and the Borrower. 

(b) As additional security hereunder, the Borrower hereby assigns to the Administrative Agent, as agent for the Secured Parties, all right,
title and interest of the Borrower in any and all Hedging Agreements, any and all Hedge Transactions, and any and all present and future amounts payable by a Hedge Counterparty to the Borrower under or in connection with its

  
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respective Hedging Agreement and Hedge Transaction(s) (collectively, the “Hedge Collateral”), and grants a security interest to the Administrative Agent, as agent for the Secured
Parties, in the Hedge Collateral. The Borrower acknowledges that, as a result of that assignment, the Borrower may not, without the prior written consent of the Administrative Agent, exercise any rights under any Hedging Agreement or Hedge
Transaction, except for the Borrower’s right under any Hedging Agreement to enter into Hedge Transactions in order to meet the Borrower’s obligations under Section 5.2(a) hereof. Nothing herein shall have the effect of
releasing the Borrower from any of its obligations under any Hedging Agreement or any Hedge Transaction, nor be construed as requiring the consent of the Administrative Agent or any Secured Party for the performance by the Borrower of any such
obligations. 
 ARTICLE VI 

SECURITY INTEREST 

Section 6.1 Security Interest. 

As collateral security for the prompt, complete and indefeasible payment and performance in full when due, whether by lapse of time,
acceleration or otherwise, of the Obligations, the Borrower hereby assigns, pledges and grants to the Administrative Agent, as agent for the Secured Parties, a lien on and security interest in all of the Borrower’s right, title and interest in,
to and under (but none of its obligations under) the Collateral, whether now existing or owned or hereafter arising or acquired by the Borrower, and wherever located. The assignment under this Section 6.1 does not constitute and is not
intended to result in a creation or an assumption by the Administrative Agent, the Managing Agents or any of the Secured Parties of any obligation of the Borrower or any other Person in connection with any or all of the Collateral or under any
agreement or instrument relating thereto. Anything herein to the contrary notwithstanding, (a) the Borrower shall remain liable under the Transferred Loans to the extent set forth therein to perform all of its duties and obligations thereunder
to the same extent as if this Agreement had not been executed, (b) the exercise by the Administrative Agent, as agent for the Secured Parties, of any of its rights in the Collateral shall not release the Borrower from any of its duties or
obligations under the Collateral, and (c) none of the Administrative Agent, the Managing Agents or any Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall the Administrative Agent,
the Managing Agents or any Secured Party be obligated to perform any of the obligations or duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 

Section 6.2 Remedies. 

The Administrative Agent (for itself and on behalf of the other Secured Parties) shall have all of the rights and remedies of a secured party
under the UCC and other Applicable Law. Upon the occurrence and during the continuance of an Early Termination Event, the Administrative Agent or its designees may (i) deliver a notice of exclusive control to the Collateral Custodian;
(ii) instruct the Collateral Custodian to deliver any or all of the Collateral to the Administrative Agent or its designees and otherwise give all instructions and entitlement orders to the Collateral Custodian regarding the Collateral;
(iii) require that the Borrower or the 

  
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Collateral Custodian immediately take action to liquidate the Collateral to pay amounts due and payable in respect of the Obligations; (iv) sell or otherwise dispose of the Collateral in a
commercially reasonable manner, all without judicial process or proceedings; (v) take control of the Proceeds of any such Collateral; (vi) exercise any consensual or voting rights in respect of the Collateral; (vii) release, make
extensions, discharges, exchanges or substitutions for, or surrender all or any part of the Collateral; (viii) enforce the Borrower’s rights and remedies under the Custody Agreement with respect to the Collateral; (ix) institute and
prosecute legal and equitable proceedings to enforce collection of, or realize upon, any of the Collateral; (x) remove from the Borrower’s, the Servicer’s, the Collateral Custodian’s and their respective agents’ place of
business all books, records and documents relating to the Collateral; and/or (xi) endorse the name of the Borrower upon any items of payment relating to the Collateral or upon any proof of claim in bankruptcy against an account debtor. For
purposes of taking the actions described in subsections (i) through (xi) of this Section 6.2 the Borrower hereby irrevocably appoints the Administrative Agent as its attorney-in-fact (which appointment being coupled with an
interest is irrevocable while any of the Obligations remain unpaid), with power of substitution, in the name of the Administrative Agent or in the name of the Borrower or otherwise, for the use and benefit of the Administrative Agent, but at the
cost and expense of the Borrower and without notice to the Borrower; provided that the Administrative Agent hereby agrees to exercise such power only so long as an Early Termination Event shall be continuing. The Administrative Agent
and the other Secured Parties agree that the sale of the Collateral shall be conducted in good faith and in accordance with commercially reasonable practices. 

Section 6.3 Release of Liens. 

(a) If (i) the Borrowing Base Test is met, and (ii) no Early Termination Event or Unmatured Termination Event has occurred and is
continuing, at the same time as any Loan that is part of the Collateral expires by its terms and all amounts in respect thereof have been paid by the related Obligor and deposited in the Collection Account, the Administrative Agent as agent for the
Secured Parties will, to the extent requested by the Borrower or the Servicer on behalf of the Borrower, release its interest in such Loan and any Supplemental Interests related thereto. In connection with any such release on or after the occurrence
of the above, the Administrative Agent, as agent for the Secured Parties, will execute and deliver to the Borrower or the Servicer on behalf of the Borrower any termination statements and any other releases and instruments as the Borrower or the
Servicer on behalf of the Borrower may reasonably request in order to effect the release of such Loan and Supplemental Interest; provided that the Administrative Agent as agent for the Secured Parties will make no representation or
warranty, express or implied, with respect to any such Loan or Supplemental Interest in connection with such sale or transfer and assignment. 

(b) Upon any request for a release of certain Loans in connection with a proposed Discretionary Sale, if, upon application of the proceeds of
such transaction in accordance with Section 2.8, the requirements of Section 2.16 shall have been met, the Administrative Agent as agent for the Secured Parties will, to the extent requested by the Borrower or the Servicer on
behalf of the Borrower, release its interest in such Loan and any Supplemental Interests related thereto. In connection with any such release on or after the occurrence of the above, the Administrative Agent, as agent for the Secured Parties, will
execute and deliver to the Borrower or the Servicer on behalf of the Borrower any termination statements and any other releases and 

  
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instruments as the Borrower or the Servicer on behalf of the Borrower may reasonably request in order to effect the release of such Loan and Supplemental Interest; provided that the
Administrative Agent as agent for the Secured Parties will make no representation or warranty, express or implied, with respect to any such Loan or Supplemental Interest in connection with such sale or transfer and assignment. 

(c) Upon receipt by the Administrative Agent of the Proceeds of a repurchase of an Ineligible Loan (as such term is defined in the Purchase
Agreement) by the Originator pursuant to the terms of Section 6.1 of the Purchase Agreement, the Administrative Agent, as agent for the Secured Parties, shall be deemed to have automatically released its interest in such Ineligible Loan and any
Supplemental Interests related thereto without any further action on its part. In connection with any such release on or after the occurrence of such repurchase, the Administrative Agent, as agent for the Secured Parties, will execute and deliver to
the Borrower or the Servicer on behalf of the Borrower any releases and instruments as the Borrower or the Servicer on behalf of the Borrower may reasonably request in order to effect the release of such Ineligible Loan and Supplemental Interest.

 (d) Upon receipt by the Administrative Agent of the Proceeds of a purchase of a Transferred Loan by the Servicer pursuant to the terms of
Section 7.7, the Administrative Agent, as agent for the Secured Parties, shall be deemed to have automatically released its interest in such Transferred Loan and any Supplemental Interests related thereto without any further action on
its part. In connection with any such release on or after the occurrence of such purchase, the Administrative Agent, as agent for the Secured Parties, will execute and deliver to the Borrower or the Servicer on behalf of the Borrower any releases
and instruments as the Borrower or the Servicer on behalf of the Borrower may reasonably request in order to effect the release of such Transferred Loan and Supplemental Interest. 

Section 6.4 Assignment of the Purchase Agreement. 

The Borrower hereby represents, warrants and confirms to the Administrative Agent that the Borrower has assigned to the Administrative Agent,
for the ratable benefit of the Secured Parties hereunder, all of the Borrower’s right and title to and interest in the Purchase Agreement. The Borrower confirms that following an Early Termination Event the Administrative Agent shall have the
sole right to enforce the Borrower’s rights and remedies under the Purchase Agreement for the benefit of the Secured Parties, but without any obligation on the part of the Administrative Agent, the Secured Parties or any of their respective
Affiliates to perform any of the obligations of the Borrower under the Purchase Agreement. The Borrower further confirms and agrees that such assignment to the Administrative Agent shall terminate upon the Collection Date; provided,
however, that the rights of the Administrative Agent and the Secured Parties pursuant to such assignment with respect to rights and remedies in connection with any indemnities and any breach of any representation, warranty or covenants made
by the Originator pursuant to the Purchase Agreement, which rights and remedies survive the Termination of the Purchase Agreement, shall be continuing and shall survive any termination of such assignment. 

  
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 ARTICLE VII 

ADMINISTRATION AND SERVICING OF LOANS 

Section 7.1 Appointment of the Servicer. 

The Borrower hereby appoints the Servicer to service the Transferred Loans and enforce its respective rights and interests in and under each
Transferred Loan in accordance with the terms and conditions of this Article VII and to serve in such capacity until the termination of its responsibilities pursuant to Section 7.18. The Servicer hereby agrees to perform the
duties and obligations with respect thereto set forth herein. The Servicer and the Borrower hereby acknowledge that the Administrative Agent and the Secured Parties are third party beneficiaries of the obligations undertaken by the Servicer
hereunder. 
 Section 7.2 Duties and Responsibilities of the Servicer. 

(a) The Servicer shall conduct the servicing, administration and collection of the Transferred Loans and shall take, or cause to be taken, all
such actions as may be necessary or advisable to service, administer and collect Transferred Loans from time to time on behalf of the Borrower and as the Borrower’s agent. 

(b) The duties of the Servicer, as the Borrower’s agent, shall include, without limitation: 

(i) preparing and submitting of claims to, and post-billing liaison with, Obligors on Transferred Loans; 

(ii) maintaining all necessary Servicing Records with respect to the Transferred Loans and providing such reports to the
Borrower, the Managing Agents and the Administrative Agent in respect of the servicing of the Transferred Loans (including information relating to its performance under this Agreement) as may be required hereunder or as the Borrower, any Managing
Agent or the Administrative Agent may reasonably request; 
 (iii) maintaining and implementing administrative and operating
procedures (including, without limitation, an ability to recreate Servicing Records evidencing the Transferred Loans in the event of the destruction of the originals thereof) and keeping and maintaining all documents, books, records and other
information reasonably necessary or advisable for the collection of the Transferred Loans (including, without limitation, records adequate to permit the identification of each new Transferred Loan and all Collections of and adjustments to each
existing Transferred Loan); provided, however, that any Successor Servicer shall only be required to recreate the Servicing Records of each prior Servicer to the extent such records have been delivered to it in a format reasonably
acceptable to such Successor Servicer; 
 (iv) promptly delivering to the Borrower, any Managing Agent or the Administrative
Agent, from time to time, such information and Servicing Records (including information relating to its performance under this Agreement) as the Borrower, such Managing Agent or the Administrative Agent from time to time reasonably request; 

  
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 (v) identifying each Transferred Loan clearly and unambiguously in its Servicing
Records to reflect that such Transferred Loan is owned by the Borrower and pledged to the Administrative Agent; 
 (vi)
complying in all material respects with the Credit and Collection Policy in regard to each Transferred Loan; 
 (vii)
complying in all material respects with all Applicable Laws with respect to it, its business and properties and all Transferred Loans and Collections with respect thereto; 

(viii) preserving and maintaining its existence, rights, licenses, franchises and privileges as a corporation in the
jurisdiction of its organization, and qualifying and remaining qualified in good standing as a foreign corporation and qualifying to and remaining authorized and licensed to perform obligations as Servicer (including enforcement of collection of
Transferred Loans on behalf of the Borrower, Lenders, each Hedge Counterparty and the Collateral Custodian) in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification would
materially adversely affect (A) the rights or interests of the Borrower, Lenders, each Hedge Counterparty and the Collateral Custodian in the Transferred Loans, (B) the collectibility of any Transferred Loan, or (C) the ability of the
Servicer to perform its obligations hereunder; and 
 (ix) notifying the Borrower, each Managing Agent and the Administrative
Agent of any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim that is or is threatened to be (1) asserted by an Obligor with respect to any Transferred Loan; or (2) reasonably expected to have a
Material Adverse Effect; and 
 (c) The Borrower and Servicer hereby acknowledge that the Secured Parties, the Administrative Agent and the
Collateral Custodian shall not have any obligation or liability with respect to any Transferred Loans, nor shall any of them be obligated to perform any of the obligations of the Servicer hereunder. 

Section 7.3 Authorization of the Servicer. 

(a) Each of the Borrower, each Managing Agent, on behalf of itself and the related Lenders, the Administrative Agent and each Hedge
Counterparty hereby authorizes the Servicer (including any successor thereto) to take any and all reasonable steps in its name and on its behalf necessary or desirable and not inconsistent with the pledge of the Transferred Loans to the Lender, each
Hedge Counterparty, and the Collateral Custodian, in the determination of the Servicer, to collect all amounts due under any and all Transferred Loans, including, without limitation, endorsing any of their names on checks and other instruments
representing Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Transferred Loans and, after the
delinquency of any Transferred Loan and to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof, to the same extent as the Originator could have done if it had

  
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continued to own such Loan; provided, however, that the Servicer may not execute any document in the name of, or which imposes any direct obligation on, any Lender. The Borrower
shall furnish the Servicer (and any successors thereto) with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder, and shall cooperate with the
Servicer to the fullest extent in order to ensure the collectibility of the Transferred Loans. In no event shall the Servicer be entitled to make the Borrower, any Lender, any Managing Agent, any Hedge Counterparty, the Collateral Custodian or the
Administrative Agent a party to any litigation without such party’s express prior written consent, or to make the Borrower a party to any litigation (other than any routine foreclosure or similar collection procedure) without the Administrative
Agent’s consent. 
 (b) After an Early Termination Event has occurred and is continuing, at the Administrative Agent’s direction,
the Servicer shall take such action as the Administrative Agent may deem necessary or advisable to enforce collection of the Transferred Loans; provided, however, that the Administrative Agent may, at any time that an Early Termination
Event has occurred and is continuing, notify any Obligor with respect to any Transferred Loans of the assignment of such Transferred Loans to the Administrative Agent and direct that payments of all amounts due or to become due to the Borrower
thereunder be made directly to the Administrative Agent or any servicer, collection agent or lock-box or other account designated by the Administrative Agent and, upon such notification and at the expense of the Borrower, the Administrative Agent
may enforce collection of any such Transferred Loans and adjust, settle or compromise the amount or payment thereof. The Administrative Agent shall give written notice to any Successor Servicer of the Administrative Agent’s actions or
directions pursuant to this Section 7.3(b), and no Successor Servicer shall take any actions pursuant to this Section 7.3(b) that are outside of its Credit and Collection Policy. 

Section 7.4 Collection of Payments. 

(a) Collection Efforts, Modification of Loans. The Servicer will make reasonable efforts to collect all payments called for under the
terms and provisions of the Transferred Loans as and when the same become due, and will follow those collection procedures which it follows with respect to all comparable Loans that it services for itself or others. The Servicer may not waive,
modify or otherwise vary any provision of a Transferred Loan, except as may be in accordance with the provisions of the Credit and Collection Policy, including the waiver of any late payment charge or any other fees that may be collected in the
ordinary course of servicing any Transferred Loan. 
 (b) Acceleration. The Servicer shall accelerate the maturity of all or any
Scheduled Payments under any Transferred Loan under which a default under the terms thereof has occurred and is continuing (after the lapse of any applicable grace period) promptly after such Loan becomes a Defaulted Loan or such earlier or later
time as is consistent with the Credit and Collection Policy. 
 (c) Taxes and other Amounts. To the extent provided for in any
Transferred Loan, the Servicer will use its best efforts to collect all payments with respect to amounts due for taxes, assessments and insurance premiums relating to such Transferred Loans or the Related Property and remit such amounts to the
appropriate Governmental Authority or insurer on or prior to the date such payments are due. 

  
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 (d) Payments to Lock-Box Account. On or before the Closing Date, the Servicer shall have
instructed all Obligors to make all payments in respect of Transferred Loans to a Lock-Box or directly to a Lock-Box Account or the Collection Account. 

(e) Establishment of the Collection Account. The Borrower or the Servicer on its behalf shall cause to be established, on or before the
Closing Date, and maintained in the name of the Borrower and assigned to the Administrative Agent as agent for the Secured Parties, with an office or branch of a depository institution or trust company organized under the laws of the United States
or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank) a segregated corporate trust account (the “Collection Account”) for the purpose of receiving Collections from the Collateral;
provided, however, that at all times such depository institution or trust company shall be a depository institution organized under the laws of the United States or any one of the States thereof or the District of Columbia (or any
domestic branch of a foreign bank), (i) (A) that has either (1) a long-term unsecured debt rating of A- or better by S&P and A-3 or better by Moody’s or (2) a short-term unsecured debt rating or certificate of deposit
rating of A-1 or better by S&P or P-1 or better by Moody’s, (B) the parent corporation of which has either (1) a long-term unsecured debt rating of A- or better by S&P and A-3 or better by Moody’s or (2) a short-term
unsecured debt rating or certificate of deposit rating of A-1 or better by S&P and P-1 or better by Moody’s or (C) is otherwise acceptable to the Administrative Agent and (ii) whose deposits are insured by the Federal Deposit
Insurance Corporation (any such depository institution or trust company, a “Qualified Institution”). 
 (f)
Adjustments. If (i) the Servicer makes a deposit into the Collection Account in respect of a Collection of a Loan in the Collateral and such Collection was received by the Servicer in the form of a check that is not honored for any
reason or (ii) the Servicer makes a mistake with respect to the amount of any Collection and deposits an amount that is less than or more than the actual amount of such Collection, the Servicer shall appropriately adjust the amount subsequently
deposited into the Collection Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to have been paid. 

Section 7.5 Servicer Advances. 

For each Settlement Period, if the Servicer determines that any Scheduled Payment (or portion thereof) that was due and payable pursuant to a
Loan included in the Collateral during such Settlement Period was not received prior to the end of such Settlement Period, the Servicer may, but shall not be obligated to, make an advance in an amount up to the amount of such delinquent Scheduled
Payment (or portion thereof) to the extent that the Servicer reasonably expects to be reimbursed for such advance; in addition, if on any day there are not sufficient funds on deposit in the Collection Account to pay accrued Interest on any Advance
the Settlement Period of which ends on such day, the Servicer may make an advance in the amount necessary to pay such Interest (in either case, any such advance, a “Servicer Advance”). Notwithstanding the preceding sentence, any
Successor Servicer will not be obligated to make any Servicer Advances. The Servicer will deposit any Servicer Advances into the Collection Account on or prior to 1:00 p.m. (New York, New York time) on the related Payment Date, in immediately
available funds. 

  
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 Section 7.6 Realization Upon Defaulted Loans or Charged-Off Loans. 

The Servicer will use reasonable efforts to repossess or otherwise comparably convert the ownership of any Related Property with respect to a
Defaulted Loan or Charged-Off Loan and will act as sales and processing agent for Related Property that it repossesses. The Servicer will follow the practices and procedures set forth in the Credit and Collection Policy in order to realize upon such
Related Property. Without limiting the foregoing, the Servicer may sell any such Related Property with respect to any Defaulted Loan or Charged-Off Loan to the Servicer or its Affiliates for a purchase price equal to the then fair market value
thereof; any such sale to be evidenced by a certificate of a Responsible Officer of the Servicer delivered to the Administrative Agent identifying the Defaulted Loan or Charged-Off Loan and the Related Property, setting forth the sale price of the
Related Property and certifying that such sale price is the fair market value of such Related Property. In any case in which any such Related Property has suffered damage, the Servicer will not expend funds in connection with any repair or toward
the repossession of such Related Property unless it reasonably determines that such repair and/or repossession will increase the Recoveries by an amount greater than the amount of such expenses. The Servicer will remit to the Collection Account the
Recoveries received in connection with the sale or disposition of Related Property with respect to a Defaulted Loan or Charged-Off Loan. 

Section 7.7 Optional Repurchase of Transferred Loans. 

(a) The Servicer may, at any time, notify the Borrower and the Administrative Agent that it (or its assignee) is requesting to purchase any
Transferred Loan with respect to which the Borrower or any Affiliate of the Borrower has received notice of the related Obligor’s intention to prepay such Transferred Loan in full within a period of not more than sixty (60) days from the
date of such notification. 
 (b) Either of the Originator or the Servicer (or its assignee) may, at its sole option, with respect to any
Transferred Loan that it determines, in the exercise of its reasonable discretion, will likely become a Defaulted Loan or a Charged-Off Loan, or that has become a Defaulted Loan or a Charged-Off Loan, notify the Borrower and the Administrative Agent
that it is requesting to purchase each such Transferred Loan. 
 (c) The Servicer (or its assignee) may request purchase of a Transferred
Loan pursuant to paragraph (a) or (b) above, and the Originator may request purchase of a Transferred Loan pursuant to paragraph (b) above, by providing five (5) Business Days’ prior written notice to Borrower and the
Administrative Agent. The Borrower may agree to such purchase with the consent of the Administrative Agent (which consent shall not be unreasonably withheld). With respect to any such purchase of a Transferred Loan, the party providing the required
written notice shall, on the date of purchase, either (i) remit to the Borrower in immediately available funds an amount equal to the Repurchase Price therefor or (ii) in the case of a purchase of a Transferred Loan by the Originator,
cause an entry to be made in the books of the Borrower to show a reduction in the Originator’s equity investment in the Borrower by an amount equal to 

  
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the Repurchase Price for such Transferred Loan. Upon each purchase of a Transferred Loan pursuant to this Section 7.7, the Borrower shall automatically and without further action be
deemed to transfer, assign and set-over to the purchaser thereof all the right, title and interest of the Borrower in, to and under such Transferred Loan and all monies due or to become due with respect thereto, all proceeds thereof and all rights
to security for any such Transferred Loan, and all proceeds and products of the foregoing, free and clear of any Lien created pursuant to this Agreement, all of the Borrower’s right, title and interest in such Transferred Loan, including any
related Supplemental Interests. Each Lender shall receive five (5) Business Days’ notice of any repurchase that results in a prepayment of all or a portion of any Advance. 

(d) The Borrower shall, at the sole expense of the party purchasing any Transferred Loan, execute such documents and instruments of transfer
as may be prepared by such party and take such other actions as shall reasonably be requested by such party to effect the transfer of the related Transferred Loan pursuant to this Section 7.7. 

Section 7.8 Representations and Warranties of the Servicer. 

The initial Servicer, and any Successor Servicer (mutatis mutandis), hereby represents and warrants as follows: 

(a) Organization and Good Standing. The Servicer is a corporation duly organized, validly existing and in good standing under the laws
of the jurisdiction of its incorporation with all requisite corporate power and authority to own its properties and to conduct its business as presently conducted and to enter into and perform its obligations pursuant to this Agreement. 

(b) Due Qualification. The Servicer is qualified to do business as a corporation, is in good standing, and has obtained all licenses
and approvals as required under the laws of all jurisdictions in which the ownership or lease of its property and or the conduct of its business (other than the performance of its obligations hereunder) requires such qualification, standing, license
or approval, except to the extent that the failure to so qualify, maintain such standing or be so licensed or approved would not have an adverse effect on the interests of the Borrower or of the Lenders. The Servicer is qualified to do business as a
corporation, is in good standing, and has obtained all licenses and approvals as required under the laws of all states in which the performance of its obligations pursuant to this Agreement requires such qualification, standing, license or approval
and where the failure to qualify or obtain such license or approval would have a material adverse effect on its ability to perform hereunder. 

(c) Power and Authority. The Servicer has the corporate power and authority to execute and deliver this Agreement and to carry out its
terms. The Servicer has duly authorized the execution, delivery and performance of this Agreement by all requisite corporate action. 
 (d)
No Violation. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Agreement by the Servicer (with or without notice or lapse of time) will not (i) conflict with, result in any breach of any of
the terms or provisions of, or constitute a default under, the articles of incorporation or by-laws of the Servicer, or any Contractual Obligation to which the Servicer is a party or by which it or any of its property is bound, (ii) result in
the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such Contractual Obligation (other than this Agreement), or (iii) violate any Applicable Law. 

  
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 (e) No Consent. No consent, approval, authorization, order, registration, filing,
qualification, license or permit of or with any Governmental Authority having jurisdiction over the Servicer or any of its properties is required to be obtained by or with respect to the Servicer in order for the Servicer to enter into this
Agreement or perform its obligations hereunder. 
 (f) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of the Servicer, enforceable against the Servicer in accordance with its terms, except as such enforceability may be limited by (i) applicable Insolvency Laws and (ii) general principles of equity (whether considered in a suit
at law or in equity). 
 (g) No Proceeding. There are no proceedings or investigations pending or threatened against the Servicer,
before any Governmental Authority (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that
might (in the reasonable judgment of the Servicer) have a Material Adverse Effect. 
 (h) Reports Accurate. All Servicer
Certificates, Monthly Reports, information, exhibits, financial statements, documents, books, Servicer Records or other reports furnished or to be furnished by the Servicer to the Administrative Agent or a Lender in connection with this Agreement
are and will be accurate, true and correct in all material respects. 
 Section 7.9 Covenants of the Servicer. 

The Servicer hereby covenants that: 

(a) Compliance with Law. The Servicer will comply in all material respects with all Applicable Laws, including those with respect to
the Transferred Loans and Related Property and Loan Documents or any part thereof. 
 (b) Preservation of Corporate Existence. The
Servicer will preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing as a foreign corporation in each jurisdiction where the failure to
maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect. 

(c) Obligations with Respect to Loans. The Servicer will duly fulfill and comply with all material obligations on the part of the
Borrower to be fulfilled or complied with under or in connection with each Loan and will do nothing to impair the rights of the Borrower or the Administrative Agent as agent for the Secured Parties or of the Secured Parties in, to and under the
Collateral. 
 (d) Preservation of Security Interest. The Servicer on behalf of the Borrower will execute and file (or cause the
execution and filing of) such financing and continuation statements and any other documents that may be required by any law or regulation of any Governmental Authority to preserve and protect fully the interest of the Administrative Agent as agent
for the Secured Parties in, to and under the Collateral. 

  
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 (e) Enforcement of Rights. The Servicer shall not permit any Person appointed by it to a
position of control with respect to the Obligor of a Transferred Loan to take or permit to be taken (to the extent within his or her control) any action which shall have (i) caused an equitable subordination of such Transferred Loan to another
allowed claim under Section 510(c) of the Bankruptcy Code and (ii) resulted in a loss to the Lenders that is not fully satisfied by or through the assertion of all available claims against the Borrower and through the liquidation of all
available Collateral. Each of the parties agrees that under no circumstance shall a violation of this covenant give rise to a recourse obligation of the Servicer. 

(f) Change of Name or Jurisdiction; Records. The Servicer (i) shall not change its name or jurisdiction of incorporation, without
30 days’ prior written notice to the Borrower and the Administrative Agent, and (ii) shall not move, or consent to the Collateral Custodian moving, the Loan Documents relating to the Transferred Loans without 30 days’ prior written
notice to the Borrower and the Administrative Agent and, in either case, will promptly take all actions required of each relevant jurisdiction in order to continue the first priority perfected security interest of the Administrative Agent as agent
for the Secured Parties on all collateral, and such other actions as the Administrative Agent may reasonably request, including but not limited to delivery of an Opinion of Counsel. 

(g) Credit and Collection Policy. The Servicer will (i) comply in all material respects with the Credit and Collection Policy in
regard to each Transferred Loan and the Related Property, and in regard to compliance with the Loan Documents, including determinations with respect to the enforcement of the Borrower’s rights thereunder and (ii) furnish to each Managing
Agent and the Administrative Agent, at least 20 days prior to its proposed effective date, prompt notice of any material change in the Credit and Collection Policy. The Servicer will not agree or otherwise permit to occur any material change in the
Credit and Collection Policy, which change would impair the collectibility of any Transferred Loan or otherwise adversely affect the interests or remedies of the Administrative Agent or the Secured Parties under this Agreement or any other
Transaction Document, without the prior written consent of the Required Lenders (in their sole discretion). 
 (h) Early Termination
Events. The Servicer will furnish to each Managing Agent and the Administrative Agent, as soon as possible and in any event within three (3) Business Days after the occurrence of each Early Termination Event or Unmatured Termination Event,
a written statement setting forth the details of such event and the action that the Servicer proposes to take with respect thereto. 
 (i)
Extension or Amendment of Loans. The Servicer will not, except as otherwise permitted in Section 7.4(a), extend, amend or otherwise modify the terms of any Transferred Loan. 

(j) Other. The Servicer will furnish to the Borrower, any Managing Agent and the Administrative Agent such other information, documents
records or reports respecting the Transferred Loans or the condition or operations, financial or otherwise of the Servicer as the 

  
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Borrower, such Managing Agent or the Administrative Agent may from time to time reasonably request in order to protect the respective interests of the Borrower, such Managing Agent, the
Administrative Agent or the Secured Parties under or as contemplated by this Agreement. 
 Section 7.10 Payment of Certain
Expenses by Servicer. 
 The Servicer, so long as it is an Affiliate of the Borrower, will be required to pay all expenses incurred
by it in connection with its activities under this Agreement, including fees and disbursements of legal counsel and independent accountants, Taxes imposed on the Servicer, expenses incurred in connection with payments and reports pursuant to this
Agreement, and all other fees and expenses not expressly stated under this Agreement for the account of the Borrower. In consideration for the payment by the Borrower of the Servicing Fee, the Servicer will be required to pay all reasonable fees and
expenses owing to any bank or trust company in connection with the maintenance of the Collection Account, the Backup Servicer Fee pursuant to the Backup Servicing Agreement and the Collateral Custodian Fee pursuant to the Custody Agreement. The
Servicer shall be required to pay such expenses for its own account and shall not be entitled to any payment therefor other than the Servicing Fee. 

Section 7.11 Reports. 

(a) Monthly Report. With respect to each Determination Date and the related Settlement Period, the Servicer will provide to the
Borrower, the Backup Servicer, each Managing Agent and the Administrative Agent, on the related Reporting Date, a monthly statement (a “Monthly Report”) signed by a Responsible Officer of the Servicer and substantially in the form
of Exhibit E. Except as otherwise set forth in the Backup Servicing Agreement, the Backup Servicer shall have no obligation to review any information in the Monthly Report. 

(b) Servicer Certificate. Together with each Monthly Report, the Servicer shall submit to the Borrower, the Backup Servicer, each
Managing Agent and the Administrative Agent a certificate (a “Servicer’s Certificate”), signed by a Responsible Officer of the Servicer and substantially in the form of Exhibit F, which may be incorporated in the
Servicer Report. Except as otherwise set forth in the Backup Servicing Agreement, the Backup Servicer shall have no obligation to review any information in the Servicer Certificate. 

(c) Annual Reporting. The Servicer shall deliver, within 180 days after the close of each of its respective fiscal years, audited,
unqualified financial statements (which shall include balance sheets, statements of income and retained earnings and a statement of cash flow) for such fiscal year certified in a manner acceptable to the Administrative Agent by independent public
accountants acceptable to the Administrative Agent. The provisions of this paragraph (c) shall not apply to any Successor Servicer, including the Backup Servicer. 

(d) Quarterly Reporting. The Servicer shall deliver, within 45 days after the close of each quarterly period of each of its respective
fiscal years, balance sheets as at the close of each such period and statements of income and retained earnings and a statement of cash flow for the period from the beginning of such fiscal year to the end of such quarter, all certified by its
respective chief financial officer. The provisions of this paragraph (d) shall not apply to any Successor Servicer, including the Backup Servicer. 

  
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 (e) Financial Statements of the Originator. The Borrower will submit to the Backup
Servicer, each Managing Agent and the Administrative Agent, promptly upon receipt thereof, the quarterly and annual financial statements received from the Originator pursuant to Section 5.1(a) of the Purchase Agreement. Except as otherwise set
forth in the Backup Servicing Agreement, the Backup Servicer shall have no duty to review any of the financial information set forth in such financial statements. 

Section 7.12 Annual Statement as to Compliance. 

The Servicer will provide to the Borrower, each Managing Agent, the Administrative Agent, and the Backup Servicer, within 90 days following
the end of each fiscal year of the Servicer, commencing with the fiscal year ending on March 31, 2013, an annual report signed by a Responsible Officer of the Servicer certifying that (a) a review of the activities of the Servicer, and the
Servicer’s performance pursuant to this Agreement, for the period ending on the last day of such fiscal year has been made under such Person’s supervision and (b) the Servicer has performed or has caused to be performed in all
material respects all of its obligations under this Agreement throughout such year and no Servicer Termination Event has occurred and is continuing (or if a Servicer Termination Event has so occurred and is continuing, specifying each such event,
the nature and status thereof and the steps necessary to remedy such event, and, if a Servicer Termination Event occurred during such year and no notice thereof has been given to the Administrative Agent, specifying such Servicer Termination Event
and the steps taken to remedy such event). 
 Section 7.13 Limitation on Liability of the Servicer and Others. 

Except as provided herein, neither the Servicer (including any Successor Servicer) nor any of the directors or officers or employees or agents
of the Servicer shall be under any liability to the Borrower, the Administrative Agent, the Lenders or any other Person for any action taken or for refraining from the taking of any action expressly provided for in this Agreement; provided,
however, that this provision shall not protect the Servicer or any such Person against any liability that would otherwise be imposed by reason of its willful misfeasance, bad faith or gross negligence in the performance of duties or by reason
of its willful misconduct hereunder. 
 The Servicer shall not be under any obligation to appear in, prosecute or defend any legal action
that is not incidental to its duties to service the Transferred Loans in accordance with this Agreement that in its reasonable opinion may involve it in any expense or liability. The Servicer may, in its sole discretion, undertake any legal action
relating to the servicing, collection or administration of Transferred Loans and the Related Property that it may reasonably deem necessary or appropriate for the benefit of the Borrower and the Secured Parties with respect to this Agreement and the
rights and duties of the parties hereto and the respective interests of the Borrower and the Secured Parties hereunder. 

Section 7.14 The Servicer Not to Resign. 

The Servicer shall not resign from the obligations and duties hereby imposed on it except upon its determination that (i) the performance
of its duties hereunder is or becomes impermissible under Applicable Law and (ii) there is no reasonable action that it could take to 

  
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make the performance of its duties hereunder permissible under Applicable Law. Any such determination permitting the resignation of the Servicer shall be evidenced as to clause (i) above by
an Opinion of Counsel to such effect delivered to the Borrower and the Administrative Agent. No such resignation shall become effective until a Successor Servicer shall have assumed the responsibilities and obligations of the Servicer in according
with the terms of this Agreement. 
 Section 7.15 Access to Certain Documentation and Information Regarding the Loans.

 The Borrower or the Servicer, as applicable, shall provide to the Administrative Agent and each Managing Agent access to the Loan
Documents and all other documentation regarding the Transferred Loans and the Related Property, such access being afforded without charge but only (i) upon reasonable prior notice, (ii) during normal business hours and (iii) subject
to the Servicer’s normal security and confidentiality procedures. From and after (x) the Effective Date and periodically thereafter at the discretion of the Administrative Agent (but in no event limited to fewer than twice per calendar
year), the Administrative Agent, on behalf of and with the input of each Managing Agent, may review the Borrower’s and the Servicer’s collection and administration of the Loans in order to assess compliance by the Servicer with the
Servicer’s written policies and procedures, as well as with this Agreement and may conduct an audit of the Transferred Loans, Loan Documents and Records in conjunction with such a review, which audit shall be reasonable in scope and shall be
completed in a reasonable period of time and (y) the occurrence, and during the continuation of an Early Termination Event, the Administrative Agent and each Managing Agent may review the Borrower’s and the Servicer’s collection and
administration of the Transferred Loans in order to assess compliance by the Servicer with the Servicer’s written policies and procedures, as well as with this Agreement, which review shall not be limited in scope or frequency, nor restricted
in period. The Administrative Agent may also conduct an audit (as such term is used in clause (x) of this Section 7.15) of the Transferred Loans, Loan Documents and Records in conjunction with such a review. The Borrower shall bear
the cost of such reviews and audits. 
 Section 7.16 Merger or Consolidation of the Servicer. 

The Servicer shall not consolidate with or merge into any other Person or convey or transfer its properties and assets substantially as an
entirety to any Person unless: 
 (i) the Person formed by such consolidation or into which the Servicer is merged or the
Person that acquires by conveyance or transfer the properties and assets of the Servicer substantially as an entirety shall be, if the Servicer is not the surviving entity, organized and existing under the laws of the United States or any State or
the District of Columbia and shall expressly assume, by an agreement supplemental hereto, executed and delivered to the Borrower and the Administrative Agent in form satisfactory to the Borrower and the Administrative Agent, the performance of every
covenant and obligation of the Servicer hereunder (to the extent that any right, covenant or obligation of the Servicer, as applicable hereunder, is inapplicable to the successor entity, such successor entity shall be subject to such covenant or
obligation, or benefit from such right, as would apply, to the extent practicable, to such successor entity); 

  
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 (ii) the Servicer shall have delivered to the Borrower and the Administrative
Agent an Officer’s Certificate that such consolidation, merger, conveyance or transfer and such supplemental agreement comply with this Section 7.16 and that all conditions precedent herein provided for relating to such transaction
have been complied with and an Opinion of Counsel that such supplemental agreement is legal, valid and binding with respect to the successor entity and that the entity surviving such consolidation, conveyance or transfer is organized and existing
under the laws of the United States or any State or the District of Columbia. The Borrower and the Administrative Agent shall receive prompt written notice of such merger or consolidation of the Servicer; and 

(iii) after giving effect thereto, no Early Termination Event, Unmatured Termination Event or Servicer Termination Event shall
have occurred. 
 Section 7.17 Identification of Records. 

The Servicer shall clearly and unambiguously identify each Loan that is part of the Collateral and the Related Property in its computer or
other records to reflect that the interest in such Loans and Related Property have been transferred to and are owned by the Borrower and that the Administrative Agent has the interest therein granted by Borrower pursuant to this Agreement. 

Section 7.18 Servicer Termination Events. 

If any one of the following events (a “Servicer Termination Event”) shall occur and be continuing on any day: 

(i) any failure by the Servicer to make any payment, transfer or deposit as required by this Agreement and such failure shall
continue for two (2) Business Days; 
 (ii) any failure by the Servicer to give instructions or notice to the Borrower,
any Managing Agent and/or the Administrative Agent as required by this Agreement or to deliver any Required Reports hereunder on or before the date occurring two Business Days after the date such instructions, notice or report is required to be made
or given, as the case may be, under the terms of this Agreement; 
 (iii) any failure on the part of the Servicer duly to
observe or perform in any material respect any other covenants or agreements of the Servicer set forth in this Agreement or any other Transaction Document to which it is a party as Servicer that continues unremedied for a period of fifteen
(15) days after the first to occur of (A) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Servicer by the Administrative Agent, any Managing Agent or the Borrower and
(B) the date on which the Servicer becomes or reasonably should have become aware thereof; 
 (iv) any representation,
warranty or certification made by the Servicer in this Agreement or in any certificate delivered pursuant to this Agreement shall prove to have been false or incorrect in any material respect when made and such failure, if susceptible to a cure,
shall continue unremedied for a period of fifteen (15) days after the first to 

  
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occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the Servicer by the Administrative Agent, any Managing Agent or the
Borrower and (ii) the date on which the Servicer becomes or reasonably should have become aware thereof; 
 (v) the
Servicer shall fail to service the Transferred Loans in accordance with the Credit and Collection Policy; 
 (vi) an
Insolvency Event shall occur with respect to the Servicer; 
 (vii) the Servicer agrees to materially alter the Credit and
Collection Policy without the prior written consent of the Required Lenders; 
 (viii) any financial or asset information
reasonably requested by the Administrative Agent or any Managing Agent as provided herein is not provided as requested within five (5) Business Days (or such longer period as the Administrative Agent or such Managing Agent may consent to) of
the receipt by the Servicer of such request; 
 (ix) the rendering against the Servicer of a final judgment, decree or order
for the payment of money in excess of U.S. $5,000,000 (individually or in the aggregate) and the continuance of such judgment, decree or order unsatisfied and in effect for any period of 30 consecutive days without a stay of execution; 

(x) the failure of the Performance Guarantor to make any payment due with respect to aggregate recourse debt or other
obligations with an aggregate principal amount exceeding U.S. $1,000,000 or the occurrence of any event or condition that would permit acceleration of such recourse debt or other obligations if such event or condition has not been waived; 

(xi) any Guarantor Event of Default shall occur; 

(xii) any Material Adverse Change occurs in the financial condition of the Servicer or a material adverse change occurs with
regard to the collectibility of the Transferred Loans, taken as a whole; 
 (xiii) any Change-in-Control of the Servicer is
made without the prior written consent of the Borrower and the Administrative Agent; 
 (xiv) the Performance Guarantor shall
fail to maintain a minimum Net Worth equal to the sum of (i) $170,000,000 plus (ii) 50% of any equity and Subordinated Debt issued by the Performance Guarantor after the Effective
DateAmendment No. 1 Effective Date minus (iii) 50% of any equity and Subordinated Debt retired or redeemed by the Performance Guarantor after the Amendment No. 1
Effective Date; provided that, in no event shall the minimum Net Worth be less than $170,000,000; 
 (xv) the Performance
Guarantor shall fail to satisfy the RIC/BDC Requirements; 

  
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 (xvi) the Performance Guarantor shall fail to maintain “asset coverage”
(as defined in and determined pursuant to Section 18 of the 1940 Act) with respect to its “senior securities representing indebtedness” (as defined in Section 18 of the 1940 Act) of at least 200% (or such higher percentage as may
be set forth in Section 18 of the 1940 Act or as otherwise provided in Applicable Law); provided, that for purposes of testing compliance with this Section 7.18(xvi) the impact of the election of ASC 825 or similar accounting guideline
with respect to determining the fair value of the debt of the Performance Guarantor on a consolidated basis shall be excluded (for avoidance of doubt, the intent of this language is to cause the debt of the Performance Guarantor to be valued at par
value rather than fair value)); or 
 (xvii) the Performance Guarantor shall pay any cash dividends; provided that the
Performance Guarantor shall be permitted to pay cash dividends if the Servicer shall have caused the Performance Guarantor to have delivered a certificate to the Administrative Agent, substantially in the form of Exhibit G hereto, at least 10
Business Days prior to the making of any such cash dividend to the effect that : 

(iA) the amount of the declared dividend has been
determined in good faith by the Board of Directors of the Performance Guarantor on the basis of the most current financial information of the Performance Guarantor then available for the related period; 

(iiB) the amount of the declared dividend does not
exceed the sum of (i) the net investment income and the net capital gain projected to be realized by the Performance
Guarantor for the related period, based on the financial information referred to in clause (i) above; and A) above, and (ii) the amounts elected by the Performance
Guarantor to be considered as having been paid during the prior year in accordance with Section 855(a) of the Code; and 

(iiiC) to the extent the declared dividend
does not equalreferred to in clause (B) above exceeds the sum of (i) the net investment income and the net capital gain
actually realized by the Performance Guarantor for the related period, and (ii) the amounts elected to be considered as having
been paid during the prior year in accordance with Section 855(a) of the Code; provided, that, the proposed dividend to be declared by the Performance Guarantor for the immediately ensuing period shall be either
(x) reduced by the amount suchthe declared dividend for the immediately preceding period exceeded the net investment income and the net capital gain
realized by the Performance Guarantor for the immediately preceding period or (y) increased by the amount such dividend or distribution for the immediately preceding period was less than the net investment income and the net capital gains
realized by the Performance Guarantor for the immediately precedingaggregate amount referred to in clauses (C)(i) and (ii) for the related period; 

then, notwithstanding anything herein to the contrary, so long as any such Servicer Termination Events shall not have been remedied at the expiration of any
applicable cure period, the Administrative Agent may, or at the direction of the Required Lenders shall, by written notice to 

  
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the Servicer and the Backup Servicer (a “Termination Notice”), subject to the provisions of Section 7.19, either (i) terminate all of the rights and obligations
of the Servicer as Servicer under this Agreement or (ii) terminate all of the rights and obligations of the Servicer as Servicer under this Agreement and simultaneously reappoint the Servicer for a period not to exceed one month (subject to
renewal at the sole discretion of the Administrative Agent, acting at the direction of the Required Lenders), at the expiration of which appointment the Servicer’s rights and obligations hereunder shall automatically terminate without further
action on the part of any party hereto. The Borrower shall pay all reasonable set-up and conversion costs associated with the transfer of servicing rights to the Successor Servicer. 

Section 7.19 Appointment of Successor Servicer. 

(a) On and after the receipt by the Servicer of a Termination Notice pursuant to Section 7.18, the Servicer shall continue to
perform all servicing functions under this Agreement until the date specified in the Termination Notice or otherwise specified by the Administrative Agent, to the Servicer and the Backup Servicer in writing. The Administrative Agent may at the time
described in the immediately preceding sentence in its sole discretion, appoint the Backup Servicer as the Servicer hereunder, and the Backup Servicer shall within seven (7) days assume all obligations of the Servicer hereunder, and all
authority and power of the Servicer under this Agreement shall pass to and be vested in the Backup Servicer; provided, however, that any Successor Servicer (including, without limitation, the Backup Servicer) shall not (i) be
responsible or liable for any past actions or omissions of the outgoing Servicer or (ii) be obligated to make Servicer Advances. The Administrative Agent may appoint (i) the Backup Servicer as successor servicer, or (ii) if the
Administrative Agent does not so appoint the Backup Servicer, there is no Backup Servicer or the Backup Servicer is unwilling or unable to assume such obligations on such date, the Administrative Agent shall as promptly as possible appoint an
alternate successor servicer to act as Servicer (in each such case, the “Successor Servicer”), and such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Administrative Agent. 

(b) Upon its appointment as Successor Servicer, the Backup Servicer (subject to Section 7.19(a)) or the alternate successor
servicer, as applicable, shall be the successor in all respects to the Servicer with respect to servicing functions under this Agreement, shall assume all Servicing Duties hereunder and shall be subject to all the responsibilities, duties and
liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement to the Servicer shall be deemed to refer to the Backup Servicer or the Successor Servicer, as applicable. Any Successor
Servicer shall be entitled, with the prior consent of the Administrative Agent, to appoint agents to provide some or all of its duties hereunder, provided that no such appointment shall relieve such Successor Servicer of the duties and
obligations of the Successor Servicer pursuant to the terms hereof and that any such subcontract may be terminated upon the occurrence of a Servicer Termination Event. 

(c) All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon termination of the
Servicer under this Agreement and shall pass to and be vested in the Successor Servicer, and, without limitation, the Successor Servicer is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or
otherwise, all documents and other instruments, and to do and accomplish 

  
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all other acts or things necessary or appropriate to effect the purposes of such transfer of servicing rights. The Servicer agrees to cooperate with the Successor Servicer in effecting the
termination of the responsibilities and rights of the Servicer to conduct servicing on the Collateral. 
 (d) Upon the Backup Servicer
receiving notice that it is required to serve as the Successor Servicer hereunder pursuant to the foregoing provisions of this Section 7.19, the Backup Servicer will promptly begin the transition to its role as Successor Servicer. 

(e) The Backup Servicer shall be entitled to receive its Transition Costs incurred in transitioning to Servicer. 

Section 7.20 Market Servicing Fee. 

Notwithstanding anything to the contrary herein, in the event that a Successor Servicer is appointed Servicer, the Servicing Fee shall equal
the market rate for comparable servicing duties to be fixed upon the date of such appointment by such Successor Servicer with the consent of the Administrative Agent (the “Market Servicing Fee”). 

ARTICLE VIII 
 EARLY
TERMINATION EVENTS 
 Section 8.1 Early Termination Events. 

If any of the following events (each, an “Early Termination Event”) shall occur and be continuing: 

(a) the Borrower shall fail to (i) make payment of any amount required to be made under the terms of this Agreement and such failure
shall continue for more than two (2) Business Days; or (ii) repay all Advances Outstanding on or prior to the Maturity Date; or 

(b) the Borrowing Base Test shall not be met, and such failure shall continue for more than two (2) Business Days; or 

(c) (i) the Borrower shall fail to perform or observe in any material respect any other covenant or other agreement of the Borrower set
forth in this Agreement and any other Transaction Document to which it is a party, or (ii) the Originator shall fail to perform or observe in any material respect any term, covenant or agreement of such Originator set forth in any other
Transaction Document to which it is a party, in each case when such failure continues unremedied for more than fifteen (15) days after the first to occur of (i) the date on which written notice of such failure requiring the same to be
remedied shall have been given to such Person by the Administrative Agent, any Managing Agent or the Collateral Custodian and (ii) the date on which such Person becomes or should have become aware thereof; or 

(d) any representation or warranty made or deemed made hereunder shall prove to be incorrect in any material respect as of the time when the
same shall have been made; or 

  
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 (e) an Insolvency Event shall occur with respect to the Borrower or the Originator; or 

(f) a Servicer Termination Event occurs; or 

(g) any Change-in-Control of the Borrower or Originator occurs; or 

(h) the Borrower or the Servicer defaults in making any payment required to be made under any material agreement for borrowed money to which
either is a party and such default is not cured within the relevant cure period; or 
 (i) the Administrative Agent, as agent for the
Secured Parties, shall fail for any reason to have a valid and perfected first priority security interest in any of the Collateral; or 

(j) (i) a final judgment for the payment of money in excess of (A) $5,000,000 shall have been rendered against the Originator or
(B) $100,000 against the Borrower by a court of competent jurisdiction and, if such judgment relates to the Originator, such judgment, decree or order shall continue unsatisfied and in effect for any period of 30 consecutive days without a stay
of execution, or (ii) the Originator or the Borrower, as the case may be, shall have made payments of amounts in excess of $5,000,000 or $50,000, respectively, in settlement of any litigation; or 

(k) the Borrower or the Servicer agrees or consents to, or otherwise permits to occur, any amendment, modification, change, supplement or
recession of or to the Credit and Collection Policy in whole or in part that could have a material adverse effect upon the Transferred Loans or interest of any Lender, without the prior written consent of the Required Lenders; or 

(l) a Key Man Event occurs; or 

(m) on any Determination Date, the Portfolio Yield does not equal or exceed 7.0% on and such failure continues on the next succeeding
Determination Date; or 
 (n) the Rolling Three-Month Default Ratio shall exceed 7.5%; or 

(o) the Rolling Three-Month Charged-Off Ratio shall exceed 5.0%; or 

(p) the Borrower shall become an “investment company” subject to registration under the 1940 Act; or 

(q) the business and other activities of the Borrower or the Originator, including but not limited to, the acceptance of the Advances by the
Borrower made by the Lenders, the application and use of the proceeds thereof by the Borrower and the consummation and conduct of the transactions contemplated by the Transaction Documents to which the Borrower or the Originator is a party result in
a violation by the Originator, the Borrower, or any other person or entity of the 1940 Act or the rules and regulations promulgated thereunder; or 

(r) on any Determination Date, the Interest Coverage Ratio does not equal or exceed 200.0% and such failure continues on the next succeeding
Determination Date; or 

  
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 (s) any Material Adverse Change occurs with respect to the Borrower, the Originator or the
Servicer; or 
 (t) the Required Equity Investment shall not be maintained, and such failure shall continue unremedied for a period of five
Business Days; 
 then, and in any such event, the Administrative Agent shall, at the request, or may with the consent, of the Required Lenders, by notice
to the Borrower declare the Termination Date to have occurred, without demand, protest or future notice of any kind, all of which are hereby expressly waived by the Borrower, and all Advances Outstanding and all other amounts owing by the Borrower
under this Agreement shall be accelerated and become immediately due and payable, provided that in the event that the Early Termination Event described in subsection (e) herein has occurred, the Termination Date shall
automatically occur, without demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. Upon its receipt of written notice thereof, the Administrative Agent shall promptly notify each Lender of the
occurrence of any Early Termination Event. 
 Section 8.2 Remedies. 

(a) Upon any such declaration or automatic occurrence of the Termination Date as specified under Section 8.1, no further Advances
will be made, and the Administrative Agent and the other Secured Parties shall have, in addition to all other rights and remedies under this Agreement or otherwise, all rights and remedies provided under the UCC of each applicable jurisdiction and
other Applicable Laws, including the right to sell the Collateral, which rights and remedies shall be cumulative. The Administrative Agent and the other Secured Parties agree that the sale of the Collateral shall be conducted in good faith and in
accordance with commercially reasonable practices. 
 (b) Upon any such declaration or automatic occurrence of the Termination Date as
specified under Section 8.1, the Borrower and the Servicer hereby agree that they will, at the expense of Borrower or, if such Termination Date occurred as a result of a Servicer Termination Event, at the expense of the initial Servicer
or any Affiliate of the initial Servicer if appointed as Successor Servicer hereunder, and upon request of the Administrative Agent, forthwith, (i) assemble all or any part of the Collateral as directed by the Administrative Agent, and make the
same available to the Administrative Agent, at a place to be designated by the Administrative Agent, and (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at a public sale in
accordance with commercially reasonable practices. If there is no recognizable public market for sale of any portion of Collateral, then a private sale of that Collateral may be conducted only on an arm’s length basis and in accordance with
commercially reasonable practices. The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten days’ notice to the Borrower of the time and place of any public sale or the time after which any private sale is
to be made shall constitute reasonable notification. The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent, may adjourn any public or private sale from
time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. All cash Proceeds received by the Administrative Agent in respect of any sale
of, collection from, or other 

  
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realization upon, all or any part of the Collateral (after payment of any amounts incurred by the Administrative Agent or any of the Secured Parties in connection with such sale) shall be
deposited into the Collection Account and applied against all or any part of the Obligations pursuant to Section 2.8. 
 (c) If
the Administrative Agent proposes to sell the Collateral or any part thereof in one or more parcels at a public or private sale, the Borrower shall have the right of first refusal to repurchase the Collateral, in whole but not in part, prior to such
sale at a price not less than the Obligations as of the date of such proposed repurchase. The aforementioned rights and remedies shall be without limitation, and shall be in addition to all other rights and remedies of the Administrative Agent and
the Secured Parties otherwise available under any provision of this Agreement by operation of law, at equity or otherwise, each of which are expressly preserved. 

ARTICLE IX 

INDEMNIFICATION 

Section 9.1 Indemnities by the Borrower. 

(a) Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify
the Administrative Agent, the Managing Agents, the Backup Servicer, any Successor Servicer, the Collateral Custodian, any Secured Party or its assignee and each of their respective Affiliates and officers, directors, employees, members and agents
thereof (collectively, the “Indemnified Parties”), forthwith on demand, from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable attorneys’ fees and disbursements
(all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by, any such Indemnified Party or other non-monetary damages of any such Indemnified Party any of them arising out of or as a
result of this Agreement, excluding, however, Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of any Indemnified Party. Without limiting the foregoing, the Borrower shall indemnify the Indemnified
Parties for Indemnified Amounts relating to or resulting from: 
 (i) any Loan treated as or represented by the Borrower to
be an Eligible Loan that is not at the applicable time an Eligible Loan; 
 (ii) reliance on any representation or warranty
made or deemed made by the Borrower, the Servicer (or one of its Affiliates) or any of their respective officers under or in connection with this Agreement, which shall have been false or incorrect in any material respect when made or deemed made or
delivered; 
 (iii) the failure by the Borrower or the Servicer (or one of its Affiliates) to comply with any term, provision
or covenant contained in this Agreement or any agreement executed in connection with this Agreement, or with any Applicable Law with respect to any Loan comprising a portion of the Collateral, or the nonconformity of any Loan, the Related Property
with any such Applicable Law or any failure by the Originator, the Borrower or any Affiliate thereof to perform its respective duties under the Loans included as a part of the Collateral; 

  
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 (iv) the failure to vest and maintain vested in the Administrative Agent a first
priority perfected security interest in the Collateral; 
 (v) the failure to file, or any delay in filing, financing
statements or other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any Collateral whether at the time of any Advance or at any subsequent time and as required by the Transaction
Documents; 
 (vi) any dispute, claim, offset or defense (other than the discharge in bankruptcy of the Obligor) of the
Obligor to the payment of any Transferred Loan that is, or is purported to be, an Eligible Loan (including, without limitation, (A) a defense based on the Loan not being a legal, valid and binding obligation of such Obligor enforceable against
it in accordance with its terms or (B) the equitable subordination of such Loan); 
 (vii) any failure of the Borrower
or the Servicer (if the Originator or one of its Affiliates) to perform its duties or obligations in accordance with the provisions of this Agreement or any failure by the Originator, the Borrower or any Affiliate thereof to perform its respective
duties under the Transferred Loans; 
 (viii) any products liability claim or personal injury or property damage suit or
other similar or related claim or action of whatever sort arising out of or in connection with merchandise or services that are the subject of any Transferred Loan or the Related Property; 

(ix) the failure by Borrower to pay when due any Taxes for which the Borrower is liable, including without limitation, sales,
excise or personal property taxes payable in connection with the Collateral; 
 (x) any repayment by the Administrative
Agent, any Managing Agent or a Secured Party of any amount previously distributed in reduction of Advances Outstanding or payment of Interest or any other amount due hereunder or under any Hedging Agreement, in each case which amount the
Administrative Agent, such Managing Agent or a Secured Party believes in good faith is required to be repaid; 
 (xi) any
investigation, litigation or proceeding related to this Agreement or the use of proceeds of Advances or in respect of any Transferred Loan or the Related Property; 

(xii) any failure by the Borrower to give reasonably equivalent value to the Originator in consideration for the transfer by
the Originator to the Borrower of any Transferred Loan or the Related Property or any attempt by any Person to void or otherwise avoid any such transfer under any statutory provision or common law or equitable action, including, without limitation,
any provision of the Bankruptcy Code, or 
 (xiii) the failure of the Borrower, the Originator or any of their respective
agents or representatives to remit to the Servicer or the Administrative Agent, Collections on the Collateral remitted to the Borrower or any such agent or representative in accordance with the terms hereof or the commingling by the Borrower or any
Affiliate of any collections. 

  
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 (b) Any amounts subject to the indemnification provisions of this Section 9.1 shall
be paid by the Borrower to the applicable Indemnified Party within two (2) Business Days following the Administrative Agent’s demand therefor. 

(c) If for any reason the indemnification provided above in this Section 9.1 is unavailable to the Indemnified Party or is
insufficient to hold an Indemnified Party harmless, then the Borrower, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not
only the relative benefits received by such Indemnified Party on the one hand and the Borrower, on the other hand but also the relative fault of such Indemnified Party as well as any other relevant equitable considerations. 

(d) The obligations of the Borrower under this Section 9.1 shall survive the removal of the Administrative Agent or any Managing
Agent and the termination of this Agreement. 
 (e) The parties hereto agree that the provisions of Section 9.1 shall not be
interpreted to provide recourse to the Borrower against loss by reason of the bankruptcy or insolvency (or other credit condition) of, or default by, an Obligor on, any Transferred Loan. 

Section 9.2 Indemnities by the Servicer. 

(a) Without limiting any other rights that any such Person may have hereunder or under Applicable Law, the Servicer hereby agrees to indemnify
each Indemnified Party, forthwith on demand, from and against any and all Indemnified Amounts (calculated without duplication of Indemnified Amounts paid by the Borrower pursuant to Section 9.1 above) awarded against or incurred by any
such Indemnified Party by reason of any acts, omissions or alleged acts or omissions of the Servicer, including, but not limited to (i) any representation or warranty made by the Servicer under or in connection with any Transaction Documents to
which it is a party, any Monthly Report, Servicer’s Certificate or any other information or report delivered by or on behalf of the Servicer pursuant hereto, which shall have been false, incorrect or misleading in any material respect when made
or deemed made, (ii) the failure by the Servicer to comply with any Applicable Law, (iii) the failure of the Servicer to comply with its duties or obligations in accordance with the Agreement or (iv) any litigation, proceedings or
investigation against the Servicer, excluding, however, (a) Indemnified Amounts to the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party, and (b) under any Federal, state or local income or
franchise taxes or any other Tax imposed on or measured by income (or any interest or penalties with respect thereto or arising from a failure to comply therewith) required to be paid by such Indemnified Party in connection herewith to any taxing
authority. The provisions of this indemnity shall run directly to and be enforceable by an injured party subject to the limitations hereof. If the Servicer has made any indemnity payment pursuant to this Section 9.2 and such payment
fully indemnified the recipient thereof and the recipient 

  
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thereafter collects any payments from others in respect of such Indemnified Amounts, the recipient shall repay to the Servicer an amount equal to the amount it has collected from others in
respect of such indemnified amounts. 
 (b) If for any reason the indemnification provided above in this Section 9.2 is
unavailable to the Indemnified Party or is insufficient to hold an Indemnified Party harmless, then Servicer shall contribute to the amount paid or payable to such Indemnified Party as a result of such loss, claim, damage or liability in such
proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party on the one hand and Servicer on the other hand but also the relative fault of such Indemnified Party as well as any other relevant equitable
considerations. 
 (c) The obligations of the Servicer under this Section 9.2 shall survive the resignation or removal of the
Administrative Agent or any Managing Agents and the termination of this Agreement. 
 (d) The parties hereto agree that the provisions of
this Section 9.2 shall not be interpreted to provide recourse to the Servicer against loss by reason of the bankruptcy or insolvency (or other credit condition) of, or default by, the related Obligor, on any Transferred Loan. 

(e) The Servicer shall not be permitted to liquidate any of the Collateral to pay any indemnification payable by the Servicer pursuant to this
Section 9.2. 
 ARTICLE X 

THE ADMINISTRATIVE AGENT AND THE MANAGING AGENTS 

Section 10.1 Authorization and Action. 

(a) Each Secured Party hereby designates and appoints KEF as Administrative Agent hereunder, and authorizes KEF to take such actions as agent
on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of this Agreement together with such powers as are reasonably incidental thereto. The Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Secured Party, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of the Administrative Agent shall
be read into this Agreement or otherwise exist for the Administrative Agent. In performing its functions and duties hereunder, the Administrative Agent shall act solely as agent for the Secured Parties and does not assume nor shall be deemed to have
assumed any obligation or relationship of trust or agency with or for the Borrower or any of its successors or assigns. The Administrative Agent shall not be required to take any action that exposes the Administrative Agent to personal liability or
that is contrary to this Agreement or Applicable Law. The appointment and authority of the Administrative Agent hereunder shall terminate at the indefeasible payment in full of the Obligations. 

  
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 (b) Each Lender hereby designates and appoints the Managing Agent for such Lender’s Lender
Group as its Managing Agent hereunder, and authorizes such Managing Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to the Managing Agents by the terms of this Agreement together with such powers as are
reasonably incidental thereto. No Managing Agent shall have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities on the part of the applicable Managing Agent shall be read into this Agreement or otherwise exist for the applicable Managing Agent. In performing its functions and duties hereunder, each Managing Agent shall act solely as
agent for the Lenders in the related Lender Group and does not assume nor shall be deemed to have assumed any obligation or relationship of trust or agency with or for the Borrower or any of its successors or assigns. No Managing Agent shall be
required to take any action that exposes it to personal liability or that is contrary to this Agreement or Applicable Law. The appointment and authority of each Managing Agent hereunder shall terminate at the indefeasible payment in full of the
Obligations. 
 Section 10.2 Delegation of Duties. 

(a) The Administrative Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be
entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

(b) Each Managing Agent may execute any of its duties under this Agreement by or through agents or attorneys-in-fact and shall be entitled to
advice of counsel concerning all matters pertaining to such duties. No Managing Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

Section 10.3 Exculpatory Provisions. 

(a) Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be (i) liable for any action lawfully
taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person’s own gross negligence or willful misconduct or, in the case of the Administrative Agent, the breach of its obligations
expressly set forth in this Agreement), or (ii) responsible in any manner to any of the Secured Parties for any recitals, statements, representations or warranties made by the Borrower contained in this Agreement or in any certificate, report,
statement or other document referred to or provided for in, or received under or in connection with, this Agreement for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other document furnished
in connection herewith, or for any failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article III. The Administrative Agent shall not be under any obligation to any Secured
Party to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement, or to inspect the properties, books or records of the Borrower. The Administrative Agent shall
not be deemed to have knowledge of any Early Termination Event unless the Administrative Agent has received notice of such Early Termination Event, in a document or other written communication titled “Notice of Early Termination Event”
from the Borrower or a Secured Party. 

  
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 (b) Neither any Managing Agent nor any of its respective directors, officers, agents or employees
shall be (i) liable for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement (except for its, their or such Person’s own gross negligence or willful misconduct or, in the case of a
Managing Agent, the breach of its obligations expressly set forth in this Agreement), or (ii) responsible in any manner to the Administrative Agent or any of the Secured Parties for any recitals, statements, representations or warranties made
by the Borrower contained in this Agreement or in any certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any other document furnished in connection herewith, or for any failure of the Borrower to perform its obligations hereunder, or for the satisfaction of any condition specified in Article
III. No Managing Agent shall be under any obligation to the Administrative Agent or any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this
Agreement, or to inspect the properties, books or records of the Borrower. No Managing Agent shall be deemed to have knowledge of any Early Termination Event unless such Managing Agent has received notice of such Early Termination Event, in a
document or other written communication titled “Notice of Early Termination Event” from the Borrower, the Administrative Agent or a Secured Party. 

(c) None of the Administrative Agent, any Managing Agent or any Lender shall be deemed to have any fiduciary relationship with the Borrower or
the Servicer under this Agreement, and no implied covenants, functions, responsibilities, duties, obligations or liabilities creating any such fiduciary relationship shall be inferred from or in connection with this Agreement except as otherwise
provided herein or under Applicable Law. 
 Section 10.4 Reliance. 

(a) The Administrative Agent shall in all cases be entitled to rely, and shall be fully protected in relying, upon any 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, without limitation, counsel to the Borrower), independent
accountants and other experts selected by the Administrative Agent. The Administrative Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in connection herewith
unless it shall first receive such advice or concurrence of the Required Lenders or all of the Secured Parties, as applicable, as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders, provided that,
unless and until the Administrative Agent shall have received such advice, the Administrative Agent may take or refrain from taking any action, as the Administrative Agent shall deem advisable and in the best interests of the Secured Parties, The
Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Required Lenders or all of the Secured Parties, as applicable, and such request and any action taken or failure
to act pursuant thereto shall be binding upon all the Secured Parties. 

  
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 (b) Each Managing Agent shall in all cases be entitled to rely, and shall be fully protected in
relying, upon any 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, without limitation, counsel to the
Borrower), independent accountants and other experts selected by such Managing Agent. Each Managing Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any other document furnished in
connection herewith unless it shall first receive such advice or concurrence of the Lenders in its related Lender Group as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders in its related Lender Group,
provided that unless and until such Managing Agent shall have received such advice, the Managing Agent may take or refrain from taking any action, as the Managing Agent shall deem advisable and in the best interests of the Lenders in
its Lender Group. Each Managing Agent shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Lenders in such Managing Agent’s Lender Group and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the Lenders in such Managing Agent’s Lender Group. 
 Section 10.5
Non-Reliance on Administrative Agent, Managing Agents and Other Lenders. 
 Each Secured Party expressly acknowledges that
neither the Administrative Agent, any other Secured Party nor any of their respective officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by the Administrative
Agent or any other Secured Party hereafter taken, including, without limitation, any review of the affairs of the Borrower, shall be deemed to constitute any representation or warranty by the Administrative Agent or any other Secured Party. Each
Secured Party represents and warrants to the Administrative Agent and to each other Secured Party that it has and will, independently and without reliance upon the Administrative Agent 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, prospects, financial and other conditions and creditworthiness of the Borrower and made its own decision to enter into
this Agreement. 
 Section 10.6 Reimbursement and Indemnification. 

The Lenders agree to reimburse and indemnify the Administrative Agent, and the Lenders in each Lender Group agree to reimburse the Managing
Agent for such Lender Group, and their respective officers, directors, employees, representatives and agents ratably according to their Commitments, as applicable, to the extent not paid or reimbursed by the Borrower (i) for any amounts for
which the Administrative Agent, acting in its capacity as Administrative Agent, or any Managing Agent, acting in its capacity as a Managing Agent, is entitled to reimbursement by the Borrower hereunder and (ii) for any other expenses incurred
by the Administrative Agent, in its capacity as Administrative Agent, or any Managing Agent, acting in its capacity as a Managing Agent, and acting on behalf of the related Lenders, in connection with the administration and enforcement of this
Agreement and the other Transaction Documents. 

  
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 Section 10.7 Administrative Agent and Managing Agents in their Individual
Capacities. 
 The Administrative Agent, each Managing Agent and each of their respective Affiliates may make loans to, accept
deposits from and generally engage in any kind of business with the Borrower or any Affiliate of the Borrower as though the Administrative Agent or such Managing Agent, as the case may be, were not the Administrative Agent or a Managing Agent, as
the case may be, hereunder. With respect to the acquisition of Advances pursuant to this Agreement, the Administrative Agent, each Managing Agent and each of their respective Affiliates shall have the same rights and powers under this Agreement as
any Lender and may exercise the same as though it were not the Administrative Agent or a Managing Agent, as the case may be, and the terms “Lender” “Lender” “Lenders” and “Lenders” shall include the
Administrative Agent or a Managing Agent, as the case may be, in its individual capacity. 
 Section 10.8 Successor
Administrative Agent or Managing Agent. 
 (a) The Administrative Agent may, upon 5 days’ notice to the Borrower and the
Secured Parties, and the Administrative Agent will, upon the direction of all of the Lenders resign as Administrative Agent. If the Administrative Agent shall resign, then the Required Lenders during such 5-day period shall appoint from among the
Secured Parties a successor agent. If for any reason no successor Administrative Agent is appointed by the Required Lenders during such 5-day period, then effective upon the expiration of such 5-day period, the Secured Parties shall perform all of
the duties of the Administrative Agent hereunder and the Borrower shall make all payments in respect of the Obligations or under any Fee Letter delivered by the Borrower to the Administrative Agent and the Secured Parties directly to the applicable
Managing Agents, on behalf of the Lenders in the applicable Lender Group and for all purposes shall deal directly with the Secured Parties. After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions
of Article IX and Article X shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 

(b) Any Managing Agent may, upon 5 days’ notice to the Borrower, the Administrative Agent and the related Lenders, and any Managing Agent
will, upon the direction of all of the related Lenders resign as a Managing Agent. If a Managing Agent shall resign, then the related Lenders during such 5-day period shall appoint from among the related Lenders a successor Managing Agent. If for
any reason no successor Managing Agent is appointed by such Lenders during such 5-day period, then effective upon the expiration of such 5-day period, such Lenders shall perform all of the duties of the related Managing Agent hereunder. After any
retiring Managing Agent’s resignation hereunder as a Managing Agent, the provisions of Article IX and Article X shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a Managing Agent under
this Agreement. 
 ARTICLE XI 

ASSIGNMENTS; PARTICIPATIONS 

Section 11.1 Assignments and Participations. 

(a) Neither Borrower nor the Servicer shall have the right to assign its rights or obligations under this Agreement. 

  
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 (b) Any Lender may at any time and from time to time assign to one or more Persons
(“Purchasing Lenders”) all or any part of its rights and obligations under this Agreement pursuant to an assignment agreement, substantially in the form set forth in Exhibit C hereto (the “Assignment and
Acceptance”) executed by such Purchasing Lender and such selling Lender. In addition, except with respect to an assignment to an Affiliate of such Lender, so long as no Early Termination Event or Unmatured Termination Event has occurred and
is continuing at such time, the written consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required prior to the effectiveness of any such assignment; provided that the Borrower shall be deemed
to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent and the assigning Lender within ten (10) Business Days after having received written notice thereof. Each assignee of a Lender
must be an Eligible Assignee and must agree to deliver to the Administrative Agent, promptly following any request therefor by the Managing Agent for its Lender Group, an enforceability opinion in form and substance satisfactory to such Managing
Agent. Upon delivery of the executed Assignment and Acceptance to the Administrative Agent, such selling Lender shall be released from its obligations hereunder to the extent of such assignment. Thereafter the Purchasing Lender shall for all
purposes be a Lender party to this Agreement and shall have all the rights and obligations of a Lender under this Agreement to the same extent as if it were an original party hereto and no further consent or action by Borrower, the Lenders or the
Administrative Agent shall be required. Notwithstanding the foregoing, no assignment shall be made to (A) the Borrower or any of the Borrower’s Affiliates, (B) to any Defaulting Lender or (C) a natural person. 

(c) By executing and delivering an Assignment and Acceptance, the Purchasing Lender thereunder and the selling Lender thereunder confirm to
and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such selling Lender makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant
hereto; (ii) such Purchasing Lender confirms that it has received a copy of this Agreement, together with copies of such financial statements and other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into such Assignment and Acceptance; (iii) such Purchasing Lender will, independently and without reliance upon the Administrative Agent or any Managing Agent, the selling Lender or any other Lender and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (iv) such Purchasing Lender and such selling Lender confirm that such Purchasing Lender is
an Eligible Assignee; (v) such Purchasing Lender appoints and authorizes each of the Administrative Agent and the applicable Managing Agent to take such action as agent on its behalf and to exercise such powers under this Agreement as are
delegated to such agent by the terms hereof, together with such powers as are reasonably incidental thereto; and (vi) such Purchasing Lender agrees that it will perform in accordance with their terms all of the obligations which by the terms of
this Agreement are required to be performed by it as a Lender. 
 (d) The Administrative Agent shall maintain at its address referred to
herein a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal 

  
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amount of, each Advance owned by each Lender from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest
error, and the Lenders, the Borrower and the Managing Agents may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Lenders, any
Managing Agent or the Borrower at any reasonable time and from time to time upon reasonable prior notice. 
 (e) Subject to the provisions
of this Section 11.1, upon their receipt of an Assignment and Acceptance executed by a selling Lender and a Purchasing Lender, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially
the form of Exhibit C hereto, accept such Assignment and Acceptance, and the Administrative Agent shall then (i) record the information contained therein in the Register and (ii) give prompt notice thereof to each Managing Agent.

 (f) Any Lender may, in the ordinary course of its business at any time sell to one or more Persons (each a
“Participant”) participating interests in its Pro-Rata Share of the Advances of the Lenders or any other interest of such Lender hereunder. Notwithstanding any such sale by a Lender of a participating interest to a Participant, such
Lender’s rights and obligations under this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance of its obligations hereunder, and the Borrower, the other Lenders, the Managing Agents and the
Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Each Lender agrees that any agreement between such Lender and any such Participant in
respect of such participating interest shall not restrict such Lender’s right to agree to any amendment, supplement, waiver or modification to this Agreement, except for any amendment, supplement, waiver or modification set forth in
Section 12.1(iii) of this Agreement. 
 (g) Each Lender may, in connection with any assignment or participation or proposed
assignment or participation pursuant to this Section 11.1, disclose to the assignee or participant or proposed assignee or participant any information relating to the Borrower or Servicer furnished to such Lender by or on behalf of the
Borrower or the Servicer. 
 (h) Nothing herein shall prohibit any Lender from pledging or assigning as collateral any of its rights under
this Agreement to any Federal Reserve Bank or other central bank having jurisdiction over such Lender in accordance with Applicable Law and any such pledge or collateral assignment may be made without compliance with Section 11.1(b) or
Section 11.1(c). 
 (i) In the event any Lender causes increased costs, expenses or taxes to be incurred by the Administrative
Agent or Managing Agents in connection with the assignment or participation of such Lender’s rights and obligations under this Agreement to an Eligible Assignee then such Lender agrees that it will make reasonable efforts to assign such
increased costs, expenses or taxes to such Eligible Assignee in accordance with the provisions of this Agreement. 

  
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 ARTICLE XII 

MISCELLANEOUS 

Section 12.1 Amendments and Waivers. 

Except as provided in this Section 12.1, no amendment, waiver or other modification of any provision of this Agreement shall be
effective without the written agreement of the Borrower, the Administrative Agent, the Swingline Lender, the Managing Agents and the Required Lenders; provided, however, that (i) without the consent of the Lenders in any Lender
Group (other than the Lender Group to which such Lenders are being added), the Administrative Agent, the Swingline Lender and the applicable Managing Agent may, with the consent of Borrower, amend this Agreement solely to add additional Persons as
Lenders hereunder, (ii) any amendment of this Agreement that is solely for the purpose of increasing the Commitment of a specific Lender or increasing the Group Advance Limit of the related Lender Group may be effected with the written consent
of the Borrower, the Administrative Agent and the affected Lender, and (iii) the consent of each Lender shall be required to: (A) extend the Commitment Termination Date or the date of any payment or deposit of Collections by the Borrower
or the Servicer, (B) reduce the amount (other than by reason of the repayment thereof) or extend the time of payment of Advances Outstanding or reduce the rate or extend the time of payment of Interest (or any component thereof),
(C) reduce any fee payable to the Administrative Agent, the Swingline Lender or any Managing Agent for the benefit of the Lenders, (D) amend, modify or waive any provision of the definition of Required Lenders or Sections 2.8,
11.1(a), or 12.1, (E) consent to or permit the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement, (F) amend or waive any Servicer Termination Event or Early Termination Event,
(G) change the definition of “Borrowing Base,” “Charged-Off Ratio,” “Default Ratio,” “Eligible Loan” or “Settlement Date,” or (H) amend or modify any defined term (or any defined term used
directly or indirectly in such defined term) used in clauses (A) through (G) above in a manner that would circumvent the intention of the restrictions set forth in such clauses. Any waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver, or consent hereunder (and any amendment, waiver, or
consent which by its terms requires the consent of all Lenders may be effected with the consent of all Lenders other than Defaulting Lenders) provided that, without in any way limiting Section 12.16, any such amendment, waiver, or consent that
would increase or extend the term of the Commitment or Advances of such Defaulting Lender, extend the date fixed for the payment of principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any obligation owing
to such Defaulting Lender, reduce the amount of or the rate or amount of interest on any amount owing to such Defaulting Lender or of any fee payable to such Defaulting Lender hereunder, or alter the terms of this proviso, shall require the consent
of such Defaulting Lender. 
 Notwithstanding anything to the contrary, unless signed by the Administrative Agent and the Swingline Lender,
no amendment, waiver or consent shall affect the rights or duties of the Administrative Agent or the Swingline Lender, as applicable, under this Agreement or any other Loan Document. 

No amendment, waiver or other modification (i) affecting the rights or obligations of any Hedge Counterparty or (ii) having a
material effect on the rights or obligations of the Collateral Custodian or the Backup Servicer (including any duties of the Servicer that the Backup Servicer would have to assume as Successor Servicer) shall be effective against such Person without
the written agreement of such Person. The Borrower or the Servicer on its behalf will deliver a copy of all waivers and amendments to the Collateral Custodian and the Backup Servicer. 

  
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 Section 12.2 Notices, Etc. 

All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by
facsimile copy) and mailed, sent by overnight courier, transmitted or hand delivered, as to each party hereto, at its address set forth under its name on the signature pages hereof or specified in such party’s Assignment and Acceptance or
Joinder Agreement or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of (a) notice by mail, five
days after being deposited in the United States mail, first class postage prepaid, (b) notice by courier mail, when it is officially recorded as being delivered to the intended recipient by return receipt, proof of delivery or equivalent, or
(c) notice by facsimile copy, when verbal communication of receipt is obtained, except that notices and communications pursuant to this Article XII shall not be effective until received with respect to any notice sent by mail. 

Section 12.3 No Waiver, Rights and Remedies. 

No failure on the part of the Administrative Agent or any Secured Party or any assignee of any Secured Party to exercise, and no delay in
exercising, any right or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right. The rights and
remedies herein provided are cumulative and not exclusive of any rights and remedies provided by law. 
 Section 12.4 Binding
Effect. 
 This Agreement shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent, the Secured
Parties and their respective successors and permitted assigns and, in addition, the provisions of Section 2.8 shall inure to the benefit of each Hedge Counterparty, whether or not that Hedge Counterparty is a Secured Party, and the
provisions relating to the Backup Servicer, including Sections 2.8, 7.18, 9.1 and 9.2 shall inure to the benefit of the Backup Servicer. 

Section 12.5 Term of this Agreement. 

This Agreement, including, without limitation, the Borrower’s obligation to observe its covenants set forth in Article V, and the
Servicer’s obligation to observe its covenants set forth in Article VII, shall remain in full force and effect until the Collection Date; provided, however, that the rights and remedies with respect to any breach of any
representation and warranty made or deemed made by the Borrower pursuant to Articles III and IV and the indemnification and payment provisions of Article IX and Article X and the provisions of Section 12.9 and
Section 12.10 shall be continuing and shall survive any termination of this Agreement. 

  
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 Section 12.6 GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO
VENUE. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE SECURED PARTIES, THE BORROWER AND THE ADMINISTRATIVE AGENT HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY
FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO AND EACH SECURED PARTY HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE
AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. 
 EACH
PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 12.2 (EXCEPT THAT FACSIMILE NOTICES SHALL NOT BE EFFECTIVE FOR SERVICE OF PROCESS). NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY
PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 
 Section 12.7 WAIVER OF JURY TRIAL.

 EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 12.8 Costs, Expenses and Taxes. 

(a) In addition to the rights of indemnification granted to the Administrative Agent, the Managing Agents, the other Secured Parties and its
or their Affiliates and officers, directors, employees and agents thereof under Article IX hereof, the Borrower agrees to pay on demand all reasonable costs and expenses of the Administrative Agent, the Managing Agents and the other Secured
Parties incurred in connection with the preparation, execution, delivery, administration (including periodic auditing), amendment or modification of, or any waiver or consent issued in connection with, this Agreement and the other documents to be
delivered hereunder or in connection herewith, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent, the Managing Agents and the other Secured Parties with respect thereto and with
respect to advising the Administrative Agent, the Managing 

  
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Agents and the other Secured Parties as to their respective rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and all costs and
expenses, if any (including reasonable counsel fees and expenses), incurred by the Administrative Agent, the Managing Agents or the other Secured Parties in connection with the enforcement of this Agreement and the other documents to be delivered
hereunder or in connection herewith (including any Hedge Agreement). 
 (b) The Borrower shall pay on demand any and all stamp, sales,
excise and other taxes and fees payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement, the other documents to be delivered hereunder or any agreement or other document providing
liquidity support, credit enhancement or other similar support to the Lender in connection with this Agreement or the funding or maintenance of Advances hereunder. 

(c) The Borrower shall pay on demand all other costs, expenses and taxes (excluding income taxes), including, without limitation, all
reasonable costs and expenses incurred by the Administrative Agent or any Managing Agent in connection with periodic audits of the Borrower’s or the Servicer’s books and records, which are incurred as a result of the execution of this
Agreement. 
 Section 12.9 No Proceedings. 

Each of the parties hereto (other than the Administrative Agent and the Secured Parties) hereby agrees that it will not institute against, or
join any other Person in instituting against the Borrower any Insolvency Proceeding so long as there shall not have elapsed one year and one day since the Collection Date. 

Section 12.10 Recourse Against Certain Parties. 

(a) No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any
other obligations) of the Administrative Agent or any Secured Party as contained in this Agreement or any other agreement, instrument or document entered into by it pursuant hereto or in connection herewith shall be had against any Person or any
manager or administrator of such Person or any incorporator, affiliate, stockholder, officer, employee or director of such Person or of the Borrower or of any such manager or administrator, as such, by the enforcement of any assessment or by any
legal or equitable proceeding, by virtue of any statute or otherwise. 
 (b) The provisions of this Section 12.10 shall survive
the termination of this Agreement. 
 Section 12.11 Protection of Security Interest; Appointment of Administrative Agent as
Attorney-in-Fact. 
 (a) The Borrower shall, or shall cause the Servicer to, cause this Agreement, all amendments hereto and/or all
financing statements and continuation statements and any other necessary documents covering the right, title and interest of the Administrative Agent as agent for the Secured Parties and of the Secured Parties to the Collateral to be promptly
recorded, 

  
 101 

 
registered and filed, and at all time to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully to preserve and protect the right, title and
interest of the Administrative Agent as agent for the Secured Parties hereunder to all property comprising the Collateral. The Borrower shall deliver or, shall cause the Servicer to deliver, to the Administrative Agent file-stamped copies of, or
filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing. The Borrower and the Servicer shall cooperate fully in connection with the obligations set
forth above and will execute any and all documents reasonably required to fulfill the intent of this Section 12.11. 
 (b) The
Borrower agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that may reasonably be necessary or desirable, or that the Administrative Agent may reasonably request,
to perfect, protect or more fully evidence the security interest granted to the Administrative Agent, as agent for the Secured Parties, in the Collateral, or to enable the Administrative Agent or the Secured Parties to exercise and enforce their
rights and remedies hereunder. 
 (c) If the Borrower or the Servicer fails to perform any of its obligations hereunder after five Business
Days’ notice from the Administrative Agent, the Administrative Agent or any Lender may (but shall not be required to) perform, or cause performance of, such obligation; and the Administrative Agent’s or such Lender’s reasonable costs
and expenses incurred in connection therewith shall be payable by the Borrower (if the Servicer that fails to so perform is the Borrower or an Affiliate thereof) as provided in Article IX, as applicable. The Borrower irrevocably
authorizes the Administrative Agent and appoints the Administrative Agent as its attorney-in-fact to act on behalf of the Borrower, (i) to execute on behalf of the Borrower as debtor and to file financing statements necessary or desirable in
the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties in the Collateral and (ii) to file a carbon, photographic or other reproduction of this Agreement or
any financing statement with respect to the Collateral as a financing statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests
of the Lenders in the Collateral. This appointment is coupled with an interest and is irrevocable. 
 (d) Without limiting the generality of
the foregoing, Borrower will, not earlier than six (6) months and not later than three (3) months prior to the fifth anniversary of the date of filing of any financing statement referred to in Section 5.1(o) or any other
financing statement filed pursuant to this Agreement or in connection with any Advance hereunder, unless the Collection Date shall have occurred: 

(i) execute and deliver and file or cause to be filed an appropriate continuation statement with respect to such financing
statement; and 
 (ii) deliver or cause to be delivered to the Administrative Agent an opinion of the counsel for Borrower,
in form and substance reasonably satisfactory to the Administrative Agent, confirming and updating the opinion delivered pursuant to Section 3.1 with respect to perfection and otherwise to the effect that the Collateral hereunder
continues to be subject to a perfected security interest in favor of the Administrative 

  
 102 

 
Agent, as agent for the Secured Parties, subject to no other Liens of record except as provided herein or otherwise permitted hereunder, which opinion may contain usual and customary assumptions,
limitations and exceptions. 
 Section 12.12 Confidentiality. 

(a) Each of the Administrative Agent, the Managing Agents, the other Secured Parties and the Borrower shall maintain and shall cause each of
its employees and officers to maintain the confidentiality of this Agreement and the other confidential proprietary information with respect to the other parties hereto and their respective businesses obtained by it or them in connection with the
structuring, negotiating and execution of the transactions contemplated herein, except that each such party and its officers and employees may (i) disclose such information to its external accountants and attorneys and as required by an
Applicable Law, as required to be publicly filed with SEC, or as required by an order of any judicial or administrative proceeding, (ii) disclose the existence of this Agreement, but not the financial terms thereof, (iii) disclose this
Agreement and such information in any suit, action, proceeding or investigation (whether in law or in equity or pursuant to arbitration) involving any of the Transaction Documents, Loan Documents or any Hedging Agreement for the purpose of defending
itself, reducing its liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection with any of the Transaction Documents, Loan Documents or any Hedging Agreement and (iv) disclose such
information to its Affiliates to the extent necessary in connection with the administration or enforcement of this Agreement or the other Transaction Documents. 

(b) Anything herein to the contrary notwithstanding, the Borrower hereby consents to the disclosure of any nonpublic information with respect
to it for use in connection with the transactions contemplated herein and in the Transaction Documents (i) to the Administrative Agent or the Secured Parties by each other, (ii) by the Administrative Agent or the Secured Parties to any
prospective or actual Eligible Assignee or participant of any of them or in connection with a pledge or assignment to be made pursuant to Section 11.1(h) or (iii) by the Administrative Agent or the Secured Parties to any provider of
a surety, guaranty or credit or liquidity enhancement to a Secured Party and to any officers, directors, members, employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of the confidential nature
of such information and agrees to be bound hereby. In addition, the Secured Parties and the Administrative Agent may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or order of any judicial,
administrative or regulatory authority or proceedings, including, without limitation, at the request of any self-regulatory authority having jurisdiction over a Lender. 

(c) The Borrower and the Servicer each agrees that it shall not (and shall not permit any of its Affiliates to) issue any news release or make
any public announcement pertaining to the transactions contemplated by this Agreement and the Transaction Documents without the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld) unless such news
release or public announcement is required by law, in which case the Borrower or the Servicer shall consult with the Administrative Agent and each Managing Agent prior to the issuance of such news release or public announcement. The Borrower and the
Servicer each may, however, disclose the general terms of the transactions contemplated by this 

  
 103 

 
Agreement and the Transaction Documents to trade creditors, suppliers and other similarly-situated Persons so long as such disclosure is not in the form of a news release or public announcement.

 Section 12.13 Execution in Counterparts; Severability; Integration. 

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction,
the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement contains the final and complete
integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written
understandings other than any Fee Letter. 
 Section 12.14 Amendment and Restatement. 

This Agreement amends and restates in its entirety that certain Fourth Amended and Restated Credit Agreement dated as of October 26,
2011, among the Borrower, the Servicer, the lenders party thereto, the managing agents named therein, and Branch Banking and Trust Company, as administrative agent. 

Section 12.15 Patriot Act. 

Each Lender that is subject to the USA PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies
the Borrower and the Servicer that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower and the Servicer, which information includes the name and address of the
Borrower and the Servicer and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower and the Servicer in accordance with the USA PATRIOT Act. 

Section 12.16 Defaulting Lenders. Notwithstanding anything contained in this Agreement, if any Lender becomes a Defaulting
Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (a) Waivers
and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 12.1. 

(b) Defaulting Lender Waterfall. Until such time as the Default Excess with respect to such Defaulting Lender shall have been reduced
to zero: 
 except as otherwise provided in this Section 12.16, any payment of principal, interest, fees, or other amounts
received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, 

  
 104 

 
pursuant to Article VIII or otherwise, and including any amounts made available to the Administrative Agent by such Defaulting Lender pursuant to Section 12.16), shall be deemed paid to
and redirected by such Defaulting Lender to be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent
hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Swingline Lender hereunder; third, as the Borrower may request (so long as no Early Termination Event exists), to the funding
of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fourth, if so determined by the Administrative Agent and the Borrower,
to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Advances under this Agreement; fifth, to the payment of any amounts owing to the
Lenders or the Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender or the Swingline Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; sixth, so long as no Early Termination Event exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and seventh, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment
is a payment of the principal amount of any Advances in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Advances were made at a time when the conditions set forth in Section 3.2 were
satisfied or waived, such payment shall be applied solely to pay the Advances of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of such Defaulting Lender until such time as all Advances and
funded and unfunded participations in Swing Advances are held by the Lenders pro rata in accordance with the Commitments without giving effect to Section 12.16(d). 

(c) Commitment Fee. No Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a
Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

(d) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Swing
Advances shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set
forth in Section 3.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such
conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. No reallocation

  
 105 

 
hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a
Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 
 (e) Repayment
of Swing Advances. If the reallocation described in Section 12.16(d) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, prepay Swing
Advances in an amount equal to the Swingline Lender’s Fronting Exposure (the “Swing Prepayment Amount”). Borrower shall pay the Swing Prepayment Amount within forty-five (45) days of written demand from the Administrative
Agent; provided, however, upon the occurrence of an Early Termination Event, the Swing Prepayment Amount, if any, shall be immediately due and payable by Borrower. 

(f) Defaulting Lender Cure. If the Borrower, the Administrative Agent and the Swingline Lender agree in writing that a Lender is no
longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase
at par that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances and funded and unfunded participations in Swing Advances to be held pro rata
by the Lenders in accordance with the Commitments (without giving effect to Section 12.16(d)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees
accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to
Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

(g) New Swing Advances. So long as any Lender is a Defaulting Lender, the Swingline Lender shall not fund Swing Advances unless
(i) each Non-Defaulting Lender shall have consented thereto, and (ii) the Swingline Lender is satisfied that it will have no Fronting Exposure after giving effect to such Swing Advance and any reallocation to other Lenders. 

[SIGNATURE PAGE FOLLOWS] 

  
 106 

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

									
	BORROWER:	 		 		 	GLADSTONE BUSINESS INVESTMENT, LLC
					
		 		 		 	By	 	  

		 		 		 		 	Title:
		 		 		 		 	Name:
		 		 		 	Gladstone Business Investment, LLC
		 		 		 	1521 Westbranch Drive, Suite 200100
		 		 		 	McLean, Virginia 22102
		 		 		 	Attention: President
		 		 		 	Facsimile No.: (703) 287-5801
		 		 		 	Phone No.: (703) 287-5800
				
	SERVICER:	 		 		 	GLADSTONE MANAGEMENT CORPORATION
					
		 		 		 	By	 	  

		 		 		 		 	Title:
		 		 		 		 	Name:
		 		 		 	Gladstone Management Corporation
		 		 		 	1521 Westbranch Drive, Suite 200100
		 		 		 	McLean, Virginia 22102
		 		 		 	Attention: Chairman
		 		 		 	Facsimile No.: (703) 287-5801
		 		 		 	Phone No.: (703) 287-5800

 [SIGNATURES CONTINUED ON FOLLOWING PAGE] 

  
 [Signature Page to
Fifth Amended and Restated Credit Agreement] 

 
					
	LENDER, SWINGLINE LENDER, MANAGING AGENT and LEAD ARRANGER:
	
	KEY EQUIPMENT FINANCE INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Commitment: $50,000,000
	
	Specialty Finance and Syndications
	1000 South McCaslin Blvd.
	Superior, CO 80027
	Attention: Richard Andersen
	Facsimile No.: (216) 370-9166
	Telephone No.: (720) 304-1247
	E-mail: LAS.Operations.KEF@key.com

	
	with a copy to:
	
	Key Equipment Finance Inc.
	18101 Von Karman Avenue
	Suite 1100
	Mailstop: CA-01-19-0250
	Irvine, CA 92612
	Attention: Rian Emmett
	Facsimile No.: (216) 357-6708
	Telephone No.: (949) 757-8942
	E-mail: rian.w.emmett@key.com

  
 [Signature Page to
Fifth Amended and Restated Credit Agreement] 

 
					
	LENDER AND MANAGING AGENT:
	
	BRANCH BANKING AND TRUST COMPANY
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Commitment: $20,000,000
	
	8200 Greensboro Drive, Suite 800
	McLean, VA 22102
	Attention: Jim EJohn K. DavisPerez
	                  Team Leader/Senior Vice President
	Facsimile No.: (703) 442-5544
	Telephone No.: (703) 442-55614040
	E-mail: jedavis@bbandt.comjkperez@bbandt.com

  
 [Signature Page to
Fifth Amended and Restated Credit Agreement] 

 
					
	ADMINISTRATIVE AGENT:
	
	KEY EQUIPMENT FINANCE INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	Specialty Finance and Syndications
	1000 South McCaslin Blvd.
	Superior, CO 80027
	Attention: Richard Andersen
	Facsimile No.: (216) 370-9166
	Telephone No.: (720) 304-1247
	E-mail: LAS.Operations.KEF@key.com
	
	with a copy to:
	
	Key Equipment Finance Inc.
	18101 Von Karman Avenue
	Suite 1100
	Mailstop: CA-01-19-0250
	Irvine, CA 92612
	Attention: Rian Emmett
	Facsimile No.: (216) 357-6708
	Telephone No.: (949) 757-8942
	E-mail: rian.w.emmett@key.com 

  
 [Signature Page to
Fifth Amended and Restated Credit Agreement] 

 Exhibit B 

 EXHIBIT G 

CERTIFICATE 
 GLADSTONE
INVESTMENT CORPORATION 
 Gladstone Investment Corporation (the “Corporation”) is providing this certificate at the request of
Gladstone Management Corporation (“GMC”) pursuant to Section 7.18(a)(xvixvii) of that certain Fifth Amended and Restated Credit Agreement, dated as of
April 30, 2013 (as amended, modified or restated from time to time, the “Credit Agreement”), by and among Gladstone Business
LoanInvestment, LLC, as Borrower, GMC, as Servicer, Key Equipment Finance Inc., a division of
KeyBank National Association (formerly Key Equipment Finance Inc.), as Administrative Agent (the “Administrative Agent”), and the other parties named therein. Capitalized terms used and not otherwise defined herein shall have the
respective meanings ascribed to such terms in the Credit Agreement. The Corporation hereby certifies as follows: 
 1. The Corporation has
declared a cash dividend (the “Dividend”) in the aggregate amount of $        , or $         per common share of the Corporation’s common stock, for the
three-month period ending [                    ] (the “Quarterly Period”). The Dividend will be paid in three equal payments near or at the
end of each month in the period. 
 2. The amount of the Dividend has been determined in good faith by the Board of Directors of the
Corporation on the basis of the most current financial projectionsinformation of the Corporation
currentlythen available for the fiscal year ending
[                    ] (the “RelatedQuarterly
Period”). 
 3. The amount of the Dividend, when taken together with the other dividends declared or expected
to be declared for the Related Period, will does not exceed the sum of (i) the net investment income and the net
capital gain projected to be realized by the Corporation for the RelatedQuarterly Period, based on the financial projections referred to in Paragraph 2
aboveinformation referred to in Section 2 above, and (ii) the amounts elected by the Corporation to be considered as having been paid during the prior year in accordance with
Section 855(a) of the Code. 
 4. To the extent the aggregate amount of dividends declared by the Corporation for the
Related Period does not equalIf the Dividend exceeds the sum of (i) the net investment income and the net capital gain actually realized by the Corporation for the
Related Period, theQuarterly Period, and (ii) the amounts elected to be considered as having been paid during the prior year in accordance with Section 855(a) of the
Code, then the proposed dividend to be declared by the Corporation for the firstimmediately ensuing three-month period immediately following the Related Period
shall be either (x) reduced by the amount the dividends exceeded the net investment income and the net capital gain realized by the Corporation for the Related Period or (y) increased by the amount the
dividends for the Related Period were less than the net investment income and the net capital gains realized by the Corporation for the Related Period.Dividend exceeded the aggregate
amount referred to in clauses (i) and (ii) of this Section 4. 
  

 5. This certificate is being delivered to the Administrative Agent by the Corporation, in its
capacity as the Performance Guarantor under the Credit Agreement, solely for the benefit of the Lenders under the Credit Agreement. This certificate (i) may only be relied upon by the Administrative Agent and the Lenders and by no other person
or entity and (ii) may not be distributed to any other person, quoted in any document, or filed with any government agency without the prior express written consent of the Corporation. 

IN WITNESS WHEREOF, the Corporation has caused this certificate to be signed by a duly authorized officer on this
     day of          , 20    . 
  

			
	GLADSTONE INVESTMENT CORPORATION
		
	By:	 	  

		
	Name:	 	  

	  

		
	Title:

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